Law and Regulation

The next government should establish an independent pensions commission as soon as possible after the May general election, MPs have urged today.

The Association of Member Nominated Trustees (AMNT) has launched an initiative to give schemes more control over the companies they invest in.

Increased consumer choice under pensions freedom coupled with greater potential fraud risk has increased the argument for a single pensions regulator, MPs have said.

Providers have said a charge cap on income drawdown, as proposed by Labour leader Ed Miliband, is "unnecessary" and a "solution to a problem that does not even exist".

While the Budget flexibilities have been largely welcomed there remains one key area of concern for trustees – defined benefit (DB) to defined contribution (DC) transfers.

Delaying the tightening of pension transfer regulation until after the April pension freedoms could result in two months of confusion and poor decisions, it has been said.

Michael Johnson has proposed that retirees are defaulted into drawdown after research by PP found little support for his original call for a default option of index-linked annuities.

The Pensions Regulator (TPR) has published draft guidance on how trustees should communicate freedom and choice to scheme members.

Employers will have to consult pension scheme members before altering contributions or benefits to compensate for the end of contracting out, the government has said.

A labour government would act quickly to cap charges on retirement income products according to party leader Ed Miliband.