UK - PricewaterhouseCoopers has warned the government Inland Revenue plans to introduce flexible annuities will be "irrelevant" to ordinary savers.
The consultant said it was concerned about the growing complexity of annuity design rules which was something that would “only interest the wealthy”.
PwC partner John Shuttleworth explained that flexible annuities meant that ordinary people would face a “bewildering array” of options that would be more expensive than the annuities currently available in the market.
He said: “Flexibility is of interest to the richest savers, but for the vast majority of savers this is irrelevant.
“We understand the reasons for the government allowing much greater flexibility, but we would suggest it considers the practical consequences for a straightforward case of an individual with modest savings.”
The firm added that if the government proceeded with the Inland Revenue reforms, then it should extend income-drawdown – currently only available to DC members – to DB schemes in the interests of having a “level playing field”.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.