Houses of Parliament.
There will be a second reading of the Pensions Bill in Parliament this afternoon (17 June).
The bill was first outlined in May 2013 in the Queen's Speech and will provide reforms for state and private pensions.
The major point being debated is the introduction of a single-tier pension of £144 per week to be implemented from April 2016.
Pensions Minister Steve Webb MP believes this will be a simpler system and make it easier for people to forecast what they will receive in retirement.
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The other points of the Pension Bill would be to:
• Bring forward the increase in State Pension age to 67 and establish a model for considering future changes in light of increasing life expectancy to maintain the long-term sustainability of the system.
• Provide for a system of automatic transfers of small pension pots, which will reduce the number of dormant pots and make it easier for people to keep track of their pensions savings and secure a better income in retirement;
• Introduce a new statutory objective for the Pensions Regulator to take account of the sustainable growth of employers.
• Reform the existing suite of bereavement benefits to simplify them in line with changes to the State Pension and welfare reform measures.
Following a successful second reading, the bill will then pass to a committee stage.
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