Pension Regulations

Monday 9th March 2015 Written Statements

[The Minister for Pensions (Steve Webb)]

The Government intend to lay before Parliament the following amendment packages to private pensions regulations to ensure that the Budget flexibilities operate as intended:

The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations 2015.

The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015.

The Occupational Pension Schemes (Consequential and Miscellaneous Amendments) Regulations 2015.

A further set of private pensions regulations are subject to the laying of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2015

We intend to lay these regulations, as below, in due course once the above Order is laid:

The Pensions Schemes Act (Transitional Provisions and Appropriate Independent Advice) Regulations 2015

I am grateful to all those who have worked and engaged with us so positively in order to deliver these changes within a challenging timetable.

These regulations will confirm the Government’s commitment to providing individuals aged 55 and over with the freedom to access their pension savings whenever they like and to choose what to do with them.

The regulations will be published at: http://www.legislation. gov.uk once they have been laid.

[HCWS358]