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Product providers to offer vanilla pensions

Pickering wants product providers to stick to the three new types of pension that he proposes to introduce and not market their products outside set definitions.

Warning that he wants to see the number of pensions on the market cut from around 20 to three, Pickering has indicated that providers must not attempt to say their products are different when they are not.

Pickering says: “There are far too many types of pension available. I want to reduce the differences between what is on the market.”

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