ARTICLE · 20 NOVEMBER 2023

No Pensions Bill In King's Speech

Norton Rose Fulbright Hong Kong

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Delivered on November 6, 2023, the King's Speech failed to make any mention of pensions, although there had been suggestions that a new Pensions Bill...

United KingdomEmployment and HR

Lesley Browning

Delivered on November 6, 2023, the King's Speech failed to make any mention of pensions, although there had been suggestions that a new Pensions Bill could build on the Mansion House reforms announced by Chancellor Jeremy Hunt earlier this year.

This means there will be a long "to do" list for an incoming Government after the next General Election. It seems that pensions policy relating to ambition for DC schemes to increase their investment in private equity, thus boosting the UK economy, could remain in limbo or will potentially be delivered without regulatory teeth.

The Chancellor's Autumn Statement will be delivered on November 22, 2023, but without scheduled legislation, proposals to speed up the consolidation of defined benefit schemes, boost investment in more illiquid assets and enhance value for money in DC schemes could face a frustrating delay.

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