UK - A Tory Bill to amend the age-75 rule has cleared the first hurdle and will now get a second reading in the Commons.
The Retirement Income Reform Bill passed the first reading by 127 votes to 26.
Tory MP Edward Garnier, who presented the Bill, said he was encouraged that it had been given a second reading by such an “amazing majority”.
He said: “This is a simple measure designed to increase choice of pension provision at a time when the public’s confidence in the state and in the industry is at an all-time low.”
He added: “I trust that the government will work with us rather than against us in the interests of the public.”
But not all MPs favoured the Bill.
Labour MP Andrew Dismore deliberately spoke in parliament for two and a half hours in an attempt to block the Bill.
Dismore said the Bill does not provide practical assistance to “99% of pensioners”.
He added: “Practical assistance can be delivered much more effectively through taxation changes which the government is currently consulting on.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.