We need a big shake-up to make it safe, cost-effective and easy to move your pension pot around.
Its site also features a basic guide to what to do with your pension pot once you retire.
Firstly there is the option of pension drawdown, which allows investors to draw an income from their pension pot.
There simply are not enough working young, paying the full and appropriate amount of tax to fund the pension pot.
Defined contribution schemes, where the employee builds up a pension pot via investments, are the typical replacement for a company's final-salary scheme.
So, as far as buying a property in Spain and putting it into your pension pot is concerned, you may be out of luck.
Lower contributions and poor investment returns mean a smaller pension pot.
It said buyers should be able to borrow from their pension pot to buy a home and there should be a system of mortgage indemnity guarantees.
If you have a money purchase scheme or stakeholder pension, the provider normally only provides details of your total pension pot, although most should provide a projection.
However, BBC business editor Robert Peston says RBS was advised that there was a reasonable legal basis for suing him for the return of some of the pension pot.
Whilst the quantum of the "pension pot" figure has increased, this is principally as a result of the assumption used last year about retiring at age 60 no longer being appropriate.
There are some circumstances where you might be able to take the whole of your pension pot in cash - in cases of very serious ill-health, with small pension pots on "triviality" grounds and in certain income drawdown arrangements.
By thinking that the resulting pension pot is ours alone--and that the cash value recorded within it will be enough to keep us in old age--we've ignored the fact that we have to actually invest in those real things we can sell to the next generation.
This is to ensure that pension savers see their pot grow steadily at first as they get used to the idea of having a workplace pension, before bolder investments are made to try to grow the pot, ahead of a cautious approach when approaching retirement.
Instead, they argued that workers should be able to park their pension savings in an "aggregator pot".
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