Here's your guide to an eventful day for the UK workplace pensions industry.

The FCA sets levy framework

The Financial Conduct Authority has given further detail on how to split the tab for its pension guidance levy, with those holding the money for longer, if savers turn their back (further) on annuities by April 6, having to pay for the privilege.

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Source: FCA

Advisers are the big winners from the changes: "In chapter 4 we are therefore proposing to consult on an equal allocation across the five pensions guidance fee-blocks with a 50 per cent reduction for A.13 to reflect that financial advisers have less potential to benefit than the product providers in the other four."

But it inevitably did not please everyone. Trust-based schemes are left out of the mix, at least through this mechanism, given the FCA's regulatory scope: it cannot levy them, whether it wanted to or not.

Calling out the main mastertrust providers John Lawson, head of corporate benefits policy at Aviva, tweeted in response to the news: "Would be even lower if @nestpensions @NowPensions and @PeoplesPension paid their fair share."

But watch this space. The FCA has passed on to the government responses that suggested the Pensions Regulator and the Department for Work and Pensions should pay towards the guidance from a general levy on trust-based schemes.

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