Queen's Speech: Govt announces Pensions Bill

The government has also set out to improve DB schemes' funding system by requiring a statement from trustees on their funding strategy.

Nevertheless, the introduction of legislation in these three areas will depend on how the latest stage in the Brexit negotiations unfolds in the run up to October 31, said Bob Scott, partner at consultancy firm LCP.

He added: “The risk that the UK will leave the EU without a withdrawal agreement is looking increasingly likely and will bring further confusion and uncertainty to the current political landscape.”

Steve Webb, a former pensions minister and director of policy at Royal London, has criticised the rules proposed by the government.

He said: "This bill is notable more for the things that have been left out than for what it contains. The absence of vital measures on automatic enrolment and on regulating new ‘superfunds’ is a sign of a battle inside government where the Treasury once again has defeated the DWP.

"As a result, the vital expansion of automatic enrolment is now on hold, and the regulation of pension superfunds has been left in regulatory limbo. It is one of the biggest failings of UK pension policy that the department with lead responsibility for pensions can be thwarted in bringing forward sensible reforms by an over-mighty Treasury which has no vision for pensions."

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