Retirement

The Finance Bill has closed a tax loophole in pending pensions legislation, which could have lump sums paid out without being subject to a tax charge, says Abbey for Intermediaries.

One in five people will never get a pension if the government raises the retirement age to 70 because they will be dead before then the TUC says in new pensions research.

Abbey for Intermediaries warns in a technical note on pensions that rule changes implemented under the regime coming into effect next April could pose trouble in cases of fragmented transfers.

Government proposals for combined pension statements to enable people to make informed choices will prove "pointless" as information on the Pensions Credit will be excluded, a pension expert suggests.

The government has scrapped the proposed Limited Price Indexation (LPI) on money purchase schemes in order to increase flexibility and make life easier for scheme members.

Far from saving £80m annually the government's Pension Bill could end up costing an additional £400m annually, suggests research by consultant Watson Wyatt.

Proposed Limited Price Indexation annuities set out in the Pensions Bill may this week be removed from money purchase schemes because they would force members to buy up to three different retirement packages, suggests Scottish Equitable.

The FSA has imposed a £125,000 fine on Interdependence Limited for failure to properly oversee appointed reps who advised clients to withdraw cash early from their pension funds.

Consumers should be given more information on coming pensions legislation if the government wants to incentivise people to save for their retirement, urges the Association of British Insurers.

Revenue proposals to change income drawdown rules through pending pensions legislation will cost the industry millions, warns A J Bell.