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Retirees will be taking out retirement funds via 'pension bank accounts' by 2020, experts have predicted.

A senior figure at a Sipp provider fears that a failure to clarify the new capital adequacy rules could lead to worried firms going too far in an attempt to meet requirements and therefore end up increasing costs for clients.

The Association of Member-Directed Pension Schemes has failed with its attempt to bring a Judicial Review concerning the new capital adequacy rules, it has just been revealed.

A leading pensions body has insisted its members still believe the new capital adequacy rules for Sipp firms are "flawed" despite failing with its attempt to bring a Judicial Review.

A decision on whether a Judicial Review concerning the new capital adequacy rules will be allowed to go ahead should be known in the next few weeks.

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