The government has issued an eight-week call for evidence period on the legislation proposed in this autumn's Pension Schemes Bill 2014–15, which will set out new rules enacting sweeping pension reforms
The Pension Schemes Bill (which extends to England, Wales and Scotland) would establish a new legislative framework for private pensions, defining them on the basis of the promise they offer for members about their retirement benefits during the accumulation phase.
The second reading of the Bill took place on 2 September 2014, giving MPs their first opportunity to debate the main principles of the pension reform plans.
The Bill would also legislate the measures announced in Budget 2014 to give people aged 55 and over more flexibility about how to access their defined contribution pension savings from April 2015. It would enable a prohibition on transfers out of unfunded public service pension schemes, except to other defined benefit schemes.
The House of Commons Public Bill Committee says that respondents should concentrate on issues where they have a special interest or expertise, and factual information of which they would like the Committee to be aware.The deadline for feedback on the Bill is 6 November 2014.
Submissions should be emailed to [email protected]
More details are available at http://www.parliament.uk/business/news/2014/september/have-your-say-on-the-pension-schemes-bill/