Personal Pension  

Field to appraise advice reforms

Field to appraise advice reforms

Looking into the pension reforms will be an “immediate task” for the work and pensions select committee, according to its new chairman.

Labour’s Frank Field – a former welfare reform minister – was elected by his fellow MPs to succeed Dame Anne Begg last week.

The Birkenhead MP said: “I hope the committee will agree its main task is to set an agenda which moves the welfare debate on.

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“The committee’s members will obviously decide its programme and we must be ready to respond to the unexpected. An immediate task is to work with the government to ensure that advice given to those drawing down pension capital is kept independent of the pensions industry, and that its associated cost does not spring any nasty surprises on the unsuspecting consumer.”

Conservative MP Andrew Tyrie was re-elected as chairman of the Treasury Select Committee unopposed.

Following the election of the committee chairs, members of each committee will now be nominated by a motion before the House of Commons.

The names are put forward by each political party and are representative of their presence in parliament.

Adviser view

Andrew Whiteley, an adviser with Hertfordshire-based Provisio Chartered Financial Planners, said: “I think the reforms just need time to bed in. There are some delays but there will always be delays with reforms which have been pushed through quickly.”