Royal London calls for change

Michael Bow
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Royal London is well known for its wry TV adverts about pensions saving
ROYAL London yesterday called on the Tory government to help savers navigate the new pensions regime as it reported a 40 per cent rise in new business.

The company laid out a five-point plan it wants the government to examine, including a review into tax relief on pension contributions and affordable financial advice.

Chief executive Phil Loney said: “The situation is improving (from last year) but there’s quite a bit of refinement needed. We definitely need to build a trusted source of independent financial guidance.”

The company reported new life and pensions business at £1.4bn for the three months ending March, up from £988m a year ago, with drawdown and individual pensions leading the charge.