Radical revamp of pensions urged

Press Association
Piggy bank hammer
Piggy bank hammer

Pensions need a radical revamp, and even a new name, to make them less "frightening" and more attractive, the director-general of Saga has urged.

Schemes could also be made more flexible as people are being put off saving anything at all by the "stark choice" they face of either locking their money out of reach or not taking out a pension, Dr Ros Altmann said.