GB News has reported that the Pension Schemes Bill has passed through Parliament and will now move to Royal Assent. The Bill gives the Chancellor and future ministers reserve powers to require retirement funds to invest a minimum amount in UK firms and private assets.
The measure has proved controversial, with concerns raised in the House of Lords and by parts of the pensions sector over the extent of Government influence on pension scheme investment decisions. GB News reports that the final version includes additional safeguards and represents a scaling back of the original proposals.
SPA members may wish to note this development and monitor further guidance, particularly where they advise employers, pension scheme stakeholders, or clients with significant pension interests.
