UK pensions minister Ian McCartney will today launch a government website that can help 'silver surfers' make the most of their retirement.
McCartney said: As pensions minister one of my objectives is to modernise the pensions system and the delivery of Government services to make a real difference for both today's and tomorrow’s pensioners.
Known as the Life Episode for Pensions and Retirement, the new service gives a wide range of information on planning for retirement, approaching retirement, reaching statutory retirement and being retired whether voluntary or statutory.
McCartney added: Choosing the right pension scheme is one of the most important decisions that an individual will make in their lifetime. At the minute, however, most people just don’t know where to start when it comes to planning for their retirement.
The website links more than 1000 government websites and under the headings of ‘life episodes’ groups together services and information to help people through key stages of their lives.
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.