HM Treasury

Bank says there is a clear need for ‘urgent and robust measures’ to fill supervisory gaps

Experts said the reform package was a ‘welcome feature’ of the Autumn Statement

Pre-statement speculation on LTA and tax-free lump sums did not come to pass

Reforms cut risk margin and overhaul eligibility rules for matching adjustments

Move comes a fortnight earlier than planned

WTW says there is too much prescription in a supposedly principles-based framework

Move comes in bid to temporarily absorb selling of ILGs in excess of market capacity

Consultants say bulk annuity pricing could go either way depending on final reforms

Draft rules comes as part of ‘Legislation Day’ ahead of Finance Bill 2022/23

The resignation of the pensions minister has continued the mass Tory exodus