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Liddell praises and damns industry on pension review

Former Treasury economic secretary Helen Liddell has congratulated the industry on resolving the pension review.

In a speech to the CII president&#39s annual dinner in London last week, Liddell, now Secretary of State for Scotland, said she was pleased the industry had faced up to its obligations. But she regretted that it took heavy persuasion to convince many to do so and wished she had never had to intervene in the first place

Liddell claimed to have set up the pension review despite the fact that many IFAs say they had completed phase one of the review before Labour came to power in 1997.

She said: “Once again, the financial services industry required persuasion to face up to its obligations but I am very pleased to see how the review is reaching its conclusion. Most firms have met their priority review deadlines. We can all take some satisfaction that this matter is reaching a fair conclusion. The regrettable thing, particularly for those who did not live to be compensated, is that it should have been necessary for me to intervene in the first place.”

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