Retirement

The average worker could see a 60% drop in income when they retire if they are a member of a defined contribution (DC) scheme - giving them an income which is lower than employees on the minimum wage, says Fidelity International.

The government's white paper on pensions reform is expected to come in two parts and will focus on state reform before offering two separate proposals for the operation of a national pensions savings scheme, government sources have told IFAonline.

A-Day changes to Retirement Annuity Contracts (RAC) about the acceptance of employer contributions seem to be causing confusion between IFAs and providers.

Almost two-fifths of IFAs believe most consumers will still seek advice on pension investment following the introduction of a National Pension Savings Scheme (NPSS), claims research from the Association of Independent Financial Advisers (AIFA).

The final statement on how the Pensions Regulator plans to regulate the funding of defined benefit schemes has been broadly welcomed by industry bodies following some minor changes.

Safe Home Income Plans (Ship) has reported steady growth in the equity release market with the total value of new business written standing at £279m for the first quarter of 2006, an 11% increase on the same period last year.

Stephen Timms has been moved from the Department for Work and Pensions (DWP) to become the Chief Secretary to the Treasury.

The Financial Services Authority (FSA) has said it could regulate the suitability of advice given to people opting out of a National Pensions Savings Scheme (NPSS) should it be introduced.

Frank Field has said that were he in charge of the Department for Work and Pensions (DWP) he would not touch the NPSS with "a barge pole."

The Financial Services Authority (FSA) will decide the fate of the RU64 rule next month when they put their final proposal before the FSA board.