UK - Ministers must remove barriers to saving to encourage greater take-up of pension scheme membership.
Scottish Life head of pensions strategy Steve Bee told the House of Commons work and pensions select committee inquiry the current system was too complicated.
Standard Life’s managing director of marketing Simon Douglas agreed. He said: “The current three-part state pension should be replaced by a new scheme, presented as a single universal benefit.”
Norwich Union’s Philip Scott added that active ageing policies – enabling people to have a more flexible retirement – would also help.
The next meeting of the committee was due to be held yesterday (Wednesday).
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.