Causes for concern

This first of two articles on the new Pensions Bill explores the practical implications of the bill for defined contribution schemes for employers, trustees and members

The Pensions Bill was politically inevitable, given the multiple and continuing scandals about defined benefit (DB) schemes where the employer has gone bust. The bill is largely about improving the likelihood people will receive a high proportion of the pension they have been promised and about giving them confidence to trust pensions. I doubt whether any Government spokesperson will ever say this protection or improvement is at the expense of future DB accrual but that is the reality of the situation. One extraordinary feature of this bill has been the number of Government-sponsored ame...