Pensions notably excluded from King's Speech
Reforms included the creation of the Mansion House Compact, alongside several consultations on issues such as defined benefit (DB) superfunds, deferred small pots, collective defined contribution and a value money for money framework.
Speaking at the 2023 State Opening of Parliament this morning, the King did not mention any new pensions legislation to build on chancellor Jeremy Hunt's Mansion House reforms announced earlier this year.
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Reforms included the creation of the Mansion House Compact, alongside several consultations on issues such as defined benefit (DB) superfunds, deferred small pots, collective defined contribution and a value money for money framework.
The pensions industry has aired its disappointment over the lack of mention of pensions in the monarch's first King's Speech.
Aegon pensions director Steven Cameron said he was «disappointed» there was no mention of a pensions bill in the speech, given it was likely to be the last parliamentary session before a general election and without a bill, «other routes» will need to be taken to advance these proposals.
«All eyes will now be on the chancellor's Autumn Statement. While there is no pensions bill to take these forward, we believe they remain government priorities and await clarity on next steps. We encourage the government to prioritise those initiatives with the greatest potential to boost retirement outcomes of individual members.»
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Pensions Management Institute president Robert Wakefield also expressed disappointment and said the lack of a pensions bill meant there were a number of issues that remained «unresolved», with
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