People could lose their entitlement to means-tested benefits if they spend their pension pots after taking advantage of pensions freedom, the government has warned.
The Financial Conduct Authority (FCA) has made it a requirement for firms to rank their annuity products against their peers and simplify the information they give to consumers in the form of wake-up packs.
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The government does not intend to permit those wishing to cash in their annuities to sell them back to their existing provider, it has announced.
The government is considering making regulated financial advice a requirement for people looking to sell their annuity contracts, Budget documents reveal.
Chancellor George Osborne has confirmed retirees will be allowed to sell their annuity contracts for cash from April 2016 without facing "punitive tax charges".
Chancellor George Osborne will further relax pension rules in his Budget on Wednesday to allow the sale of annuity contracts.
Retirement advice firm Intelligent Pensions has launched a fixed low-cost drawdown plan ahead of pensions freedom on 6 April.
Pension transfers are a thorny issue. Mike Morrison argues if people are going to do it anyway, surely it’s better for an adviser to be involved
Controversial proposals to allow existing pensioners to sell their annuities for cash - and insurers to compete for the contracts - are to be discussed by ministers this week ahead of the 18 March Budget, according to reports.
One in five of those retiring in the coming year have no idea how their pension withdrawals will be taxed, Fidelity research has found.
Providers who have cut drawdown charges in the run-up to April 6 to “grab market share” will revisit their decisions in the months to come, suggested LV=.
Providers have said a charge cap on income drawdown, as proposed by Labour leader Ed Miliband, is “unnecessary” and a “solution to a problem that does not even exist”.
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