Retirement

Unfunded public sector pension liabilities have reached almost £1trn, which is more than 80% higher than recent government estimates, claims consulting firm Watson Wyatt.

A permanent Pensions Commission should be set up to oversee the future of the UK pensions system and promote consumer confidence claims the Trades Union Congress (TUC).

As more pension funds move from a defined benefit (DB) to a defined contribution (DC) basis, millions of employees are unaware of the retirement funding risk, claims Alliance Trust Savings (ATS).

Proposals to extend the transitional protection rules to prevent people losing either life cover or enhanced protection have been revealed by HM Revenue & Customs (HMRC).

Draft regulations for the protection of tax free cash and earlier retirement ages when a scheme winds up have been slightly extended and reissued by Her Majesty's Revenue and Customs (HMRC).

Two draft codes of practice on the reporting of late payments of contributions to pension schemes have been laid before Parliament.

Final versions of the maximum drawdown levels available after A-Day suggest drawdown could provide better value than an annuity for those in the earlier stages of retirement.

The Treasury has indicated a National Pension Savings Scheme (NPSS) or alternative "could be useful" in helping the savings gap during discussions with the International Monetary Fund (IMF).

There was a steady growth in individual pension saving and an "encouraging" increase in employer-sponsored stakeholder pensions in the fourth quarter of 2005, according to the Association of British Insurers (ABI).

Clerical Medical has confirmed it will be offering a self-invested personal pension (sipp) after A-Day in partnership with Suffolk Life.