Pensions

The government's new bonds for the over 65s have seen the biggest opening sales of any retail financial product in Britain's modern history, after more than 110,000 customers invested in the products, National Savings & Investments (NS&I) has said.

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While pension savers back the upcoming pension freedoms they are ‘daunted' by the scale of choice on offer and want providers to offer them a default investment or drawdown choice, research has found.

The Budget freedoms that come into force in April could trigger mis-selling claims worth billions of pounds, law firm Sackers has warned.

Schroders has launched a fund to help defined contribution (DC) members coming up to retirement take advantage of incoming Budget flexibilities.

National Savings & Investments (NS&I) has been accused of underpreparing for the launch of its pensioner bonds after its website temporarily crashed shortly after they went on sale.

Saga and Tilney Bestinvest are to launch a joint venture offering investment and financial planning services to the UK's over 50s.

Seven out of ten defined contribution (DC) pot holders aged over 55 would prefer pensions to deliver a guaranteed income for life, according to research published by the International Longevity Centre-UK (ILC-UK).

Steve Webb's pot follows member policy will initially be rolled out on an opt-in basis and be limited to a selection of pension schemes, the minister has said.

Advisory firms will expand while advisers who have left the industry may return to cope with an expected rising demand for retirement advice from April, pensions minister Steve Webb has said.