Tom McPhail

National retirement income targets are needed to help savers understand whether they are putting away enough money for old age, the Pensions and Lifetime Savings Association (PLSA) suggests.

This week's top stories included Tom McPhail calling on occupational pension schemes to get involved in a working group attempting to reduce delays in transfers.

Occupational schemes and their administrators are lagging behind in their involvement in an industry-wide discussion on slashing transfer delays, Tom McPhail has said.

The government's plans to ban pensions cold calling could be subject to further delays amid speculation that yet another consultation is on the cards.

Plans to raise the state pension age (SPA) to 68 seven years ahead of schedule by 2039 has been welcomed by the industry as a necessary move to reflect rising life expectancy and keep costs affordable.

The Pension and Lifetime Savings Association (PLSA), Pensions Administration Standards Association (PASA) and Society of Pension Professionals (SPP) have joined the cross-industry group on improving transfers and re-registration.

The Conservative Party's plan to replace the state pension triple lock with a double lock has provoked mixed responses.

The industry has reacted with concern after Labour revealed its plans to increase income tax, maintain the state pension age at 66, and impose new taxes on investments.

Labour's proposal to raise income tax for higher earners could result in industry "horror" with the annual allowance taper being slashed by £70,000, Hargreaves Lansdown has warned.

The question of the state pension age will not be answered before the snap general election, the Department for Work and Pensions (DWP) has told PP.