There's five months to go until the new pension freedoms are upon us and, with them, the change in death benefit rules.

Yet there's only six months to go until the general election which could bring about a new government wanting a different pension system.
I, like many, have berated the constant changing of rules for long term saving as being unhelpful for savers, advisers and providers. Any changes to pensions needs to have cross party support and have a long consultation period. This in theory could be achieved by keeping pension policy decisions in the hands of the government, but in practice the different parties have different views on tax relief and access to tax-free sum at retirement.
I hope there is no intention to change the pension freedoms. I say this as the next few months will see a flurry of activity as pension providers sort out their innards to deal with the new rules.

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There is a long list of items that need attention including:
• Updating record-keeping and administration systems to deal with the new drawdown types
• Updating internal processes and arranging training
• Updating generic member literature such as explanatory guides and expression of wish forms
• Updating member-specific literature such as wake-up packs, at retirement forms, transfer forms
• Creating new literature for members to notify of voluntary switch to flexi-access drawdown
• Creating new literature and processes for confirming flexibly-access pension has commenced
• Ensuring PAYE systems can make uncrystallised funds pension lump sum payments
• Reviewing costs to ensure a fair fee is charged
For many SIPP and SSAS providers, this work will come at the cost of delaying other innovations and service improvements. For SIPP providers, there is the spectre of having to deal with the new capital adequacy calculations which is likely to involve some investment. It's time for a period of calm in the industry: the regulators and the government need to hit the pause button so that providers can deal with the raft of changes that 2014 has brought about.
Thankfully, the policy of pension freedom is popular and raises tax - at least in the medium term, by bringing forward tax receipts. This will make it hard for a new government to start again as it would have to replace a popular policy with an alternative tax-raising policy. However, there is always the temptation to adjust tax relief without proper regard for the capacity in the industry to keep up with change.
We need someone who can say "it's time to pause". Crucially, we need all the powers that be to listen to that person.

Andrew Roberts, Partner, Barnett Waddingham LLP
@andrewddroberts