US - Republican presidential nominee John McCain has announced further plans to help retirees, proposing a maximum tax rate of 10% for money coming out of IRA or 401(k) plans.
McCain's chief economic adviser Doug Holtz-Eakin said the plan to cap tax was aimed to help seniors who were counting on their retirement accounts to manage their lifestyles.
He said: "The retirement accounts have been damaged. The government does not need to be taking so much out of that in this time. And that will help get basic cash in the pocket, an important element of the US economy."
McCain also wants to cut the capital gains tax rate from 15% to 7.5%. Holtz-Eakin said reducing capital gains tax rates was a proven way to support asset markets.
He said: "The benefits of supporting those markets will spread broadly through the economy.
"We've got pension funds, whether they be union, public employee or private company funds, that are weighed down as a result of the stock market.
"We have individual accounts for IRAs, 401(k)s…badly damaged by the downturn. Providing incentives to get into and hold over a sustained period will support the goals of those individuals."
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.