Retirement

The Financial Services Authority board has confirmed it is going to keep in place the rule known as RU64.

Personal accounts will go ahead with means-testing in place as there is no viable alternative, claims the government.

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.