UK - The Liberal Democrats have attacked the government for "standing by" while firms close DB schemes to new members.
Liberal pensions spokesman Matthew Oakeshott urged the government to act quickly to quell the rising tide of pension fund closure.
He said: “In my 26 years as a pension fund investment manager I cannot remember people being so fearful and cynical about their pension prospects.
“Too many short-sighted employers are running a race to the bottom in pension provision, by replacing high quality final salary schemes by money purchase schemes, with average contributions of only 5.1%.”
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.