Automatic enrolment has led to more than 10 million additional people saving into a workplace pension. Despite this success, most people are not currently saving enough to achieve an adequate income in retirement. And as more individuals save into a workplace pension, it is vital that schemes are well-governed and deliver value for money for savers.
Pension Freedoms have given savers greater choice about how to access their retirement savings. But evidence shows the confusing range of options is potentially leading to poor decision-making and poorer retirements.
The Pensions and Lifetime Savings Association is working hard to promote a regulatory framework for DC pensions that maintains incentives to save, protects schemes from unnecessary costs and ensures good retirement outcomes are delivered for all savers.