The Pensions Regulator (TPR) has levied almost £100,000 in penalties against small DC pension schemes for governance failures related to the 'value for members' assessment.

Auto enrolment should be extended and made more flexible while employers should offer short-term savings schemes to workers, according to a new report.

DWP minister Sir Stephen Timms has urged the development of a roadmap towards an increase in the current 8% minimum contribution to auto-enrolment pensions.