Pension News
LV= adds new funds to external pension offering
Retirement specialist LV= has enhanced the number of funds available through its pensions range, by adding 15 new managed funds to its external fund link offering - 12 of these from three investment management groups new to the LV= pensions platform.
Improved pension information for consumers
The ABI has launched the latest phase in its campaign to improve the customer experience of securing a retirement income by publishing new guidance for ‘wake-up' packs sent out by pension providers in the run-up to retirement.
Pensioner inflation of 36% over the past decade
Pensioners have seen the general price level of the goods and services they purchase rise by 36% in the last ten years; faster than the increase in Retail Price Inflation (32%), according to research from Clerical Medical.
Over 50s confused about retirement planning
People facing retirement in the UK are more confused than ever about the complexity of current tax legislation and rules, complaining that they are changing so fast that information on what is ‘right' one month, may change to be ‘wrong' the following month, according to research from retirement specialist LV=.
Average cost of retirement in the UK is £413,000
Retirement in the UK costs a typical household £413,000, and costs an individual living alone £326,700, according to the 2008 "Cost of Retirement" report issued by Life Trust Insurance.
Scottish Widows: new rules for protected rights within SIPPS
Ian Naismith, Head of Pensions Market Development comments: "Scottish Widows welcomes the relaxation of rules on protected rights to allow access through most SIPPs. It is sensible that there should be as few restrictions as possible on how consumers choose to invest their money.
Just Retirement provides hope for those with small pension pots
Just Retirement warned that retirees with small pension pots of as low as £5,000 could be missing out on an uplift of up to 40% by not utilising the open market option (OMO).
Alliance Trust: DWP Protective Rights announcement
Steve Latto, Pensions Development Manager at Alliance Trust Savings, said: "We welcome the changes announced by the Government that will make it possible to invest Protected Rights in the same way as other pension investments allowing pensions holders to take full advantage of the investment freedom available within SIPPs.
AEGON welcomes extra flexibility to Protected Rights
The DWP has announced it will make changes to the Appropriate Schemes regulations setting out that all registered pension schemes - including SIPPs - can hold protected rights from October 2008.
Sipps can hold protected rights from October
Investors will have more choice from October following changes to pensions rules allowing protected rights to be held in Self-Invested Personal Pensions (Sipps), Minister for Pensions Reform Mike O'Brien announced today.
Zurich launches new individual pensions trusts
Zurich has launched two new individual pensions trusts, the Pensions Discretionary (2 years) Trust and the Pensions Discretionary (80 years) Trust.
FPI launches Optus in UAE
Friends Provident International (FPI) has announced the launch of the Optus Group Savings Scheme, which has been developed specifically for employers who want to provide additional occupational benefits for their employees.
Retired couples not making the best of savings and assets
Retired UK couples are sitting on average savings and assets (not including their pension) of £269,479, with single pensioners having average savings and assets of £134,739, yet many are failing to make their money work for them, according to UK pension's specialist Prudential.
Don't let inflation push your retirement savings off track
As the Bank of England warns that inflation will exceed 4%, the retirement plans of many savers are at risk because their regular contributions are fixed at a flat rate.
Ban on encouraging or forcing workers to opt out of pension saving
Encouraging or forcing workers not to save in a workplace pension will become unlawful under proposed changes to the Pensions Bill, Minister for Pensions Reform Mike O'Brien has said.