DWP annuity and pension charge reform 'stalled', say MPs

clock

Progress on the annuities market, charges and defined ambition (DA) may have "stalled", the Work and Pensions Select Committee says.

In its report, Monitoring the performance of the Department for Work and Pensions (DWP) in 2013-14, the committee said it had expected to carry out pre-legislative scrutiny on the government's DA proposals by now. However, although the government consulted on DA in autumn last year, it has yet to publish a response. The committee said in its report: "The momentum for bringing forward these proposals may have stalled. "It is important, as auto-enrolment (AE) widens out to the whole of the working population, and with the continuing closure of private sector defined benefit (DB) sche...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Income

Craven Street Wealth acquires Bernard Barrett Associates

Craven Street Wealth acquires Bernard Barrett Associates

Deal with £1.25bn comes after last year’s acquisition of Tarvos Wealth

Alex Sebastian
clock 03 March 2023 • 1 min read
Better annuity awareness needed, Canada Life says

Better annuity awareness needed, Canada Life says

Disclosure of health conditions can lead to 'significantly' improved income

Jasmine Urquhart
clock 02 March 2023 • 1 min read
7IM managing director of intermediary Verona Kenny

7IM launches Retirement Income Solution

RIS takes ‘bucketing approach’ to client assets across different time horizons

Jenna Brown
clock 24 February 2023 • 3 min read