UK - Pensions minister Ian McCartney has promised new MFR legislation "as soon parliamentary time becomes available".
In answer to a question in parliament, McCartney confirmed he was currently considering responses to the consultation period on draft regulations and that a summary of responses would become available before April.
McCartney said the MFR replacement would be a “long-term scheme-specific standard in the context of a regime of transparency and disclosure, with additional measures to strengthen protection further.”
Separate interim changes to MFR that do not require parliamentary legislation will come into force this March.
By David Rowley
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.