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The launch, by the FCA and The Pensions Regulator yesterday, of a joint regulatory strategy aimed at taking action to deliver better outcomes for pension consumers has been backed by the profession.
The use of the wrong platform to launch a petition against scrapping the pensions dashboard mean that the issue will not be debated in Parliament, despite surpassing 100,000 signatures.
 
The petition, which has so far reached 130,768 signatures, was set up on the 38 Degrees website, but to qualify for Parliamentary time petitions must be created on the official petition.parliament.uk website.

Aegon has slammed the process as “smacking of Yes, Minister bureaucracy.”
 
The petition calls on Work and Pensions Secretary, Esther McVey, to keep to previous Government pronouncements and to follow through with delivery of the pensions dashboard.
 


Normally once a petition reaches 100,000 signatures it is considered for debate in Parliament, but only if petitions filed use the Government’s petition service.
 
Kate Smith, head of pensions at Aegon, said: “It’s ridiculous in this digital age that the Government insists on people using its own petition service to get something debated in Parliament, and smacks of Yes, Minister bureaucracy.

“The pensions dashboard is an important consumer-facing initiative and one that is backed not only by the pension industry but by many others.

“The fact that over 130,000 people have signed the petition in a matter of weeks shows people’s passion for the pensions dashboard and has generated welcome publicity.

“The Government needs to acknowledge this and debate the issue in Parliament.”
Retirees using the Pensions Freedoms are demanding more flexibility on income withdrawal and driving demand for financial advice.
Many pension savers believe they will be working either full or part time when they reach the age of 70.
New research by Aegon revealed that 38% of individuals were not confident about their ability to retire comfortably, with many unprepared when it came to pension savings and arrangements for funding their retirement. 
Aegon has warned that concerns over investing in unregulated investments could damage how consumers view SIPPs despite few SIPPS allowing unregulated investments.
Research by Aegon has revealed that 64% of people had multiple pensions.
Aegon has called for the limit on Income Tax and NI relief on employer-arranged pension advice to be doubled.
Some 17% of financial advisers have changed their preferred platform in the last 12 months as dissatisfaction with service levels grows.
Aegon has urged the Government to clarify the potential impact of increasing the state pension age on the minimum age for pension freedoms.
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