Money Marketing
Tom Selby Editorial

Govt under pressure to tackle 'blended' fund charges

23 May 2013

Legal & General says employer advice should be regulated by the Financial Conduct Authority.

FCA under pressure to rethink Sipp cap-ad plans

23 May 2013

Sipp trade body says there is “minimal support” from the industry for the regulator’s proposed reforms.

L&G to offer trustee-style governance for contract-based pensions

23 May 2013

The ‘independent governance oversight’ committee is designed to look after the interests of contract-based scheme members.

Treasury: Scottish independence would hit UK pensions

23 May 2013

HM Treasury report says Scottish independence would increase costs for pension providers and members.

FCA under pressure to re-think Sipp cap-ad plans

21 May 2013

Sipp trade body says there is “minimal support” from the industry for the regulator’s proposed reforms.

Just Retirement to launch long-term care annuity as sales slump

21 May 2013

Just Retirement’s year-on-year annuity sales dropped by 26 per cent during the first three months of 2013. 

Friends Life recruits new head of longevity

20 May 2013

Friends Life has appointed Neil Robjohns as head of longevity.

PPI: Govt reforms will cut public sector pensions by a third

17 May 2013

The Pensions Policy Institute says the reforms will reduce the average value of a member’s pension from 23 per cent of salary to 15 per cent of salary.

Euro regulator sets out pensions tax harmonisation proposals

17 May 2013

Eiopa has published a discussion paper on measures needed to create a single market for personal pensions in Europe.

Aviva reports 18% rise in new business profits

16 May 2013

Aviva UK saw a 33 per cent increase in the value of new business written during the first quarter.

DWP bans consultancy charging for auto-enrolment

16 May 2013

Pensions minister Steve Webb says the charging method is “not appropriate” for auto-enrolment.

City of London Police makes pension liberation arrests

16 May 2013

Three men arrested following police raid on a London office.

Labour examines single pensions regulator proposal in policy review

16 May 2013

Shadow pensions minister Gregg McClymont says the existing regulatory system is “not fit for purpose”.

Trustees urged to consider affordability of pension deficit repayments

16 May 2013

TPR says trustees should consider the impact high deficit repayments will have on the strength of the sponsoring employer.

Suffolk Life appoints Will Self as MD, David Hobbs moves to Cofunds

15 May 2013

Current Suffolk Life MD David Hobbs moves to Cofunds to take the position of managing director of operational services.

Steve Webb: Industry's consultancy charging solutions were too complex

15 May 2013

In an interview with Money Marketing, the pensions minister explains why the Government has banned consultancy charging.

RBS chairman warns of further job cuts and branch closures

15 May 2013

RBS chairman Sir Philip Hampton tolds shareholders the lender will need to cut jobs to boost financial performance.

Rics: Help to Buy boosts new buyer mortgage inquiries

14 May 2013

Inquiries by new buyers up to their highest level since November 2009, according to an industry poll.

Labour examines single pensions regulator proposal in policy review

13 May 2013

Shadow pensions minister Gregg McClymont says the existing regulatory system is “not fit for purpose”.

FCA's Wheatley proposes 'dual track' system to replace Libor

13 May 2013

FCA chief executive says a parallel system would provide continuity for holders of $350tn (£228tn) in existing contracts that reference Libor.

Aviva: Pension charge cap could force providers to rethink commission deals

10 May 2013

Aviva says a cap below 1 per cent would force providers to make “difficult choices” about ongoing commission payments.

DWP to ban consultancy charging, considers pension charge cap

10 May 2013

Consultancy charging to be banned for auto-enrolment as Government considers pension charge cap.

E&Y: 3,000 to quit advice during 2013

9 May 2013

Ernst & Young expects adviser numbers to fall to 20,000 by the end of the year.

E&Y: Advisers struggling with post-RDR charging transition

9 May 2013

Ersnt & Young says advisers continue to charge “three plus a half” post-RDR.

E&Y: Providers to launch long-term care annuities 'in months'

9 May 2013

Ernst & Young says introduction of care cost cap will encourage providers to launch immediate needs annuities.

PPI appoints Chris Curry as director

9 May 2013

Curry succeeds Niki Cleal as director at the Pensions Policy Institute.

Trustees urged to consider affordability of pension deficit repayments

8 May 2013

TPR says trustees should consider impact high deficit repayments will have on the strength of the sponsoring employer.

Resolution sales dive as corporate benefits business drops

8 May 2013

Resolution corporate benefits sales fall 25 per cent in first quarter of 2013.

E&Y: Mutuals 'well positioned' to fill post-RDR advice void

3 May 2013

Ernst & Young says mutuals could benefit from ”partnering” with other mutuals.

PPI appoints Chris Curry as director

3 May 2013

Curry succeeds Niki Cleal as director at the Pensions Policy Institute.

Hornbuckle attacks rival Sipp providers over cap-ad 'self interest'

3 May 2013

Hornbuckle Mitchell senior executive David White supports the regulator’s proposal to link cap-ad to AUA.

E&Y: Advisers struggling with post-RDR charging transition

2 May 2013

Ersnt & Young says advisers continue to charge “three plus a half” post-RDR.

Savers could face tax hit from automatic drawdown income rise

2 May 2013

Hornbuckle Mitchell issues warning over providers who automatically raise drawdown incomes to the new maximum.

FCA urged to ban cash rebates to Sipps

2 May 2013

Regulator accused of “dragging its heels” over extending rebate ban to adjacent markets.

MPs call for single pensions regulator

2 May 2013

The Work and Pensions select committee questions whether the FCA should regulate contract-based pension schemes.

Nest to challenge companies over executive pay

2 May 2013

Pension scheme sets out its corporate governance and voting policy.

Zurich launches new auto-enrolment default fund

1 May 2013

Zurich has partnered with Schroders and Threadneedle on its new default investment fund.

Nest challenges companies over executive pay

29 Apr 2013

Pension scheme sets out its corporate governance and voting policy.

BBA set to review ailing bank advice market

26 Apr 2013

The future of mass market advice has been called into question after Axa closed its bancassurance arm last week.

Openwork to receive up to £15m in Partnership deal

25 Apr 2013

The arrangement will see Partnership become the sole provider of conventional and enhanced annuities for Openwork advisers.

Annuity Exchange wins online directory tender

25 April 2013

Annuity software specialist The Annuity Exchange will build and operate an online directory of retirement income intermediaries.

Advisers in rethink on consultancy charges

24 Apr 2013

L&G says some advisers have revisited consultancy charging deals due to concerns about the impact on low earners and people who are close to retirement.

Standard Life savings flows surge 22% despite corporate pensions hit

24 Apr 2013

Provider blames pre-RDR commission drive for 29 per cent drop in corporate pensions net flows.

Govt sets out auto transfer pension plans

23 Apr 2013

Automatic transfer threshold to be set at £10,000; DC pots with guarantees excluded from the reforms.

UK hits back over 'reckless' £450bn EU pension plans

19 Apr 2013

Estimates suggest EU proposals could cost UK defined benefit pension schemes £450bn.

300,000 auto-enrolled into a pension since July

19 Apr 2013

Almost 500,000 people excluded from auto-enrolment because they do not meet the Government’s eligbility criteria.

Aviva: HMRC VAT ruling could kill off consultancy charging

18 Apr 2013

Warning follows confirmation from HMRC that consultancy charges are subject to VAT.

Hargreaves defends enhanced annuity commission payments

18 April 2013

aHargreaves Lansdown has launched an online enhanced annuity search engine designed to help people shop around at retirement.

Yorkshire and Clydesdale Banks scrap advice service

16 Apr 2013

The banks say they will not be offering branch advice following Axa’s decision to close its UK bancassurance arm.

Former Ageas marketing head Andy Milburn to join Close Brothers

12 Apr 2013

Milburn will join Close Brothers as marketing manager for employee benefit solutions next week. 

SME's hit by post-crisis lending squeeze

11 Apr 2013

Small and medium-sized business have been “disproportionately affected” in their ability to access finance since 2008, new research suggests.

DWP seeks help solving £13bn GMP equalisation problem

11 April 2013

The issue of how to equalise GMPs, and whether pension schemes are required to do this, has divided industry opinion for over 20 years.

Hargreaves launches enhanced annuity shopping around service

10 Apr 2013

Hargreaves Lansdown has launched an online enhanced annuity search engine designed to help people shop around at retirement.

Plans to push £200m FSA pension deficit onto FCA firms reversed

10 Apr 2013

The final salary pension deficit inherited by the FCA has reached an estimated £200m.

Just Retirement profits boosted by pre-RDR advised sales surge

9 Apr 2013

Just Retirement has reported a 10.9 per cent increase in pre-tax operating profit for the six months to 31 December 2012 as annuity sales surged.

DWP seeks help solving £13bn GMP equalisation problem

8 Apr 2013

The issue of how to equalise GMPs, and whether pension schemes are actually required to do this, has divided industry opinion for over 20 years.

Friends Life chief rules out further job cuts in 2013

4 April 2013

Friends Life group chief executive Andy Briggs says £40m cost savings for 2013 have already been announced.

MetLife launches master trust for group life clients

4 April 2013

MetLife UK has launched a master trust for its group life customers.

Standard and Skandia plan automatic drawdown increases

4 April 2013

Standard Life and Skandia will automatically raise drawdown rates for investors who have chosen to take the maximum.

Fixed-term annuity savers hit by low investment returns

29 Mar 2013

Savers who bought a fixed-term annuity five years ago could be left up to 18 per cent worse off than someone who bought a lifetime annuity.

Friends Life chief rules out further job cuts in 2013

28 Mar 2013

Friends Life group chief executive Andy Briggs says £40m cost savings for 2013 have already been announced.

OFT targets adviser pension switching in 'mammoth' DC study

28 Mar 2013

The OFT has issued separate requests for information to networks, advice firms and employee benefit consultants on the defined-contribution market.

FSA mandates inflation-adjusted projections for pensions

28 March 2013

The rules will not apply to drawdown, although the FSA hints it will investigate whether this should happen in the future.

Govt to increase non-UK IHT exemption limit

28 March 2013

HMRC will increase the amount a UK-based person can transfer to a non-UK based spouse or civil partner without being hit with an inheritance tax charge to £325,000.

Royal London holds annual with-profits bonuses as returns reach 8.6%

28 March 2013

Royal London has held or increased annual with-profits bonuses for 1 million policyholders after its open fund posted returns of 8.6 per cent.

MetLife launches master trust for group life clients

27 Mar 2013

MetLife UK has launched a master trust for its group life customers.

James Hay parent reports 23% profit drop

27 Mar 2013

IFG Group has reported a 23 per cent fall in operating profit from £8m in 2011 to £6.2m in 2012.

Govt confirms auto-enrolment simplification plans

26 Mar 2013

The Government has proposed a series of changes to automatic enrolment regulations designed to make the reforms less burdensome for SMEs.

Resolution pre-tax operating profit falls 60% to £274m

26 Mar 2013

Resolution says the fall in IFRS-based operating profit is due to one-off benefits of £404m included in 2011’s accounts.

FNZ announces new UK chief following shock McMahon departure

25 Mar 2013

Last week, Money Marketing revealed UK chief executive Paul McMahon had left FNZ after less than a year in the role.

FSA mandates inflation-adjusted projections for pensions

21 Mar 2013

The rules will not apply to drawdown, although the FSA hints it will investigate whether this should happen in the future.

Royal London holds annual with-profits bonuses as returns reach 8.6%

21 Mar 2013

Royal London has held or increased annual with-profits bonuses for 1 million policyholders after its open fund posted returns of 8.6 per cent.

Govt drawdown review could lead to income boost

21 Mar 2013

The Government Actuary’s Department will undertake a fundamental review of the assumptions underpinning drawdown rates.

Govt considers allowing pension investment in residential conversions

21 March 2013

The Government is considering allowing pension schemes to invest in unused commercial properties and convert them for residential use.

Budget 13: Govt looks to allow pension investment in residential conversions

20 Mar 2013

The Government is considering changing investment rules to allow pension schemes to invest in unused space in commercial properties which may be converted for residential use.

