The Treasury publishes its response to the consultation on regulation of personal pension schemes

27 March 2006

The Treasury has published its response to the consultation conducted in the Autumn on proposed changes to the eligibility rules for establishing a pension scheme. The Treasury favours option three of the four options presented. This preferred option would allow "persons to establish registered pension schemes only if they have permission to carry on a regulated activity that is related to personal pension schemes".

The proposed timetable for implementation would see the new rules coming into force in April 2007.

In its' response to the original consultation James Hays stated that it "welcomes the Treasury's proposals to extend the rules governing those persons who can operate a pension scheme. Regulation will create greater transparency, open up the market to greater competition, customer choice and product innovation."