Some 16% of defined contribution pension schemes with under £100m in assets scrutinised by The Pensions Regulator (TPR) has opted to wind up after a pilot into the effectiveness of its new rules on value for members.

Today marks the final staging date for automatic enrolment after its launch in 2012 with 9 million enrolled so far.

A pensions body has proposed creating a new label for retirement products indicating to consumers they are of high quality and in order to ensure they operate in the customers’ best interest.