UK - The government is set to take action over companies offering cash incentives to leave defined benefit pension schemes.
Speaking to delegates, pensions minister Steve Webb (pictured) said a working group - chaired by former Pensions Advisory Service chairman Margaret Snowdon - was putting together a code of practice on derisking exercises, which would be published before next summer.
But he said he was fully prepared to bring forward legislation on this if he has too - noting the communications language and practice around some incentivised transfer offers and pension increase exchanges were still poor.
He told delegates: "I want everybody who is involved in these exercises getting together to put their house in order. It is not in order, it's not good enough and it has to change.
"If we have to legislate I'm prepared to convince my colleagues across government that that's what we need to do. I would far rather see the industry put it's house in order first."
The National Association of Pension Funds said it was vital incentivised transfers were handled "responsibly and in the best interests of employees".
NAPF chief executive Joanne Segars said: "There is no place for bad practice. People can't be left facing a difficult retirement when they've spent years building up a pension.
"The NAPF's members will have a central role to play in drawing up the new Code of Practice and in ensuring it is followed."
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.