Government and regulators must update “archaic” decumulation policies to ensure retirement outcomes are enhanced for pension savers, The Investing and Saving Alliance (TISA) says.
TISA pointed to HM Revenue & Customs (HMRC), HM Treasury, the Department for Work and Pensions, The Pensions Regulator (TPR), and the Financial Conduct Authority (FCA) for failing to amend various policies which it said do not reflect "significant shifts" in the industry since their creation. The cross-industry body's decumulation proposals paper identifies wake-up packs, the money purchase annual allowance (MPAA) limit, the PAYE process for withdrawals, and block transfer rules as key policy concerns. Head of retirement Renny Biggins said: "We are not calling on widescale reform with...
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