Radical ideas such as abandoning the term ‘pension' and introducing an industry paid for lottery for savers should be adopted to plug the £9trn retirement savings gap, Ros Altmann says.
Pensions minister Steve Webb has defended the green paper on simplifying the state pension, saying the proposals would provide better outcomes for women.
Defined benefit schemes will be given free reign to change their accrual rates to offset the costs of scrapping the contracting-out rebate, PP has learned.
Members need to know how state reform affects benefits
The government has set out its intention to "transform pension saving" with the launch of a green paper consultation on a flat-rate state pension.
Pensions minister Steve Webb will unveil plans for a universal flat-rate pension to be introduced in 2015 or 2016, later today.
Jonathan Stapleton on defined benefit's final sacrifice
UK - Pensions minister Steve Webb has confirmed that a single flat-rate pension is one of a range of options that will be explored in a green paper to be published shortly.