Pensions Bill passes second reading in House of Commons

The Pensions Bill passed through its second reading in the House of Commons on 17 June.

The Bill was introduced into the House of Commons on 9 May 2013, following the Queen’s Speech.

During the speech, it was confirmed that the Pensions Bill will introduce a state pension system which will replace the current means-tested method. A flat-rate state pension worth around £155 per week will be introduced from April 2016.

The Pensions Bill will next go to the Public Bill Committee for consideration.

Darren Philp, director of policy at the National Association of Pension Funds, said: “We are delighted that this landmark bill is on course to tackle key areas relating to our state pension and will create a simpler, fairer system that encourages retirement saving.”