Amusing issue with the Queen Speech

JoeCrystal

I was reading through the background briefing notes on the Queen's speech regarding the Pension Schemes Bill. According to this, it will enable people to plan their saving for later life by giving them access to information on their pensions’ savings in one place online, for the first time. It will also improve the protection of people’s pensions, strengthening the powers of the regulator to tackle irresponsible management of pension schemes.

It is great to see that there may be some progress on the Pension Dashboard, which I think would be very good. Especially setting up the framework for Collective Defined Contribution pensions although I seriously doubt it will be taken up apart from the Royal Mail.

It is interesting to see that they may regulate more on a pension scheme member will have the right to transfer their pension savings to another scheme. That might make it more difficult to transfer out of the DB pension schemes.

But whoever wrote the document clearly does not understand the difference between DB and DC pension schemes!

The Pensions Regulator estimated there were 100,000 transfers out of defined contribution schemes in 2017-18. This indicates the volumes of transfers that could potentially be at risk of being scammed, and why the transfer measure in the Bill is so important.

Err, I think The Pensions Regulator meant that they estimated that 100,000 transfers out of defined benefit schemes in 2017-2018 there. Someone did not do the research there. :rotfl:

Of course, it is just the Queen's Speech and who knows what the future is going to be!