The Association of British Insurers has launched the first comprehensive review of the UKs retirement needs to determine what the future might hold and how the market can develop.
The ABI's investigation will examine the products, information and advice available to people as they reach retirement age.
Among the areas that will be explored are people's financial needs in and concerns about retirement and what changes are needed to ensure adequate retirement incomes. The ABI said 'radical' reforms were needed to ensure that people do not struggle to make ends meet once they retire.
ABI director general Otto Thoresen said: 'Reform has to be holistic. The pensions industry has a key role to play in meeting people's changing retirement needs but we are part of a much bigger picture. This is why we are inviting views from far and wide, including consumer groups, charities, health support groups, pension experts, think-thanks, unions and politicians.
'Our focus will be on the needs of the retiree so we will be engaging with the public as well.'
The review forms part of ABI's "join the debate" initiative launched in the summer, alongside its report Identifying the challenges of a changing world.
Huw Evans, ABI's director of policy, added that it was becoming increasingly clear that the pension industry and experts needed to consider a new approach to meeting people's changing retirement needs.
Richard Butcher managing director of Pitmans Trustees, welcomed the review.
'Just raising the issues helps to fix the problem. Put simply, if people are thinking about retirement they are more likely to act,' he said.
'The review focuses on products, information and advice at retirement. Most people still buy an annuity at retirement and annuities are hopelessly inefficient products. Most people struggle to gain access to advice at retirement. Both need a review.
But he warned ABI to 'take care' as reviews can reveal problems. 'They should make sure the process doesn't further damage the reputation of pension provision.'
Butcher added: 'ABI are undertaking this at a time of unprecedented change in DC. They should make sure it doesn't hamper or delay any of the other really important reforms that are in train.'
The ABI's review closes on December 20. It will seek the views of consumers, evidence from pension experts, think-tanks, consumer groups, health organisations, politicians and unions.
A final report, including recommendations for reform, will be published in spring next year.
