The Pension Schemes Bill is expected to receive Royal Assent tomorrow (11 February) and become the Pension Schemes Act 2021.

A House of Lords Business and Minutes of Proceedings document revealed the bill is set for Royal Assent tomorrow, alongside the High Speed Rail Bill and Medicines and Medical Device Bill.

Its passage to becoming law began over a year ago when it was introduced in the Queen’s Speech on 14 October 2019.

It was reintroduced following the Conservative Party’s victory in the December 2019 General Election and introduced to the House of Lords on 7 January 2020.

Since then it has proceeded through the parliamentary process amid much debate, and successful and failed amendments.

Although the bill will receive Royal Assent tomorrow, large sections of the bill are not expected to come into force for several months, as further regulations around its contents are still needed.

The bill sets out the framework for the introduction of pensions dashboards and collective defined contribution schemes, expands The Pensions Regulator’s powers, and requires schemes to adopt and report against the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

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