A leading pensions expert has supported the idea of pensions that work like bank accounts.

The Government yesterday published the Taxation of Pensions Bill, with changes to the tax free lump sum rules announced.
The move has been described by some as turning pensions into bank accounts, a measure backed by Dr Ros Altmann.
People aged 55 and above will be able to access their defined contribution pension as they wish from April next year.
Rather than taking out a single lump sum, as is the case now, savers will be allowed to take multiple amounts.
Dr Altmann, who is the Government's Business Champion for Older Workers, said: "Let's have pensions that work like bank or building society accounts from age 55.
"We need new products that operate like pension bank or building society accounts, allowing you to withdraw funds when you need them. Why should the pensions industry dictate what's best for you."
She said the broader reforms to pensions, which were first heralded in the Budget, will require the industry to change the way it serves customers if they are to work.

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Writing for her website, Dr Altmann said: "This is a huge challenge to the pensions industry: Instead of having captive customers coming along and buying annuities (which were often unsuitable for them or poor value) or income drawdown (often with high charges), everyone should be able to take their money out when they need it and leave the remainder invested.
"But currently, pension companies don't let you do this.
"Pension providers penalise or prevent taking money out freely: At the moment, you are likely to find that your pension company stands in the way of allowing you the freedoms that Government wants you to have.
"If your provider does not offer you the option of taking some of your money and leaving the remainder behind, you will need to find another provider to move to. This can entail costs and penalties."
She added: "I am calling on the pensions industry to put customer interests centre-stage and allow people to use these new freedoms."