Pension scheme borrowing: Time for a change…?

PENSION SCHEME BORROWING

Richard Mattison of James Hay and The IPS Partnership, looks at whether the rules for pension scheme borrowing are due for a transformation

In his election campaign, David Cameron chose to echo Barack Obama by promising “hope and change”. In our little corner of the universe we have seen the first seeds of change being sown, with more to come. Consultation processes abound at present, each intending to introduce pragmatic and sensible changes to pension legislation with the aim of encouraging and removing barriers to retirement savings. However, at James Hay and IPS we feel there is room for another change which will help to achieve the government’s objectives. This relates to the borrowing rules for UK Registered Pension...