Had a manic week? Here's a rundown of five retirement stories you might have missed…
Regulator steps in
The Financial Conduct Authority (FCA) is to look into the non-advised sale of income drawdown products amid concerns consumers could be left vulnerable in the new pensions environment.
In a policy paper outlining FCA rules for firms post the government's retirement reforms, published on 27 November, the regulator said it will consider how to protect consumers in the new pensions environment and review requirements where money is taken directly from pensions.
Widows job losses
Provider Scottish Widows has announced a restructure of its pension and investment business, confirming the loss of 130 roles across the UK.
The provider said the 130 job losses were part of the reductions recently announced in Lloyds Banking Group's strategic update.
However, it said about 45 new roles will be created in Edinburgh and Bristol, as part of the new structure.
Adviser guidance levy reprieve
The FCA said in a consultation paper out today it acknowledges advisers are less likely to benefit from the guidance guarantee than other firms such as life insurers and therefore should have to pay less.
About 700,000 people reaching state pension age over the next ten to 15 years are at "high risk" of making poor decisions when accessing their retirement income, according to a Pensions Policy Institute (PPI) report.
It latest report, sponsored by Fidelity, analysed the section of the population who will reach state retirement age within the next ten to 15 years and found 12% were a high risk of making poor retirement income choices.
Schroders joins pension freedom fray with multi-asset launch
Schroders is launching a global multi-asset income fund for UK investors, mirroring its existing £4bn offshore strategy.
The fund will follow the same investment process as the existing Luxembourg-domiciled £4bn Schroder ISF Global Multi-Asset Income fund and will be managed by the same team.
The new fund targets an annual distribution payment of 4%-6% in monthly installments and a total return of 7% per annum, while keeping volatility at around 5%-7%, and below 10% at all times.
DWP: ‘We must still be pragmatic.’
More than £3m transferred
Available to 80,000 employers
Covered call option strategy
Cunningham Coates wealth manager