Widows chief: Pensions industry close to breaking point after Budget

Strauss admitted service levels at the provider, which has two million pension customers, had suffered as its processes struggle with the pace of change, which he called "unprecedented". As well as March's Budget, Scottish Widows and other providers have also in recent years dealt with the implementation of the Retail Distribution Review and the roll-out of auto-enrolment, Strauss outlined in a letter to Telegraph Money. "In the absence of any breathing space, we have concerns that the industry is in danger of reaching - and in fact breaching - its capacity to cope," Strauss, who join...