FCA Toughens Rules For Workplace Pension Oversight

Law360, London (December 19, 2019, 1:20 AM GMT) -- New rules introduced by the Financial Conduct Authority will increase independent oversight of the options given by workplace pension providers to customers wanting to “drawdown” on their retirement savings.

The FCA announced on Tuesday it was broadening the scope of independent governance committees, which are panels designed to scrutinize the work of workplace pension funds.

Investors aged 55 or over have been permitted since 2015 to move all their money, or draw it down, and cash in up to 25% of it tax-free. But charges vary considerably and are often “complex, opaque and hard to compare,” the FCA has previously said....

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