Personal Accounts: Transfers prohibited until 2020 review

In the pensions white paper: ‘Personal Accounts: a new way to save’ the government outlines ways it intends to help avoid the potential problem of existing schemes “levelling down” to the contribution level of personal accounts. It says it has decided to prohibit transfers from existing schemes into personal accounts to avoid market disturbance and remove the need for employers and individuals to make “complex and possibly costly decisions” about pension transfers. However, although it says there is a good case for initially prohibiting transfers, it suggests this policy should be kept ...