Retirement

Consultancy firm Towers Perrin is launching a new fast-track trustee training programme to help companies comply with the new regulations for Trustee Knowledge and Understanding.

Aviva has launched a new online planning service to help individuals engage in financial planning for the future, as research by the firm reveals 60% of the world's pre-retired adults worry they haven't saved enough for retirement.

James Purnell, Minister for Pensions Reform, has revealed the "frankly scary numbers" in a retirement survey carried out by Which? support the case for personal accounts.

HM Revenue & Customs has confirmed refunds from pension schemes ordered by the Financial Ombudsman Service, following a case of "bad advice" or "mis-selling", will be classed as unauthorised payments.

Following a court victory earlier this week pension campaigners are stepping up the pressure on the government to provide compensation with a special briefing note for MPs.

The Conservatives and Liberal Democrats intend to table amendments to the current Pensions Bill if the government refuses to act over the issue of compensation to thousands of workers who lost their pensions when their employers went bust.

The Department for Work and Pensions has hinted it may appeal the verdict of the judicial review which saw the judge rule in favour of the pensioner campaigners.

The design of the default fund should be the most important focus for personal accounts, according to experts, as 94% of members in defined contribution schemes left their money in the default fund last year despite an increase in fund choices.

Government assumptions about the costs of personal accounts could be incorrect if they have been developed from ‘over-optimistic' figures and modelling, warns the Association of British Insurers (ABI).

Industry bodies have expressed their concerns over the problems introducing auto-enrolment in 2012 will have on group personal pensions.