New SSAS Pensioners will be hit by regulation unless DWP moves fast

New pensioners could face a substantial drop in income due to new regulation which means money purchase schemes, including SSAS, which offer scheme pensions  will be classified as defined benefit schemes. Under the Pensions Act, pensions paid by defined benefit arrangement must increase by limited price index (minimum of CPI and 2.5% for benefits accrued after 2005) each year. While the DWP has said it will bring in regulations to mitigate this until that happens new SSAS pensioners could see a drop in income-possibly below capped drawdown levels. Managing director of Rowanmoor Pen...