MetLife has called for the government to announce a "mini-pension" allowing £5,000 in contributions per year.
The vehicle proposed would provide 40% tax relief on contributions up to £5,000 per year and access to 25% of the fund every five years, MetLife said.
It would allow savers to withdraw 5% of funds per year subject to marginal income tax rates, with a 10% penalty on higher withdrawals.
However, the plan could only be funded by reducing the current annual allowance (AA) on pensions of £50,000 and limiting tax relief for top-rate taxpayers to 40% rather than 50%, the insurer said.
Peter Carter, product marketing director at MetLife UK said: "The mini-pension is aimed at engaging individuals to plan actively for their retirement and to save more than the minimum.
"Auto-enrolment will galvanise retirement saving but the minimum eventual contributions of up to 8% will not be sufficient to meet retirement income expectations."
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