pensions

Proposals to abolishing contracting-out for defined contribution (DC) pension schemes outlined in yesterday's white paper has caused concern among some sectors of the industry.

Precise details on the structure and workings of the 'personal accounts' announced by the government today as part of its solution to long-term savings needs will have to wait until the publication of a further document sometime in the future.

The white paper on pensions reform has been given a lukewarm reception by the two opposing political parties, with the Liberal Democrats saying while some parts are welcome, the reforms will ultimately fail to deliver a pensions solution.

Reforms to the state pension system announced in the DWP white paper will see a simplified system with a contributory principle to benefit women and carers apply to all people reaching state retirement age from 2010.

Ahead of the publication of the white paper on pensions reform, Scottish Widows has stated the state pension system has to be reformed before a National Pension Savings Scheme (Npss) can be introduced.

MORE THAN THREE million people will learn they are to lose their rebates from opting out of the state second pension to fund a low-cost national savings scheme when ministers unveil a far-reaching pensions shake-up, reports The Financial Times.

Single male pensioners receive nearly twice as much income from private pensions than women, while pensioners in the South-east are wealthier than those in the Midlands, according to the latest Clerical Medical pensions report.

MILLIONS OF MIDDLE-INCOME earners will be hit by a new stealth tax hidden in the Government's pension reforms which will be unveiled tomorrow, says The Daily Telegraph .

The bulk annuities market is to gain two new entrants as AIG has announced it will be joining the UK arena, following closely on the heels of Aegon's confirmation yesterday.

The white paper on pensions reform due for publication later this week will include plans to scrap the ability to contract-out of the State Second Pension (S2P) for money purchase schemes from 2012.