Partner Anne-Marie Winton comments in Pensions Age and Law360 on the possibility of further amendments to the Pension Schemes Bill
The second reading of the Pension Schemes Bill has been completed and it will continue its progression through the House of Commons.
On 7 October, MPs voted unanimously to allow the bill to have a second reading and therefore proceed to the committee stage, where each clause and any amendments may be debated.
Anne-Marie Winton commented:
“It’s clear that the Pension Schemes Bill continues to have all party support. However, it had its second reading in the House of Commons and some concerns and potential areas for amendments were highlighted by the MPs present.
“These included: how to address the risk that poor financial decisions will be made by those accessing the new dashboards (if they are anything other than ‘read-only’); widening the people and earnings covered by AE (not least to address the disparity between men and women of the sizes of their DC pension pots at retirement); ‘fallout’ from the introduction of pensions freedoms and the increasing risk of scams as a result (including allowing trustees to refuse to make statutory transfers out).
“73 amendments were made when the bill made its way through the Lords. It looks like we can expect far more to follow in the Commons.”
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