An “intrinsically biased” pension system, the gender pay gap, and the disadvantage caused to women’s savings by career breaks is continuing to cause “stark gender disparity” in retirement wealth, Barnett Waddingham says.
Three-quarters of pension scheme members want guidance before drawing down on their pension pot, according to a survey from The People’s Pension.
The Pensions Management Institute (PMI) has launched an expanded mentoring and development programme, following a successful pilot project.
Older savers are at risk of running out of their defined contribution (DC) pension savings with a third of their retirement still ahead, according to research by The People’s Pension and State Street Global Advisors.
Tim Gosling says the small pots working group’s report is a reasonable first step that recognises diverse views to come up with a way forward.
Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension and The Police Foundation have said.
Pension fund savers switching out of their default funds and making their own investment decisions could face a cut in their final pot value of up to £247,000, research has found.