Pensions Bill

Insert the following new Clause—

“Decumulation

(1)     Any qualifying money purchase scheme must direct its savers to an
independent annuity brokerage service or offer such a brokerage service
itself.

(2)     Pension schemes shall ensure that any brokerage service selected or
provided meets best practice in terms of providing its members with—

(a)   an assisted path through the annuity process;

(b)   ensuring access to most annuity providers;

(c)   minimising costs; and

(d)   ensuring that information and support is available on alternative
at-retirement products.

(3)     The standards meeting best practice on decumulation shall be defined by
the Pensions Regulator after public consultation.

(4)     The standards set out in subsection (3) shall be reviewed every three years
and, if required, updated.”