Pensions need simplifying and more fairness introduced into the rules

The IFS’s proposal to simplify the system by removing the tapered annual allowance is also appealing, although I would go one step further and get rid of the MPAA.

In reality though, this division may be difficult to achieve. There are some big stumbling blocks in how to treat those going from DB to DC membership, or vice versa, to stop them gaming the system.

Although I do not agree with all the details of the proposals, I admire the IFS for its thorough review of the issues.

Pensions need simplifying and more fairness introduced into the rules.

We need less rhetoric, and instead more bodies putting forward big bold ideas like these.

Rachel Vahey is head of policy development at AJ Bell