Failure to reduce the upper age limit on auto-enrolment into workplace pensions from state pension age (SPA) may mean workers near retirement will lose their savings to means testing, Aegon says.

Pensions minister Steve Webb offered reassurance auto-enrolment and NEST would not lead businesses to ‘dumb down' their pension schemes.

The controversial bill to raise the French state pension age from 60 to 62 will face a vote in the lower house of parliament today following approval in the senate yesterday.

Pensions minister Steve Webb has admitted over 500,000 women would be excluded from NEST under plans to raise the earnings threshold for inclusion from £5,035 to £7,500.

Fixed-term annuity provider Living Time has boosted its online tools for IFAs as part of its campaign to promote more flexibility within the annuity market.

The value of the equity release market increase by 4% over Q3 from £196.7m to £205m, according to the latest figures from Safe Home Income Plans (SHIP).

Over 100,000 civil servants will qualify for retirement aged 50 on final salary pensions as part of the coalition's cuts to public sector jobs.

The government looks set to implement a radical shake-up of the state pension system, with the abolition of means testing and the introduction of a universal state pension of £140 a week.

The state pension could be lifted to a £140 per week payment with no means testing, according to new proposals.

Commercial secretary Lord Sassoon has been told to take steps to improve consumer access to the open market option (OMO) and intervene on poor annuity rates.