The Pension Schemes Bill has received Royal Assent to become official legislation ahead of freedom and choice taking effect from 6 April.
There are just 23 working days left until the flexibilities unveiled in the Chancellor's Budget 2014 are opened up to pension savers.
Joanne Segars, chief executive of the National Association of Pension Funds (NAPF) welcomed the bill and said pension schemes could now start implementing the pensions reforms.
"With only 23 working days to go before the reforms go live, and schemes working flat out to implement the reforms in time, Government should waste no time in providing the missing pieces of the puzzle," she said.
"These reforms have the potential to bring real benefits to savers, but there is still uncertainty amongst the public about what they should do to make the most of the opportunities.
"It is vital government ensures all communications to savers are realistic, so they can make solid plans for retirement and avoid disappointment.
Elsewhere, the NAPF commented on Labour's plans to restrict tax relief on pensions contributions, announced by the Rt Hon Ed Miliband in his speech at the Leeds College of Music.
Joanne Segars said: "These incremental shifts in pension tax policy are not the right way to manage the future retirement savings of millions in the UK and such a move by any government threatens to undermine the confidence of pension savers, employers and schemes alike.
Labour's proposals are to cut tax relief on incomes over GBP 150,000 from 40% to 20%, reduce Lifetime Allowance from GBP 1.25 million to GBP 1 million, reduce Annual Allowance from GBP 40,000 to GBP 30,000.
"This is not an issue on which any future government can afford to make knee-jerk policy decisions upon and we need a proper debate on tax in the broader context of pensions and retirement savings," said Joanne Segars.
"This should be overseen by an Independent Retirement Savings Commission to ensure the long-term needs of savers remain at the very heart of the Government's approach."
First published 05.03.2015
Lindsay.sharman@wilmingtonplc.co.uk
