UK - The Pre-Retirement Association is to launch a financial education website aimed at boosting savings levels.
Initially, www.learnaboutmoney.org – which was developed in association with the department for work and pensions – will target staff at Marks & Spencer.
PRA says that without financial education, the nation will face a “pensions catastrophe” as thousands of people have failed to save adequately for their retirement.
Chairman Bob Bridges said: “We have become increasingly concerned that many people are failing to save enough for their retirement. Research with our sponsorship companies has shown there is a lack of consumer knowledge about pensions and other money matters.
“We believe ‘learnaboutmoney’ will go some way to address this imbalance by providing employees with the necessary understanding of information and advice to become financially independent.”
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.