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NAPF ask 101 questions about new pension regulations


The National Association of Pension Funds (NAPF) has called the new pension regulations into disrepute by releasing 101 questions about “unresolved issues” the pension reforms have posed.

The questions are based around the new pension regulations, which will be implemented in April and aim to increase savers flexibility. NAPF believe the Government has not given enough information to companies to help implement these changes, and believes people over the age of 55 will have a 12 month wait before they have full discretion over the use of retirement funds.

The NAPF represents 1,300 pension schemes that provide pensions for more than 17 million people in the UK and have more than £900bn of assets. They believe there is a “urgent need” for more clarity about what guidance will be provided for savers about to retire. Some experts think pension guidance is vital to ensure savers will not initially spend their personal pensions and end up relying too heavily on the state pension.

NAPF said:
"Next April will be a confusing time for those retiring.

"They may have heard about the new freedoms, but their own scheme may not yet have developed the systems to deliver all of these.

"Some new products available on the market may carry risks and costs that are not immediately apparent to those retiring and some may only be accessible through a financial adviser, access to which could be costly for some."

The Treasury has insisted that the reforms are on track. A spokesperson said:
"These concerns are ill founded and border on scaremongering,

"Many of the questions raised have already been answered by command papers, draft regulations and legislation that is being considered by Parliament."

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