Income

Complaints to the Financial Ombudsman Service (FOS) about annuities and income drawdown products have seen an uptick the since the March Budget, new figures have shown.

Pensions minister Steve Webb has put annuity reform at the top of his wish list should he remain in post after the election.

Sales at annuity provider Partnership were down more than 70% over the past three months of trading, the firm has said.

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Old Mutual Wealth is removing the annual pension drawdown fee and scrapping the current minimum charge on its platform in order to simplify its charging structure.

Scottish Widows has launched a website dedicated to helping people understand their retirement options post-April 2015 in light of the Budget changes.

Members could be losing money because administrators are taking longer to process defined benefit (DB) pension scheme transfers, according to experts.

A third of employees think firms which offer a pension scheme should also offer access to full financial advice in the workplace, research from Scottish Widows suggests.