Budget 13: Govt commissions fundamental drawdown review

20 Mar 2013

The Government has commission the Government Actuary’s Department to undertake a fundamental review of the assumptions underpinning drawdown rates.

Budget 13: Osborne hands pensions regulator new affordability objective

20 Mar 2013

Chancellor George Osborne has handed The Pensions Regulator a new objective to consider the growth prospects of sponsoring employers when setting deficit recovery plans.

Budget predictions: Pension liberation, Qrops and tax avoidance in Osborne's sights

18 Mar 2013

Money Marketing’s expert panel give their predictions ahead of Wednesday’s Budget.

PPI director Niki Cleal to step down

14 Mar 2013

Pensions Policy Institute director Niki Cleal has decided to step down from the role after seven years.

Providers hit out at 'mammoth' OFT pensions study

14 Mar 2013

The OFT circulated an information request to insurance companies last week as part of its workplace DC pensions market study.

Aviva's Barral: FSA should force providers to offer equal annuity rates

14 March 2013

Last week, Aviva’s UK life operation reported a 3 per cent fall in pre-tax profit during 2012.

Pension funds lose £100m a year VAT court case

14 March 2013

The NAPF has argued DB pension funds should be exempt from paying VAT on investment management services.

LV= head of annuities leaves following restructure

13 Mar 2013

LV= head of annuities Matt Trott has left the firm following a restructure of the provider’s retirement business.

HMRC eases pension drawdown transfer rules

12 Mar 2013

HMRC has amended pension drawdown transfer rules after experts warned people are being put off switching providers.

IMA to launch review after FSA warning on corporate access payments

8 Mar 2013

The FSA says it is preparing to fine fund managers who use client money to pay for access to chief executives and market data.

Experts suggest Budget could see VCT/EIS changes

8 Mar 2013

Industry experts say the Government is likely to consider further restrictions to the rules.

LV= cuts with-profits bonuses as returns soar

7 Mar 2013

The mutual insurer is one of a number of with-profits providers who have either frozen or reduced annual bonuses this year.

Pensions regulator's policing contributions stance could hit small firms

7 Mar 2013

TPR is seeking “reasonable assurance” from managers and trustees that “effective internal controls” are in place.

Aviva share price plummets as 2012 losses hit £2.7bn

7 Mar 2013

Insurer cuts dividend as the sale of its US life and annuities business forces a £3.3bn write down on its 2012 accounts.

DWP requests details of post-RDR consultancy charging deals

7 March 2013

Providers have been given until 6 March to send detailed information on consultancy charging agreements to the DWP.

FSA writes to Sipps requesting details of Harlequin investments

7 March 2013

The regulator says it has seen an increasing number of Sipps with underlying investments in overseas property purchased through Harlequin.

Govt under pressure to tighten VCT and EIS rules

7 March 2013

Experts say some investment companies have used the schemes to invest in company debt rather than providing small businesses with equity.

TPR record-keeping review could hit small schemes

7 March 2013

Insurers with large books of legacy business could also struggle to meet The Pensions Regulator’s record keeping standards.

Budget 2013: Malcolm McLean's 10-point plan for pensions

6 Mar 2013

Barnett Waddingham consultant Malcolm McLean sets out his plan to boost saving in the UK.

FSA to clamp down on asset manager corporate access payments

5 Mar 2013

The regulator is preparing to fine fund managers who use clients’ money to pay for access to chief executives, according to the FT.

Aviva to post £3bn loss for 2012

4 Mar 2013

The Sunday Times claims the insurer could announce a cut to its dividend this Thursday.

Avelo to lobby providers over pension quote concerns

1 Mar 2013

Technology firm says providers are producing “limited” quotes for advisers wanting to levy a combination of initial and ongoing adviser charges.

DWP requests details of post-RDR consultancy charging deals

28 Feb 2013

Providers have been given until 6 March to send detailed information on consultancy charging agreements to the DWP.

FSA Sipp chief Milton Cartwright takes PRA role

28 Feb 2013

Cartwright was one of the key architects behind FSA proposals to radically reform the capital regime for Sipp providers.

Govt urged to make unauthorised pension payments illegal

28 Feb 2013

Aviva corporate benefits head of policy John Lawson says the Government should review the unauthorised payment legislation.

Govt proposes radical pensions disclosure simplification

28 February 2013

The DWP is also considering moving to a more “principles based” disclosure regime.

Axa Wealth sales slump 11% despite Elevate increase

28 February 2013

Axa Wealth has reported an 11 per cent fall in overall sales during 2012.

John Perks: LV= may demutualise in the future

28 February 2013

LV= managing director of retirement solutions John Perks discusses possible demutualisation, the future of the annuity market and LV=’s relatively “painless” RDR transition.

Prudential adds £2bn to with-profits bonuses

28 February 2013

The provider says around £800m of this has been paid through increased annual bonuses, with the remaining £1.2bn added to final bonus payouts.

Pensions regulator launches record keeping review

27 Feb 2013

TPR says it will take action if it finds schemes have breached pensions legislation.

Govt warned over trust-based pension shopping around risk

26 Feb 2013

Just Retirement’s Stephen Lowe says 2.5 million members of trust-based pension schemes will not benefit from the ABI code of conduct.

FSA warned of post-RDR 'ghost' advisers

22 Feb 2013

The regulator will launch a thematic review in the coming weeks to weed out “distortions” in the marketplace.

L&G holds with-profits bonuses as investment returns surge

21 Feb 2013

Legal & General has held annual bonuses for its 550,000 with-profits customers as pre-tax returns hit 10.6 per cent during 2012.

Axa Wealth sales slump 11% despite Elevate increase

21 Feb 2013

Axa Wealth has reported an 11 per cent fall in overall sales during 2012.

Close Brothers launches with-profits endowment loan product

21 February 2013

New product allows savers who have with-profits endowments to take out a loan of up to £40,000 rather than cashing in their policy early.

FSA: Adviser numbers fell 12% in RDR build-up

21 February 2013

The number of retail investment advisers working in the UK plummeted almost 12 per cent in the run-up to the RDR deadline, FSA research reveals.

Saga director general Ros Altmann quits

21 February 2013

Saga director general Ros Altmann has quit after two and a half years in the role.

Zurich UK Life operating profit up 9% to £186m

21 February 2013

Profit boost follows announcement of significant job cuts across the provider’s UK Life business.

Sanlam acquires two more IFA businesses

20 Feb 2013

Sanlam Private Wealth has acquired Professional Connection and Berkeley Associates.

Think-tank warns small firms could shun Nest

18 Feb 2013

The Pensions Policy Institute says small employers may be put off using Nest because of the £4,400 cap on contributions.

Close Brothers launches with-profits endowment loan product

18 Feb 2013

New product allows savers who have with-profits endowments to take out a loan of up to £40,000 rather than cashing in their policy early.

Phoenix escapes extra with-profits payments after High Court ruling

15 Feb 2013

The “co-operative litigation” between the provider and the FSA focused on how a guaranteed annuity offered as part of a with-profits bond was calculated.

FSA fines care provider £175k for share dealing failures

14 Feb 2013

Nestor Healthcare board members bought shares in the company in breach of the FSA’s ‘model code’.

Govt urged to introduce new trust-based pension levy regime

14 Feb 2013

Aviva says a new levy regime should be implemented to boost governance standards in trust-based defined-contribution schemes.

Advisers attack Govt for ignoring Dilnot's £35k cap proposal

14 Feb 2013

Advisers have criticised the Government for failing to implement Andrew Dilnot’s proposed £35,000 long-term care cost cap.

Aviva holds WP bonuses and reports steady returns

14 February 2013

The main Aviva with-profits fund delivered an estimated investment return of 7.3 per cent before tax last year.

Govt considers lifetime allowance auto-enrolment exemption

14 February 2013

The Government is considering removing the requirement for employers to automatically enrol people who have lifetime allowance protections in place.

Regulators launch crackdown on early access 'pension predators'

14 February 2013

Regulator urges providers to block transfers to schemes suspected of pension liberation.

Govt confirms £75k LTC cap will be funded by abolition of contracting-out

11 Feb 2013

Labour shadow health secretary Andy Burnham says the proposals “fail the fairness test”.

Regulator urges providers to scrutinise pension transfers

11 Feb 2013

Pensions regulator says providers and administrators should check transfers are not being made to ‘pension liberation’ schemes.

Aviva holds annual with-profits bonuses as investment returns surge

8 Feb 2013

The main Aviva with-profits fund delivered an estimated investment return of 7.3 per cent before tax last year.

Standard Life calls on FSA to scrutinise external fund links

7 Feb 2013

Provider says some external fund links place too much risk on the shoulders of scheme members.

Advisers back Govt auto-enrolment simplification plans

7 February 2013

The DWP will undertake a significant auto-enrolment simplification programme in 2014.

FSA urged to avoid 'myopia' in annuities investigation

7 February 2013

Pension experts say the regulator must not focus solely on rates when scrutinising the annuity market.

Labour: Savers should pressure employers over pension scheme quality

7 February 2013

Labour shadow pensions minister Gregg McClymont has urged savers to put pressure on their employer to choose a good quality scheme for automatic enrolment.

Nest urges Govt to scrap restrictions in 2014

7 February 2013

It is the first time Nest has publicly called for its transfer ban and £4,400 contribution cap to be lifted before a planned review in 2017.

Public sector pensions bill rises £7.4bn due to 'toxic tangle' with state reforms

7 February 2013

The Centre for Policy Studies says abolition of contracting-out will increase the cost of public sector pensions by £7.4bn.

Standard Life cuts WP bonuses but savers get decent returns

7 February 2013

Standard Life has reduced annual bonus rates for 600,000 with-profits savers as the provider’s ‘Heritage’ investment fund delivered returns of 7.9 per cent during 2012.

US private equity firm takes majority stake in Thomsons Online Benefits

7 February 2013

Deal values the employee benefits firm at close to £100m.

Public sector pensions bill rises £7.4bn due to 'toxic tangle' with state reforms

4 Feb 2013

The Centre for Policy Studies says abolition of contracting-out will increase the cost of public sector pensions by £7.4bn.

Advisers could help SMEs install Nest for free, says Govt-backed scheme

1 Feb 2013

Nest is encouraging advisers to help SMEs set up and run the scheme on a ‘loss leader’ basis.

Experts clash over the benefits of pensions education

1 Feb 2013

Experts are divided over whether people who stay in a default fund are more likely to achieve better outcomes than those who make investment choices.

ABI: We will force fund managers to disclose transaction costs

31 Jan 2013

ABI director Stephen Gay says ABI charges disclosure standards will not depend on the IMA’s voluntary code.

Equity Release Council director general Andrea Rozario quits

31 January 2013

Equity Release Council director general Andrea Rozario will step down from her role in February.

Govt considers DB 'smoothing' to cut business costs

31 January 2013

The Government could also introduce a new objective for TPR to consider the long-term affordability of deficit recovery plans to sponsoring employers.

Govt rules out FSA/TPR merger

31 January 2013

Pensions minister Steve Webb says he is not convinced by arguments to create a single pensions regulator.

Minister warns over 'loss leading' auto-enrolment providers

31 January 2013

Pensions minister Steve Webb says there is a risk providers will hike charges once they have secured auto-enrolment business.

Pensions minister tells ABI to accelerate charges disclosure standards

31 January 2013

Earlier this month, fourteen of the UK’s biggest pension providers signed up to a series of charges disclosure requirements.

ABI softens stance on Nest restrictions

30 Jan 2013

Aegon expects the Government to review Nest’s restrictions in 2014.

Standard Life cuts with-profits bonuses as investment returns hit 8%

30 Jan 2013

Provider says cutting annual bonus rates will give it more investment flexibility.

Final salary pensions close at record rate

28 Jan 2013

A survey of 280 NAPF members, covering 1,018 pension schemes with nine million members, reveals just 13 per cent of final salary schemes were open to new staff in 2012.

Pensions minister tells ABI to accelerate charges disclosure standards

25 Jan 2013

Earlier this month, fourteen of the UK’s biggest pension providers signed up to a series of charges disclosure requirements.

