Britons are to be offered a new low cost pension scheme after the government set out expected charges for the National Employment Savings Trust (NEST).
The measures are expected to allow millions of UK citizens the opportunity to save for their retirement.
Angela Eagle, minister of state for pensions and the ageing society, claimed the package was necessary as the private pensions market remained unobtainable to many workers.
"This is a fair and sensible funding package which delivers the Pensions Commission’s vision of a low cost scheme in an affordable way," she said.
"It balances the needs of members, taxpayers and the interest of the broader pensions industry. Market failure for low and moderate earners means they have not had access to a suitable low cost pension scheme and have not been able to save for their retirement. NEST will put this right."
People who have invested in property could also boost their retirement income with funds from an equity release scheme.
Such policies allow homeowners to access cash that may be tied up in their assets.
