✓ Passed into LawLords
UK Parliament · Bill
Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022
Summary
This Act allows UK pension schemes to formally change how they handle Guaranteed Minimum Pensions - pensions that were promised to workers before 1997. Instead of keeping these old pension rules, schemes can now convert them into the modern pension system, which is meant to make pensions simpler to run and manage.
A vote to support means
- —Supporting this Act means helping pension schemes update how they handle Guaranteed Minimum Pensions (GMPs) - a type of pension promise made to workers before 1997. It simplifies the rules so pension schemes can convert these old pension promises into modern ones, making them easier to manage and potentially reducing costs for schemes.
A vote to oppose means
- —Some people worry that converting old pension promises might reduce what pensioners actually receive, or that the changes could unfairly affect those who are already retired or close to retirement. Others are concerned that pension schemes might not have properly explained the changes to members before converting their pensions.
Cast Your Vote
People's Vote0 votes
0% Support · 00% Oppose · 0
Bill Passage
Commons
- 1st reading16 Jun 2021
- 2nd reading26 Nov 2021
- Committee stage2 Feb 2022
- 3rd reading25 Feb 2022
Lords
- 1st reading28 Feb 2022
- 2nd reading25 Mar 2022
- 3rd reading27 Apr 2022
Royal Assent28 Apr 2022
Full Bill Description(click to expand)
No description available