In the last few days the Treasury has launched three consultations which should attract attention from the pensions industry.

• Early access to pension savings
  This consultation implements the Government pledge in the Coalition Agreement to explore the potential to give people greater flexibility in accessing part of their private pension fund early.
  
  
• Tax Reliefs Review
  The Office of Tax Simplification (OTS) is carrying out a review into all tax reliefs, allowances and exemptions, for businesses and individuals, across all the taxes administered by HM Revenue & Customs. The Chancellor has asked the OTS to identify reliefs that should be simplified or repealed to help achieve a simpler tax system. The inclusion of pension tax reliefs in the list raised some alarm, but on closer examination pensions are likely to escape very largely unscathed.
  
  
• Discount rate for unfunded public service pension contributions
  This consultation has received comparatively little immediate attention, although it really should be the big one. The present discount rate of 3.5% was set in the late 1990s and until now has never been properly reviewed. It is likely that it has led to the present value of public sector unfunded pension liabilities being significantly understated in public debate.