The UK’s intergenerational contract is under more strain than ever, and radical reforms are needed to secure the funding of increasing care costs while helping young people to save, according to Conservative peer Lord Willetts.

Investors in The Pension SuperFund will not begin to receive returns on their capital until its consolidated schemes have passed a 115 per cent funding target, its executives have told the Work and Pensions Committee.

Online clothing retailer Asos has issued a request for proposal for a new flexible employee savings provider, after it decided to let staff choose whether to focus on saving for retirement or shorter-term goals.

Neither the investment consultancy or fiduciary management industries show signs of excessive concentration, the Competition and Markets Authority has found, but the vertical integration of the ‘big three’ firms could distort the market in future.

Salvus Master Trust has unveiled plans to acquire the members and assets of the £7m Complete Master Trust, as the sector’s consolidation drive begins to gather pace.

Now Pensions has the worst performing default fund of any major defined contribution provider, according to a new report by product review company Defaqto.

Analysis: When the Department for Work and Pensions allowed the industry to block mastertrust Nest from entering the drawdown market in 2017, it did so with a proviso: the industry had to drive innovation itself.