Proposals set out in the Pensions Bill could see IFAs having to advise their clients to leave their occupational pension schemes, despite that being exactly what happened during the last pension mis-selling scandal, warns an industry expert.
According to the latest reading of the government's suggested changes to the world of pensions, people will be able to choose between three different kinds of transitional protection, in the hope they will not be worse off as a result of the new legislation. One of the options - enhanced protection - will give people full protection from the recovery charge on the fund at vesting. However, all pension accrual must cease when the new rules come into force. This effectively means pension scheme members have to opt out of their schemes. Alasdair Buchanan, group head of communication at R...
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