UK - Consultants are calling on the government to "ring-fence" pensions benefits when the new tax regime is introduced.
The Association of Consulting Actuaries believes ring-fencing will be easier than registering all valuation amounts over the lifetime savings limit and ensure that people do not lose out when legislation is introduced.
The ACA welcomed the main thrust of the proposals but said the 33% penalty tax was too high and did not reflect the tax reliefs given to people when saving. It suggested a penalty tax of 20%.
ACA chairman Gordon Pollock said: “With adequate time for consultations on the implementation proposals later this year, we will hopefully have a genuinely simplified regime.”
Former home secretary Amber Rudd is to return to the cabinet as work and pensions secretary after the resignation of Esther McVey.
This week's top stories included proposed draft regulations in a no-deal Brexit which would make scheme investments illegal, and Esther McVey's resignation as secretary of state.
There have been a total of 15 ministers responsible for pensions since 1997. Here is the list in full.