Budget 2014

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.

Guidance guarantee providers will be liable for redress in the event of a consumer complaint about Pension Wise, the Financial Conduct Authority (FCA) has said.

The Financial Conduct Authority (FCA) is writing to all pension providers requesting data on how customers are accessing their retirement pots in the wake of the pension ‘freedoms' rolled out in April.

From wrappers to withdrawals: Ten pension freedom tips for advisers

The Chartered Insurance Institute (CII) is considering launching a qualification for product providers' staff who are likely to deal with at-retirement customers.

The industry has welcomed the government's proposal to allow consumers to sell on their existing annuities but has clashed over whether advice should be mandatory for those wanting to sell.

The creation of a second-hand annuity market is guaranteed to happen, according to former pensions minister Steve Webb, who suggested the Treasury has already ‘banked' the cash it expects to receive from the policy.

The retirement reforms resemble a "botched DIY job" according to the Trades Union Congress (TUC), as the government comes under fresh attack for its implementation of the pension ‘freedoms'.

The government is to examine whether savers looking to take advantage of the pension 'freedoms' introduced in April face "excessive" early exit charges.

The Financial Conduct Authority (FCA) has highlighted shortcomings in the way some advisers have handled 'insistent' clients in the past, as examples of what today's advisers should steer clear of.