UK - Stakeholder pensions have been branded "a flop" by the Conservative Party after latest figures showed sales were way off target.
Inland Revenue statistics showed that total contributions to stakeholder pensions were only £1.66bn. As 1.26m people have policies, this represents an average of only £1317 each.
Conservative work and pensions spokesman Oliver Heald said: “Only a quarter of those predicted have taken up stakeholder pensions and the fact that average contributions have now risen to over £1300 a year shows that they are being mainly used by people on above average incomes.
“This was supposed to be the pension for basic rate and starter rate taxpayers. It has been a flop.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.