A report by the Work and Pensions Committee recommended that a single pensions regulator and an independent commission will need to be set up to help protect pension savers when the new pension flexibilities come into effect from April 2015.
“Our recommendation is based on the belief that a standing independent commission, working alongside government, will help make sure pensions policy is made in savers’ interests and for the long term.”
Graham Vidler, director of external affairs, National Association of Pension Funds
“We welcome the proposal to assess whether the protections for savers that have been put in place so far are adequate, because in order for the new pension freedoms to have the positive impact that the government and industry want, strong safeguards need to be in place. Independent financial advisers are at the heart of many people’s retirement planning process and can help them to avoid making poor decisions or being exposed to potential fraud and scams, [which is] a key concern of the committee.”
Mark Stopard, head of product development, Partnership
“A single regulator will provide a clear focus for direct action and early intervention where necessary. We are constantly hearing from either The Pensions Regulator or the Financial Conduct Authority about the need to consult one another on a range of activities. This is not only inefficient; it is positively dangerous. A single regulator would be less confusing for consumers, would help to plug gaps in the current arrangements and would provide greater consistency of treatment between trust-based and contract-based schemes.”
Malcolm McLean, senior consultant, Barnett Waddingham
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