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PLSA proposes framework to battle ‘confusing’ pension freedom

“Pension schemes want to support savers more effectively than at present by improving the help they get when they are thinking about drawing their pension and setting a path that protects them from poor outcomes. But many are looking for the support of a clear framework.

“Our proposals seek to provide support to savers to make better decisions and give clarity to schemes about their obligations towards savers at this stage of their retirement savings journey. We look forward to hearing the views of everyone with an interest in ensuring more people achieve a better income in retirement.”

The call for evidence closes September 4, with PLSA intending to publish final recommendations in October.

On the same day (July 28), the work and pensions committee launched an inquiry into the impact of pensions freedoms and the level of protection that exists for pension savers.

The inquiry will first focus on pension scams, which have accelerated since freedoms were introduced, before moving on to accessing pension savings and saving for later life, with a call for evidence expected to be published next year.

amy.austin@ft.com

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