Ruston Smith outlined the proposals as part of a four step plan to create “pensions that people trust” at his inaugural speech to the NAPF conference in Manchester on 18 October.
He also called for a more flexible pensions framework and head-on action to tackle “difficult questions and vested interests” that can work against savers.
Mr Smith said: “We need to develop more innovative and creative products and services, to recognise pension savers’ changing needs particularly at retirement, and the need for products that reflect people’s retirement choices and life patterns as they get older.
“Linked to this, we need a more flexible pensions framework for individuals and employers. People’s lives and expectations have changed…finally, we need to build confidence. That means we need trusted institutions.”
He added that an ageing population and the country’s future economic state would pose additional challenges, such as health inequality and long term care, that the nation hasn’t even begun to think about.
Mr Smith also used his speech to unveil the NAPF Academy, which will provide training to pension professionals through workshops and webinars.
