Investment

Personal pension providers are exposing policyholders and millions of future auto-enrolled workers to significant governance failures, a lobby group has warned.

Seven industry bodies have written to Steve Webb strongly criticising the government's proposals on Guaranteed Minimum Pension equalisation and calling for equalisation guidance put forward in January to be scrapped.

Local council pensions have a total deficit of £54bn, equating to about £2,000 for every family in the country, according to research from the Taxpayers' Alliance.

The number of Guernsey-based qualifying recognised overseas pension schemes (QROPS) has been slashed by HM Revenue & Customs (HMRC) from 313 to just three.

Pension transfer providers believe The Pensions Regulator (TPR) should issue guidance to trustees to simplify and speed up the process, according to a government report.

The sale of variable annuities and advice given to consumers will be closely scrutinised to limit potential mis-selling, a European Union (EU) pension body says.

Widespread errors in government estimates of life expectancy could end up costing taxpayers billions, the International Monetary Fund (IMF) has warned.

John Whiting, tax director of the Office of Tax Simplification said taxing the state pension at source is a likely option as government look at ways to streamline the tax system for pensioners.

Retirement Planner's round-up of the top pension stories this week.

The government is assessing new types of pension scheme designed to even out the risks between employer and employee following the closure of many final salary pensions by private firms.