Defined Contribution

Partnership and LV= have responded to the shock changes to the annuity market announced in the Budget by increasing the cooling-off period on their products.

The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have clarified their responsibilities in overseeing the pensions market following this week's reform announcements.

Pensions minister Steve Webb has been criticised for saying people can spend their defined contribution (DC) pensions on extravagant purchases such as a Lamborghini if they want.

Far more respondents (almost half) thought financial education was the way forward for retirees, rather than independent financial advisers (IFAs) or annuity brokers.

Government proposals to scrap restrictions on pensions access will pave the way for collective defined contribution (CDC) schemes, Barnett Waddingham says.

The Department for Work and Pensions (DWP) will publish its response to last year's charge cap consultation next week, pensions minister Steve Webb confirms.

George Osborne's promise of free, impartial, face-to-face advice for defined contribution (DC) retirees could cost the industry anything from £32m to £120m a year, consultants warn.

Barnett Waddingham’s Malcolm McLean says we action on retirement products

Today's Budget pension reforms will not irreparably damage the annuity market, says Just Retirement customer insight director, Stephen Lowe.

Pension schemes and providers will be given a duty to ensure defined contribution (DC) retirees get guidance on decumulation by April 2015.