Tuesday, 1 July 2014

Pension Reforms Go Ahead

After a large amount of public backing, Pensions Minister Steve Webb is to press ahead to overhaul the private pensions market.

Legislation will be brought forward to enable internationally-renowned pension scheme models to be brought to the UK market, after backing from businesses, trade unions and individuals.

Liberal Democrats in Government first published proposals to reinvigorate workplace pensions in November last year. 'Reshaping Workplace Pensions for Future Generations' outlined ways to enable new forms of risk sharing and to provide more certainty for members.

Steve Webb said:
"This Coalition Government has already made fundamental reforms to the pensions landscape. These new proposals are all about encouraging a flourishing and diverse private pensions market by providing greater choice to employers and savers. 
"These reforms meet the needs and concerns of business while, at the same time, standing up for the interests of workers who are doing the right thing and saving for their retirement. 
"With the backing of consumers and industry, this Bill will bring about new and realistic pension scheme options for those employers who want to do right by their staff."

The Bill will go before Parliament today as part of a package of reforms to encourage a flourishing pensions market that provides sustainable retirement incomes for millions of savers in the future.