There will be a tightening of the rules on private pensions, particularly to protect the estimated 6m people who have been auto-enrolled into workplace pensions.

Half of all auto enrolment pension schemes have been set up under master trusts and there are concerns that workers saving in master trusts represent the biggest group of savers within the pension industry.

New rules to control master trusts will now have to show that their schemes meet a new, strict set of criteria before they are able to enter the market and receive any money. Alongside this, the pensions regulator will receive greater power to be able to authorise and supervise the schemes.

Members in master trust schemes will have better protection including millions of automatically enrolled savers.

Colin Williams, director of corporate benefits at Aviva, said: 'The time has come for legislation to control the influx of Master Trusts. There needs to be more control over who can set them up and the level of financial backing needed before they can start to accept members.'

Following on from major pension reforms which saw the end of compulsory annuitiies, since January 2016, 40,000 pension pots have been accessed flexibly.

Early exit fees will be capped in order to allow people to access pension freedoms without having to go through any barriers. Currently, one in five who can flexibly access their pension face an early exit charge.

Tackling money laundering

In the continuing effort to clamp down on money laundering, more is to be done regarding the reporting of the criminal activity.  

The Criminal Finances Bill aims to support the reporting of suspicious financial activity as well as making it easier for forces to seize funds through improving the ability of the law enforcement agencies.

This builds on general moves to curb the use of aggressive tax planning with the government planning to introduce a criminal offence for companies to not stop their staff from aiding with tax evasion, something which the Bill will implement.

In the years 2015/16, government recovered £224m from money launderers and last year 350,000 Suspicious Activity Reports (SARs) were filed.

There are also plans to introduce the Digital Economy Bill to guarantee broadband in all homes over the UK, which is essential when HMRC moves to digital tax accounts for individual taxpayers and businesses.

The notes to the Queen’s Speech 2016 are here