Pension providers berated over lack of product innovation

Market 'crying out' for fresh ideas

clock • 1 min read

The majority of employers in the UK do not believe pension providers are doing enough to offer progressive products for the modern workforce, according to Smarterly.

A survey from the savings and investments platform provider released today (7 January) showed 87% of employers will look to review their pension provider in 2020. This follows 65% of responding employers agreeing that the pensions market is "crying out" for fresh ideas and innovation that supports an ever-changing workforce. Despite a raft of changes and developments across the pensions industry since 2000, Smarterly head of proposition Steve Watson said innovation has stagnated and products have remained largely the same for two decades. "With employers now legally obliged to enro...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Sounding the alarm: Facing the retirement reality check

Sounding the alarm: Facing the retirement reality check

'At the heart of the issue is a worrying lack of engagement'

Laith Khalaf
clock 17 June 2025 • 3 min read
Why we plan holidays, not retirements: Changing the client conversation

Why we plan holidays, not retirements: Changing the client conversation

'This is scary for us as an industry but even more scary for us as a nation'

Verona Kenny
clock 04 June 2025 • 4 min read
Inflation drives 'modest' rises in PLSA's Retirement Living Standards

Inflation drives 'modest' rises in PLSA's Retirement Living Standards

Majority of pre-retirees expect to live with someone else in retirement

Martin Richmond
clock 03 June 2025 • 8 min read