Queen's Speech 2014: Innovation promised across pension market

The government's wide ranging reforms of the pension income landscape have been confirmed in the Queen's Speech.

The Queen said innovation in the private pension market would be introduced alongside reforms which will remove the effective need for retirees to buy an annuity when they retire. The introduction of collective pension schemes, similar to those in operation in the Netherlands, allows thousands of workers to enrol in one scheme giving greater economies of scale, lower costs and the potential for greater returns. Reforms to at-retirement legislation mean people will be able to access their full pension pot - subject to tax - when they retire instead of being ushered towards buying an an...