Retirement

Chancellor George Osborne is in danger of emulating Robert Maxwell "as a destroyer of pension savings" with plans for a retirement 'guidance guarantee', Tom McPhail has warned.

Workers are to be given the option of saving into new 'collective' pension schemes which ministers believe could boost their incomes by up to 30%, under plans to be unveiled in the Queen's Speech later this week.

Product providers should have no role in delivering free retirement guidance, following the 'advice for all' proposals in the Budget, Legal & General (L&G) chief executive Nigel Wilson has said.

Billy Burrows is to leave specialist annuity broker Annuity Line as part of a business restructure.

The Institute of Economic Affairs (IEA) has warned that Labour's recently announced plans to extend auto-enrolment to lower earners would "damage businesses" while "failing to help low earners".

A third of over 55s who are still working do not see the value in taking financial advice at retirement, according to research from MGM Advantage.

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Labour's pledge to reduce the auto-enrolment threshold is a step in the right direction but lower paid employees are still missing out under the ‘band earnings' rules, according to Scottish Widows.