King’s Speech: Pension Schemes Bill announced but distinctive policies to follow

Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “While the King's Speech might seem like a regal ritual filled with pomp and ceremony, beyond the pageantry lies announcements that are set to have a substantial impact on personal finances. From the high-level policies on economic growth to the nitty-gritty of policies aimed at getting more people on the housing ladder, the government's legislative blueprint can shape the financial landscape in which we all navigate our daily lives.

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“A new Pensions Schemes Bill was unexpectedly included in the King’s Speech, which largely continues the direction of travel set out by the previous government - including the consolidation of smaller pots and the requirement for pension schemes to demonstrate they are delivering value for money. With a pension review pledged in the Labour manifesto still on the cards, any distinctive pension policies are likely to come later in this Parliament.

“Plans to address housing shortages were also outlined in the speech. While efforts to tackle the supply side challenges could go a long way in helping people get on, and climb, the property ladder, for many the decision to buy hinges on where mortgage interest rates land. Mortgage rates and property prices haven’t fallen fast enough for many to make the numbers work to buy.

“Although the King’s Speech sets out the government’s broad legislative agenda, it doesn’t include every policy related to personal finances. Expect more detailed financial measures and announcements to be unveiled in the next fiscal event, which is likely to be in the autumn.”