Today I am publishing draft legislation which provides for a new flat-rate contributory state pension for future pensioners, as described in the White Paper, “The Single-Tier Pension: A Simple Foundation for Saving”, published on
Fundamental reform of the state pension system is needed to provide the firm foundation necessary for people to plan and save for their retirement with confidence. These reforms will also address historic inequalities which remain in the state pension system. The Work and Pensions Select Committee has agreed to undertake pre-legislative scrutiny on these measures.
This draft legislation is being published in a draft Pensions Bill alongside other provisions which include the proposed change to the timetable for the increase in state pension age to 67 and a framework for regular, independent reviews of state pension age thereafter; the simplification of the current complex system of bereavement benefits through the introduction of the bereavement support payment; and measures to clarify existing private pensions legislation. The draft Pensions Bill will be available in the Vote Office later this morning and will be on the Department for Work and Pensions’ website shortly afterwards.
It is my intention to introduce the Pensions Bill to the House as soon as possible after consideration of the Work and Pensions Select Committee’s report and the addition of outstanding measures.
Impact assessments related to these measures, in addition to the previously announced consultation document on protected persons regulation and its related impact assessment, are also being published today and these will be available on the Department for Work and Pensions’ website.