Pensions set to become simpler under new Bill

MP KENDALL AND FINANCIAL EXPERTS HAIL LEGISLATION THAT SEEKS TO DEMYSTIFY RETIREMENT

- By STAFF REPORTER

MILLIONS of people across the UK should soon find it easier to manage and get more from their pensions as new legislation makes its way through Parliament.

Work and Pensions Secretary Liz Kendall, the MP for Leicester West, hailed the Pension Schemes Bill, which is designed to tackle schemes delivering poor returns for savers, combine smaller pension pots and create bigger and better pension funds.

These measures, according to the government, will drive costs down and returns up on workers' retirement savings.

The Bill, which was introduced on Thursday, is designed to support working people as they plan for their retirement by making pensions simpler to understand, easier to manage and to get better value over the long term.

One of its biggest benefits is the merging of small pension pots. Many people build up several small pensions as they move between jobs, which can be hard to keep track of.

The new rules will bring these pots together, helping savers see their full pension picture in one place.