Retirement

Virgin Money has highlighted the reality of living on the state pension, by revealing pensioners spend less per week on their shopping, than most people spend on dining out.

Industry bodies have welcomed the Treasury's decision to allow a wider net of firms to offer pension tax-wrapper products to consumers from 2007, but it is predicted consumers are still more likely to hold pensions through brand-name life companies.

Self Invested Personal Pensions (Sipps) and other member directed pensions will be able to invest in residential property after A-Day through Real Estate Investment Trusts (Reits).

The work and pensions secretary, John Hutton, has promised to ease the burden on firms if, in future, they are compelled to contribute to their workers' pensions.

The Financial Services Authority (FSA) has published a survey of the persistency of life and pensions policies with reasons why consumers let their policies lapse.

The Pensions Regulator has laid a code of practice before Parliament on the knowledge and understanding trustees of occupational schemes must have of trusts and pensions law and the principles of funding and investment.

The Treasury has announced it will go ahead with option three of the regulation of personal pensions in particular Self-Invested Personal Pensions (Sipps), in its response to a consultation published last year.

Zurich Assurance and Prudential Retirement Income have announced they will team up in an annuity partnership agreement.

The Chancellor's reversal on the proposed Inheritance Tax (IHT) rules for those aged under 75 has been welcomed from most of the industry.

The Chancellor has stated there will be a review of the current exemption which exists in respect to employers promoting financial products to their employees.