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.
Thousands of pensions documents have been adapted and simplified for consumers after a two-year industry initiative, according to the Association of British Insurers (ABI).