Don’t panic about the nearly 300 amendments to the Pension Schemes Bill, writes Pensions Expert editor Nick Reeve.
The author Douglas Adams is a hero of mine, and several of his witticisms and one-liners have been rattling around my head this week as MPs have started scrutinising the Pension Schemes Bill and its almost 300 amendments.
The sheer number of edits, alterations and additions that must be considered has prompted some – credit to David Everett and Donna Matteucci at LCP – to question whether the bill was actually ready when it was laid in parliament at the start of June. Perhaps the government was up against a deadline?
“I love deadlines. I love the whooshing noise they make as they go by.”
Douglas Adams
(This is a personal favourite to which I strongly relate, much to the despair of some of my former teachers, lecturers, and editors.)
Should we be concerned that so many changes are deemed necessary? The Pension Schemes Bill will shape the industry for decades and affect the retirement outcomes of millions of people. We really need it to be right. The more we hear ‘whoops, we didn’t mean for that to get in’, the more I worry about what might accidentally get through.
Amendment Watch: What changes are being proposed to the Pension Schemes Bill?
More than 270 amendments to the Pension Schemes Bill have been put forward for consideration by a parliamentary committee. Pensions Expert looks at some of the most significant proposals. Read the full story.
While the bill is scrutinised, someone else under scrutiny is chancellor Rachel Reeves – albeit less so currently, in the wake of Angela Rayner’s resignation.
With the Budget speech now set for 26 November, and economic data showing no sign of improvement, rumours will continue to circulate about what the chancellor may or may not do with pensions as Reeves seeks to address an economy that she says is “not working well enough for working people”.
Now it seems that people are beginning to act on these persistent rumours, as shown by data from the Financial Conduct Authority on tax-free cash withdrawals. This is despite how many times pre-Budget speculation has turned out to be just that. Perhaps I shouldn’t be that surprised.
“Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so.”
Douglas Adams, from ‘Last Chance to See’
I’d rather not end the week on a negative note, so as we look to embrace the changes and challenges ahead, let’s keep another Douglas Adams quote in mind, this time from ‘Dirk Gently’s Holistic Detective Agency’.
“Let’s think the unthinkable, let’s do the undoable. Let us prepare to grapple with the ineffable itself, and see if we may not eff it after all.”
This editorial initially appeared in Pensions Expert’s Friday Takeaway email, summarising the biggest news of the week and the latest appointments. To sign up, please register for free.
