Retirement

More than a dozen pension schemes are undertaking medically underwritten bulk annuity deals with Partnership, after the first two ‘enhanced buy-ins' were completed by the insurer last year.

Pensions minister Steve Webb has said the abolition of contracting out, brought forward to 2016, does not mean defined ambition (DA) proposals must be finalised earlier.

The number of pensioners aged 90 and over has increased by 26% between 2002 and 2011, according to the Office of National Statistics.

The government will consult on amending pension scheme rules to free up disused space in commercial properties for residential use, budget documents have revealed.

The government has confirmed it will end tax relief on contributions to pension schemes set up for employees' spouses or families as part of a clampdown on avoidance.

The government has commissioned the Government Actuary's Department to review income drawdown tables.

The government is to consult on offering an individual protection regime for when then annual allowance is cut to £1.25m in 2014.

BUDGET 2013

The Pensions Regulator (TPR) will have to take into account the "growth prospects" of employers when considering the strength of their pension schemes, Chancellor George Osborne said today.

The Chancellor has been urged by a leading policy expert to consider scrapping salary sacrifice to save the treasury billions of pounds a year.