Stakeholder pension schemes will have to include provisions for 'lifestyling', under which five years before a retirement, the member's pension savings are gradually moved into less volatile investments to reduce the risk in case of a market downturn.
Link: The future is now for pensions
The rules will take effect on 6 April next year, but trustees and managers of existing stakeholder schemes must decide before then whether to meet the requirement of becoming closed schemes that cannot take in new members.
The decision was announced in the Commons by pensions minister Malcolm Wicks, who confirmed the charge cap for pensions managers is being raised to 1.5% a year, but only for the first 10 years. Thereafter it is reduced to 1% at which it will remain capped for existing members.
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