Wpc Reforms News Today

The government has indicated it will not make changes to tax policies to make it easier for savers to take out their pension commencement lump sum (PCLS) before accessing their pension for the purpose of funding retirement.

The government has defended the level of joint work undertaken by The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) pointing to market differences as the blockade for an increase to it.

Annual assessments of pension freedoms and annual reporting of its work in relation to pensions advice is not necessary, the government has said.

Actuarial testing and modelling will be required for collective defined contribution (CDC) schemes to meet legislative reporting requirements about their ongoing viability, the government says.

The Work and Pensions Committee’s (WPC) call to trial automatic Pension Wise appointments has been rejected by the government.The Work and Pensions Committee’s (WPC) call to trial automatic PensionWise appointments has been rejected by the government.

Savers need to trust pensions dashboards once they are introduced before any functionality upgrades to allow transactions to take place are added on, the government says.

The Work and Pensions Committee’s (WPC) call to trial automatic PensionWise appointments has been rejected by the government.