The Pensions Regulator has hailed the Pension Schemes Bill as a transformative opportunity for improving retirement outcomes for savers in the UK. The bill aims to enhance both defined contribution and defined benefit schemes by ensuring value for money, preventing the formation of small pension pots, and steering savers towards suitable retirement products. Chief Executive Nausicaa Delfas emphasized the need for fewer, larger pension schemes and also highlighted the importance of the government's 'Workplace Pensions - a roadmap' as part of a strategy for a robust private pensions system.
The Pension Schemes Bill is a once in a generation opportunity to address unfinished business in the UK pension system.
Making sure all schemes are focused on delivering value for money... will mean savers benefit from a system fit for the future.
We have long advocated for fewer, larger well-run schemes with the size and skill to deliver better outcomes for savers.
The roadmap document provides a strategy for delivering a futureproofed private pensions system.
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