Retirement

Employers are now able to promote group personal pension and stakeholder pension schemes to their employees, under changes made by the Treasury to the Financial Promotions Order (FPO) which start today.

The Trade Unions Congress (TUC) says the state pension age could be maintained at 65 if the government met its employment targets.

Revenue & Customs (HMRC) has said it will offer no protection for any Self Invested Personal Pension (Sipp)borrowing agreed before A-Day where funds are drawn down after the introduction of pension simplification rules on 6 April 2006.

PORTALS

Some familiar gripes emerged about the existing wrap propositions - lack of fund choice and hidden or high charges. Many still consider that there is no true wrap proposition on the market

The FTSE 100 Index continued to move upwards today, albeit only 4 points to 5113.20, by the markets close a short while ago.

A leading pensions provider has warned defined benefit scheme members could face a fine of up to £50,000 for failing to return occupational pensions audit information to the Pensions Regulator by 31 August.

Sipp specialist AJ Bell has confirmed its intention to enable UK residential property to be held within its online Sipp offerings, following A-Day on 6 April next year.

Winterthur Life believes a comprehensive employee communication programme is required in order for automatic enrolment to be effectively implemented.