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MPs to grill FCA and Apfa over Budget pensions revolution

The Treasury select committee has called the FCA and Apfa to give evidence on last week’s Budget.

MPs will quiz FCA director of long-term savings and pensions Nick Poyntz-Wright on last week’s shake-up of retirement income.

Poyntz-Wright will appear alongside FCA head of savings, investments and distribution David Geale.

Apfa director-general Chris Hannant will also field questions alongside NAPF chief executive Joanne Segars and Building Societies Association chief executive Robin Fieth.

Last week, the Chancellor said savers aged 55 and over would be able to take their pension pot in cash from next April.

The Treasury also pledged guaranteed at-retirement guidance for everyone.

The FCA is responsible for designing the guidance regime and will face questions over its plans.

The regulator has also just completed a review of the annuities market and will start a market study due to complete next year.

The Association of British Insurers has called for an FCA rethink in light of major market changes.

Pensions consultant Ros Altmann and Age UK head of public policy Jane Vass will also give evidence to MPs

On Thursday Chancellor George Osborne will answer questions to complete MPs’ investigations on the Budget.

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  1. Chris Hannant must feel quite chuffed at being given a chance to put forward to the TSC APFA’s views on how the industry and the adviser community might seize the opportunities presented by the government’s latest announcements on freeing pension funds from the shackles of annuity rates, not least in the light of the government’s stated wish to encourage more use of investment-linked retirement income products.

    The key, I think, will be to present a convincing case for such products to incorporate an insurance element against the consequences of early fund burn-out, which should encourage retirees to think seriously about opting for a sustainable income strategy in preference merely to raiding their funds at a reckless and therefore unsustainable rate.

    Do that, Chris, and, for what it may be worth, you’ll earn my wholehearted support.

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