Retirement

There are still too many people in financial services who think they can "keep their customers where they want them" by quietly carrying on with old-style practices, Pensions minister Steve Webb has said.

Steve Webb's pot follows member policy will initially be rolled out on an opt-in basis and be limited to a selection of pension schemes, the minister has said.

More than half of the 3.5 million people retiring between 2016 and 2020 will not qualify for the full new state pension, research has shown.

Advisory firms will expand while advisers who have left the industry may return to cope with an expected rising demand for retirement advice from April, pensions minister Steve Webb has said.

Additional safeguards should be placed on pension freedoms to ensure people do not burn through their pension pots in the first years of retirement or get caught out under tax rules, Age UK has said.

Financial advisers look set to share a collective guidance guarantee bill of £4.2m in 2015-2016, according to government forecasts.

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The brand name for the guidance guarantee has been unveiled as ‘Pension wise - your money your choice'.

The Pensions Ombudsman (PO) has directed Standard Life to reconsider granting a transfer request to a suspected liberation vehicle after a scheme member complained about the provider.