Govt urged to 'hardwire' CF8 care fee advice requirement

25 Jan 2013

Partnership pushes for changes to the draft care and support services bill.

Minister warns over 'loss leading' auto-enrolment providers

24 Jan 2013

Pensions minister Steve Webb says there is a risk providers will hike charges once they have secured auto-enrolment business.

Millions who contracted-in face up to £20bn pension hit

24 Jan 2013

Aviva corporate benefits head of policy John Lawson says people who were contracted-in in the early 2000s likely to lose out under state pension reforms.

Govt rules out FSA/TPR merger

23 Jan 2013

Pensions minister Steve Webb says he is not convinced by arguments to create a single pensions regulator.

The great public sector pensions win

21 Jan 2013

Why reforms to the state pension further divide public and private sector benefits and could ultimately force the NHS to make cuts.

Newcastle Building Society advice arm extends Openwork deal

18 Jan 2013

Newcastle Financial Services Limited, the advice arm of Newcastle Building Society, has announced it will remain with Openwork for at least five years.

With-profits savers set for more bonus pain in 2013

17 Jan 2013

Ned Cazalet says with-profits providers are likely to constrain bonus payments this year.

Aviva urges regulator to adopt ABI charges disclosure standards

17 Jan 2013

Aviva’s John Lawson says TPR should incorporate the ABI’s disclosure agreement in rules for trust-based DC schemes.

ABI fails to get closed-book providers to agree disclosure improvements

17 January 2013

Specialist closed-book providers are absent from a list of those who pledge to improve disclosure of pension costs and charges.

John Lawson: TPR master-trust stance could force scheme closures

17 January 2013

Aviva corporate benefits head of policy John Lawson says master-trusts could close as costs increase.

Providers set for talks over pension charges disclosure

17 January 2013

Insurers must now decide how to present information on pension costs and charges to savers.

Zurich recruits David White to head UK Life retail business

17 January 2013

White will join the provider from Fidelity Worldwide Investment, where he is currently head of FundsNetwork, on 21 January.

FSA bans Freedom Sipp directors

16 Jan 2013

John Quarrell and Susan Beaumont had an appeal against the FSA’s decision rejected by the Upper Tribunal in September.

Public sector could face cuts due to state pension reforms

16 Jan 2013

Government employers such as the National Health Service could face budget cuts as a result of the abolition of contracting-out.

Govt reveals details of new £144 a week state pension

14 Jan 2013

Pensions minister Steve Webb confirms public sector accrual rates will not be cut as a result of the changes.

Providers sign up to new pension charges disclosure standards

11 Jan 2013

Fourteen of the UK’s biggest pension providers have signed up to a series of charges disclosure standards set out by the Association of British Insurers.

Providers block transfers to 'pension unlocking' schemes

10 Jan 2013

Standard Life and Hargreaves Lansdown are blocking pension transfers to schemes which claim to allow people to access money from their fund before age 55.

Pensions regulator wants independent audits for master-trusts

10 Jan 2013

The idea is one of a series put forward by TPR in a consultation designed to drive up standards in DC schemes.

Former Bestinvest investment director escapes jail over indecent child images

10 January 2013

Former Bestinvest investment director Nigel Parsons has been handed three-year supervision order and must complete 120 hours on sex offenders programme.

David Miliband: Limit pension tax relief to £26k

9 Jan 2013

Labour MP for South Shields says Government should make further cuts to pension tax relief.

Former Bestinvest investment director escapes jail over indecent child images

8 Jan 2013

Former Bestinvest investment director Nigel Parsons has been handed a three-year supervision order and must complete 120 hours on a sex offenders programme.

Govt mid-term review: Questions remain over pension and LTC reforms

7 Jan 2013

Prime minister David Cameron and deputy prime minister Nick Clegg say the coalition remains “steadfast and united”.

Govt vetoes calls for 'micro' pension short service refunds

20 Dec 2012

The Government has decided not to allow short service refunds to continue for “micro” pension pots.

Concerns raised over 'rush' to buy gender-specific annuities

20 Dec 2012

Analysis from Better Retirement Group suggests the impact of gender-neutral annuity pricing will be smaller than predicted.

Pensions round-up 2012: Charging chaos ahead of the RDR

20 December 2012

Hornbuckle Mitchell freezes Sipp fees

19 Dec 2012

The cost of using the Full Sipp product has remained unchanged since 2009.

Aviva sells stake in Spanish insurance business for £494m

18 Dec 2012

Aviva has sold its 50 per cent stake in Aseval, part of its Spanish insurance operation, to Bankia for £494m.

Ladbrokes chooses L&G master-trust for auto-enrolment

17 Dec 2012

Bookmaker will use L&G’s offering for its 14,000 eligible staff.

UBS set for $1bn Libor fine

13 Dec 2012

UBS will be fined $1bn for its role in the manipulation of Libor, according to reports.

Investment banker jailed for insider dealing

13 Dec 2012

Thomas Ammann has been sentenced to 2 years and 8 months imprisonment for two counts of insider dealing and two counts of encouraging insider dealing.

Lloyds launches non-advised annuity comparison service

13 Dec 2012

The service will be available through LBG’s Lloyds TSB, Halifax and Bank of Scotland retail brands.

AJ Bell profits up 39% as platform assets hit £9.6bn

13 Dec 2012

Pre-tax profits have increased from £19m in 2011 to £26.5m this year.

Advisers slam Government's 'shares for employment rights' move

13 December 2012

The Government will press ahead with controversial plans to allow workers to give up their employment rights in exchange for company shares.

Building societies face RDR pensions delay

13 December 2012

Most building societies will not be able to sell pension products on an adviser charging basis because the L&G plan they use does not facilitate it.

FSA fines Cheshire Mortgage Corporation Limited £1.2m

13 December 2012

Cheshire must carry out a redress exercise that could see approximately £2m paid to around 2,000 customers.

Govt to review pension accounting over deficit concerns

13 December 2012

The CBI has been calling for changes to the way defined-benefit liabilities are accounted for on company balance sheets.

Royal London finance director Stephen Shone quits

13 December 2012

Shone will be replaced in the position by former Scottish Widows finance director Kerr Luscombe.

Northern Rock Together mortgage customers to share £270m payout

12 Dec 2012

Northern Rock will be forced to pay £270m back to customers after errors were discovered in loan documentation dating back to 2008.

Aviva corporate benefits MD Graham Boffey quits

10 Dec 2012

Mark Noble takes on Boffey’s responsibilities and becomes managing director of corporate benefits and health.

Resolution sets out UK restructure plans

10 Dec 2012

Resolution plans to abandon its externally managed operating structure in March next year.

Govt reviewing Pension Protection Fund compensation cap

10 Dec 2012

DWP looks at changing the way the cap is calculated to reflect how long someone is in a pension scheme.

'Let down' advisers warn charging chaos will hit auto-enrolment

7 Dec 2012

Ban on consultancy charging could force the industry to adopt a two-tier charging model.

Govt urged to create auto-enrol advice service for SMEs

6 December 2012

Hargreaves Lansdown head of pensions research Tom McPhail says a TPAS-style organisation could help SMEs navigate through auto-enrolment.

Informed Choice plans execution-only platform launch

6 December 2012

Schroders says 53 per cent of advisers plan to offer basic advice or an execution-only service post-RDR.

LibDem peer slams 'weak' Financial Services Bill

6 December 2012

Liberal Democrat peer Lord Ben Stoneham has urged the Government to “redefine” the fiduciary duties of investment agents.

Scottish Life launches adviser-focused auto-enrolment proposition

6 December 2012

The provider’s auto-enrolment offering assists advisers in setting up and running an auto-enrolment pension scheme.

AS 2012: Osborne pushes through 'shares for employment rights' plans

5 Dec 2012

The Government will press ahead with controversial plans to allow workers to give up their employment rights in exchange for company shares.

AS 2012: Osborne announces cuts to pension annual and lifetime allowance

5 Dec 2012

Annual allowance to be cut to £40,000; lifetime allowance to £1.25m.

Royal London finance director Stephen Shone quits

5 Dec 2012

Shone will be replaced in the position by former Scottish Widows finance director Kerr Luscombe.

Regulator warns against using 'small' DC schemes for auto-enrolment

4 Dec 2012

TPR chairman Michael O’Higgins says people should not be auto-enrolled into “small” defined-contribution arrangements, high-charge legacy schemes, Sipps and SSASs.

Autumn Statement 2012: Are pensions in the firing line again?

4 Dec 2012

Chancellor George Osborne could target pension tax relief and drawdown in his Autumn Statement tomorrow.

Osborne to address 'unacceptable' tax paid by multi-nationals

3 Dec 2012

Clampdown follows damning report from public accounts committee.

Govt to look at 'pooling' small pension pots

29 Nov 2012

Lord John Patten says the combined value of funds worth less than £5,000 is £2bn.

Just Retirement launches DB de-risking business

29 Nov 2012

The provider has entered discussions with employee benefit consultants about using medical underwriting to price de-risking deals for SMEs.

Advisers call for 'urgent clarity' over consultancy charging

29 Nov 2012

A decision on whether to ban consultancy charges for auto-enrolment is not expected until early next year.

Consultancy charging chaos as Govt launches 'urgent review'

29 November 2012

FSA head of investment policy David Geale says DWP has the power to stop consultancy charging.

Providers hit back at FSA Sipp commercial property stance

29 November 2012

Last week, the regulator proposed increasing the minimum amount of capital a Sipp operator must hold from £5,000 to £20,000.

Origen to launch restricted advice arm using Aegon platform

28 Nov 2012

Origen Workplace Solutions will target employers with between 25 and 250 employees.

Govt to launch 'urgent review' of consultancy charging

27 Nov 2012

The Department for Work and Pensions is considering banning consultancy charging for automatic enrolment.

Suffolk Life backs FSA Sipp commercial property stance

26 Nov 2012

Provider says the regulator was right not to include commercial property in the list of “standard assets” it will use to calculate capital adequacy.

FSA challenged over Sipp commercial property 'standard assets' exclusion

22 Nov 2012

Sipp operators plan to challenge the FSA’s decision to exclude commercial property from its list of standard investments for capital adequacy purposes.

Tim Jones' Nest future to be decided 'early next year'

22 Nov 2012

Jones also outlines the argument against retaining the £4,400 contribution cap and ban on transfers in and out imposed on Nest ahead of summer 2014.

FSA to increase Sipp cap-ad minimum to £20,000

22 Nov 2012

Regulator proposes linking Sipp capital adequacy requirements to assets under administration, with a surcharge for “non-standard” asset types.

George Osborne warned pension relief cut will hit entrepreneurs

22 November 2012

Experts say cutting the annual allowance for tax-incentivised pension saving will hit small business owners and public sector workers.

Labour: Failure to scrap Nest restrictions threatens auto-enrolment

22 November 2012

Labour has warned the Government any delay in scrapping Nest’s restrictions will put the success of automatic enrolment at risk.

MM Profile: Nest's Tim Jones on being an 'intrapreneur'

22 November 2012

Nest chief executive Tim Jones has a lot on his plate with the launch of auto-enrolment. But there was a time when he was more concerned with just doing the shopping.

Resolution targets extra £17m cost savings

22 November 2012

Life sector consolidation vehicle Resolution has increased its cost savings target from £143m to £160m by 2015.

George Osborne warned pension relief cut will hit entrepreneurs

20 Nov 2012

Experts say cutting the annual allowance for tax-incentivised pension saving will hit small business owners and public sector workers.

Partnership names Chris Gibson-Smith as chairman designate

20 Nov 2012

The London Stock Exchange chairman will replace Ian Owen in the role.

DWP to address auto-enrolment 'hybrid' loophole

19 Nov 2012

Lane Clark and Peacock says existing legislation could see reforms delayed for 4 million workers.

'Loophole' could delay auto-enrolment for 4 million workers

19 Nov 2012

Employers with a ‘hybrid’ pension scheme can defer auto-enrolment until 1 October 2017.

