Andrew Bailey, governor of the Bank of England, has registered his opposition to Government plans to set asset allocation targets for pensions under its new Pension Schemes Bill.

The Pensions and Lifetime Savings Association (PLSA) said it supports the introduction of the Pension Schemes Bill.

Most workplace pension industry experts have welcomed the government's new Pension Schemes Bill, published today, which the DWP says will improve the pension savings of 20m workers.

The Department for Work and Pensions says 20m workers will benefit from the mammoth new Pension Schemes Bill which was laid before Parliament today.

The Treasury has revealed that the Government will have the ability to set investment allocation targets under its upcoming multi-employer master trust rules as it shared details of the Pension Schemes Bill.