Retirement

Retirement Planner's round-up of the top pension stories this week.

Two-thirds of advisers think the annuity system is "failing consumers" which is leading many to consider drawdown as an alternative route for clients, according to Skandia's latest adviser poll.

Pension transfers should take no longer than six working days, according to the the Tax Incentivised Savings Association (TISA) which is set to launch a service facilitating quicker switches.

CASUALTY

Friends Life has reported a 41% increase in the value of new business for the first nine months of 2013, rising from £94m during the same period last year to reach £133m.

Shares in Just Retirement have been priced at 225p each ahead of its initial public offering (IPO), based on a market capitalisation of £1.1bn.

Phoenix clients with low paying annuities can switch out for a cash lump sum under a recently launched pilot project.

Provider Scottish Life could exit the auto-enrolment pension market in 2015 as the looming ‘capacity crunch' hits.

Steve Webb's move to ban commission and active member discounts is a ‘seismic' shift for providers and will drive a completely new business model for advisers, Aviva has said.

MPs are calling for further pressure to be placed on pension fund managers to reveal the full extent of their charges on investors.