UK - AXA has launched a new income drawdown and phased retirement plan in anticipation of growing demand in the run up to A-Day in 2006.
The new enhanced range features 10 new funds, a 100% allocation rate for terms of 10 years and above, a flat 1% annual management charge, no surrender penalties and a progressive IFA commission structure.
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.