Alan Pickering's review of pensions simplification recommends that support should be given to the FS...
Alan Pickering's review of pensions simplification recommends that support should be given to the FSA's proposal for a two-tier advice regime contained in its CP121 document.
He also supports a move to limiting the number of generic pensions products to three types, and says that smaller employers should be encouraged to establish multi-employer pension schemes.
These changes should all be overseen by a New Kind of Regulator, NKR, that would be funded through taxation rather than a levy on product providers or policyholders, and which would both advise pensions professionals and regulate the industry.
He says greater reliance should be made on pensions professionals exercising and backing their own judgement.
Pickering also wants to cut the indexation link and cut out survivor's benefits as a precondition to taking out a pension.
More to follow....
Data quality is key
Granted leave to appeal the judgement