Misunderstanding, mistrust and dogma holding back reform

The current situation results from a sad combination of misunderstanding, mistrust and political dogma. The misunderstanding was over how we must deal with customers. The Government had the best of intentions in pensions simplification, and initially showed willingness to embrace genuine simplification. A key early point for it was a gentleman’s agreement with providers that they wouldn’t run ‘buy now while stocks last’ campaigns while the legislation was being developed, and this largely held. But attempts to build on this voluntary restraint broke down when they conflicted with regulato...