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FSA postpones decision on RU64

The FSA board has decided today to delay its decision on the future of the RU64 rule.

In light of the uncertainty of the implementation of NPSS, the regulator has decided that it would be sensible to put on hold making a decision on RU64 until the position is clearer.

The Governments white paper on pension reform and NPSS states that transitional arrangements for the new pension scheme will be announced later this year.

Leaked documents this week indicated there was pressure from civil servants on the secretary of state for work and pensions John Hutton to intervene on FSA talks on the rule.

Civil servants have been warning ministers that the removal of RU64 will strip away an element of consumer protection ahead of the proposed introduction of NPSS. This was despite indications there has been widespread support within the FSA to abolish the rule.

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