Aegon presses TPR to disclose employer auto-enrol staging dates

15 Nov 2012

Provider says it is concerned some employers may be unaware of their regulatory responsibilities.

McClymont backs approximate pension costs disclosure

15 Nov 2012

Shadow pensions minister says a disclosure regime based on estimates would be a “significant improvement” on existing disclosure.

Partnership warns of RDR 'annuity apartheid'

15 Nov 2012

Partnership chief executive Steve Groves says policymakers and the industry must tackle the annuity advice gap for small pots.

Resolution targets extra £17m cost savings despite IT problems

15 Nov 2012

Life sector consolidation vehicle Resolution has increased its cost savings target from £143m to £160m by 2015.

ABI annuity disclosure plans get industry backing

15 November 2012

The ABI wants all of its members to publish information on the annuity rates they offer to consumers.

Adviser concern over Standard Life direct with-profits mailing

15 November 2012

Advisers criticise provider’s decision to contact with-profits investors direct.

MetLife launches 'capacity for loss' adviser toolkit

14 Nov 2012

The toolkit has been developed in conjunction with Better Retirement Group.

Friends Life appoints David Hynam as UK chief exec

13 Nov 2012

A reshuffle will see corporate affairs and brand director Peter Foster leave the provider.

Liberty launches low-cost online Sipp

12 Nov 2012

Provider launches the Liberty Icon Sipp in partnership with investment manager and stockbroker James Brearley & Sons.

Adviser concern over Standard Life direct with-profits mailing

8 Nov 2012

Advisers criticise provider’s decision to contact with-profits investors direct.

MetLife cuts maximum income on unit-linked guarantee bond

8 Nov 2012

Provider has also raised the deferment increases it offers to investors in its unit-linked guarantee income bond from 4 per cent to 4.25 per cent.

Aviva to sell US life and annuities business

8 Nov 2012

Chairman John McFarlane says the insurer is “actively pursuing” talks with potential bidders.

FSA faces calls for fundamental pension projections review

8 November 2012

Maximum projection rates will be cut to 2 per cent, 5 per cent and 8 per cent from April 2014.

Pru links with Nest and Now: Pensions for auto-enrolment

8 November 2012

Prudential is linking with low cost providers Nest and Now: Pensions to provide two-tier pension schemes to employers.

SFO abandons search for £103m missing Keydata funds

8 November 2012

Serious Fraud Office’s attempt to locate missing SLS Capital SA funds ends in failure.

Advisers and providers back ABI annuity disclosure plans

7 Nov 2012

The ABI wants all of its members to publish information on the annuity rates they offer to consumers.

Pru fined £50,000 over 'farcical' pension data mix-up

6 Nov 2012

Information Commissioner’s Office fines provider £50,000 after it accidentally merged to peoples’ pension accounts.

DWP publishes call for evidence on Nest restrictions

6 Nov 2012

Nest is currently subject to a contribution cap of £4,400 and a ban on transfers.

Just Retirement reveals gender-neutral annuity pricing strategy

6 Nov 2012

The provider will honour its 45-day quote guarantee period for applications received before 21 December.

SFO abandons search for £103m missing Keydata funds

5 Nov 2012

Serious Fraud Office’s attempt to locate missing SLS Capital SA funds ends in failure.

FSA confirms plans to cut pension projection rates

1 Nov 2012

Projection rates will be cut to 2 per cent, 5 per cent and 8 per cent from April 2014.

Robert Graves: FSA should publish Sipp-specific Cobs

1 Nov 2012

Last week, the regulator published the results of a thematic review which uncovered “widespread failings” in the Sipp market.

ABI to propose radical pensions drawdown solution

1 Nov 2012

The ABI wants the GAD maximum to be calculated using a mixture of long-term corporate bond yields and long-term gilt yields.

FSA warns providers over adviser charging disclosure concerns

1 November 2012

Providers do not believe the FSA’s stance will have any impact on legacy commission.

Pru links with Nest and Now: Pensions for auto-enrolment

31 Oct 2012

Prudential is linking with low cost providers Nest and Now: Pensions to provide two-tier pension schemes to employers.

FSA fines and bans adviser over Ucis sales

29 Oct 2012

The FSA has fined Martin Rigney of Topps Rogers £117,330 and banned him from performing any function.

NAPF and Eiopa clash over Solvency II for pensions

25 Oct 2012

NAPf chairman Mark Hyde Harrison says the proposals will cost UK defined-benefit pension schemes £300bn.

Providers play down regulator's master-trust concerns

25 Oct 2012

The Pensions Regulator practice manager Darran Burton has warned the regulator is scrutinising potential conflicts of interest for trustees of master-trust schemes.

Adviser jailed after gambling away proceeds from VAT fraud

25 October 2012

Mohammad Izhar Ul Haq assisted a client in fraudulently reclaiming nearly £900,000.

Alliance Trust Savings sells £3bn Sipp book to Curtis Banks

25 October 2012

The deal, which is expected to be completed by the end of the year, will see almost 6,000 Sipps transferred to Curtis Banks.

FSA: Sipp operators risk causing 'significant consumer detriment'

25 October 2012

The FSA will launch a programme of work designed to strengthen Sipp providers’ capital requirements, disclosure and inflation-adjusted projections.

Labour calls for OFT to investigate pensions industry

25 October 2012

Shadow pensions minister Gregg McClymont says he wants increased transparency around costs and charges.

Pensions minister threatens to 'name and shame' on auto-enrolment

25 October 2012

Steve Webb has threatened providers who do not introduce measures to prevent people being automatically enrolled into poor value schemes.

Steve Webb: Govt "committed" to state pension reform

25 October 2012

Pensions minister Steve Webb has delivered the strongest indication yet that plans to introduce a flat-rate, single-tier state pension worth £140 a week will go ahead.

FSA: Sipp operators risk causing 'significant consumer detriment'

23 Oct 2012

The FSA will launch a programme of work designed to strengthen capital requirements, disclosure and inflation-adjusted projections for Sipp providers.

A J Bell proposes radical pensions drawdown overhaul

22 Oct 2012

Provider sets out its blueprint for a new regime based on a person’s age and the size of their fund.

Gender savings gap increases as women hit by economic dowturn

22 Oct 2012

Scottish Widows says women are being “disproportionately” hit by the economic downturn as the gender savings gap increased during 2012.

Pensions regulator investigates master-trust conflicts of interest

19 Oct 2012

TPR practice manager Darran Burton says conflicts in master-trusts are a “big issue” for the regulator.

Pensions minister threatens to 'name and shame' on auto-enrolment

19 Oct 2012

Steve Webb has threatened providers who do not introduce measures to prevent people being automatically enrolled into poor value schemes.

Labour calls for OFT to investigate pensions industry

18 Oct 2012

Shadow pensions minister Gregg McClymont says he wants increased transparency around costs and charges.

Providers challenged over refusal to publish pension fund income yields

18 Oct 2012

Providers say income yield figures would be of limited use to investors.

Annuity rates suffer record fall in Q3

18 October 2012

Barnett Waddingham’s Malcolm McLean says plunging annuity rates could jeopardise the success of auto-enrolment.

Govt sees competition as FCA priority

18 October 2012

Treasury financial secretary Greg Clark strong regulatory action was needed to promote competition.

Standard Life's John Lawson to join Aviva

18 October 2012

Standard Life head of pensions policy John Lawson is joining Aviva.

Lord Mandelson: Threat of more regulation is destabilising

17 Oct 2012

Lord Peter Mandelson supports ring-fencing banks but warns against constant regulation.

Standard Life set to launch flexible drawdown proposition

16 Oct 2012

Standard Life has contacted advisers outlining plans to launch a standalone flexible drawdown product on 29 October.

PRA may fight EU rules preventing 'proximity to failure' disclosure

16 Oct 2012

The Prudential Regulation Authority could fight European rules which prevent it from telling firms how close they are to failure.

Annuity rates suffer record fall in Q3

12 Oct 2012

Barnett Waddingham’s Malcolm McLean says plunging annuity rates could jeopardise the success of auto-enrolment.

Standard Life's John Lawson to join Aviva

11 Oct 2012

Standard Life head of pensions policy John Lawson is joining Aviva.

Providers consider annuity underwriting bureau launch

11 Oct 2012

Industry trade body Origo has completed a feasibility study into developing a central body to collect health information from consumers.

Warning over 'unprecedented' auto-enrol misselling into old schemes

11 Oct 2012

The Pensions Institute says the pensions industry will face an “unprecedented” misselling scandal unless high charges on old schemes are abolished.

Fears remain over Govt state pension reform

11 October 2012

Hargreaves Lansdown’s Tom McPhail says the new single-tier system is unlikely to be “swift, bold and transformational”.

Providers set out gender-neutral annuity pricing strategies

11 October 2012

Prudential will switch to gender-neutral annuity rates from 12 November.

FSA to delay Sipp disclosure rules due to deadline concerns

10 Oct 2012

Providers say the proposed timetable would have created “insurmountable practical difficulties”.

Duncan Smith reaffirms commitment to single-tier state pension

9 Oct 2012

Confirmation follows reports suggesting prime minister David Cameron had called for a re-think of the proposed reform.

JLT agrees £17m deal for Alexander Forbes' employee benefits business

5 Oct 2012

The deal, which is subject to regulatory approval, will see AFCA become part of JLT’s employee benefits division.

FSA proposes extension of controlled function powers

4 Oct 2012

The FSA wants to extend the existing rules so people can be held responsible for the failure of any controlled function they interact with.

Bank of England holds interest rates at 0.5%

4 Oct 2012

The BoE monetary policy committee has also decided not to extend quantitative easing beyond the existing £375bn provision.

FSA delays approved persons regime for mortgage brokers

4 Oct 2012

The introduction of CF31 has been delayed as the regulator undertakes “essential” IT upgrades.

FSA targets wrap and Sipp providers in Ucis clampdown

4 October 2012

The FSA has turned its attention to the products used to hold Ucis investments, such as Sipps.

TPR in talks with providers over auto-enrol contribution portal

4 October 2012

The Pensions Regulator wants to work with the industry to develop an electronic portal to monitor contributions.

Partnership confirms annuity pricing approach ahead of gender deadline

3 Oct 2012

Partnership will follow LV= by honouring completed gender-specific annuity applications made before midnight on 20 December.

Skandia research highlights adviser confusion over platform rules

2 Oct 2012

A survey of over 1,000 advisers found that 40 per cent believe they cannot use one main platform and remain independent.

Hargreaves introduces 0.5% Sipp 'loyalty bonus'

1 Oct 2012

Hargreaves says the bonus will be available on over 1,000 investment funds from January next year.

Just Retirement extends fixed-term annuity break clause

1 Oct 2012

Policyholders can now exit the plan mid-contract if their economic or personal circumstances change.

Ed Balls: 4G sale would pay for stamp-duty holiday and affordable housing

1 Oct 2012

Labour would use proceeds from 4G sale to fund a £500m, two-year stamp duty holiday on houses sold for up to £250,000.

Regulator wants providers to police auto-enrol contributions

27 Sep 2012

L&G director Adrian Boulding laments “extensive and potentially expensive” proposals.

Aviva axes Darren Dicks as head of retirement propositions

27 September 2012

Dicks made redundant as part of provider’s £400m worldwide cost-cutting drive.

Govt urged to ditch 'pension for property' plans

27 September 2012

Standard Life head of pensions policy John Lawson says the Government should guarantee investments in infrastructure projects.

Origen records £3.5m loss following systems review

27 September 2012

Origen spent £787,000 on an internal review of its systems and controls in 2011.

Zurich chief Gary Shaughnessy: Time for protection tax breaks

27 September 2012

In his first interview since joining Zurich, Gary Shaughnessy discusses protection, cost cutting and the future of financial services regulation.

Steve Webb slams advisers for 'dissing' Nest and chasing commission

26 Sep 2012

Pensions minister says IFAs focus on commission when recommending auto-enrolment schemes.

Pension Protection Fund limits levy hike to 15 per cent

25 Sep 2012

Decision to set next year’s levy at £630m follows concern about the impact a larger increase could have on small businesses.

