Retirement

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.

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.