Insurance boss issues warning over using pensions to drive UK growth

Government must defuse ticking timebomb' of people not saving enough for retirement, says Royal London CEO

The boss of Royal London, the UK's biggest insurance group owned by its members, has expressed caution about Labour's ambition to use pensions to drive economic growth, as he warned of a ticking timebomb" and urged the government to make greater saving for retirement a priority.

The chancellor, Rachel Reeves, is launching a landmark pensions review, and pledged a big bang" for private pension funds, as the government wants to unlock billions of pounds to invest in UK infrastructure and housing.