Concerns raised over provider G-day comms

24 Sep 2012

Providers will have to offer gender-neutral rates on insurance products from 21 December.

Providers commit to fixed-term annuity market

21 Sep 2012

Aviva, Just Retirement, LV= and Primetime Retirement will continue to offer fixed-term annuities following MetLife’s decision to pull out of the market.

Pru issues warning over auto-enrol opt-out advice

20 Sep 2012

Approval from a pension transfer specialist will be needed to advise a client to opt-out of their employer’s existing GPP.

PosSol reviews social media policy

20 Sep 2012

Positive Solutions says it is looking to give advisers more freedom to use websites such as Twitter.

Aviva to ditch four products ahead of RDR

20 September 2012

Provider says it will remain active in the Sipp market through its Pension Portfolio offering.

Labour prepares to turn up the heat on pension charges

20 September 2012

Money Marketing speaks to Labour’s Gregg McClymont about costs and charges, small pots, auto-enrolment and state pension reform.

Skandia's platform reports £11m pre-tax loss for 2011

20 September 2012

Skandia Investment Solutions posted a pre-tax loss of £11.4m during 2011 as the platform was forced to absorb RDR-related costs.

Tories and LibDems set for battle over state pension reforms

19 Sep 2012

Senior Liberal Democrat backbencher Stephen Lloyd MP insists state pension reform remains “rock solid”.

'We're all in': Watch the Govt's new auto-enrol TV advert

17 Sep 2012

Adverts to feature TV stars including Theo Paphitis and Karren Brady.

MetLife exits fixed-term annuity market

13 Sep 2012

MetLife has quit the UK fixed-term annuity market.

Aviva to ditch four products ahead of RDR

13 Sep 2012

Provider says it will remain active in the Sipp market through its Pension Portfolio offering.

Auto-transfer pension plans under threat over £40m costs

13 Sep 2012

Pensions industry refuses to pay the estimated £40m needed to build a ‘central information hub’ to facilitate auto-transfers for small pension pots.

IMA urges Govt to consider pensions 'auto-escalation'

13 Sep 2012

The IMA’s Jonathan Lipkin says policymakers should explore how to encourage people to save more than the automatic enrolment minimum of 8 per cent.

IMA: Time for a measured debate on pension charges

13 September 2012

Investment Management Association associate director of pensions and research Jonathan Lipkin discusses costs and charges, auto-enrolment and regulation.

PosSol head of propositions Andrew Waldron quits

13 September 2012

Business development director Jonathan Morely is also set to leave the IFA network.

The Annuity Bureau launches 24-hour annuity quote service

11 Sep 2012

TAB says the new service will allow users to obtain a range of annuity quotes from pension providers within 24 hours.

Skandia: More than 50% of advisers to gain chartered status

10 Sep 2012

The provider says up to 78 per cent are likely to gain the qualification.

The Pensions Trust to launch auto-enrol scheme for the voluntary sector

10 Sep 2012

The Pensions Trust is preparing to launch a multi-employer defined-contribution scheme.

PosSol head of propositions Andrew Waldron quits

7 Sep 2012

Business development director Jonathan Morley is also set to leave the IFA network.

B&CE to keep Partnership single-tie deal for small pension pots

6 Sep 2012

Provider will offer a whole of market annuity shopping around service for people with pensions worth more than £20,000.

ABI: Not our job to enforce charge disclosure changes

6 September 2012

Stephen Gay: “The ABI is not a regulator. The code on the open market option is not normally the way we do business.”

Lighthouse chairman David Hickey quits

6 September 2012

Lighthouse chairman David Hickey has resigned following the IFA firm’s failed attempt to de-list from the Aim last month.

Tory Councillor backs Sipp residential property rethink

6 September 2012

Conservative MP Mark Garnier says Sipp investment rules could be debated at the Tory party conference in Birmingham next month.

NAPF recruits DWP pensions policy head Helen Forrest

4 Sep 2012

Forrest has been head of pensions external engagement at the DWP since January 2006.

Tory Councillor backs Sipp residential property rethink

4 Sep 2012

Conservative MP Mark Garnier says Sipp investment rules could be debated at the Tory party conference in Birmingham next month.

Lighthouse shareholders withdraw board review request

3 Sep 2012

Rock Holdings and Southern Rock Insurance Company had called for former joint chief executive Allan Rosengren to be made a director of the firm.

Scottish Widows sets out RDR strategy

31 Aug 2012

Provider plans to launch a new onshore investment bond product in September.

Clifton AM appoints David Suckling as compliance director

30 Aug 2012

Suckling joins from IFG, where he was head of UK internal audit.

The myth of 'the myth of free banking'

23 Aug 2012

I was genuinely astonished to read that Which? had “shattered the myth” of free banking.

Advisers point to future Friends Life IPO

23 August 2012

Advisers say Resolution founder Clive Cowdery could revive plans to list Friends Life on the stock exchange if market conditions improve.

James Hay accuses former employees of poaching clients

23 August 2012

James Hay says Richard Mattison and Jane Davies used client data to approach SSAS clients.

Scottish Life targets drawdown market with investment offering

23 August 2012

Provider to launch five new investment portfolios for its governed range.

Bio-fuel administrator warns court costs will hit Sipp investors

21 Aug 2012

Sustainable Growth Group chairman Gregg Fryett has challenged an SFO freezing order and the appointment of Chantrey Vellacott as administrator.

Which? calls on FCA to clamp down on bank charges

21 Aug 2012

Which? says people with ‘free’ current accounts face charges of up to £900 a year.

Pointon York insists delisting not linked to possible sale

17 Aug 2012

Chairman Geoff Pointon refuses to rule out a future sale of the Sipp provider.

Standard Life: Govt should indemnify providers against auto-transfer misselling

17 Aug 2012

Head of pensions policy John Lawson says Government should pay compensation if consumers suffer detriment.

Pointon York to delist as costs mount

16 Aug 2012

Pointon York has announced plans to delist from the PLUS Market stock exchange.

Aviva and Pru pledge to review pension exit fees

16 August 2012

Aviva and Prudential will review the exit fees charged on old pension policies.

Scottish Life links with Nest for auto-enrolment offering

15 Aug 2012

Tie-up will allow employers to use either Scottish Life or Nest, or both, to meet their auto-enrolment duties.

Close Brothers shuts Chartwell Direct call centre in Bristol

15 Aug 2012

Firm refuses to confirm whether jobs are at risk following the move.

Standard Life profits boost ahead of RDR

14 Aug 2012

Standard Life has reported a 62 per cent increase in UK pre-tax operating profit for the first half of 2012.

HMRC tells providers to increase drawdown rates for women

9 Aug 2012

The Revenue has told pension providers to offer women the same, higher maximum drawdown rate as men from 21 December.

Cost cutting sees Friends Life head of PR leave

9 August 2012

It is understood the decision was made as part of the group’s cost-cutting drive

Jelf links with Scottish Widows on auto-enrol proposition

9 August 2012

Jelf launches its auto-enrolment offering, Jelf Money at Work

L&G profits up as it highlights restricted advice muscle

9 August 2012

The provider will focus on developing a restricted advice offering after the RDR

Start-up costs see Paradigm Pensions report first year loss

8 Aug 2012

Director Steve Bee paid over £350,000, including salary and signing on fee.

L&G profits up as it highlights restricted advice muscle

7 Aug 2012

The provider will focus on developing a restricted advice offering post-RDR.

Govt moots U-turn on state pension cap

3 Aug 2012

People with NI contribution records of 30 years or more could continue to accrue extra state pension when contracting-out is abolished.

Billy Burrows: Advisers should create their own fixed-term annuities

2 Aug 2012

Advisers could sidestep insurance companies by creating their own fixed-term annuity product for clients using a Sipp.

Better Retirement Group directors launch RDR advice website

2 August 2012

The Retirement Academy has been set up with financial and practical support from MGM Advantage, Prudential and LV=.

Standard Life revamps offshore bond ahead of RDR

2 August 2012

The provider will facilitate adviser charging either before or after a client’s money has been invested in the bond.

Just Retirement annuity sales boost Q4 performance

30 Jul 2012

Total sales increased from £350.1m in Q4 last year to £425.9m in Q4 this year.

Standard Life revamps offshore bond ahead of RDR

27 Jul 2012

The provider will facilitate adviser charging either before or after a client’s money has been invested in the bond.

HMRC publishes revised adviser charging guidance

26 Jul 2012

New guidance addresses issues raised by advisers around tax-free cash and consultancy charging.

Lloyds suffers £439m loss in first half of year

26 Jul 2012

Lloyds records a £439m loss for the first six months of 2012, driven by an increase in provision for PPI misselling.

Boulding: Govt "hiding under the table" on gender pricing for DC pensions

26 July 2012

The Government will not look to extend the requirement for gender neutrality to occupational DC annuity business.

Govt urges providers to scrap 'unfair' old pension charges

26 July 2012

Pensions minister Steve Webb wants insurers to revisit ‘back book’ pension policies.

Should DB members be taking a tax-free lump sum?

26 July 2012

Axa Wealth is urging advisers to scrutinise tax-free lump sums

CBI: Huge PPF levy hike will hit small firms

25 Jul 2012

The Pension Protection Fund levy is expected to increase by up to 25 per cent this year.

Govt urges providers to scrap 'unfair' old pension charges

23 Jul 2012

Pensions minister Steve Webb wants insurers to revisit ‘back book’ pension policies.

Should fixed-term annuities be sold non-advised?

19 Jul 2012

Primetime Retirement is considering selling fixed-term annuity products on a non-advised basis after the RDR.

Steve Webb joins industry in attacking Miliband's scaremongering

19 Jul 2012

Webb: “I do no think the use of lurid language to grab a headline was helpful.”

ABI looks to uncover scale of exit fees problem

19 July 2012

Providers are under pressure to scrap exit penalties on old pension policies.

MGM Advantage seeks £200m cash injection from sale

19 July 2012

Mutual insurer has appointed Evercore to seek out potential buyers.

Tony Morris cleared of £52m GP Noble fraud

19 July 2012

Morris was accused of conspiracy to defraud, theft and aiding and abetting fraud.

Govt to press ahead with radical small pot pension reforms

17 Jul 2012

Pensions minister Steve Webb outlines plans for automatic transfers of small pension pots.

MGM Advantage seeks £200m cash injection from sale

16 Jul 2012

Mutual insurer has appointed Evercore to seek out potential buyers.

Solvency II faces further delays after talks deadlock

12 Jul 2012

ABI director Hugh Savill says failure to reach agreement on rules “raises questions” about existing timetable.

MetLife UK offers trio of BlackRock funds without guarantees

12 Jul 2012

MetLife UK is offering its three BlackRock-run unit-linked guarantee pension products in a bid to target younger investors.

Aviva unveils plans for guaranteed pension product

12 Jul 2012

Aviva aims to develop a pension that will guarantee investors get back at least the value of all contributions and tax relief.

DWP clarifies auto- enrolment charges

12 July 2012

Government to launch automatic enrolment TV ads

12 July 2012

Managers targeted as Aviva slashes costs

12 July 2012

DWP to run auto-enrolment TV ad campaign

6 Jul 2012

Campaign will run in September and October due to concerns about low awareness among consumers, Money Marketing understands.

Pensions regulator auto-enrol plans hit by budget cuts

5 Jul 2012

Chief executive Bill Galvin admits budget cuts have affected plans to scrutinise workplace pensions alongside the FSA.

Labour condemns DWP state aid expertise

5 Jul 2012

Shadow pensions minister says DWP’s lack of expertise is restricting its capacity to fight European rules.

Aviva UK targets management reduction in cost-cutting drive

5 Jul 2012

Provider will strip up to four layers of management from certain parts of the business.

Adviser anger at cash freeze

5 July 2012

Aegon: Govt auto-enrol consultancy charging stance will hit advice

3 Jul 2012

DWP confirms charge cannot be taken from statutory minimum pension contributions.

Lord Turner attacks "cynical greed" of Libor traders

3 Jul 2012

FSA chairman says the Libor scandal has caused a “huge blow” to the reputation of the banking industry.

