Pension Schemes Bill entering final stages

Scrabble pieces spelling the work 'pension'

The Pension Schemes Bill has nearly completed its passage through Parliament, taking a step closer this week as Peers considered the Bill at its Report Stage in the Lords. As you’d expect, Age UK has taken a keen interest in this Bill, which is part of the Government’s wider ranging reforms to pensions announced by the Chancellor in the Budget last spring – the most significant changes to private pensions for over a generation.

From this April, there will be great flexibility, and greater choice for older people to access their retirement savings but with greater choice comes more responsibility, and potential complexity and risks, for older people making these important choices. Generally speaking, the pension reforms are a really welcome move giving those with pension savings approaching retirement freedom and greater options about how to access their money. However, with greater flexibility can also come greater risks for consumers.

Recent analysis for Age UK has highlighted some of these risks and practical steps that could be taken to protect consumers. One of the fears is that the reforms could lead to significant numbers of older people running out of money, unless stronger safeguards are put in place. Age UK’s report, Dashboards and Jam-jars, calls for measures including quality standards and charge caps to be introduced on income drawdown products. Despite the planned introduction of pensions guidance alongside these reforms, Age UK remains concerned that there are not enough safeguards in place to help people understand the impact of their decision and make the most of their savings.

We have been calling on parliamentarians and the Government to make changes to the Pension Schemes Bill which would strengthen the protections for individuals, at the same time as maintaining the extremely welcome new freedoms for those retiring to choose how to spend the money they’ve saved in their pension pots.

Find out more about the upcoming pension changes by reading our blog post 

Read our latest parliamentary briefing on the Pensions Schemes Bill

 

 

 

 

One response to “Pension Schemes Bill entering final stages

  1. NHS funding; Be Warned! Don’t take it lying down Fight Back!

    Last week I participated in a meeting with an NHS assessment nurse and my father, who is in a nursing home in Gillingham, Kent to see if the NHS would contribute to my 92 year old fathers nursing fees. She produced pages of a tick box score system which apparently goes to a local panel of ‘professionals’ for them to decide if they would provide funding.

    My father is currently bed ridden, doubly incontinent, unable to feed himself and can hardly move. Yet I get a phone call today to say that ‘the panel had met and deliberated my fathers case, and had decided that he was not entitled to any funding because he does not meet the criterion’

    One has to question just how ill do you have to be to meet the ‘criterion’?

    it was quite clear from the start that the scoring method was crudely weighted to ensure the NHS gets away with paying nothing. For example; my father, double incontinent and bed ridden On that page the score was ‘MODERATE’ as it was for most other pages as there is a higher level of illness with the classification of ‘SEVERE’ In this case, to qualify you have to have a daily surgical procedure for your incontinence!

    How can a government department get away with such cynical trickery and treating people as idiots? The meeting was a charade, a waste of everyones time and I wonder how so called ‘professionals’ can bring themselves to participate in such a dishonest sham.

    I now realise that this is going on across the country and most of it is illegal. This needs to be challenged, maybe through a ‘Class Action’. In an Election Year this could have very serious ramifications and well deserved payouts to all those who have been shafted!

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