Pension investment options are increasing Article Published: 11:35 19/06/2007 Article Classification: Canadian Ski Resort - Fernie
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Speaking in the House of Lords in early June during a debate on the Pensions Bill, Lord MacKenzie of Luton, a Minister from the Department for Work and Pensions (DWP), confirmed while the requirement for a 50% spouse's pension will remain all other differences between protected rights and other pension money will be removed which will allow the opportunity for self-investment.

Richard Brady of Olive Tree said "This is an important development, particularly for investors with relatively small pension funds; it gives them a greater opportunity to determine how their retirement funds are used. It is important though that clients discuss any options with their Independent Financial Advisor before transferring pensions."

In his speech, Lord MacKenzie said the Government acknowledged the protected rights rules can complicate scheme administration and restrict flexibility for members, and so in order to simplify matters it wants to remove as many of those rules as possible. However, he warned that the Government needs to carefully consider the potential impact, especially on women, of removing the rule requiring a provision of a survivor benefit, as it could result in a survivor not receiving a pension from either the private pension scheme or the State Second Pension (S2P).