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The Department for Work and Pensions has confirmed the details of the new Pensions Scheme Bill as Parliament re-opened today.

The latest update confirms the essential policy details expected in the bill such as new jail terms of up to seven years for bosses who run pensions into the ground and making pensions dashboards a reality.

A DWP spokesman says there is no firm date for royal assent as the bill works its way through Parliament.

The bill also introduces the legislation underpinning the UK’s first collective defined contribution pension scheme at Royal Mail.

The DWP adds there is potential to open the option to master trusts and multi-employer schemes at a later date once it is established.

Pensions minister Guy Opperman says: “With this bill, we’re pushing ahead with our revolutionary pensions agenda and delivering for the millions of people brought into saving for later life by our reforms.

“We’re ensuring those who put pension schemes in jeopardy feel the full force of the law, transforming the way people get information about their retirement savings and introducing a new pension that could boost returns for millions.

“This legislation is the crucial next step in making the UK the best place in the world to retire.”

Back in December the government confirmed its pension and social care policy priorities with the publication of proposals in the Queen’s Speech.

With the reopening of Parliament, the government has started to reveal its legislative agenda.

To discuss your pension provision with an adviser, contact the office on 0191 384 1008.