Retirement

Two major local authority pension schemes have started legal action against Royal Bank of Scotland, alleging it made "materially false and misleading" statements about its financial health.

London & Colonial has increased maximum income levels on its New Open Annuity.

Pensioners retiring in 2009 expect to have lost out on £2.87bn compared with those retiring last year due to the financial crisis.

Many members will be disappointed with defined contribution schemes due to lack of knowledge, industry experts say.

The "battle" to make the public aware of the Open Market Option (OMO) and its potential benefits is being lost, annuity advice specialists say.

Employees will need to be provided with basic pension scheme information within seven days of starting work from 2012, the Government says.

Aegon saw UK life and pensions sales climb 3% during 2008, despite generating a €181m loss globally.

Standard Life reported its operating profit before tax (on an EEV basis) rose 6% from £881m to £933m in 2008 compared to the previous year.

The Chancellor should use the next budget to remove "nonsensical rules" governing pension scheme investment in taxable property, Rowanmoor Pensions says.

Anecdotal evidence seems to indicate that few advisers are working on Inheritance Tax mitigation at the present time and yet, in reality, the credit crunch has generated the best environment for such planning for many years.