Retirement

An ageing population and changes in technology are forcing the life and pensions industry to adopt a new business model which puts its focus on the consumer rather than financial advisers, claims Standard Life's Trevor Matthews.

One of the key benefits of Lord Turner's proposed National Pension Savings Scheme (NPSS) is its suitability to everyone means there is no need for the inclusion of regulated advice, claims the ABI.

The introduction of a National Pension Savings Scheme (NPSS) "would be a disaster" unless public apathy towards saving is tackled ahead of concerns about the cost of the scheme, claims Winterthur Life.

Equitable has just agreed to transfer most of its non-profit pension annuity business to Canada Life, amounting to around 130,000 policies and assets worth over £4.6bn.

One in six, or 1.76m, pensioners in the UK have an outstanding mortgage on their home - with an average debt of £45,313 - creatng a nationwide debt of almost £80bn, suggests new research from Scottish Widows Bank.

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.