Consumers will not have enough money to benefit from the opportunities the pension freedoms present, a report has warned, and any success will hinge on auto-enrolment becoming more prescriptive.

The Pensions Administration Standards Association has issued guidance on guaranteed minimum pension reconciliation to help schemes through the process, as experts predict huge volumes rushing to complete in the coming months.

Analysis: The death knell for defined benefit is edging closer, consultants say, as the end of contracting-out, low yields and impending government revisions to pension tax could see all FTSE 250 companies completely close their DB schemes by the end of this year.

Schemes with strong employer covenants could find it easier to take on more investment risk, experts have said, in light of the Pensions Regulator’s increased focus on integrated risk management.

Civil Service Pension Scheme inadvertently prompted nearly half of its members to explore their pension entitlements after it carried out a survey as part of a wide-ranging engagement project, aimed at ensuring all members are informed about their benefits.

The growing number of players in the UK buyout market may, counterintuitively, make it more difficult for pension schemes to get quotations from insurers, industry experts have said.

More should be done to encourage pension engagement in the workplace, experts have said, after the latest data from the Financial Conduct Authority show low use of Pension Wise.

The Department of Education in Northern Ireland has approved a £33.1m scheme offering premature retirement terms to members over 55 years old to make space for new hires in the workforce.