Pension schemes and trustees - including NEST - could get new responsibilities to offer decumulation options to members at retirement.

UK pension schemes are making progress towards net zero alignment but a majority say there are still obstacles the government could remove to assist their work to address climate risk.

Defined Benefit pension schemes enjoyed an “unprecedented” £400bn fund improvement in 2022, according to pension consulting and admin firm XPS Pensions Group.

The Pensions and Lifetime Savings Association - the trade body that represents 1,300 pension schemes with 20m members - has joined the chorus of concern about the Government’s potential axing of the Retail Prices Index (RPI), the measure used to decide many annual pension increases.