A little less commutation, a little more action please…

With the Budget less than a week away, pensions look set to avoid any major intervention (if you believe the chief secretary to the Treasury Danny Alexander). He told the National Association of Pension Schemes' Investment Conference that previous changes to pension tax relief were made for a good reason but added "your industry needs stability and I take that very seriously". But, for once, the pensions industry itself is keen for change, albeit in one specific area. And that area is trivial commutation. The suitably opaque phrase (in-line with pension industry tradition) means th...