Dr Ben Spencer MP has welcomed the measures in the Pensions Schemes Bill, which introduces new measures to protect and empower individuals planning for their retirement.
Speaking in the Second Reading debate in the House of Commons, Dr Spencer welcomed the measures which will see savers benefit from greater access and the opportunity that well managed pensions and savings can bring. These include requiring companies to make data available and accessible, and creating a new pensions dashboard which will help those saving for retirement make the best informed decisions about their pensions.
The Bill aims to strike the balance between individual freedoms and the need to protect those vulnerable from exploitation. Dr Spencer also welcomed the new protections from savers against scams, but called on the Government to continue press for further ways to identify those most vulnerable to exploitation, and work closely with industry, charities, and the social care sector to ensure we can protect and support those most at need.
Dr Spencer said:
Pensions are often seen as technical and complicated, and a lack of access and information has prevented people from knowing how best to plan for their retirement. The Pension Schemes Bill gives savers the power to make the best choices, while at the same time improving protections against those who would seek to scam or exploit them. While I will continue to advocate for further protections for those vulnerable to scammers, this Bill could transform how we view and engage with pensions, and I welcome the huge progress this represents.
Dr Spencer’s speech in Parliament is available here.