Pension experts have called for legislation to allow employers to recommend and pay for advisers to help employees make decisions around pensions.
A report by law firm Eversheds Sutherland, published yesterday, showed a wish-list compiled by senior pension professionals to ensure a better retirement for savers.
One of the solutions in the top five included a call for employers to provide IFAs to their employees when they need advice on their pension pots.
Out of the 350 participants who were then surveyed on these proposals, 33 per cent agreed this would be a good idea.
Popular measures identified by the research also included a requirement to make annual pension statements show the actual income expected at retirement and for the development of the pensions dashboard to be sped up.
Pension experts also wanted to see auto-enrolment extended to the self-employed and for an independent pensions commission to be established to direct pension strategy and implement reform.
Eversheds Sutherland explained any collaborative approach on pensions needed to be conducted outside the realms of government. This is where an independent commission could be beneficial.
The report stated: “[A commission] would ensure that the pensions and tax framework remains stable and is not adjusted to meet short-term economic or political needs, and that the needs of all parts of society are addressed.”
Other proposals further down the list included the development of online financial advice tools which can make personalised recommendations to savers and to remove the opt out option from auto-enrolment.
To talk to an independent financial adviser, contact us on 0191 384 1008.