In his March Budget, chancellor George Osborne introduced changes to the way in which people can access their pensions at retirement. The new flexibility generated a great deal of positive media comment and a number of negative responses from industry commentators, including the TUC.
The IFoA will be responding to the Treasury consultation 'Freedom and Choice in Pensions', which asks for views on a variety of topics, including the proposed pensions tax framework reform, its approach to helping people make informed choices at retirement and the burdens that changes to defined benefit schemes could have for scheme sponsors.
Following the Budget, pensions minister Steve Webb also introduced a charge cap of 0.75% on default pension funds. While the cap made the headlines, it may be that the establishment of Independent Governance Committees will have more impact on the occupational pensions landscape.
The 'Better Workplace Pensions' consultation issued by the Department for Work and Pensions follows on from these changes and the IFoA will be responding.
To view the IFoA's immediate media responses, go to www.actuaries.org.uk/news