A thinktank has called for provision of the National Employment Savings Trust (Nest) to be put out to the open market

Paternoster has announced a £2bn longevity swap with BMW – its first deal since switching its business model from insurance to product design.

Plans to equalise guaranteed minimum pensions (GMPs) will “significantly” increase the cost of buyouts, forcing some smaller schemes out of the market, research shows.

Tailored software launching this year aims to render traditional default pension funds “obsolete”, its creators are claiming.