Complaints against HM Revenue & Customs from pensioners have risen over the past year, according to the Revenue's watchdog.

Advisers are set to turn their backs on conventional annuities and recommend asset-backed alternatives as annuity rate crashes continue to plague retirees.

Financial secretary Mark Hoban has pointed the finger of blame at the Labour government for the scale of payments owed to Equitable Life policyholders following the insurer's near collapse 10 years ago.

Policy adviser Ros Altmann is set to join the Saga Group in the newly-created role of director general at the start of October.

Treasury proposals to remove the requirement to annuities by age 75 will only benefit "those who need them the least", the industry warns.

About two-thirds of over-55s are concerned they would not be able to raise the necessary cash if faced with an unexpected payout of £500 or more, according to the Aviva Real Retirement Report.

UK - Pension liabilities for UK private sector final salary pension schemes reached £1.2trn ($1.8trn) in August.

Pension liabilities for UK private sector final salary pension schemes reached £1.2trn in August.

Nervous advisers are recommending clients stick with their existing pension arrangements, even where there is good reason to transfer, because of the FSA's "heavy-handed" crackdown on pension switching.

Linking pension payouts to the CPI instead of the RPI will force pensioners to raid their savings and investments, Schroders Investment Management claims.