Retirement

Apparently, David Bowie is to blame for the credit crunch, having "invented" securitisation in the context of bonds for royalties back in 1997.

February saw £42bn wiped off the value of defined contribution scheme assets, Aon Consulting figures reveal.

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.