New Pension Bill Aims to Boost Retirement Savings by £11,000

The legislation introduces measures to consolidate small pension pots, enforce value-for-money tests, and offer retirement products to improve outcomes for over 15 million savers.

• The bill proposes automatic consolidation of small pension pots to prevent losses and improve fund performance.
• A value-for-money test for pension providers will be implemented to ensure better returns for savers.
• Pension schemes will be required to offer retirement income solutions, not just savings pots.
• Industry experts welcome the changes but caution that more work is needed to address long-term pension challenges.
• The government estimates the measures will increase pension pots by around 9% and boost economic growth.

3 Articles

The Guardian The Independent Evening Standard