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Providers say chance for change has been missed

Product providers have given a lukewarm welcome to the Pensions Bill, published last week, saying it offers some level of simplification of the occupational pension environment but lacks detail and does nothing to increase saving.

They welcome the security that the new pension protection fund will give to final-salary scheme members and improvements to communication of pension and retirement information but say the improvements come in a piecemeal approach and an opportunity for fundamental change has been missed.

Friends Provident pensions technical manager Chris Bellers says: “This is another layer of complex legislation on top of existing complex legislation.”

Scottish Equitable pensions development director Stewart Ritchie says: “The bill proposes additional security but lacks employer incentives to encourage saving.”

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

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