The Pension Schemes Bill has today received Royal Assent.
The bill - which is now an act - provides for three categories of pension scheme to make sure there is a clear ‘shared risk’ category and encourage more innovation.
It is the final piece of legislation bringing into force the upcoming pension flexibilities.
Together with the Taxation of Pensions Act - which became law in December - it introduces a number of aspects surrounding the reforms including the guidance guarantee.
For example it makes it an offence to claim to be giving guidance under the Pension Wise service.
Joanne Segars, chief executive of the National Association of Pension Funds, said: “Royal Assent is very welcome as pension schemes can now get on with the important task of implementing the Government’s pension freedoms reforms.
“But with only 23 working days to go before the reforms go live, and schemes working flat out to implement the reforms in time, Government should waste no time in providing the missing pieces of the puzzle.
“These reforms have the potential to bring real benefits to savers, but there is still uncertainty amongst the public about what they should do to make the most of the opportunities.
“It is vital government ensures all communications to savers are realistic, so they can make solid plans for retirement and avoid disappointment.”
