NAPF

The introduction of a generic advice service combined with the retail distribution review could change the regulatory landscape to allow IFAs to ‘focus' their advice and not have to complete unnecessary paperwork, according to the FSCP.

The design of the default fund should be the most important focus for personal accounts, according to experts, as 94% of members in defined contribution schemes left their money in the default fund last year despite an increase in fund choices.

Government assumptions about the costs of personal accounts could be incorrect if they have been developed from ‘over-optimistic' figures and modelling, warns the Association of British Insurers (ABI).

Plans to raise the contribution cap on personal accounts to £5,000 will mean the decision to remove regulated advice could not be "sustainable", warns the Investment Management Association (IMA).

Plans to provide national generic advice to boost financial capability will need to be supported by more than the £50m announced earlier this week, suggests Standard Life.

James Purnell, Minister for Pensions Reform, has revealed the government is willing to consider representations for a contribution limit for personal accounts lower than £5,000.

Schemes which earn a proposed pension quality mark could benefit from longer waiting times for new joiners once auto-enrolment comes into effect, says James Purnell.

James Purnell, Minister for Pensions Reform, has warned the industry against trying to legislate parts of personal accounts before the white paper consultation has even closed.

James Purnell, Minister for Pensions Reform, has denied personal accounts will be operated on an uneven playing field, despite admitting the cost of preparing personal accounts will be borne by the taxpayer.

The National Association of Pension Funds is to carry out a "thorough review of the Myners principles" over the next year.