Retirement

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.

Contracting out rebates for the five years beginning in 2007 will see a severe decrease for those aged 43 and over who contract out of the state second pension (S2P) into a personal pension.

Her Majesty's Revenue and Customs (HMRC) is under pressure from the insurance industry to make anti-avoidance rules on the recycling of tax-free cash less complicated and more workable.

Industry members suggest inheritance tax (IHT) rules on pensions are unlikely to be revealed until the Budget, leaving advisers with just two weeks to get all the details in place.

Companies need to clear outstanding bills before the end of March or they could see their Pension Protection Fund (PPF) levy quadruple, claim two leading consulting firms.

Over three-quarters of workers want employers to offer more education on financial matters, starting with guidance on the A-Day changes, claims JPMorgan INVEST.

Pensions cuts of nearly 80% in the last 10 years, as a result of lower returns on investments and reducing annuity rates, could leave savers in a National Pension Savings Scheme (NPSS) with inadequate pensions, claims consulting firm Watson Wyatt.