Commenting on the Pensions Bill announced in today’s Queen’s Speech, Ian Bell, RSM’s Head of Pensions said:
‘The confirmation in today’s Queen’s Speech that the Government will legislate to provide better protections for members in Master Trust pension schemes is to be welcomed. The lack of regulatory oversight to date and the associated potential for poor member outcomes or fraudulent activities has put many savers in certain schemes in a vulnerable position through no fault of their own.
‘We can only hope that the legislation is implemented swiftly enough to avert a scandal which would undermine trust among savers, many of whom have been auto-enrolled into pension schemes for the first time.
‘By the same token, we hope that the regulation is not so onerous that competent and reputable providers are forced out of the market to the detriment of competition and choice for employers.’