UK Pensions Body Proposes Regulatory Update For Schemes

Law360, London (July 29, 2020, 3:19 PM BST) -- A pensions trade body has called for new regulation that will require retirement plans to provide greater support for customers when they come to withdraw their savings as income.

The Pensions and Lifetime Savings Association said Tuesday it has launched an industry consultation on the proposed "regulatory framework," which will be presented to the government in October.

The association found that 71% of 2,000 savers in defined contribution schemes want support in choosing how to access their pensions. Some want their pension scheme to guide them toward ready-made options for their retirement income.

The PLSA is calling for regulation on schemes...

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