Pensions - Articles - Comment on the Pensions Schemes Bill

 Steven Cameron, Pensions Director at Aegon comments: “The Pension Schemes Bill is one step closer to being enacted after completing its Report Stage and Third Reading in the Commons. We’re pleased that the Pensions Minister continues to champion a range of Pension Dashboards offered by different entities alongside the MaPS dashboard. We agree this will allow individuals to choose the dashboard most convenient for them, which may be linked to their current pension provider or scheme. We also support avoiding adding to the complexity of Dashboard content or functionality at this stage – let’s get them up and running first.

 “The role of guidance has been one of the contentious points in the Bill’s journey. As individuals take more and more responsibility for their own retirement plans, it’s critical they have access to the support they need, when they need it. Guidance from Pension Wise is an important part of this and should be encouraged. This needs to sit within a wider framework of information, prompts and support from pension schemes and providers and crucially professional financial advice for those who need it.

 “On climate change, there’s a careful balance to be struck between encouraging responsible investment without overstepping the mark and impinging on trustees responsibilities to act in the best interest of members.

 “Those who support Collective Defined Contribution schemes will be pleased these are also one step closer. However, a huge amount needs to be done to make sure these are fair, safe and understood by future members, not just of the Royal Mail scheme but of any others which may be put in place.”