FSA warns 'running down' pension funds not TCF

It warns schemes like Talbot & Muir's, which allow consumers with an alternatively secured pension (ASP) to take pension income above Government Actuary Department (GAD) limits, are likely to breach TCF. Speaking at a conference in London, the FSA's manager of pensions and other products policy, Milton Cartwright, says the regulator will be keeping a close eye on the practice. "Advisers and SIPP operators need to think very carefully before offering these products to consumers, as it is very unlikely an investor will benefit from having their pension fund run down to nothing," he says...