The Financial Times has reported that Rishi Sunak is preparing to break the Conservative party’s “triple lock” state pension pledge, amid Treasury fears that the policy could become unaffordable because of the fallout from the coronavirus crisis.
Almost one in five (19%) people do not access information about their pensions, research by the Association of British Insurers (ABI) and research consultancy Populus has found.
Total of £15.7bn accessed flexibly
The Financial Conduct Authority's (FCA) thematic review of the annuity market has been criticised for not going far enough, fast enough.
Chief executives of the country's largest companies will receive official notification of their auto-enrolment responsibilities from The Pensions Regulator this week.
Andrew Tully has left his position as Standard Life senior pensions policy manager to join MGM Advantage.
Auto-enrolment legislation should be tweaked so employers do not have to enrol staff who have enhanced protection rights, Standard Life says.
The National Employment Savings Trust's efforts to simplify language used by pensions providers has been welcomed by the industry.
The accelerated increase in state pension age announced today could result in higher private pensions if members delay scheduled retirement, Standard Life says.
Forcing employers to pay into the existing stakeholder regime would mean a lower cost alternative to NEST could be implemented "tomorrow", a senior actuary says.
Trustees and employers need to decide whether to communicate higher rate tax relief rules to members or change their schemes to avoid incurring a tax charge, Standard Life says.
Employees who leave a company prior to retirement could be worst hit by the indexation switch from RPI to CPI, a pensions expert warns.
The Department for Work and Pensions' plans to abolish transfers between contracted-out defined benefit and defined contribution schemes could lead to a "firesale" of final salary liabilities, a consultant warns.
The default retirement age of 65 will be "quickly" phased out following a government consultation, the Budget reveals.
The industry has unanimously backed George Osborne's emergency Budget promise to investigate alternatives to the introduction of pension tax relief restrictions for high earners.