The pensions sector has welcomed the inclusion of the Online Safety Bill, Data Reform Bill and Financial Services Bill in the Queen’s Speech, and called for collaboration between the government, regulators and industry to protect saver outcomes.
The Queen’s Speech, which was presented by Prince Charles yesterday (10 May), did not include an announcement on enacting measures outlined in the 2017 auto-enrolment review, which recommended expanding coverage of auto-enrolment in the mid-2020s.
However, PLSA director of policy and advocacy, Nigel Peaple, acknowledged that, due to the short-term challenges faced by the country, it was understandable that the government did not include measures to implement auto-enrolment (AE) reforms in the Queen’s Speech.
“The government has committed to introduce these measures from the ‘mid-2020s’ and, as employers need time to prepare, it would be good to put this on the statute book now with a gradual and clear timetable for the introduction of the measures,” he commented.
“The PLSA believes that it would also be desirable for automatic pension saving to be increased further, but not before the end of this decade, and for automatic enrolment pensions to be ‘levelled up’ so that employers pay the same as employees.”
Scottish Widows head of policy, pensions and investments, Pete Glancy, said that a new pensions bill could have been the “perfect way” for the government to mark and build on the success of AE.