Week ending 11 October 2019
It is anticipated that a Pensions Bill will be included in next Monday’s Queen’s Speech, but there is some uncertainty over what it will cover. The following three items are expected to be included:
- new powers for the Pensions Regulator, covering both scheme funding and corporate events
- collective DC schemes
- rules to compel participation in the pensions dashboard.
Frank Field has urged the Government to include regulation of DB superfunds but this now seems unlikely.
Of course, whether this Pensions Bill will ever be debated in Parliament depends upon what happens in relation to Brexit and a likely general election.
After the recent GEC and Allied Domecq deals, the National Grid UK Pension Scheme has announced a £2.8 billion buy-in with Rothesay Life. This bulk annuity covers the pensions of a group of pensioners who are aged 70 and above.