General election announcement stalls pensions-related decisions

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06 Jun 2024

What you need to know

Earlier than anticipated, the next general election will take place on Thursday 4 July 2024.
Parliament was dissolved on 30 May, meaning no further legislation can now be laid until a new government has been elected.
Implementation of key pensions-related policies will also be impacted, not least The Pensions Regulator’s (TPR’s) new defined benefit (DB) funding code. This needed to be laid before Parliament in early June so that it would be in force by the time the new funding regime takes effect on 22 September 2024. There is now not enough time for this to happen.
Until a new government has been elected, it remains unclear whether any recent announcements made (such as the Spring Budget 2024) will be revoked. The outcome of the recently-closed “Options for DB schemes” consultation is also likely to be put on hold until after the general election.
Manifestos for the main political parties have yet to be published, outlining their objectives and proposals for the pensions industry.