Just Retirement appoints Alex Duncan as chief risk officer

3 Jul 2012

Duncan joins the enhanced annuity specialist from Old Mutual.

Royal London confirms intermediary leadership line-up

2 Jul 2012

Bright Grey and Scottish Provident proposition director Roger Edwards becomes managing director of UK protection.

Aviva to offer up to 3 month commission guarantees

29 Jun 2012

Commission guarantees designed to help advisers’ RDR transition.

Insurers developing pension passport transfer scheme

28 Jun 2012

Insurers are devising a “pension passport” designed to alert customers to the risks of moving their pension fund.

Axa Wealth to facilitate adviser charging on all products

28 Jun 2012

Axa Wealth will allow adviser charging across its entire product range.

LV= recruits Mark Laidlaw as chief actuary

28 Jun 2012

Laidlaw was previously executive vice president for Solvency II at Aegon.

Phoenix transfers £5bn of annuity assets to Guardian

27 Jun 2012

Agreement will see 300,000 in-payment pension annuities moved to Guardian in July.

Employers could face £10,000 auto-enrol non-compliance fines

22 Jun 2012

The Pensions Regulator publishes details of its automatic enrolment compliance and enforcement strategy.

Former IFA buys the Annuity Clearing House

22 Jun 2012

Former IFA David Slater has bought the Annuity Clearing House from Rockingham Retirement for a “nominal” sum.

Can you cash in on your intellectual property?

21 Jun 2012

Feeney takes chief exec role for Old Mutual wealth arm

21 June 2012

Crunch European talks to avoid big Solvency II annuity hit

20 Jun 2012

EU Commissioner Michel Barnier is attending crunch talks over Solvency II this week.

Aegon to increase direct sales in the UK

19 Jun 2012

The provider says it remains “committed” to the advice market.

Bank of Scotland appoints Mattioli Woods to run £140m 'Pilgrim' Sipp

15 Jun 2012

The scheme will be run by Mattioli Woods’ subsidiary company City Trustees.

IFAs slam lack of Nest risk tool

15 Jun 2012

Advisers have criticised Nest’s decision not to develop a risk-profiling tool for members.

Steve Webb slows pace of small pot reforms

14 Jun 2012

The Government has put the brakes on reforms to small pension pots after providers voiced concern.

Xafinity buys Alliance SSAS arm

14 June 2012

ABI attacks pension charges 'myth'

12 Jun 2012

The Association of British Insurers says it is a “myth” that high pension charges are putting people off saving for retirement.

New bank to offer loans to Sipps and SSASs

11 Jun 2012

Cambridge & Counties Bank launches following the acquisition of Pensions Bank by Trinity Hall and Cambridgeshire Local Government Pension Fund.

Xafinity buys Alliance Trust's SSAS business

11 Jun 2012

The newly acquired business will become part of Xafinity’s small self-administered schemes arm Hazell Carr SSAS.

Double-digit gap in top-five annuities

8 Jun 2012

Research from Better Retirement Group reveals double-digit price differentials between the first and fifth best annuity provider.

Charging confusion after HMRC has costs rethink

7 Jun 2012

Confusion over HM Revenue & Custom’s treatment of adviser and consultancy-charging has hit providers’ RDR preparations.

Aegon UK offices tested following Legionnaires' outbreak

7 Jun 2012

An Aegon spokesman says the provider is “confident” it is not the source of the outbreak.

Guardian picks Shalton for MD role

7 June 2012

'Investors could run scared from negative returns'

7 June 2012

Projection cut plan is to build up trust

7 June 2012

FSA: Referring clients to pension transfer specialists will not damage independence

6 Jun 2012

IFAs will not compromise post-RDR independence if they do not advise on pension transfers, opt-outs or long-term care.

Guardian appoints Marlene Shalton to lead financial planning drive

6 Jun 2012

Shalton will become managing director of Guardian’s financial planning practice from September 1.

EU has Government over a barrel on Nest

1 Jun 2012

Advisers say the Government is hamstrung by European state aid rules after it rejected calls from MPs to scrap restrictions on Nest ahead of the 2017 review.

Aegon: FSA projection proposals risk misleading customers

31 May 2012

Aegon head of regulatory strategy Steven Cameron says maximum return should be based on a fund invested 100 per cent in equities.

FSA confirms plans to cut projection rates

31 May 2012

Proposals would see falls in rates providers and advisers must use to illustrate potential future investment returns.

Waterson: FSA stance on equity release 'outdated'

31 May 2012

Former Tory shadow pensions minister Nigel Waterson has called for the FSA to soften its stance on equity release.

Biofuel boss attempts Sipp rescue package

30 May 2012

Sustainable Growth Group chairman Gregg Fryett has put together a rescue package for investors who face £36m losses.

Govt urged to use health budget to fund LTC reform

29 May 2012

The Nuffield Trust says policymakers could shift money from the health budget to help pay for long-term care funding.

Resolution considers £1.2bn bid for Dutch fund Robeco

28 May 2012

Resolution is eyeing a £1.2bn takeover bid for Dutch fund management firm Robeco, according to reports.

Govt rejects calls to scrap Nest restrictions

25 May 2012

The Government has rejected calls from the work and pensions select committee to scrap the restrictions on Nest ahead of the 2017 review.

Partnership to offer standard annuities through single-tie Openwork deal

24 May 2012

Partnership director of product development and marketing Nigel Barlow does not rule out push into conventional annuities market.

Pfeg wants MAS to fund financial education in schools

24 May 2012

Pfeg chief executive Tracey Bleakley wants the MAS to outsource a £50m five-year programme to embed financial education in the national curriculum.

Code could help auto comparison

24 May 2012

Review could see Aviva trim back in the UK

24 May 2012

Invesco chief economist: Political leaders 'scared rigid' of bank contagion

22 May 2012

John Greenwood says political leaders are “scared rigid” of a run on banks across Europe as Greece teeters on the brink of collapse.

HMRC plans help to avoid fixed protection losses

17 May 2012

HM Revenue & Customs is planning a retrospective power in the Finance Bill to protect people against the loss of pension fixed protection.

Buchanan retires to take on part-time role at Royal London

17 May 2012

Deficit figure for defined-benefit plans surges to £10bn

17 May 2012

Pension providers to cut guarantee periods ahead of EU gender pricing ban

17 May 2012

Regular-premium sales rise at Friends

17 May 2012

NAPF proposes simplified pension charges code

16 May 2012

Proposals would require all workplace pension charges to be stated in a “summary of charges” document.

Insurers could cut annuity quote guarantee periods ahead of gender deadline

11 May 2012

Providers consider reducing annuity quote guarantee periods ahead of December 21.

Moret wants Sipp scope to be restricted

10 May 2012

MoretoSipps principal John Moret is urging the FSA to limit the type of financial institutions that can be approved as Sipp providers.

Analysis: Lloyds keen to hold on to profitable Widows

10 May 2012

Advisers and analysts say Lloyds is unlikely to sell Scottish Widows in the short term as it prepares to launch an assault on the bancassurance market.

Royal London head of comms Alasdair Buchanan retires

10 May 2012

Buchanan will continue to support Scottish Life’s media activity on a part-time basis.

Auto-enrol deferment is a false economy, says NAPF

10 May 2012

LV= warns that long-term care costs could be an open-ended bill

10 May 2012

Online tool aims to fill gaps in IFA knowledge

10 May 2012

Suffolk Life drawing up L&G range

10 May 2012

Friends Life reports growth despite investment bond move

9 May 2012

Friends Life has reported a 21 per cent increase in first quarter life and pensions regular premium sales.

FSA investment policy head Peter Smith quits for Dubai regulator

8 May 2012

Smith will leave the regulator in June.

Just Retirement Q3 sales rise 32%

8 May 2012

Strong annuities sales drive 32 per cent increase in new business, from £290m in Q3, 2011 to £380m in Q3 this year.

Sesame integrates Avelo and Iress technology systems

3 May 2012

Sesame says integration will help streamline the process advisers go through when creating quotations and applying for insurance products.

Age verdict won't make impact on mandatory rules

3 May 2012

'Employers should treat pensions equally with other priorities'

3 May 2012

LV= adding to retirement team

3 May 2012

Online tool reviews risk

3 May 2012

HMRC to rewrite RDR consultancy charging guidance

2 May 2012

Update follows concern members could be hit with unauthorised payment charges.

Pension transfer retreat cuts member benefit by £5bn

27 Apr 2012

Regulator’s decision to back down from plans to force all transfer calculations to use an RPI-linked annuity rate hits investors.

Industry calls to slash stakeholder red tape

27 Apr 2012

Standard Life is urging the Government to strip out layers of “unnecessary” stakeholder pensions legislation as part of the Department for Work and Pensions’ red tape challenge.

Poor DC governance hitting confidence

27 Apr 2012

Industry experts say a lack of good governance risks undermining employee confidence in defined-contribution pension schemes.

CBI calls for single auto-enrolment staging date for job agencies

26 Apr 2012

FSB slams 'excessive' auto-enrolment fines

26 Apr 2012

The Federation of Small Businesses has criticised the “excessive” fines set to be levied on companies that fail to comply with automatic-enrolment rules.

NAPF proposes DC scheme efficiency tests

26 Apr 2012

The NAPF is calling on policymakers to introduce an efficiency test for defined-contribution schemes as the trade body continues its push for super trusts.

Aegon and Canada Life shut segmented offshore bonds to new business

26 Apr 2012

Aegon and Canada Life International have closed their segmented offshore bonds to new business after the Government’s clampdown on the products.

Diamond agrees Barclays bonus condition

26 April 2012

'Make Nest success a priority'

26 April 2012

Political whims stopping employers taking on risk

26 April 2012

Supreme Court rejects retirement age discrimination complaint

25 Apr 2012

Law firm says decision will not allow mandatory retirement to return “by the back door”.

PPI: Govt reforms could hit people with health issues

25 Apr 2012

The Pensions Policy Institute says DWP reforms may have “negative financial implications” for people forced out of work due to poor health.

ABI warns over EU gender pricing implications

23 Apr 2012

ABI director Stephen Gay says the Test-achats ruling banning gender pricing in insurance could pave the way for similar legislation on age and disability discrimination.

Barclays CEO Bob Diamond agrees to stricter bonus terms

20 Apr 2012

Bank responds to shareholder pressure by linking half of chief executive’s deferred bonus to its return on equity.

AJ Bell may take legal action over 'fake' Sippcentre

19 Apr 2012

AJ Bell is considering taking legal action after a website was set up using the provider’s Sippcentre brand name.

Auto-enrol to be altered for sacrifice

19 April 2012

Failure to monitor funds leaves savers unprotected

19 April 2012

Hoban rejects fears on capped drawdown

19 April 2012

Standard Life offers higher annuity rates to its pension customers

17 Apr 2012

Provider to improve standard annuity rates offered to existing Active Money Sipp, Wrap Sipp and Pension Fund Withdrawal Plan customers.

Two-thirds of IFAs will cut fees for small pension pots

16 Apr 2012

MetLife research suggests 64 per cent of advisers will reduce fees for clients with pension pots worth less than £50,000.

Insurers criticised over investment governance

16 Apr 2012

FairPensions says contract-based providers unwillingness to monitor investments leaves savers “poorly protected”.

HMRC-approved Guernsey Qrops fall by 300 following clamp down

12 Apr 2012

Just three Guernsey-based providers remain on HMRC’s approved list following April 6 rule change.

Treasury stands firm on capped drawdown despite concerns

12 Apr 2012

Treasury financial secretary Mark Hoban says Government reforms are based on “longer term considerations”.

Providers raise concerns over 'complex' occupational pension transfers

12 Apr 2012

Providers also accuse closed life insurers of deliberately delaying transfers to make money.

Paradigm Pensions launches provider 'marketplace' for IFAs

11 Apr 2012

Steve Bee says online marketplace will allow providers to showcase products to advisers free of charge.

PwC survey backs cut in regulator's projection rates

11 April 2012

FSA plans cut in projection rates

10 Apr 2012

Independent review by PwC suggests current intermediate figure of 7 per cent is too high.

