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Queen’s speech unveils pension reform Bill

The Queen’s Speech has unveiled Government intentions to introduce a Bill for the long term reform of pensions and legislation to improve the welfare system.
This morning’s speech, setting out Government policies and its proposed legislative programme for the new parliamentary session, also included reforms to the planning system and the regulation of estate agents and claims management companies.
ABI director of life and pensions says: “We support the establishment of a Delivery Authority to oversee the introduction of Personal Accounts. Much more work is needed to get the fine detail right and, crucially, the Government must ensure that the existing pensions market, which serves millions of customers well, is able to prosper.
If the Government is to achieve the aim of getting more people saving more for their retirement, the Bill must contain firm measures to reduce means-testing in the pensions system.”
IMA chief executive Richard Saunders says: “We warmly welcome the setting up a Delivery Authority as this will help to ensure that the right, detailed decisions are taken in setting up the NPSS.
Our view remains that the NPSS holds out the prospect of significantly boosting savings, but critically its success will depend on getting the detail right. We look forward to continuing to work with the Department and the Delivery Authority to help achieve this.”

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