In this week's Pensions Buzz, we want to know whether you think a contract-based, trust-based or a master trust arrangement would be best for a new defined contribution scheme.
The Treasury has reaffirmed its decision against rolling out freedoms to the annuity market, arguing it would be impossible to balance consumer protections with a functioning market.
The government has decided to scrap its plans to create a market for secondary annuities.
Annuities can be re-sold from April 2017
The secondary annuities market will only work if the Financial Conduct Authority (FCA) puts in place adequate protections to prevent consumers being ripped off.
Introducing greater flexibilities for defined benefit (DB) members should be a serious legislative consideration for the government according to Broadstone technical director David Brooks.
HMRC and the FCA have begun consulting on a tax framework and rules for the secondary annuity market.
The Treasury has said it wants to make financial advice mandatory for sales of annuities on the secondary market.
A large majority of the pensions industry believes the Financial Conduct Authority (FCA) is right to investigate asset managers and investment consultants.
The pensions industry recognises the need for change, but thinks the summer Budget spells trouble and ‘ISA pensions' would mean lower retirement incomes, according to PP research.
The government has delayed plans to let pensioners cash in annuities until 2017.
The creation of a second-hand annuity market is guaranteed to happen, according to former pensions minister Steve Webb, who suggested the Treasury has already ‘banked' the cash it expects to receive from the policy.
People looking to trade in their annuities for cash should be obliged to take independent financial advice, industry pundits agree.