Regulation

The government is introducing an income tax exemption for payments made for advice on transfers out of defined benefit (DB) schemes.

The government does not intend to permit those wishing to cash in their annuities to sell them back to their existing provider, it has announced.

The lifetime pension saving allowance has been cut from £1.25m to £1m in the Budget today.

Lifetime allowance cut is a tax grab with both hands

Consumers are at risk of buying retirement products they later regret because of confusing regulatory rules around commission, pensions expert Ros Altmann has said.

Chancellor George Osborne will further relax pension rules in his Budget on Wednesday to allow the sale of annuity contracts.

People should get early access to some of their pension pot to make saving more attractive to younger workers, an actuarial group has said.

It’s time for a rethink on DB pension transfer advice

Controversial proposals to allow existing pensioners to sell their annuities for cash - and insurers to compete for the contracts - are to be discussed by ministers this week ahead of the 18 March Budget, according to reports.

Consumers must accept responsibility for their decisions in retirement when the new flexibility rules come into force in April, Financial Conduct Authority (FCA) chief executive Martin Wheatley has said.