With the announcement that it will publish a draft Pensions Bill the government has given at least some indication of how it intends to address the so-called pensions time bomb.

According to the government:

“The modernisation of the UK pensions system is central to the wider aim of providing a modern and sustainable welfare system.”

With this in mind the government will use the “Principles for Reform” report, published in February, and the second report from the Turner Commission, due to be published in November, as the basis by which reform should take place.

It is the government’s intention to publish its proposals after it has considered the findings of the Turner report.