The pension pot needed to satisfy the minimum income requirement could need to be as much as £300,000 in order to stop people falling back on state benefits, Towers Watson says.

The FSA has issued a warning to advisers over occupational pension transfer deals after it became concerned over the quality of advice being given.

Public sector pensions have been run like an "unstable Ponzi scheme" which threatens to impoverish future generations, according to an independent report.

Yesterday, the Government said it would work with the industry on "alternative ways" to implement pension tax relief restrictions, including reducing the annual allowance to between £30,000 and £45,000 instead.

The Government will scrap the rule which creates an effective obligation to purchase an annuity by age 75.

The government will scrap the rule which creates an effective obligation to purchase an annuity by age 75.

The Government is set to work with the industry on "alternative ways" to implement pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.

Chancellor George Osborne has confirmed the government will tackle the "spiralling" cost of public sector pensions.

The Government has established an independent commission to look at ways of reducing the costs of public sector pensions.

The Gulf of Mexico oil spill crisis may not only prove a wake-up call for BP but for UK pension funds too.