UK - The Conservative party is setting up its own pensions and advisory group with the aim of producing an "alternative pensions policy".
New Conservative work and pensions spokesman Julian Brazier said that the group will act as an open forum for people wanting to put ideas to the party, including members of the public.
The group will advise work and pensions spokesman David Willetts and opposition leader Iain Duncan Smith on pensions issues.
Brazier said: “The group will range from those who want to come in occasionally and put in ideas, through to a couple of volunteers we have already, who want to come in on a regular basis and work on producing papers.”
He added: “There will be a cross-section of activities in helping us to build an alternative pensions policy.”
At least three or four individuals involved in pension funds have already expressed an interest in being involved, as well as several professional actuaries.
Brazier said he also wanted to see involvement from pensioner action groups.
In a speech at the party conference in Bournemouth in October, Willetts first revealed that the Tories would work with pensioners’ representatives and the government to build a consensus on reducing the burden of regulation on company pension schemes.
Willetts also wants to reform annuity rules, so that individuals can take out an annuity that is sufficient to keep them above means-tested benefits, while letting them make their own choice as to whether or not to take the remainder of their pension as a lump sum.
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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.