Pensions minister Steve Webb has promised to set up an "annuities task force" and conduct a wholesale review of pensions decumulation.
In a speech at a fringe event at the Liberal Democrat conference, Webb pledged to set up the taskforce and look into new ways for scheme members to use their pension savings in retirement, the Telegraph reports.
Webb said: "We need an annuities task force and we need to take a proper look at decumulation, as it is an area we have not got around to yet."
This comes as the Financial Conduct Authority (FCA) is in the middle of a review of the annuities market.
The FCA has hinted at a lack of faith in industry self-regulation of annuities, which came as a blow to the Association of British Insurers' annuity provider code of conduct.
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