Stephen Lowe

Pensions industry representatives were questioned by the committee on freedoms

Figures show over a third of retirees did not check their state pension forecast before retiring

Contract-based pension providers could be required to nudge savers to book Pension Wise appointments before accessing their savings.

The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.

Savers withdrew £9.4bn flexibly from their retirement pots during 2020, data released by HM Revenue & Customs (HMRC) has shown.

Simpler retirement ‘wake-up packs’ are not encouraging pension savers to take up free guidance, according to the Financial Conduct Authority (FCA).

Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.

Savers accessing defined contribution (DC) pension pots for the first time rose to an all-time high just before the coronavirus pandemic, Just Group says.

The latest figures on retirement income from the Financial Conduct Authority (FCA) raise concerns about the long-term sustainability of pension payments, according to Just Group.