Jessica List, Pension Technical Manager at Curtis Banks, has commented on the Work and Pensions Committee report “Protecting pension savers—five years on from the Pension Freedoms: Accessing pension savings”.
List said:
“The FCA previously proposed decoupling tax free cash from remaining pension savings as part of the Retirement Outcomes Review back in 2018. However, it was acknowledged that such a move would be an enormous undertaking that would require ‘major changes to the pension tax regime’. Given this level of potential disruption for all pension savers, advisers, and providers, it’s unlikely such a move would be well received unless the research recommended by the Work & Pensions Committee clearly demonstrated significant benefits for savers.”
