Retirement

The cost of fraudulent claims for public sector pension benefits has increased by £4m to £20m per year since 2012, the National Fraud Authority's (NFA) latest report shows.

The trade union which represents Aegon staff has branded the life company's move to cut 160 roles as "devastating".

The asset management industry must regain consumers' trust and boost pension saving or risk a financial crisis even worse than the 2008 crash, the Investment Management Association (IMA) has said.

Providers must police employer pension contributions into auto-enrolment schemes but The Pensions Regulator (TPR) has relaxed its position on how missed payments are reported.

Advisers are well placed to pick up new business driven by regulatory changes to the pension system, which could also result in a boom in estate planning specialists, according to Standard Life.

Partnership Assurance Group, the enhanced annuity specialist, has set its offer price at 385p per share meaning its implied market capitalisation for its initial public offering (IPO) is £1.5bn.

Standard Life and Punter Southall Defined Contribution Consulting (PSDCC) have signed a strategic auto-enrolment (AE) deal for small to medium enterprises (SMEs).

PENSIONS

AUTO-ENROLMENT

Despite consumers feeling more confidence about available annuity options the vast majority are still not getting the best product and rate in retirement, Association of British Insurers (ABI) research has found.