Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure savers can access retirement savings under the new pensions flexibilities.

In order to ensure that all savers can access their retirement income more flexibly, the government has legislated in two ways: first, it has allowed pension schemes to override their previous scheme rules so that they are able to offer new flexible options; and second, it has strengthened the right of individuals to transfer savings between defined contribution schemes at any age up to retirement. This means that if a provider does not offer a particular product, such as flexi-access drawdown, their members have the right to move to a scheme which does.

The Financial Conduct Authority, in line with its remit to protect consumers and ensure markets function in consumers’ interests, has specifically committed to monitoring developments in the retirement income market closely and to take action where consumers are coming to harm or where the market is not operating competitively. This could include if it finds evidence of excessive charges.