Pensions Bill receives Royal Assent

United Kingdom

The Pensions Bill received Royal Assent yesterday evening after the last minute amendments (on areas such as levy calculation and compulsory annuity purchase) being discussed between the House of Lords and House of Commons were resolved.

The Bill does not itself contain details on various important issues. These include scheme specific funding and the much publicised financial assistance scheme that will compensate members in certain circumstances who have lost their pension benefits but will not otherwise benefit under the Pension Protection Fund. The Bill itself, however, is now in final form.

Much of the detail will be set out in Regulations and Codes of Practice which we expect to begin to come through over the next few weeks and months.

Our Plain English Guide to the Pensions Act 2004 provides a summary of the key provisions of the Act and will be updated in light of Regulations and Codes of Practice when these become available.

To view an up-to-date version of the Guide in a new window please click here.

For further information please speak to your usual contact or contact Simon Pilcher on +44 (0) 20 7367 2593 or at [email protected]