James Jones-Tinsley, Self-Invested Technical Specialist at Barnett Waddingham, said; “In the year that celebrates the 10th anniversary of auto-enrolment, how fitting it would be to see the main conclusions of the 2017 review being legislated for in the Queen’s Speech. A lowering of the age for being automatically enrolled from 22 to 18, and the abolition of the automatic enrolment lower earnings limit so that contributions are payable from the first pound of earnings, would significantly improve the outlook for retirement in the UK. But the pensions world is not holding its breath; this Government has a habit of pushing retirement reform down the agenda, a blind spot that could result in quite the crisis if left unchecked.
“There will be some good news. The Online Safety Bill requires social media platforms, search engines and other websites to protect children and tackle illegal activity, whilst maintaining freedom of speech. Following intense calls from the pensions industry, the bill now thankfully includes fraudulent paid-for adverts, giving greater protection to people from the UK’s financial scam epidemic.
“Finally, there are growing expectations of a Financial Services Bill as part of the Queen’s Speech, given the Financial Conduct Authority’s proposed consumer duty rules being introduced next year. What is required are clearer boundaries around what is deemed as guidance and what is deemed as advice.”
|
