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Stephen Timms Returns to DWP: UK Pensions Regulatory Overhaul, Defined Benefit Funding Code Delay and Automatic Enrolment Implementation

Published on: 12 July 2024

Published by a Law360 reporter
Legal News
Article summary

Timms will be tasked with overseeing a major regulatory overhaul of the UK's £25trn (US$3.2trn) retirement savings sector if he is also confirmed as next pensions minister.

Early calls must be made on the much-delayed defined benefit pensions funding code, alongside putting into effect legislation on automatic enrolment. Timms was returned to the House of Commons on 5 July 2024 for the east London seat of East Ham with a 51% majority. He has previously served twice as pensions minister in Labour administrations—first in 1999, then from 2005 to 2006. Since 2019, he has chaired the parliamentary Work and Pensions Committee. During his tenure, the committee carried out forensic investigations into pensions freedoms, the liability-driven investment fiasco and the issue of pensions adequacy. In a landmark report in September 2022, the committee cautioned that six in ten Britons were not saving sufficiently for retirement, a warning that underscored the challenge. That concern is set to become a central focus for Timms in any new ministerial tenure...

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