Retirement

Proposals to abolish contracting out of defined benefit (DB) schemes will be subject to ongoing review, but legislation to convert guaranteed minimum pensions rights into scheme benefits will be introduced as soon as possible.

The state retirement age will rise to 66 from 2024 and employers will be required to contribute matching 3% contributions of an employee's salary into a pension arrangement from 2012, the department for work and pension has just announced.

Ahead of the publication of the white paper on pensions reform, Scottish Widows has stated the state pension system has to be reformed before a National Pension Savings Scheme (Npss) can be introduced.

Today's white paper on pensions reform is expected to be available from around midday today with John Hutton secretary of state for work and pensions speaking to the House of Commons about the proposals it contains at about the same time.

Single male pensioners receive nearly twice as much income from private pensions than women, while pensioners in the South-east are wealthier than those in the Midlands, according to the latest Clerical Medical pensions report.

The bulk annuities market is to gain two new entrants as AIG has announced it will be joining the UK arena, following closely on the heels of Aegon's confirmation yesterday.

The white paper on pensions reform due for publication later this week will include plans to scrap the ability to contract-out of the State Second Pension (S2P) for money purchase schemes from 2012.

Industry experts argue the proposed removal of RU64 will not lead to a mis-selling crisis and, instead, suggest it will cause very little impact on the way advisers sell pensions.

More than a third of companies believe the cost of funding a defined benefit (DB) pension scheme is having a negative impact on their share price, claims research from Aon Consulting.

The self-invested personal pensions (sipps) market could gain around £250bn in assets following the A-Day changes, claims Suffolk Life.