Pension Schemes Bill returns to the Lords

Department for Work and Pensions sign
06 April 2017

The Pension Schemes Bill returned to the House of Lords on Wednesday 5 April for consideration of Commons amendments in 'ping pong'.

Members are expected to discuss financial arrangements of pension scheme funders and the provisions for transferring to alternative schemes.

Following agreement by both Houses on the text of the bill it received Royal Assent on 27 April 2017. Royal Assent is the monarch's agreement to make the bill into an Act of Parliament (law).

Lords third reading: Monday 16 January

Members discussed scheme funder requirements and auditing of accounts.

Lords report stage: Monday 19 December

Members discussed fraud compensation and provision for a funder of last resort. There was one division (vote) on a proposed change to the bill. The change required the government to provide for the costs of a failed master trust pension scheme. There was a vote on this change, with 209 members in favour and 204 members against. This meant the change was made.
 

Lords committee stage day two: Monday 28 November

Members discussed a range of subjects, including the calculation of pension scheme liabilities, unsolicited communications to members of pension schemes and pause orders on existing Master Trust schemes.

Lords committee stage day one: Monday 21 November

Members discussed decisions on applications, hybrid schemes and funding for pension schemes.

Lords second reading: Tuesday 1 November

Pension Schemes Bill summary

This bill will aim to:

  • maintain confidence in pension savings
  • protect savers, in particular those entered into a 'Master Trust' scheme, a form of multi-employer occupational pension scheme
  • amend existing legislation to support the government’s intention to cap early exit charges and ban member-borne commission charges in certain schemes

Further information

Image: PA

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