Queen’s Speech 2016: what it means for your money

From safer pensions to faster housebuilding, we run through the biggest financial announcements from this year’s speech.

Her Majesty has delivered her annual speech at the State Opening of Parliament, outlining the Government’s plans for the next year.

Let's take a look at the key announcements that will affect our finances.

Pensions

There were three key announcements unveiled aimed at making pensions safer, fairer and easier to understand.

Under the new Pensions Bill, anyone who saves into a workplace pension will be better protected as the Government introduces stricter supervision of the trusts that oversee these schemes.

Ministers had expressed concern that the actions of some trusts could put workers’ savings at risk, but they’ll now face far closer scrutiny by the Pensions Regulator, which has also been given more powers to intervene if needed.

There was good news for anyone looking to cash in their pension, as the new bill puts a cap on early-exit fees.

Finally, we will also see the launch of a new pensions guidance service to help us make more informed decisions.

Lifetime ISA and Help to Save introduced

The new Lifetime Savings Bill will see two of the Government’s headline savings programmes officially introduced.

The launch of the Lifetime ISA, or LISA will offer workers under 40 given a 25% bonus on all new savings, up to a maximum of £1,000. It will be introduced in April 2017.

The Help to Save scheme entitles workers on Universal Credit or other tax credits to £1 for every £2 they save, up to a maximum of £300 a year. This will be available no later than 2018.

Housebuilding

For those living in England and Wales, a new bill aims to scrap some of the red tape around housebuilding in order speed up the process.

Under the Neighbourhood Planning and Infrastructure Bill, pre-commencement conditions will only imposed by councils when absolutely necessary.

It’s hoped the move will help the Government achieve its ambitious target of building one million new homes by 2020.

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Broadband and nuisance calls

There was also good news if your Internet connection is really slow where you live. Under the Digital Economy Bill, every household in the UK has a legal right to fast broadband – specifically a minimum speed of 10Mbps.

However, properties in the most remote areas may need to stump up some of the cash to cover the cost of installation. It’s not yet clear at what point an area will be considered ‘remote’.

The bill also included greater protection for consumers from nuisance calls and spam by ensuring companies obtain consent for direct marketing.

Switching energy

Finally, switching energy companies should become easier and faster under the Better Markets Bill. It's hoped that simplifying the process will encourage more people to switch and save hundreds on their annual bills.

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