Pensions Buzz

Seven out of ten people in the industry do not believe the combination of statutory auto-enrolment and new flat-rate state pension will give workers enough to retire on.

The majority of the industry believes auto-enrolment (AE) in its current form will not deliver the retirement income targeted by the Pensions Commission.

Almost half of Buzz respondents said letting defined contribution (DC) savers take their pots in cash would undermine plans to introduce collective DC.

Almost half of respondents thought that getting rid of compulsory annuitisation would increase the threat of liberation fraud. Just over a third rejected the idea, however, and many claimed that the move had legalised liberation.

Buzz respondents were split on the question of whether DB members would lose out if they were banned from transferring to DC. Some commentators said DB members would suffer if their options were restricted, while others pointed out that they were still...

There was no consensus on who should foot the bill for the "free face-to-face guidance" that will be provided once compulsory annuitisation is scrapped. The most popular option, however, was for the cost to fall directly on members.

The industry has given a cautious thumbs up to the sweeping changes to the pension system introduced in last month's Budget. Four out of ten Buzz respondents said retirees were likely to benefit from the changes while just under a quarter said savers...

PP research reveals that the majority of the industry does not trust any party on pensions and believes the Department for Work and Pensions (DWP)is "stalling" on reform.

Just over a third of respondents think the number of member-nominated trustees (MNTs) on boards is shrinking as an increasing number of schemes close.

The Conservatives are the most trusted party when it comes to pensions, with almost three out of ten Buzz respondents saying they had faith in the Tories.