In terms of other changes, the department for work and pensions is likely to have a busy year. Although Parliamentary time for new legislation is likely to be limited, they will be publishing a white paper on DB pensions in February, and this is likely to come up with new ideas for encouraging DB pension schemes to consolidate as well as to make sure member pensions are effectively protected in the event of corporate insolvency.
The Department for Work and Pensions will also be thinking how best to take forward recommendations of the 2017 Automatic Enrolment review. Some of these will simply be ‘good practice’ guidelines but things like a lower starting age for AE would require legislation.
Whatever the outcome of all of these reviews, we can be sure we will have plenty of change in the pensions world throughout 2018.
Steve Webb is director of policy of Royal London
