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Yet another review as MPs probe the pension crisis

The pension industry is to face yet another review as the Parliamentary work and pensions select committee has announced a wide-ranging inquiry into the “pensions crisis”.

In the autumn, the all-party committee will examine what role the Government and the private sector has in increasing savings through pensions.

The industry has questioned the need for another pension review, especially as the Government will respond to Sandler and Pickering in a Green Paper this autumn.

The role and availability of pension advice will be put under the spotlight with the question of whose responsibility it is to ensure advice is available. It will look at whether the public has been scared off pensions because of misselling and Equitable Life.

The committee, chaired by LibDem MP Archy Kirkwood, will consider if there is a case for compulsory contribution for employers or individuals.

Scottish Life head of communications Alasdair Buchanan says: “Whether this committee is the right forum and whether it will have the power to effect real change is the question, especially when the Government is developing a Green Paper.”

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