We must not ram hundreds of pages down the consumer's throat

Alan Pickering

Alan Pickering, who is leading a review on how to make it easier for people to save effectively for their retirement, said the different number of schemes needed to be reduced.

"A pension is a pension is a pension, there are far too many types of pension schemes around," he said at the National Association of Pension Fund's Annual Conference.

Mr Pickering fears that many people are discouraged from buying a pension because they are too difficult to understand.

To combat that problem, Mr Pickering will propose reducing the number of different schemes and the differences between them.

Regulatory burden

"We must not ram hundreds of pages down the consumer's throat at the point of sale," he warned.

Mr Pickering's review is also set to call for a reduction in regulation of the industry, in order to help both employers and commercial providers.

The Pickering review is due to report back to the government in the summer.

The government is then likely to consult the industry before outlining its own proposals in the autumn.

Many of the Pickering changes are likely to require primary legislation.