Scottish Widows has told the Department for Work and Pensions (DWP) that performance fees should not be allowed in defined contribution (DC) pension defaults.
The Mercer Master Trust, Standard Life, and Intelliflo have achieved overall ‘gold’ standard awards in Benefits Guru’s inaugural open finance ratings for workplace pension providers.
Nearly eight in ten employees have a workplace pension today compared to less than half of people when auto-enrolment (AE) was introduced in 2012, according to a report by the Office for National Statistics (ONS).
The government should encourage people to save more into pensions after life stages such as when children leave home and after mortgages and student loans are paid off, the Institute for Fiscal Studies (IFS) says.
Millions of workers are set to face “life changing retirement shortfalls” as lower growth forecasts could wipe a third off pot values, according to Lane Clark & Peacock (LCP).