The UK’s Pensions and Life Savings Association (PLSA) has given its backing to a report by a parliamentary committee that calls more for the introduction of measures to create more engaged pensions savers.
The report from the work and pensions committee, published today, also says that a “default decumulation pathway” needs to be created for the protection of less engaged savers.
PLSA deputy director Nigel Peaple said that one of the key challenges facing the industry was how to connect defined contribution pension savers with suitable retirement income products.
“The report shows how it is possible to preserve retirees’ freedom to choose whilst applying lessons from automatic enrolment to connect savers directly with retirement income products,” he said.
“We look forward to working with the work and pensions committee to help ensure pension savers find suitable retirement income products.”
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