Royal London calls for change

Michael Bow
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Royal London is well known for its wry TV adverts about pensions saving
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L 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.