{"id":26013,"date":"2026-04-30T19:06:29","date_gmt":"2026-04-30T19:06:29","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/26013\/"},"modified":"2026-04-30T19:06:29","modified_gmt":"2026-04-30T19:06:29","slug":"dwp-hands-uk-households-29000-pension-boost-after-law-change-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/26013\/","title":{"rendered":"DWP hands UK households \u00a329,000 pension boost after law change | Personal Finance | Finance"},"content":{"rendered":"<p>UK households are being handed a \u00a329,000 boost following a pension law change passed today, Wednesday, April 29.<\/p>\n<p>The <a data-link-tracking=\"InArticle|Link\" href=\"https:\/\/www.express.co.uk\/latest\/pension\" rel=\"nofollow noopener\" target=\"_blank\">Pension<\/a> Schemes Act has officially become law today, the <a data-link-tracking=\"InArticle|Link\" href=\"https:\/\/www.express.co.uk\/latest\/dwp\" rel=\"nofollow noopener\" target=\"_blank\">DWP<\/a> has announced.<\/p>\n<p>The law change is a \u2018major reform\u2019 for the UK\u2019s pension system which will give every worker an average of \u00a329,000 each by the time they retire.<\/p>\n<p>The new law will require <a data-link-tracking=\"InArticle|Link\" href=\"https:\/\/www.express.co.uk\/latest\/pension\" rel=\"nofollow noopener\" target=\"_blank\">pension<\/a> schemes to prove they are delivering value for money, enable the automatic consolidation of small pension pots and create larger funds which perform better, the <a href=\"https:\/\/www.express.co.uk\/latest\/dwp\" data-link-tracking=\"InArticle|AutoLink\" rel=\"nofollow noopener\" target=\"_blank\">DWP<\/a> says.<\/p>\n<p>In its announcement, it added: \u201cMany people build up several small pension pots as they move between jobs, making it difficult to keep track of their retirement savings. The new law will enable these pots to be brought together automatically, giving savers a clearer picture of their pension.<\/p>\n<p>\u201cThe new Act also introduces a Value for Money framework, protecting savers from being stuck in underperforming schemes. In future, pension schemes managers and trustees will need to offer clear default options for turning savings into retirement income, with the aim of giving people who choose this, a sustainable income in their retirement.\u201d<\/p>\n<p>Minister for <a data-link-tracking=\"InArticle|Link\" href=\"https:\/\/www.express.co.uk\/latest\/pension\" rel=\"nofollow noopener\" target=\"_blank\">Pensions<\/a> Torsten Bell said: \u201cToday is a landmark moment for the 22 million workers building up a pension pot across the UK.<\/p>\n<p>&#8220;For too long, our pensions system has been fragmented and rarely ensures that people\u2019s savings are working hard enough to support them in retirement.<\/p>\n<p>&#8220;The Pensions Schemes Act will change that by creating schemes that drive down costs, deliver higher returns, and give savers the security they deserve.\u201d<\/p>\n<p>Claire Trott, head of advice at St. James\u2019s Place, said: \u201cWith the Pension Schemes Bill now passed, it is welcome that the proposed \u2018mandation\u2019 power has been constrained significantly, providing important reassurance that investment decisions will remain driven by savers\u2019 best interests rather than Government direction.<\/p>\n<p>&#8220;However, concerns remain about the new requirement for pension schemes to offer a default retirement solution for disengaged savers. While well intentioned, this risks cutting across wider efforts to encourage greater engagement and could blur the boundary between guidance and advice. We will continue to engage constructively with Government on how pensions policy can support UK economic growth while also helping individuals take an active role in decisions about their long\u2011term financial futures.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"UK households are being handed a \u00a329,000 boost following a pension law change passed today, Wednesday, April 29.&hellip;\n","protected":false},"author":2,"featured_media":26014,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1120,1246,11599,1460,8691,5,11600,6],"class_list":{"0":"post-26013","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"tag-dwp","9":"tag-pension","10":"tag-pension-schemes-act","11":"tag-retirement","12":"tag-retirement-savings","13":"tag-uk","14":"tag-uk-pension-reform","15":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116495226123216354","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/26013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=26013"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/26013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/26014"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=26013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=26013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=26013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}