September 2014

Pension Schemes Bill

The Pensions Law Committee provided a second reading brief to Scottish MPs on the above Bill.  The Bill takes forward the UK Government’s proposals of risk sharing in private pension arrangements, by setting out a definition of shared risk and brings forward further reforms to allow savers flexibility in how they access and apply their defined benefit pension pots, as laid out by the UK Government in its most recent budget.  The Society has two main concerns with the Bill, relation to indexation requirements and the introduction of the new terms “third party promises”, and focuses its briefing on seeking clarification on these points.

The full response can be found on our website