New pensions rules expected
New rules exempting employers from Financial Services Authority regulation in respect of company pension schemes should be in place by next Spring.
Financial Secretary Stephen Timms said research by the Association of British Insurers had shown 40% of employers felt inhibited from promoting their schemes by the current financial promotion regime.
Speaking in Commons exchanges, he said: ‘We are proposing an exemption from the regulations for employers so that they can provide advice to employees on their pensions without having to be regulated by the FSA.’
He said he hoped to announce the outcome of a two-year review before Christmas and put the regulations in place by the Spring.