IFS report says savers facing ‘stark’ challenges managing DC pensions through retirement
Pensions Bill, decumulation solutions, superfunds and National Wealth Fund Bill welcomed by industry
ABI research finds annuity sales reached £5.2bn last year
Service will provide research and resources to help providers maximise opportunities
Working group lays out plans for consolidation of small defined contribution pots
Industry working group to consider contract- and trust-based ‘push’ and ‘pull’ solutions
An industry co-ordination group has been established to take forward the recommendations of the Department for Work and Pensions’ (DWP’s) small pension pots working group.
Almost one in five (19%) people do not access information about their pensions, research by the Association of British Insurers (ABI) and research consultancy Populus has found.
The government and regulators should not wait for the industry to "fail to act voluntarily" to provide value for money in pensions, the Work and Pensions Committee (WPC) says.
The industry has broadly praised the Financial Conduct Authority's (FCA) proposal to ban contingent charging on defined benefit (DB) transfer advice as a move towards improving retirement outcomes.