Government change to workplace pension system could benefit millions

A change to the system for workplace pension schemes could improve transparency and ultimately lead to better value for savers, according to the Government and regulators.

A traffic light-style rating system could improve transparency, they said.

The plans aim to reduce the number of savers sitting in poor-value pensions and schemes would be publicly rated red, amber or green, once the framework is finalised.

Competitive pressures should help to drive up standards and over time, regulators expect to see less of a gap