In addition, the former pensions consumer champion also used her speech to implore industry providers to create new retirement income products and services.
“The industry needs to wake up. This is a real opportunity for new products and services,” she said.
She added: “I am calling on the pensions industry to introduce more new approaches and make their products more engaging.”
What is more, Baroness Altmann praised auto-enrolment as a “huge success”, but added it was only one facet of the greater pension revolution process.
She said: “The new state pension, plus auto-enrolment, plus the review in the new state pension age will give us a sustainable basis for future retirement income – and this is just the beginning.
“We all know that even if you have got the new state pension in full, plus the full minimum level of auto-enrolment contributions, it won’t be enough to satisfy most people’s desired living standard [at retirement]. On top of this we need people to want to do more.”
The final keynote address was delivered by Jeff Prestridge, personal finance editor at the Mail of Sunday and Financial Adviser columnist.
He highlighted the advent of pension liberation schemes as one of the more prominent issues following the pension freedoms, and called on the Government and regulators to do more to curtail the practice.
Citing a report by accountancy and business advisory firm BDO, Mr Prestridge said around a third of the £1.5bn of fraud reported in 2015 was related to financial services, and in particular pension liberation.
He said: “Of course, pension liberation is a misnomer, because the consequence of falling for such a scam is pension decimation.
“It is alarming that such fraudsters are thriving, and what is even more distressing is that no one, neither the Government, the pensions regulator, the FCA, or the DWP seems to be doing anything to eliminate such vermin from the pensions arena.”
He told the conference: “In my eyes, pension liberation is the biggest pension freedoms scandal. It is here and it is not going away unless people in a position of power start doing something about it.”
Mr Prestridge evoked spontaneous applause from the audience at the event after labelling some decumulation pension regimes that were formed prior to pension freedoms day as no longer fit for purpose.
In addition, he said advisers should be “braver” when it came to fee disclosure, adding: “Publish it in pounds and pence on your website. I promise you it will not put off potential clients.”
Panel
Emma Ann Hughes, editor of FTAdviser, hosted a panel session which provided food for thought about the dangers of drawdown amid a period of high volatility in global markets.