Pensions minister sets out 'defined ambition' options

10 Apr 2012

The Government is preparing to investigate how employers can be spurred to offer “risk-sharing” pension arrangements which provide employees with increased certainty.

ABI plea to ease drawdown rules

5 Apr 2012

The ABI is preparing to lobby the Government to ease the restrictions on capped drawdown as savers face large falls in annual income limits.

Boal & Co to deregister Trinity Qrops

5 Apr 2012

Trinity Qrops deregistered amid claims the Isle of Man will fail to adapt its 50c legislation in time to comply with new rules from HMRC.

LV= to add 'break clause' to fixed-term annuity

3 Apr 2012

LV= to add ill-health “break clause” to fixed-term annuity product in response to similar developments by rival providers.

Standard Life announces 2011 director pay

2 Apr 2012

Standard Life has increased remuneration for its three most senior directors for 2011.

Nest: automatic pension transfers could hike member costs

30 Mar 2012

Government-backed scheme warns introducing automatic transfers for small pots risks discouraging pension saving.

Analysis: Insurers secure rethink on matching premium

29 Mar 2012

Isle of Man provider to de-register 50c Qrops after HMRC rule change

29 Mar 2012

Pension provider Boal & Co will temporarily de-register its 50c Qrops after the Isle of Man failed to adapt its tax rules following HMRC clamp down.

Moret takes non-exec role

29 March 2012

Irish Life sold to the government for £1.1bn

28 Mar 2012

The Irish High Court has ordered Irish Life & Permanent to sell its life and pension subsidiary, Irish Life, to the government for €1.3bn.

Former Worldwide Financial Planning MD Peter McGahan acquitted

26 Mar 2012

A Truro Crown Court spokesman says the verdict was delivered today after the prosecution failed to submit evidence supporting its case.

James Hay parent IFG appoints Robin Phipps as non-exec director

26 Mar 2012

Phipps was previously group director at Legal & General and a non-executive director at GE Money Credit Cards.

Pension firms accuse Nest of stepping outside remit

22 Mar 2012

Insurers secure critical 'matching premium' Solvency II amendment

22 Mar 2012

Providers say failure to include reference to a matching premium could have resulted in a 20 per cent fall in annuity rates.

Intelligent Pensions non-exec chair Maurice Paterson retires

22 Mar 2012

Paterson has been replaced in the role by former Suffolk Life sales and marketing director John Moret.

Budget 12: Aegon and Canada Life suspend 'segmented' offshore bond sales after clamp down

22 Mar 2012

Aegon has been forced to suspend sales of some of its offshore bonds after the Government announced a clamp down on certain segmented products.

Former Shadow minister Waterson takes Ship chair

22 March 2012

Pru and Aviva split on simplified advice

22 March 2012

Budget 12: Govt 'kills off' market for MIPs

21 Mar 2012

Government places a £3,600 cap on contributions that can be paid into qualifying policies such as MIPs.

Budget 12: Osborne steers clear of pension tax reforms

21 Mar 2012

Plans to cap unlimited tax reliefs will not be extended to pension contributions.

Budget 12: State pension to be linked to life expectancy

21 Mar 2012

Chancellor George Osborne confirms future increases in the state pension age will be linked to life expectancy.

Investors face £60m loss after property firm liquidation

21 Mar 2012

Investors could be facing losses of up to £60m following the liquidation of a specialist property investment firm.

Treasury: Royal Mail £28bn pension assets transfer "not a windfall"

19 Mar 2012

Government will publish details of Royal Mail’s pension liabilities in whole of Government accounts.

Annual allowance cut would be another blow to DB schemes

16 Mar 2012

A J Bell says a reduction in the annual allowance will increase the workload and costs for employers with defined-benefit pension schemes.

B&CE to review single-tie annuity deal

15 Mar 2012

B&CE plans to review its single-tie deal with enhanced annuity specialist Partnership.

Industry warns against tampering with pension tax relief

15 Mar 2012

Trade bodies, academics and industry experts have urged Chancellor George Osborne to steer clear of further reforms.

Insurers urge Gov't to retain Nest restrictions

15 Mar 2012

ABI director of life, savings and protection Steve Gay says removing the Government-backed scheme’s restrictions before 2017 would be a “mistake”.

FSA plots stricter regulation on with-profits MVR charges

15 March 2012

'New business must not adversely affect policyholders'

15 March 2012

Regulator dilutes governance plans due to lukewarm industry response

15 March 2012

FSA highlights drawdown misselling risks

13 Mar 2012

Regulator highlights drawdown risks as falling annuity rates push investors to alternative pension products.

L&G's Adrian Boulding: Do we still really need Nest?

8 Mar 2012

Boulding says the Government should consider scrapping Nest after B&CE and Danish provider ATP launched low-cost alternatives into the UK market.

Premier Pension undercutting rivals by 10% with online SSAS

8 Mar 2012

Firm preparing to launch an online SSAS product and is offering to undercut its rivals as part of a drive for new business.

Letter calls for urgent summit on retirement income

8 Mar 2012

Aviva UK life and pension sales up 10%

8 Mar 2012

Aviva reports a 10 per cent surge in UK life and pensions sales to £11.3bn during 2011.

Equity Isas gaining ground on pensions

8 March 2012

Nationwide offers limited shopping-around panel

8 March 2012

TPR plans to probe multi-employer pension risk

8 March 2012

Closed with-profits funds must produce 'run-off' plans

7 Mar 2012

Firms will need to submit run-off plans to the FSA by December 31, 2012.

FSA waters down with-profits governance proposals

7 Mar 2012

The regulator has backed away from plans to force all but the smallest with-profits funds to have a governance committee.

Grant Thornton's top 10 Budget predictions

7 Mar 2012

Grant Thornton UK head of tax Francesca Lagerberg gives her top 10 predictions for what Chancellor George Osborne will say on March 21.

Standard Life investment funds target corporate pension schemes

5 Mar 2012

Provider launches two new risk-based investment funds and introduces new automatic enrolment default investment options.

Aviva prepares to launch auto enrolment offering

2 Mar 2012

The provider’s new savings proposition allows employers to place all of their workplace benefits onto a single online hub.

Lawson wants virtual system for people to view pension savings

1 Mar 2012

The Govt is facing calls to scrap plans to automatically transfer pension pots when people move jobs.

PwC: Asset-backed change will mean review of funding deals

1 Mar 2012

PwC says changes to HMRC rules on asset-backed pension contributions will force schemes to revisit previously agreed funding deals.

Hornbuckle set to launch online Sipp

1 Mar 2012

Hornbuckle Mitchell has recruited former Aviva marketing manager Alasdair MacSporran to develop a new online Sipp proposition.

Govt urged to address small pot advice problem

1 Mar 2012

Open letter to ministers and the FSA calls for urgent ’retirement incomes summit’ to address concerns of post-RDR advice gap for small pension funds.

Widows chief Strauss warns of more job cuts

1 March 2012

Pensions regulator to scrutinise multi-employer schemes

29 Feb 2012

TPR highlights concerns in document outlining its approach to the regulation of employers and pension schemes ahead of automatic enrolment.

Prudential cuts annual with-profits bonus rates

28 Feb 2012

Prudential says the reduction in annual bonuses was “inevitable” as economic uncertainty impacts on investment returns.

Treasury blocks Barclays tax avoidance attempt

28 Feb 2012

Barclays Bank is the target of a £500m Treasury clampdown on two “aggressive” tax avoidance schemes, according to reports.

Pensions industry urged to build compulsory annuity "clearing house"

27 Feb 2012

Centre for Policy Studies research fellow Michael Johnson says proposal would improve transparency and introduce “pricing tension” in the market.

Pressure grows for alternatives to Dilnot

24 Feb 2012

The Government is facing growing pressure to consider alternatives to Andrew Dilnot’s long-term care funding reforms.

How much can the Govt save from pension tax relief options?

23 Feb 2012

Standard Life says hitting high earners’ pension pots will not be enough to fund an increase in the income tax earnings threshold.

Actuaries set up group to improve product information

23 February 2012

Thinktank director will advise Labour on social care talks

23 February 2012

Government tightens asset-backed pension contribution rules

22 Feb 2012

PricewaterhouseCoopers says changes to HMRC rules will force pension schemes to revisit previously agreed funding deals.

Phoenix to hold annual with-profits bonuses at "low to nil"

20 Feb 2012

Closed life provider gives priority to final bonus rates and warns annual bonus rates will be “low to nil” in the short-term.

HMRC concern at low take-up of pension protection

16 Feb 2012

HMRC suprised at the low number of people applying to protect their pension fund following the Govt’s decision to cut the lifetime pension allowance.

Annuity service for small pots

16 Feb 2012

Helm Godfrey is offering an annuity advice service for people with small pension pots.

Amps committee to focus on platforms

16 February 2012

TPR bans pension trustees for breaches

16 February 2012

Helm Godfrey launches small pots annuity service

14 Feb 2012

The adviser firm’s iRetire service offers customers with pension pots of £20,000 or more advice on their retirement options.

LV= launches 0.25% AMC Sipp option

13 Feb 2012

The new product has an annual service charge of 0.25 per cent and offers investors the choice of 130 funds from 16 fund managers.

Aviva cuts with-profits bonus rates

10 Feb 2012

Provider says the decision “reflects future economic expectations and prudent management of the fund”.

Amps to form platform sub-committee

9 Feb 2012

Chairman Andrew Roberts says the decision reflects the increasing importance of platforms in the pensions sector.

Extend the fixed protection deadline, says Axa Wealth

9 Feb 2012

Advisers warn over HMRC pension calculator mistakes

9 Feb 2012

Advisers warn the pensions annual allowance calculator is producing incorrect results for certain investors.

Enrol changes to ease admin

9 February 2012

Standard wins £100m PI liability court case

9 February 2012

Pensions regulator bans three trustees for "serious and persistent" investment breaches

8 Feb 2012

An investigation by The Pensions Regulator reveals the “vast majority” of investments made by the Hugh Mackay trustees were in property ventures.

Just Retirement Q2 sales rise 30% to £324m

7 Feb 2012

Provider reports £74m increase in new business in the final three months of 2011, driven by strong annuity and equity release sales.

FSA cap-ad plans could see wealth manager Sipp sell-off

2 Feb 2012

Wealth management firms could be forced to sell their Sipp operations if the FSA follows through with plans to increase capital adequacy requirements for providers.

Align auto-enrolment trigger with NI, says Hargreaves Lansdown

2 February 2012

Regulator tells ITV to put cash into pension scheme

2 February 2012

DWP eases auto-enrolment admin burden for employers

1 Feb 2012

The Government has announced a series of amendments to automatic enrolment regulations designed to ease the administrative burden on employers.

Living Time rebrands and launches new product with Investec

1 Feb 2012

Firm rebranded as Primetime Retirement and links with Investec to launch a new fixed-term annuity product.

Standard Life cuts with-profits bonuses for 750,000 savers

31 Jan 2012

A spokeswoman for Standard Life says cutting annual bonus rates will give the provider greater flexibility when making future investment decisions.

IFS: Public sector pension reforms save 'little or no money'

31 Jan 2012

Government concessions following negotiations with trade unions mean reforms will save “little or no money” in the long-term.

Dentons launches new Sipp product

30 Jan 2012

Dentons Pension Management has launched a new open architecture Sipp product which allows advisers to view the assets held within a client’s plan online.

ITV hit with £62m 'financial support direction' from The Pensions Regulator

27 Jan 2012

The Pensions Regulator has ordered broadcasting giant ITV to provide support for the Box Clever pension scheme, which has a £62m deficit.

Nest hands responsible investment contract to Co-op

27 Jan 2012

TCAM will help the Government-backed pension scheme formulate policy on environmental, social and governance issues as part of its investment strategy.

Baroness fears RDR will hit annuity advice

27 Jan 2012

Baroness Greengross is preparing to lobby senior Government ministers over concerns that people with small pension pots will be unable to access independent financial advice after the RDR.

