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Pensions Bill amendments near approval

Pensions Bill amendments near approval
Wednesday, 02 November 2011 20:02

The Pensions Bill amendments finally look set to be approved. The Bill comes in four parts and includes a range of measures related to pension provision. The key areas are:

  • Accelerates the existing timetable for increasing the State Pension age to 66
  • Amends the legislative framework requiring employers to automatically enrol employees into a qualifying pension system and to make contributions to that scheme
  • Amends legislation providing for the indexation and revaluation of occupational pensions and payments from the Pension Protection Fund

The Bill received its 3rd reading in the House of Commons last week and it has been passed between there and the House of Lords in an attempt to reach final agreements since.

On Monday 31st October those changes were finally agreed and the next stage will be for it to receive Royal Assent. This will be the final stage of the Bill's passage through Parliament where it will become law.

The date for Royal Assent is yet to be set.

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