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In the Chancellor’s Autumn Statement Jeremy Hunt launched a call for evidence for a ‘pot for life’, also known as the lifetime pension model. As part of the Government’s wider Mansion House reforms, the pot for life will give savers "a legal right to require a new employer to pay pension contributions into their existing pension pot if they choose, meaning people can move to having one pension pot for life. The proposal has created a polarisation of views in the industry and a myriad of questions that must be answered by the consultation as a matter of urgency.
The Pensions Regulator (TPR) reacts to announcements including a review of the master trust regime and responses to consultations/calls for evidence on small pots, decumulation and pension trustee skills. TPR has welcomed measures to enhance the quality of the pensions industry, support innovation and ensure savers are protected and get good value.