The UK Treasury is frustrated at the pensions industry’s slow response to a new regime of ‘freedom and choice’ in retirement savings. While providers continue to struggle to catch up with the government policy first revealed in the 2014 Budget, employers and their scheme trustees are refusing to shoulder the additional burden of a new system.

Since its introduction in April 2015, defined contribution pension savers aged 55 or over are no longer beholden to a rigid choice of retirement options; instead the UK offers a pick 'n' mix approach to drawing pension savings.