In this week's Retirement Planner news round-up we highlight five key stories you might have missed over the past seven days.
Up to 200,000 people will cash in their pension next year, netting the Treasury an additional £1.6bn in tax, according to research.
The Hargreaves-commission Ipsos Mori survey found more than one in ten, or about 12%, of savers with a defined contribution (DC) pension planned to take all of their pension in one go.
However, when questioned about the tax implications of such a move only two in five, 38%, could accurately state how much tax would be deducted from a medium sized pension pot.
The average annuity today delivers just over £2,000 less income over retirement compared to one bought in March, when the Chancellor swept away the need for savers to buy the product in his Budget, according to retirement specialist MGM Advantage.
Average annuity rates have fallen in the third quarter of 2014 by 2.38%, MGM's research suggests. The average standard annuity rate fell by 3.01%, while enhanced rates fared slightly better, reducing by 1.88%.
Partnership probe ends
The Financial Conduct Authority (FCA) has discontinued an investigation into whether a distribution deal between Partnership Assurance and an advisory firm contravened its rules on incentives, according to the provider.
The company was told on 19 September last year that the regulator would be looking into the terms of the deal with the unnamed firm.
It followed a thematic review by the FCA into arrangements between providers and advisers that could undermine the principles of the Retail Distribution Review (RDR).
That probe uncovered some deals which concerned the regulator, and it said at the time that two firms faced enforcement action.
Pensions expert Ros Altmann has called on the Financial Conduct Authority (FCA) to tighten its grip on product providers to ensure customers are treated fairly once they have received the government's proposed retirement guidance.
Altmann said the regulation of the product sales process has "failed to understand what customers need" and that providers should be obligated by the regulator to ensure their customers get what they want.
Speaking at a hearing with the House of Commons ad hoc pension schemes bill committee, the pensions expert said providers should have to ask clients the "right questions" as an additional safeguard around the government's guidance guarantee.
The government's free impartial at-retirement guidance is aimed at middle Britain, not high or low net worth individuals, pensions minister Steve Webb has told MPs.
At a hearing with the House of Commons ad hoc pension schemes bill committee Webb said it would be "a mistake" to think 100% take-up of the guarantee is the right indicator of success - it's about who gets it not how many, he said.
MPs suggested in a previous session questioning the regulator the guidance take-up could be as low as 15%.
The guidance guarantee was introduced by the Chancellor as an impartial free service for all people at retirement.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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Think tank report
Number of benefits
Alongside Barrett, Hopkins, Boston and Thorman on 17 October