Out-of-date UK pension system needs reform - Aviva

Pre-retirement access to pensions, a flat-rate tax relief on contributions, and replacing Pension Credit with a higher basic state pension are some of Aviva's proposals following research into savers' needs. Aviva says offering a pension allowing savers early access to their retirement pot would remove a significant psychological barrier to long-term saving, putting industry practices in line with 85% of people surveyed who said they manage their finances within a time horizon of one year or less. The insurer also highlighted the need for greater harmonisation of tax relief, proposing...