The UK’s House of Lords is to review the House of Commons’ amendments to the Pension Schemes Bill on Tuesday, the government has announced.

The confirmation has sparked speculation that the bill could become the Pension Schemes Act 2021 as early as the middle of next week.

If the Lords approve the amendments and the bill’s wording it can receive royal assent and become law.

However, if the upper chamber finds issues with any of the Commons’ amendments, or makes different proposals, the bill will be sent back to the Commons and can go back and forth between the houses until they find an agreement.

“The bill sets out the framework for the introduction of pensions dashboards and collective defined contribution (CDC) schemes, expands The Pensions Regulator’s (TPR’s) powers, and requires schemes to adopt and report against the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD),” reports Pension Age.

It passed the report stage and the third reading in the House of Commons in November, with several proposed amendments. 

Pensions Minister, Guy Opperman, previously said that he expected the bill to become law by the end of 2020.

He has also confirmed that the new Pensions Regulator’s powers introduced by the Bill will not apply retrospectively.