UK - Current debates on the future of pensions have failed to grasp the need for employer and employee education, Invesco Pensions claims.
Invesco believes the real nature of the pensions debate should not see pensions in isolation, but as part of a bigger picture.
It believes pensions should be seen as only one of many products competing for attention within the wider savings and investment industry.
The firm also adds that to ensure people bridge the savings gap and enjoy security in old age, they need to receive more education and regain confidence in the industry.
Invesco Pensions chief executive David Butcher said: “Education is the starting point if we are to rebuild consumer confidence in long-term savings.
“Invesco is already testing such schemes in the US and we look forward to opening a dialogue with government on how best to deliver consumer education and information in the UK.”
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.