Retirement

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.

Frank Field has said that were he in charge of the Department for Work and Pensions (DWP) he would not touch the NPSS with "a barge pole."

The Financial Services Authority (FSA) will decide the fate of the RU64 rule next month when they put their final proposal before the FSA board.

The Association of British Insurer's (ABI) alternative to the National Pension Savings Scheme (NPSS) would aslo eliminate the need for advice based interviews, Lord Turner told the Treasury Select Committee today.

Confusing protection application forms published by Her Majesty's Revenue and Customs (HMRC) has resulted in nearly a third of applications being rejected, according to the latest newsletter from the department.