AJ Bell lays the odds for UK post-Brexit reforms
By Kirsten Hastings, 1 Jul 16
With UK chancellor George Osborne having abandoned his plans to generate a budget surplus by 2020 following Brexit, AJ Bell senior analyst Tom Selby gives his odds on whether HM Treasury will adopt any of the six radical money saving options available to them and if the Pensions Bill will be delayed.
“The Queen’s speech confirmed a new Pensions Bill will be unveiled later this year. The key elements include improving protections for people saving in master trusts, capping early exit penalties, and restructuring the delivery of financial guidance.
“Stronger regulation of trust-based pension schemes and ensuring savers have access to useful, relevant retirement guidance are both critical to supporting the UK’s pension system.
“However, legislating for Brexit now becomes the priority for Whitehall, so it would be no surprise if the Pensions Bill was kicked down the road to make way.
“Ultimately which, if any, of these policies make it through the current hurricane of uncertainty and confusion depends on how the economy fairs and who takes the helm following the Conservative leadership election.
“But one thing is almost certain – the chaos wrought by the Brexit vote will continue to dominate the agenda throughout 2016.”
