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A simple 'red, amber, green' traffic light system for pension scheme value could bring better clarity to workplace pensions and boost savings but may harm innovation, pensions experts say.

New figures from HMRC have revealed that pensions lifetime allowance (LTA) penalty charges added a record £516m to the Treasury’s coffers in 2022-23, the last full year before it was abolished in April this year.

High net worth individuals (HNWIs) in the UK are significantly underestimating how much money they need for the retirement they want, with the average respondent misjudging by around half.

Over four in five retired annuity holders who would likely qualify for an enhanced annuity do not currently have one, according to new research.

The Financial Services Compensation Scheme (FSCS), the safety net scheme for consumers, paid out £423m in compensation to customers during its 2023/24 year, £20m higher than the previous year.

Sheldon Mills, executive director of consumers and competition at the FCA, has claimed that Consumer Duty has been a great success in a speech at an event celebrating the Duty’s anniversary.

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