A cross-party measure aimed at increasing the number of savers receiving Pension Wise guidance before accessing their pension pots has been rejected in the House of Commons.
In its final reading of the Pension Schemes Bill, the House of Commons voted down by a majority of 89 votes an amendment which would have required the government to write to members five years before they could access their pot, offering them a Pension Wise appointment.
The amendment was brought by chairman of the work and pensions committee, Stephen Timms, after a similar amendment was withdrawn in the previous reading.
Mr Timms argued that making people take a guidance appointment would equip them to avoid being scammed.
The government also voted down by a majority of 100 votes an amendment that would have required pension schemes in the UK to be carbon neutral by 2050 or sooner.
The Bill completed its third reading last night, the last stage in the House of Commons, and will now go back to the House of Lords for their consideration of amendments, the last step needed before a Bill can receive Royal Assent and become law.
The Bill also includes long-awaited rules around pension dashboards, collective defined contribution schemes, and new powers for The Pensions Regulator.
It was reintroduced to the House of Lords at the beginning of this year after the December general election delayed its debate in parliament.
It was then halted once again due to the government’s commitment to hurry through emergency health legislation to combat the effects of coronavirus.