Background
The Pension Schemes Bill was introduced into the House of Lords on 7 January 2020 and had its second reading on 28 January. Grand Committee stage is expected to begin on 24 February.
The Bill provides for a new type of pension scheme (collective money purchase benefits); gives new powers to the Pensions Regulator; sets out a legal framework for the creation of online pensions dashboards; and makes provision for other miscellaneous matters.
Key Findings
The Committee scrutinised the Bill and made recommendations on several issues including:
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Agreeing with the Delegated Powers and Regulatory Reform Committee that the use of Henry VIII powers — powers which allow Ministers to alter primary legislation through secondary legislation — were inappropriate;
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Regretting the inclusion of skeletal provisions in the Bill and noting that complexity is not an excuse for taking powers in lieu of policy development; and
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Asking the Government who the Secretary of State may confer the power to set the standards for the pensions dashboard service on, and how they would be accountable to Parliament.