Retirement annuities and defined benefit funds to be included in ‘two-pot’ pension proposal
Treasury proposal is aimed at ensuring preservation of pension funds while allowing limited access to them
The Treasury’s proposals for a two-pot retirement system to cater for preservation and access to retirement funds in case of financial need would also apply to retirement annuities and defined benefit funds.
This is according to a Treasury policy document on the proposal released on Tuesday for public consultation. Also released was a paper aiming to improve the governance of commercial umbrella or multi-employer funds to address their prevailing weak governance and ensure members’ interests are served...