In favour of one system

Dear Editor, A-Day pension simplification should be followed up by an 'R-Day' rethink to encourage those reaching retirement to actively seek out the best value for money from their accumulated pension pots. The UK has two sets of rules - for secured and unsecured pensions - mainly for historical reasons but the effect has been to create a market polarised between the wealthy few who opt for income drawdown and the mass market who are funnelled into lifetime annuities. Scrapping the two rules in favour of a single system would help to remove complexity, aid product innovation and give...