• New jail term for bosses who run pensions into the ground
• Legislation enabling the delivery of Pensions Dashboards
• Legislation paves way for first Collective Defined Contribution pension in UK
The UK’s retirement-saving revolution takes another huge step forward today as the Government brings forward its latest pensions proposals.
The Bill brings in a new sentence of up to seven years in prison for bosses who run their pension schemes into the ground or plunder them to line their own pockets.
It also paves the way for Pensions Dashboards to be introduced, with the industry already trialling the first models with more expected to be tested next year.
And the UK’s first Collective Defined Contribution pension scheme is set to be established through the Bill.
Secretary of State for Work and Pensions, Thérèse Coffey said:
“This Pension Schemes Bill is the next crucial step in making the UK the best place in the world to retire.
“We are pushing ahead with our latest revolutionary reforms. With this legislation, we’ll ensure reckless bosses are brought to book, transform the way people get information about their retirement savings and introduce a whole new pension to the market boosting returns for millions.”
The Pension Schemes Bill will:
• strengthen protections for savers by extending the regulator’s powers to bring reckless bosses to book;
• make Pensions Dashboards a reality, bringing information about all retirement savings to people’s fingertips at the touch of a smartphone screen; and
• introduce an entirely new pension to the market, potentially increasing returns for millions.
The Government is committed to building on the operation of the Royal Mail-backed pension scheme and potentially opening the option up to master trusts and multi-employer schemes at a later date.
Written by the DWP with, Secretary of State quote.