Pensions: Still piling on the complexity

Pensions regulations are subject to such incessant change that many people struggle to understand how best to save for retirement. at MoneyWeek, we aim to change that.

We often grumble in MoneyWeek about the escalating complexity of the UK's pension system. We're not alone in this of course; practically everybody in the financial services industry agrees that pensions regulations are now subject to such incessant change that most people who aren't obliged to follow them for a living struggle to understand how best to save for retirement.

Still, even by the dire standards we've come to expect, the government has excelled itself with the money purchase annual allowance (MPAA) farce. Last year, the chancellor declared that the maximum amount that somebody who is taking benefits from a pension scheme under the flexible access arrangements can contribute to a defined contribution (money purchase) pension would be cut from £10,000 to £4,000 with effect from 6 April 2017 (this includes employer contributions).

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Cris Sholto Heaton

Cris Sholto Heaton is an investment analyst and writer who has been contributing to MoneyWeek since 2006 and was managing editor of the magazine between 2016 and 2018. He is especially interested in international investing, believing many investors still focus too much on their home markets and that it pays to take advantage of all the opportunities the world offers. He often writes about Asian equities, international income and global asset allocation.

Cris began his career in financial services consultancy at PwC and Lane Clark & Peacock, before an abrupt change of direction into oil, gas and energy at Petroleum Economist and Platts and subsequently into investment research and writing. In addition to his articles for MoneyWeek, he also works with a number of asset managers, consultancies and financial information providers.

He holds the Chartered Financial Analyst designation and the Investment Management Certificate, as well as degrees in finance and mathematics. He has also studied acting, film-making and photography, and strongly suspects that an awareness of what makes a compelling story is just as important for understanding markets as any amount of qualifications.