Companies have come under fire from a Parliamentary Committee over plans to close their defined benefit pension schemes. 

FCA plans to ban contingent charging on pension transfers have been broadly welcomed by industry experts.

The Financial Conduct Authority has today proposed a ban on contingent charging on pension transfers and reaffirmed its view that DB transfers should be considered unsuitable unless there is a good reason to transfer.

New research has revealed that nearly 3 in 10 people who have taken money out of pensions since the freedoms have stashed the money in a savings account.