Retirement

Poor service from life and pensions (L&P) product providers is costing IFAs as much as £8,000 each in lost revenue every year, totalling £208m within the industry, new research indicates.

The TUC has urged firms to disclose both pay and pensions details of both directors and employees to investors.

Employers are still falling short of encouraging employees to sign up to company pension schemes, research from Age Concern indicates.

Steve Bee, head of pensions strategy at Scottish Life, says in a new note that rules taking effect on 6 April 2006 could affect some 10 million company pension scheme members to seek advice because of "concurrency".

Miles Templement, director general of the Institute of Directors (IoD) has put the pensions crisis at the top of the organisation's priority list this year.

Pension fund performance in the UK was positive for a second straight year with a 10% increase, research has indicated, however a UK law firm believes that 2005 will not be all roses for the pensions market.

Research suggesting nearly six in ten people admit to never reviewing their pension plans has been cited by the ABI as a reason for upgrading its online pensions calculator.

More than half of young Brits are not saving enough for their retirement while almost as many do not participate in pension schemes offered by their employers, a survey suggests.

Pensioners who have not yet claimed from the Pension Credit scheme are being urged to do so, as the average payout to a new applicantis around £1,000.

The National Association of Pension Funds has appointed Robin Ellison as its next company chairman, replacing Terry Faulkner who will step down at the next NAPF Annual Conference in May 2005.