Schemes and providers must consider having a default option for the decumulation stage, according to industry participants at a National Association of Pension Funds (NAPF) seminar.
There are still too many people in financial services who think they can "keep their customers where they want them" by quietly carrying on with old-style practices, Pensions minister Steve Webb has said.
Pensions minister Steve Webb has said automatic transfers will begin on a voluntary basis to get the policy off the ground.
Retirees are at risk of cashing out their private pension savings under the misunderstanding they will receive the full flat rate state pension.
Natasha Browne gets industry reaction to Steve Webb’s plans to roll out freedom and choice to annuitants.
Trustees must ensure default investment strategies are flexible
While most don't know what they will do, those that cash out will hand £1.6bn to HMT
HM Treasury could land a healthy windfall of £1.6bn as up to 200,000 people are expected to cash in the pension pots in April, according to research.
The Pensions Regulator (TPR) has replaced 35 trustees in the last two years as part of efforts to clampdown on pension scams.
The current 55% tax duty payable when pension funds are passed on after death is set to be axed under this government, George Osborne has announced.