Have your say on the Pension Schemes Bill

Have your say on the Pension Schemes Bill
03 September 2014

Do you have relevant expertise and experience or a special interest in the Government’s Pension Schemes Bill?

If so, you can submit your views in writing to the House of Commons Public Bill Committee which is going to consider this Bill.

Pension Schemes Bill 2014-15

Aims of the Pension Schemes Bill

The Pension Schemes Bill (which extends to England, Wales and Scotland) would establish a new legislative framework for private pensions, defining them on the basis of the promise they offer for members about their retirement benefits during the accumulation phase.

The promise will either refer to all the benefits (defined benefits), some of the benefits (shared risk), or there will be no promise (defined contributions). It would also enable the provision of collective benefits (provided on the basis of allowing the scheme's assets to be used in a way that pools risks across membership).

The Bill would also give force to measures announced in Budget 2014 to give people aged 55 and over more flexibility about how to access their defined contribution pension savings from April 2015. It would enable a prohibition on transfers out of unfunded public service pension schemes, except to other defined benefit schemes.

Measures to introduce a 'guidance guarantee' are not in the current Bill but are to be the subject of Government amendments in the autumn.

Follow the progress of the Pension Schemes Bill

The Pension Schemes Bill 2014-15 was introduced in the House of Commons on 26 June 2014.

The second reading of the Bill took place on Tuesday 2 September 2014, giving MPs their first opportunity to debate the main principles of the Bill.

The Bill has now been sent to the Public Bill Committee, where detailed examination of the Bill will take place. The Committee will be selected on Tuesday 14 October.

Guidance on submitting written evidence

Deadline for written evidence submissions

The Public Bill Committee is now able to receive written evidence. The sooner you send in your submission, the more time the Committee will have to take it into consideration.

The Committee is expected to meet for the first time on Thursday 16 October; it will stop receiving written evidence at the end of the Committee stage on Thursday 6 November.

Please note: When the Public Bill Committee reports, it is no longer able to receive written evidence and it could report earlier than Thursday 6 November 2014.

What should written evidence cover?

Your submission should address matters contained within the Bill and concentrate on issues where you have a special interest or expertise, and factual information of which you would like the Committee to be aware.

It is helpful if the submission includes a brief introduction about you or your organisation. The submission should not have been previously published or circulated elsewhere.

If you have any concerns about your submission, please contact the Scrutiny Unit (details below).

How should written evidence be submitted?

Your submission should be emailed to [email protected]. Please note that submissions sent to the Government department in charge of the Bill will not be treated as evidence to the Public Bill Committee.

Submissions should be in the form of a Word document. A summary should be provided. Paragraphs should be numbered, but there should be no page numbering.

Essential statistics or further details can be added as annexes, which should also be numbered. To make publication easier, please avoid the use of coloured graphs, complex diagrams or pictures.

As a guideline, submissions should not exceed 3,000 words.

Please include in the covering email the name, address, telephone number and email address of the person responsible for the submission. The submission should be dated.

What will happen to my evidence?

The written evidence will be circulated to all Committee Members to inform their consideration of the Bill.

Most submissions will also be published on the internet as soon as possible after the Committee has started sitting.

The Scrutiny Unit can help with any queries about written evidence.

Scrutiny Unit contact details

Email: [email protected]
Telephone: 020 7219 8387
Fax: 020 7219 8381
Address: Ian Hook
Senior Executive Officer
Scrutiny Unit, 7 Millbank
London SW1P 3JA

Further information

Image: iStock

This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber.

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