View more on these topics

Pensions bill on track despite political challenges, says minister

Guy Opperman

The government remains committed to the delivery of a pensions bill this year and is currently drafting the legislation, pensions minister Guy Opperman says.

In a keynote speech today at the Association of British Insurers conference on long term savings, Opperman underlined the government’s commitment to getting a bill through parliament.

He said the current leadership election to replace Theresa May within the Conservative Party and gridlock over Brexit would not stop legislation on pensions.

Some commentators have expressed scepticism about the government being able to push through a pensions bill this year due to Brexit.

Opperman has previously said he wants to put legislation about collective defined contribution schemes, the pensions dashboard and defined benefit consolidation on the statute books.

Today he said: “If you have questions about the timing of the pensions bill, nothing has changed. There are many civil servants who are working hard on the pensions bill.

“I have seen a draft of the bill that is approximately 60 clauses long and it remains the case I intend to bring legislation forward on CDC, dashboard and DB white paper.

“We need to have a tightly drafted bill and cannot add much to it but we continue as we are. I am an optimist and ministers have to try and drive forward a policy agenda.”

Opperman also gave an update on the pensions dashboard that is scheduled to go live this year.

Earlier today the Money and Pensions Service appointed Pensions Policy Institute head Chris Curry to lead the dashboard delivery group.

Opperman added: “Chris has a wealth of experience and will ensure the delivery of dashboard for consumers. The group will be up and running by the end of the summer. Its job will be to craft data standards for the dashboard so the provision of data from providers is accurate.”

Opperman also said pension and investment managers must “do the right thing” and take their environmental and social responsibilities seriously to help to combat climate change.

New government regulations requiring pension scheme trustees to set out clearly their ESG and climate change policies “have been a game-changer and focused minds”, Opperman told delegates.

He said: “Pension schemes can identify investment opportunities which will make market-beating returns for members as we move to a low-carbon economy.

“They ought to be thinking about the assets which help drive new investment in important sectors of the economy: smaller and medium firms, housing, green energy projects and other infrastructure which deliver the sustainable employment, communities and environments which all of us wish to enjoy.”



7IM confirms new CEO after Tom Sheridan departure

The FCA has approved the appointment of former Barclays managing director Dean Proctor as chief executive of Seven Investment Management. Proctor replaces Tom Sheridan who announced his departure from the firm in March after 17 years. 7IM, which launched as a discretionary fund manager in 2002, currently has £14bn in assets under management and also […]

FTSE 100 bosses’ 25% pension contributions defy IA lobbying

FTSE 100 companies on average provided their chief executives with pension contributions worth 25 per cent of basic pay in 2018 a report finds. Pensions advisory firm LCP’s annual report of FTSE 100 pension schemes shows contributions of workers still lag behind those of bosses. LCP says only 15 per cent of the FTSE 100 […]

Where will the Quilter-Lighthouse tie-up take its advisers?

Questions still remain over branding, restrictions, location and focus, but deal could be a positive one for both companies The advice world has a new power-couple after shareholders in national firm Lighthouse agreed to a takeover by Quilter last week. Lighthouse shareholders gave their overwhelming blessing to a marriage between Quilter and the firm, with […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Andy Robertson-Fox 3rd June 2019 at 4:37 pm

    I wonder if Opperman, who is the State Pension Scheme Manager, “will do the right thing” himself and abolish the frozen pension policy which denies 4% of all UK pensioners index linking, simply because of where they live?

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm