{"id":246377,"date":"2025-07-07T22:31:14","date_gmt":"2025-07-07T22:31:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/246377\/"},"modified":"2025-07-07T22:31:14","modified_gmt":"2025-07-07T22:31:14","slug":"millions-of-pensioners-could-get-29000-boost-after-new-retirement-rule","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/246377\/","title":{"rendered":"Millions of pensioners could get \u00a329,000 boost after new retirement rule"},"content":{"rendered":"

Millions could see a pensions boost of \u00a329,000 as the Government’s Pension Schemes Bill returns to Parliament for its second reading today<\/p>\n

11:17, 07 Jul 2025Updated 11:19, 07 Jul 2025<\/p>\n

The Bill will bring together small pension pots of under \u00a31,000(Image: Shared Content Unit)<\/p>\n

Millions of workers are set to see their pensions increase by thousands thanks to a new government bill that will consolidate small pension pots, create larger schemes and ensure they’re good value for money. On average, working people could benefit by up to \u00a329,000 due to the reforms.<\/p>\n

The Bill will bring together small pension pots worth \u00a31,000 or less into a single scheme that is certified as delivering good value to savers. It’s estimated that the reforms will support 20 million pension savers to be better prepared for retirement.<\/p>\n

It comes as the Pension Schemes Bill returns to Parliament for its second reading today, July 7.<\/p>\n

Never miss a story with the MEN’s daily Catch Up newsletter – get it in your inbox by signing up here<\/a><\/strong><\/p>\n

The pensions industry and consumer groups have shown wide-spread support for the reforms as many people struggle to keep track of multiple small pensions due to moving jobs and paying high fees as a result.<\/p>\n

Minister for Pensions Torsten Bell said: “We\u2019re ramping up the pace of pension reform, to ensure that people\u2019s pension savings works as hard for them as they worked to save.<\/p>\n

“The measures in our Pension Schemes Bill will drive costs down and returns up on workers\u2019 retirement savings \u2013 putting more money in people\u2019s pockets to the tune of up to \u00a329,000 for an average earner and delivering on our Plan for Change.”<\/p>\n

In the future, pension schemes will need to prove they are good value for money, helping savers to understand whether their scheme is giving them good returns and protecting them from getting stuck in underperforming schemes for years on end.<\/p>\n

These measures will lay the foundation for the upcoming Pensions Review as part of the Government’s plan to examine how to get to a fair and sustainable pensions system and supporting growth.<\/p>\n

Other measures include:<\/p>\n