Pension News
Norwich Union adds 23 funds to pensions products
Norwich Union, part of Aviva, has introduced an additional 23 funds to selected pensions products, including HSBC Amanah Global Pensions - HSBC's Shariah law-compliant fund and Schroder's flagship Diversified Growth fund.
Confusion reigns over annuities
Just Retirement, the specialist retirement solutions provider, has revealed the scale of the challenge facing the retirement industry with the launch of a new study which shows that 73% of those at retirement age do not properly understand what an annuity is, while 4 in 5 retirees (79%) have never heard of the Open Market Option (OMO).
Pensioner debt deepens as disposable income shrinks
One in four (24 per cent) people are approaching retirement in debt, according to a study by Just Retirement, the retirement solutions provider.
LV= strengthens its enhanced annuity offering
Flexible retirement solutions provider LV= has improved its enhanced annuity product by increasing the number of medical conditions accepted for enhanced terms under its conventional and with-profits annuities.
Fiscal stimulus must reach the pockets of older people
The Government risks abandoning a generation of older people to the looming recession unless it includes specific measures to help them in its forthcoming Pre-Budget Report, according to Age Concern.
We must make the case for saving
Making the case for saving was the challenge facing the pensions industry and government, in the present economic climate, according to Pensions Minister Rosie Winterton.
Early access could increase pensions savings
Research from Legal & General shows that the inclusion of some features of The USA & New Zealand pension systems could increase pensions savings in The UK.
Pension contributions plummet
Almost one in five (18 per cent) of UK workers say they have reduced the amount they save for an occupational or private pension as a result of the credit crunch, according to research by Prudential.
Urgent action needed to prevent £35 billion loss pension funds
Some 1.5 million pension holders are teetering on the brink of halting their pension contributions in an effort to stave off the effects of the impending recession, according to new research from AXA.
Consumer Focus welcomes POCA decision
Consumer Focus, the new independent champion for consumers, welcomed today's news that Post Office Limited is to retain its contract to pay the pensions and benefits to over four million users of the Post Office Card Account (POCA).
Post Office awarded Card Account Contract
The Post Office has been awarded the contract to continue providing the Post Office Card Account (POCA), Secretary of State for Work and Pensions James Purnell announced today.
Prudential UK with profits bonus rates
Prudential has announced that it is reducing final bonus rates on its with-profits policies in response to the sustained downturn across world markets and the continuing poor investment environment.
PPF opens its doors to over a thousand more pensioners
The PPF took five more schemes under its wing last month (October), resulting in a further 1,313 people around the UK now receiving compensation - or will do so in the future.
FSA fines AWD Chase de Vere Wealth Management for mis-selling
The Financial Services Authority (FSA) has fined AWD Chase de Vere Wealth Management Ltd £1.12 million for serious failings in its pension transfer, pension annuity and income withdrawal business that resulted in mis-selling.
Pension funds continue to diversify asset investment
Pension funds are continuing to move their assets out of equities and into other investment classes, according to a survey from the National Association of Pension Funds (NAPF).