The International Association of Insurance Supervisors (IAIS) is participating in a global initiative along with other standard setters under the auspices of the Financial Stability Board (FSB) and the G20 group of finance ministers and central bank governors.
Planned changes to deferment rules could make people who choose to delay taking their state pension thousands of pounds worse off , actuaries Hymans Robertson have warned.
Currently, people who postpone their state pension receive a 10% uplift in payments for each year they delay. An individual who defers for one year can expect an additional £579 in their annual state pension. For someone who delays for five years, this rises to £2,893.
However, pensions minister Steve Webb last month said he intended to use the Pensions Bill to halve the deferment uplift to 5%.
An analysis by Hymans Robertson showed that this change would cost someone who defers for one year almost £6,000 over 20 years of retirement. Someone who defers for five years would lose almost £29,000 over 20 years.
Chris Noon, partner at Hymans Robertson, said: "If the benefit of deferring state pension receipt falls to 5%, then a large percentage of people will choose to take their pension as soon as they are eligible. This may not be good news for the national deficit."
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