The burden of complying with an updated European pensions directive and changes announced in the Budget could lead employers to wind up small schemes, warns a consultant.
Enabling transfers from defined benefit (DB) to defined contribution (DC) schemes post Budget opens up a "huge continuum of potential outcomes" for DB schemes according to TPR's Stephen Soper.
Dame Anne Begg has criticised the government for launching a major overhaul of the pension system without considering the long-term effect.
The pensions industry believes big defined contribution (DC) schemes must put in-house income drawdown in place, PP research finds.
A "radical rethink" is underway in the annuity market following the sweeping Budget changes but concerns over fund depletion remain, according to Equinity Paymaster.
Defined contribution (DC) savers who intend to manage their own pension pot in retirement are unwilling to pay for regular advice, according to research from Hymans Roberston.
Concerns over an auto-enrolment (AE) capacity crunch in early 2015 have been compounded by the announcements made in the Budget 2014, say consultants.
Partnership has taken immediate action to control costs after predicting its individual annuity sales would fall 50% following the Budget.
The industry wants government departments to work together more closely to avoid undermining the pension system through inconsistent policies.
The promise of guidance at retirement "does not go far enough" and a new form of retirement-focused advice must be created by the regulator, according to Royal London.