Investment

Three trade unions have joined forced to launch a campaign against government proposals to increase the UK state pension age to 68.

Almost half of advisers have reported a shift in client money away from traditional pension saving to alternative products, a YouGov poll has found.

A number of pensioners in income drawdown who have seen their payments fall by up to 50% have complained of potential adviser ‘mis-selling', a provider has said.

The government risks undermining confidence in auto-enrolment through "endless changes and delays", warns the National Association of Pension Funds.

Mayoral special

With about five months to go until auto-enrolment begins just under 70% of employees remain unaware they will be affected by the changes, Aviva research has found.

The UK pensions bill hit £7.1trn at the end of 2010, weighed down by firms with defined benefit (DB) schemes owing £1.3trn in pension obligations, national statistics show.

Poor annuity rates and a bleak outlook for future improvements mean retirees should delay their purchase for as long as possible, an adviser has warned.

Companies could be missing thousands of eligible workers out of their auto-enrolment plans because they wrongly believe they are classed as self-employed, consultants and a lawyer warn.

Members of the Pensions Action Group (PAG) have renewed lobbying MPs' to improve their compensation package from the Financial Assistance Scheme (FAS).