Retirement

NINE in ten IFAs believe more and more people will be unable to retire at the age they wish to and the same majority expect the average age of retirement to rise significantly in the next 10 years, according to Aegon's third IFA Insights Survey.

The head of the Institutional Review of Pension Organisations has written to the Department of Work and Pensions highlighting a potential gap in the regulation of IFAs and a potential need for legislation.

In a move welcomed by the Government, Paul Thornton has recommended the Pension Ombudsman should become a jurisdiction of the Financial Ombudsman Service in a bid to speed up the resolution process.

Government amendments to the Pensions Bill requiring protected rights to purchase a 50% spouses pension is a 'second-guesisng' exercise which is sending out a confused message to the market, claims Aegon Scottish Equitable.

Around 10% of Addition Voluntary Contribution schemes are failing to offer members the Open Market Option on annuities despite a legal requirement, claims Hewitt.

Zurich has confirmed it is to transfer part of its annuity business, worth approximately £3.7bn in assets, to Swiss Re.

An amendment made to the Pensions Bill by Baroness Hollis, ahead of its first debate in the House of Lords, could help ease the impact of means-testing on personal accounts, says Standard Life.

New amendments to the Pensions Bill 2007 mean protected rights will still be treated separately from existing savings through the requirement to purchase a 50% spouses pension, claims Standard Life.

Advisory firm Montfort International has attacked some Australian financial advisers and pension funds for using "scare tactics" to encourage pension transfers from the UK ahead of the changes to the Australian system on 1 July.

The pension scheme deficits of the 200 largest defined benefit schemes has fallen to its lowest level of £4bn, leaving nearly half of the schemes in surplus.