Steve Webb calls for pension shake-up

Pensions Minister Steve Webb has revealed that the Government intends to introduce legislation allowing controversial “collective” pensions arrangements. Webb said that he wanted a bill in the next Queen’s Speech to bring in the system, which sees workers’ contributions pooled, with the risks and rewards spread out evenly. However, the schemes have previously been criticised because they do not offer a guaranteed income. Webb will also announce plans to allow people to pay fees upfront to boost their state pension.

The Guardian.