pensions

Most trustees of small occupational pension schemes have had no training at all despite pending pension legislation require them to at least be familiar with the issues they deal with, says the Occupational Pensions Regulatory Authority.

The Treasury has today decided to raise the charge cap on stakeholder pension products to 1.5% for the first 10 years they are held, reverting it back to 1% therafter.

The Finance Bill has closed a tax loophole in pending pensions legislation, which could have lump sums paid out without being subject to a tax charge, says Abbey for Intermediaries.

Differences of opinion over the effects of provisions in the Finance Bill by two major providers has highlighted the difficulty of interpreting proposals set out in the legislation.

Government proposals for combined pension statements to enable people to make informed choices will prove "pointless" as information on the Pensions Credit will be excluded, a pension expert suggests.

The government has scrapped the proposed Limited Price Indexation (LPI) on money purchase schemes in order to increase flexibility and make life easier for scheme members.

Members of money purchase schemes could escape having to pay a recovery charge on any funds above the lifetime limit by selecting enhancements which would normally lower the value of an annuity income, says Standard Life.

Proposed Limited Price Indexation annuities set out in the Pensions Bill may this week be removed from money purchase schemes because they would force members to buy up to three different retirement packages, suggests Scottish Equitable.

LIGHTER TOUCH regulated low-cost savings products could still bring new mis-selling claims from people who lose means-tested benefits as a result of buying them, the Daily Telegraph reports the Financial Ombudsman as saying yesterday.

Friendly society Family Assurance is selling its with-profits life and pensions business to Reliance Mutual Insurance Society as well as some term assurance policies.