Retirement

Royal Mail has sought to stave off a strike threat to its £3bn stock market flotation by offering its workers a new pension deal.

Insurers have welcomed the Office of Fair Trading's (OFT) recommendation to introduce independent governance committees for contract schemes.

The ‘poor value' legacy pension schemes highlighted by the Office of Fair Trading (OFT) account for just 10% of the market but the industry audit will "sort any problems", the Association of British Insurers (ABI) has said.

Enhanced annuity specialist Partnership Assurance is thought to be one of the two companies the Financial Conduct Authority (FCA) is considering taking action against for inducement breaches, according to reports.

Hundreds of thousands of people are saving for retirement into pension schemes which are poor value for money due to high charges and poor governance, an investigation by the Office of Fair Trading has found.

ANNUITIES

TAX RELIEF

It is "unrealistic, uneconomic and unnecessary" to expect those approaching retirement to take regulated financial advice, according to Hargreaves Lansdown.

Pensions minister Steve Webb has promised to set up an "annuities task force" and conduct a wholesale review of pensions decumulation.

The maximum amount of money drawdown pensioners can withdraw from their retirement pot is set to rise next month.