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By Stephanie Baxter Deputy personal finance editor

One of the bright spots in Monday’s rather odd Queen’s Speech was legislation that will protect and help millions of pension savers. The Bill, if it gets support from MPs, will arm the pensions watchdog with tough new powers to tackle irresponsible management of private pension schemes.

Writing in The Telegraph, pensions minister Guy Opperman promised that reckless bosses who put their employees’ defined benefit or final salary pensions at risk will find no place to hide. Rogue bosses could face prison sentences of up to seven years and fines of up to 1m. These stronger powers for The Pension Regulator should help to deter “wilful or grossly reckless behaviour" of company directors.

This comes on the back of high-profile corporate failures in recent years – most notably British Home Stores and Carillion – which resulted in their employees' pensions being cut.

The Bill also paves the way for the long-awaited introduction of the “pensions dashboard”, which would make it a lot easier for people to track down their lost pots and allow them to view all their accounts in a single place.

It is a relief to see that the Government has not let Brexit distract it too much from prioritising the needs of savers and retirees. Let’s hope this continues.

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