"I've said it once before but it bears repeating" sang US band The White Stripes. This morning the UK's savings industry was treated to a similar refrain, as Lord McFall, formerly Parliament's 'scourge of the bankers', delivered his verdict on what's wrong with pensions and how to fix it.

Firstly, it's striking that the industry is still struggling with the same problems it has for years - not enough people saving, those that are saving not saving enough, and pensions being seen by most men and women on the street as opaque, confusing and far too expensive.