The current rules and regulations surrounding retirement income are ‘not fit for purpose' according to the Association of British Insurers.
In its latest paper, 'Time for Change: Seven proposals to improve DC pension benefits in retirement', the trade association also called for increased income allowances for alternatively secured pensions....
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation.