“Confirmation that Guy Opperman has been reappointed as pensions minister is encouraging for a post in which continuity over the years has been sadly lacking. But with the prospect of a major reshuffle the other side of Brexit whether Mr Opperman will be around to steer the Pension Schemes Bill through Parliament and to engage with all the consequential regulations yet to come remains to be seen.
“We hope that the Bill will getting a passing mention during the pared down Queen’s Speech on Thursday and that we will see it once more in the early New Year. And hopefully some of the concerns that have been expressed to the Department for Work and Pensions in relation to regulatory overreach will have been taken on board by then.
“Other aspects of the Bill should benefit millions of workers in the UK. Done well, the pensions dashboard has the potential to take engagement to the next level, ushering in a new dawn in pensions planning. Additionally, by addressing collective defined contribution (CDC) schemes, the Bill provides a way not only for Royal Mail but for other employers to introduce CDC schemes which, if the secondary legislation is drawn up sensibly, can be attractive to employers – who will see certainty of cost - and employees who will be able to join a pension scheme that provides an income in retirement.
“Lastly, re-publication of the Bill will enable the Pensions Regulator to release its long-awaited consultation on revisions to the DB funding code. Hopefully, in the very early New Year we will start to gain an understanding on what the Regulator means by “fast track” and “bespoke” approaches to DB funding and investment.”
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