Pensions

Members of the work and pensions select committee are to launch an inquiry into advice and guidance available to retirees following pensions freedom to ensure people are not "ripped off" when accessing their pots.

The Financial Services Compensation Scheme (FSCS) wants to increase protection limits for self-invested personal pension (SIPP) investors following the freedom and choice reforms.

The average compensation payout for a SIPP-related claim against failed IFAs rose almost 50% in 2014-15 against the previous 12 months, prompting a £20m interim levy on life and pensions advisers.

The government has introduced anti-avoidance measures to stop people using salary sacrifice to ‘lower' their salary to get around the lower annual allowance for high earners.

Seven out of eight of the National Employment Saving Trust's (NEST) investment funds have outperformed their benchmarks since its establishment in 2011.

Growing pains or increasing complexity?

Pension savers withdrew £1.8bn from pots in the first two months following the opening up of the retirement income space, data from the Association of British Insurers (ABI) has revealed.

Gregg McClymont, Labour's former pensions spokesman, has joined Aberdeen Asset Management as head of retirement savings.

Industry figures have warned the green paper on pensions tax relief published last week is "not a genuine consultation" as the government has already decided on the outcome.

The National Employment Savings Trust (NEST) quadrupled its assets under management over the year to the end of March to £420m, according to its annual report.