The first House of Commons Bill ushering in the historic changes to the UK pensions system could be delayed until the spring of next year due to ongoing bitter disagreement within the government, IFAonline has reported.
Despite Adair Turner’s independent pensions report being published last November and the governments proposal paper coming much earlier this year, a cast-iron House Bill on the momentous issue may not come until far into next year because government departments and individuals cannot agree.
According to IFAonline, the UK government maybe waiting until the latest Comprehensive Spending Review (CSR) is concluded to make concrete decisions. The review will give details of state financial commitments leading up to the 2012 deadline for the introduction of the sweeping pensions changes.
Therefore, the government is believed to be keen to see the review first to aid it in assessing the financial feasibility of current thinking on the proposed pensions revamp. Thinking that Chancellor Gordon Brown is believed to consider flawed.