For all the talk of a new pensions landscape we are only nine weeks in and pensions minister Baroness (Ros) Altmann must be given the opportunity she deserves, Mark Polson has said.
The founder of the platform, pension and investment consultancy Lang Cat, said it was too early for people to criticise Baroness Altmann.
“No one can deny that Baroness Altmann is a passionate consumer champion. She has always fought for better deals for pensioners. I have no doubt she will continue to challenge the status quo, expose bad practices and attempt to change the pensions industry for the better,” Mr Polson said.
Time would tell whether she would be heard amid the EU referendum debates, social policy reform and keen legislative programme, but he added that she needed to be given the chance.
Mr Polson’s plea came as a number of industry heads called for the government to review the reforms, including whether to appoint an independent commission and whether the government should impose a charge cap.
Fiona Tait, pension policy specialist at Royal London, said: “We believe that a competitive market is the most effective way to drive a good deal for customers.
“However, for the market to work efficiently it will need pressure from those that really understand customers’ needs, such as impartial advisers, to work on their behalf.”
In a client newsletter, London-based Kennedy Black Wealth Management, said: As recently as March, Baroness Altmann was calling for the lifetime allowance to be scrapped on defined contribution pensions.
“We agree that it makes little sense to put a limit on pension contributions and the amount that can be built up in a pension over a lifetime. It will be interesting to see whether Baroness Altmann can push through such a change.”