Anthony has welcomed the inclusion of pension reforms in the Government's Autumn Statement that mirror proposals he advocated in his Ten-Minute Rule bill earlier this year.
The significant step, which would allow people to combine their smaller pension pots into one larger, more manageable fund, were first proposed in Anthony’s Ten Minute Rule Bill laid before the House on the 8th March, 2023.
Anthony urged the government to take such measures, aimed at making it easier for individuals to keep track of their retirement savings and potentially benefit from better financial growth over time.
Additionally, the Government proposes to simplify the pension system with a consultation on what Anthony called a ‘Pot for Life’, one main pension pot throughout their working life, making it simpler to manage and understand their retirement savings..
In response to these developments, Anthony stated, "I was delighted to see the Chancellor announce a consultation on allowing savers to choose their workplace pension scheme, allowing them to build a pot for life. I called for this policy back in March and have since campaigned for it with an industry working group. It is a positive move to put pension savers at the heart of the system."
He added, "These reforms will greatly benefit pension savers, providing them with more control over their retirement savings and simplifying the process of managing pension pots. It’s encouraging to see the Government take significant steps in this direction."
The Government's statement also focuses on consolidating the pensions market, with an expectation that most savers will belong to schemes of £30 billion or larger by 2030 and a review of the Master Trusts market. It includes measures to enable pension funds to invest in a diverse portfolio, which means pensions could potentially be invested in a wider range of assets, which could lead to higher returns and a more secure financial future.
