PensionBee responds to the new ‘Pensions Scheme Bill’ announced in today’s King’s Speech.
Becky O’Connor, Director of Public Affairs at PensionBee, commented: “Millions of people are currently not saving enough for retirement, so it’s extremely encouraging to see pensions at the top of the new government’s agenda. Any incentives that look to increase the amount savers in the UK put aside for retirement are welcome.
The automatic consolidation of small pots is a crucial measure that should help workers keep track of their old pensions and reduce the fees they pay, positively impacting their retirement outcomes. PensionBee research estimates 4.8 million pots are already lost in the UK, with smaller pots (less than £10,000) more likely to be misplaced than larger ones.
Value for money is another important component of better retirement outcomes. It’s good to see the emphasis being placed on financial outcomes for savers - not just potential benefits to UK plc.
Entering retirement is often a financially stressful and demanding time. We hope the requirement for pension providers to offer retirement products will help people feel more confident managing their money at retirement age.”
