Pension Schemes Act receives Royal Assent

The PLSA comments on the Pension Schemes Act 2021 passing into law.

Nigel Peaple, Director of Policy and Advocacy at the PLSA, said: “The passage into law today of the Pension Schemes Act will introduce three important changes for the millions of savers in workplace pensions. Firstly, it sets in place the legal framework for pension dashboards which in time will allow everyone to see all their pensions in one place, online, thus making it easier to plan their retirement income. Secondly, it helps combat the risk of pension scams by re-establishing the employment link and giving schemes the power to either challenge or stop a transfer request. Thirdly, it provides greater clarity on reporting for climate-risk investment.

“There is already talk of a further pensions bill, perhaps as soon as next year. We hope the Government will use it to fulfil its promise to increase the level of automatic enrolment savings so it is based on each pound of earnings and to widen the scope of automatic enrolment (AE) so that 18 year olds, rather than only 22 years above, are included. The Government said they would do this by the mid-2020s so a statute in 2022 leading to adoption in the years after would fit the bill.”

Mark Smith, Senior PR Manager
 020 7601 1726 |  [email protected]k

Steven Kennedy, PR Manager
 020 7601 1737 | 07713 073024 | [email protected]