PMI welcomes passing of Pension Schemes Bill
The PMI today welcomed news that the Pension Schemes Bill has been agreed by the House of Lords and is now looking ahead to the introduction of key measures that will being real benefits to savers.
Helen Forrest Hall, Chief Strategy Officer at the PMI, said:
"We fully supported the Lords in opposing a sweeping reserve power to require specific asset allocations and are pleased that the government has introduced important guardrails. The changes significantly narrow the reserve power, but the principle remains: trustees must never be required to act against their fiduciary duty. The statutory limits reduce the risk of future misuse, yet ongoing vigilance is essential to ensure members’ interests are not compromised.
"As the Bill now moves towards Royal Assent and implementation, our focus will be on working with government, regulators and the industry to ensure these reforms strengthen the pensions system, support long-term growth and, above all, deliver better outcomes for scheme members."
Ends
Notes to editors:
- The Pensions Management Institute (PMI) is the UK’s leading professional body for those working in pensions and retirement savings. With over 8,500 members, the PMI represents the broadest range of pensions professionals and trustees in the country. Its members are responsible for managing and advising some of the world’s largest pension schemes, making key decisions on substantial financial matters.
- With more than £1 trillion invested in UK pensions, PMI members play a vital role in shaping the nation’s financial future. With five decades of experience, PMI remains at the forefront of pensions education and thought leadership.
Press contact:
For media enquiries, please contact Matt Adams, Head of Media and PR at pressoffice@pensions-pmi.org.uk