The pensions freedoms rules should be amended to allow savers to access their 25% tax-free lump sum and leave the rest invested in their pension, Lane Clark & Peacock (LCP) has urged MPs.
It will take too long to save into defined contribution (DC) pensions to keep retirement savings steady and offset the loss of defined benefit (DB) income, according to Lane Clark & Peacock (LCP).
Schemes need more certainty over the data they will have to provide for dashboards, as the minister is expected to take a heavier stance in 2021, experts say.
Pension professionals have called on The Pensions Regulator (TPR) to adopt a more pragmatic approach to regulation as the impact of Covid-19 hits defined benefit (DB) schemes and sponsors.
The sponsoring employers of the UK’s largest pension schemes may have to put an additional £40-£45bn into their schemes over the next decade, Lane Clark & Peacock (LCP) warns.