Retirement

The government has announced regulations relating to the calculation of transfer values for defined benefit schemes will not come into force until April 2008.

Regulations setting out a scheme specific approach to calculating defined benefit pension transfers will not stop employers offering members ‘encouragements' to transfer out of the scheme.

John Hutton, Secretary of State for Work and Pensions, has effectively quashed suggestions of a u-turn on the removal of the restrictions relating to protected rights.

The Society of Pension Consultants has appointed Sir James Hodge as its new chairman.

Plans to provide national generic advice to boost financial capability will need to be supported by more than the £50m announced earlier this week, suggests Standard Life.

James Purnell, Minister for Pensions Reform, has revealed the government is willing to consider representations for a contribution limit for personal accounts lower than £5,000.

Schemes which earn a proposed pension quality mark could benefit from longer waiting times for new joiners once auto-enrolment comes into effect, says James Purnell.

The government has announced Paul Thornton, managing director of Gazelle Corporate Finance, will lead its external review of organisations involved in the regulation and protection of workplace pensions.

James Purnell, Minister for Pensions Reform, has warned the industry against trying to legislate parts of personal accounts before the white paper consultation has even closed.

James Purnell, Minister for Pensions Reform, has denied personal accounts will be operated on an uneven playing field, despite admitting the cost of preparing personal accounts will be borne by the taxpayer.