Retirement

Fears providers will be reluctant to get involved in personal accounts were dismissed by pensions minister Mike O'Brien today, despite confirming the Government will not provide any start-up funding.

The Pre-Budget Report (PBR) demonstrates how complex pensions have become, says Punter Southall.

The Government's decision to stop the progress of hybrid annuity products "lacks foresight", says Standard Life.

Consumers have "completely disengaged" from pensions as a retirement vehicle, according to The Pensions Report 2007.

Not enough people know about the open market option (OMO), according to the Association of British Insurers (ABI).

The Government will simplify the calculation on standard tax-free lump sum entitlements, which will benefit the 16 million active and deferred members of private sector defined benefit schemes.

The HMRC has closed a loophole which allowed consumers to pass pension funds on tax-free at death.

HM Revenue and Customs will clarify whether tax legislation allows pension schemes to offer an annuity under an open market option (OMO) without having to provide a pension themselves, according to the Pre-Budget Report (PBR).

The FSA will clamp down on poor providers who delay in transferring open market option (OMO) funds, according to the Outcome of the Review of the Operation of the OMO released with the Pre-Budget Report(PBR).

Some SIPP providers are failing investors by flooding the specialist products with their own funds - rendering them little more than insured personal pensions.