The Pensions Regulator on Thursday launched a new compliance drive aimed at thousands of defined benefit and hybrid pension schemes, warning they must urgently improve the accuracy of member data before connecting to the U.K.'s incoming dashboards portals.
The highest earners in the private sector will be hit the hardest by the U.K. government's decision to cap tax-free pension salary sacrifices at £2,000 ($2,700), the Institute for Fiscal Studies has said, with finance and insurance among the most affected industries.
The government has appointed Joanne Segars to chair the Pension Protection Fund at a time when the compensation organization is facing calls for reform amid a £14 billion ($18.9 billion) surplus.
Approximately 12.2 million people in the U.K. risk being unable to afford even a basic standard of living in retirement, according to pensions provider Scottish Widows.