Coalition cracks grow over Dilnot LTC plans

26 Jan 2012

Senior Liberal Democrat sources have raised concerns about Andrew Dilnot’s long-term care funding plans, saying the proposals are expensive, bureaucratic and regressive.

DWP confirms new auto-enrolment staging dates

25 Jan 2012

Pensions minister Steve Webb has confirmed the revised staging dates for automatic enrolment following the Government’s decision to delay the reforms for small and medium sized businesses.

Aegon unveils auto-enrolment proposition

23 Jan 2012

The provider is also in “detailed discussion” with Nest over how to integrate the Government-backed pension scheme into its workplace savings proposition.

Friends Life unveils auto-enrolment proposition

20 Jan 2012

Friends Life has revealed details of an online automatic enrolment “hub” designed to help employers meet their duties under the reforms.

Living Time set for return to retirement

19 Jan 2012

Living Time is to return to the retirement market in the first quarter of this year.

Threat of two-tier system as EU says DC escapes gender ruling

19 Jan 2012

Pension reciprocation schemes launch appeal

19 Jan 2012

The trustees of six pension schemes used for pension reciprocation have launched an appeal against the High Court’s ruling that the arrangements are illegal.

MGM Advantage appoints Philippa Dickson as non-exec director

18 Jan 2012

Dickson is currently global systems and operations director for Diageo’s global procurement function.

Behind the headlines: The impact of Solvency II on pension schemes

17 Jan 2012

What impact will the EC’s plans to introduce Solvency II requirements have on pension schemes in the UK?

Govt DB index plan targets future pensioners

17 Jan 2012

Pensions minister Steve Webb’s plan to scrap inflation linking for defined-benefit schemes will only affect future retirees.

Investors could ditch £3.4bn of with-profit bonds

16 Jan 2012

Savers will be able to withdraw £3.4bn in with-profit bonds this year without paying a penalty fee, according to Skandia.

Living Time to launch new retirement products

13 Jan 2012

Chief executive Kim Lerche-Thomsen says the firm is negotiating with several companies who could potentially underwrite the new products.

Labour claims state pension reform has been "sunk"

12 Jan 2012

Government says it remains committed to reforms despite industry concern that public sector pension settlements threaten the proposals.

Ex-James Hay duo buy SSAS firm

11 Jan 2012

Former James Hay duo Richard Mattison and Jane Davies have bought Manchester-based pension provider Whitehall Group.

Windsor Life rebrands as ReAssure

10 Jan 2012

Provider says the new name “reflects how different our business is now, how we have changed and our plans for the future”.

Unite rejects local government pension reforms

9 Jan 2012

Trade union says a leaked letter from Communities Secretary Eric Pickles in December pre-empting reform negotiations caused a “crisis of confidence and trust”.

L&G completes £1bn longevity insurance deal

9 Jan 2012

Legal & General has agreed a £1bn longevity insurance deal with the Pilkington Superannuation Scheme.

David Cameron ditches plans to scrap 50p tax

9 Jan 2012

Prime Minister David Cameron has abandoned plans to scrap the 50p rate of income tax until at least 2015, according to reports.

NAO investigates defined-contribution regulation

6 Jan 2012

The study will focus on whether regulation of DC schemes by TPR effectively addresses the key risks to scheme members.

Shell closes final-salary scheme to new members

6 Jan 2012

Oil giant becomes the final FTSE 100 company to abandon final-salary pension provision.

2012: A year of challenges for Steve Webb

5 Jan 2012

Tom Selby says 2012 poses a range of challenges for pensions minister Steve Webb

High Court rules that pension fund loans for under-55s are illegal

5 January 2012

Berry Asset Management signs partnership deal with SEI

3 Jan 2012

Agreement will see SEI provide administrative support to the private client wealth management firm.

Pensions roundup 2011: Webb wobbles over auto-enrolment

29 Dec 2011

Tom Selby reports on a chaotic years for pensions as the Government delays automatic enrolment for small firms.

Virgin Money to launch new savings accounts

28 Dec 2011

Virgin Money is preparing to launch a raft of new savings accounts in January, the FT reports.

High Court rules unlocking schemes contravene pensions law

16 Dec 2011

The High Court has ruled that arrangements which allow people to access their pension fund before reaching age 55 through loans are illegal.

Government CPI pensions switch set for Commons debate

15 Dec 2011

Chancellor George Osborne’s decision to link pension increases to CPI rather than RPI will be debated in Parliament after an e-petition criticising the change received over 100,000 signatures.

Mattioli Woods moving into Qrops and Qnups

15 Dec 2011

Mattioli Woods plans to enter the Qrops and Qnups market with offerings in Malta.

Government confirms plans to abolish short service refunds

15 Dec 2011

Pensions minister Steve Webb has confirmed the Government will abolish short service refunds for defined-contribution pension schemes.

Crackdown to stop Qrops bypassing UK tax rules

15 December 2011

Treasury wants views on gender pricing

15 December 2011

Pensions Bank set to be acquired

14 Dec 2011

Sipp and SSAS banking firm is set to be acquired by three investors, including a local authority.

Employers freeze DC pension contributions

12 Dec 2011

Research from consultant Mercer shows employers have held frozen DC contributions since 2009, while employees have reduced contributions in the last two years.

Aegon UK appoints Philip Easter as non-exec chairman

9 Dec 2011

Aegon has appointed former Aviva director Philip Easter as non-executive chairman of the Aegon UK insurance companies board.

Dentons suspends scheme pension due to DB uncertainty

9 Dec 2011

Uncertainty caused by the Government’s reclassification of scheme pension as a defined-benefit.

Standard stands by review timetable

8 Dec 2011

James Hay closes Family Sipp to new business

8 Dec 2011

Provider says closure is due to a lack of demand from IFAs.

Networks urged to scrap single-tie deals

8 Decemeber 2011

Steve Webb: Help us cut pensions red tape

6 Dec 2011

Pensions minister Steve Webb says every piece of pensions regulation will be scrapped unless he can justify its existence.

Small pot commutation rules extended to personal pensions

6 Dec 2011

Draft legislation will allow individuals aged 60 or over with small personal pension pots of £2,000 or less to commute a maximum of two such pots in their lifetime.

Pensions Regulator outlines principles for DC provision

6 Dec 2011

Focus is on scheme governance, accountability, scheme administration and communications with members.

Just Retirement attacks single-tie annuity distribution deals

5 Dec 2011

Steve Lowe says advisers will lose out if networks planning restricted advice services agree single-tie deals with providers.

High Court rejects unions' CPI pensions challenge

2 Dec 2011

The High Court has ruled the Government’s decision to switch the measure of future increases for public sector pension schemes from RPI to CPI was lawful.

Dentons Pension Management appoints John Moret as non-exec director

1 Dec 2011

Former Suffolk Life marketing director John Moret has joined Sipp provider Dentons as a non-executive director.

Phoenix owns up to ETV comms blunder

1 Dec 2011

Phoenix has apologised after sending thousands of deferred pension scheme members an enhanced transfer value offer letter that values the members’ DBentitlement at the wrong date.

Cofunds looks to remove restriction on paying divi

1 December 2011

Standard Life cuts 100 roles in IT division

29 Nov 2011

Standard Life plans to cut 106 jobs and create 37 new roles following a review of the provider’s group IT and operations division.

AS 2011: Osborne confirms accelerated increase in state pension age

29 Nov 2011

The state pension age will now increase to 67 by 2026, 10 years earlier than the previous Labour Government had planned.

Aegon chiefs: Why PosSol and Origen are still important to us

28 Nov 2011

Alex Wynaendts and Adrian Grace tell Tom Selby why Positive Solutions and Origen are important despite £24m losses.

DWP confirms auto-enrolment delay

28 Nov 2011

An official announcement outlining Government plas to delay automatic enrolment for small businesses is expected at 2.30pm today.

L&G warning of GPP tax penalty

24 Nov 2011

L&G says high earner could lose their fixed protection and face a huge tax bill.

Funding reform fear in social care paper

24 Nov 2011

Partnership is concerned that the Government’s decision to publish its white paper on social care without including funding considerations will see reforms sidelined.

Aegon completes £275m Guardian sale

24 Nov 2011

Aegon UK chief financial officer Clare Bousfield says the sale marks an “important step forward” as the provider focuses on the RDR and pensions reform.

Attack on pension tax relief would be 'massive vote-loser'

24 November 2011

L&G bond taps into growing market for cautious investing

24 November 2011

Phoenix in £1bn private equity talks

24 November 2011

Phoenix Group is in earlystage discussions with private-equity firm CVC Capital over a possible £1bn takeover.

L&G appoints Allison Crawford as D2C director

22 Nov 2011

Provider says it remains committed to supporting IFAs as it looks to grow its D2C business ahead of the retail distribution review.

Directors call for auto-enrolment delay

21 Nov 2011

The Institute of Directors has urged the Government to push back the reforms until 2014 due to concerns over opt-outs and costs to employers.

Fears grow that Osborne will hit pension tax relief

17 Nov 2011

Industry fears are growing that Chancellor George Osborne is planning tax relief changes.

MetLife may set up UK asset management business

17 Nov 2011

MetLife is considering launching an asset management business in the UK as part of ambitious growth plans.

Treasury rejects merger but looks to simplify NICs and income tax

17 November 2011

Government sets out plans to integrate NI and income tax

14 Nov 2011

Ministers stop short of full merger of of NICs and income tax but call for evidence highlights “clear appetite” greater integration and simplification.

L&G: Pension reforms are ageist

10 Nov 2011

Legal & General has accused the Government of ageism after ministers tabled concessions to public sector pension reforms that protect everyone over the age of 50.

Scottish Widows says lifestyle blunder costs limited to £500k

10 Nov 2011

The company initially thought that up to 10,000 customers could have been affected by the failure.

Buoyant ScotLife helps lift life and pension sales for RoyLon

10 November 2011

MetLife warns inflation will slash pensions

10 November 2011

Women need to take more risks to boost retirement

10 November 2011

LV= launches guaranteed investment-linked annuity

7 Nov 2011

Provider’s new investment-linked annuity product allows investors to lock-in investment growth.

Hornbuckle targeting Sipp investors with Vestra link-up

3 Nov 2011

Pension firm has linked up with Vestra Wealth to offer Sipp investors access to the discretionary fund manager’s investment portfolio.

Federation of Small Businesses to launch Nest rival

3 Nov 2011

The Federation of Small Businesses plans to launch a low-cost pension scheme which will be made available to its 200,000 employer members.

Govt confirms public sector pension reform concessions

2 Nov 2011

New offer to trade unions will increase member accruals and provide transitional protection for people who are within 10 years of retirement.

Royal London life and pensions sales up 12%

2 Nov 2011

Royal London’s life and pensions sales have increased 12 per cent from £2.3bn in the first nine months of 2010 to £2.5bn on September 30, 2011.

Standard Life UK assets hit by market volatility

2 Nov 2011

Provider’s interim management statement shows 6 per cent increase in gross retail fee business inflows to £5.2bn in first nine months of 2011.

Pensions Bill set to become law

1 Nov 2011

Last minute Labour attempt to derail accelerated increase in the state pension age defeated in the House of Lords.

Pensions Regulator reveals details of Polestar collapse

1 Nov 2011

TPR says the scheme trustee attempted to take “excessive investment risk” to secure members’ retirement benefits after the sponsoring employer went into administration.

A matter of principles: TPR's June Mulroy on breaking the wall of jargon in pensions

November Retirement Strategy

TPR’s flamboyant executive director for defined contribution says she intends to break through the pension industry’s wall of jargon and complexity with 11 basic principles for DC schemes.

Just Retirement Q1 annuity sales increase 53 per cent

31 Oct 2011

Just Retirement’s sales of annuity policies rose by 53 per cent in the first quarter from £175.7m last year to £268.3m in the three months to September 30, 2011.

ABI wants ban on tracker funds investing in new listings

31 Oct 2011

Calls to prevent newly listed firms joining the FTSE 100 until after a three-month cooling-off period.

Aegon: Dismissing AMDs could harm consumers

28 Oct 2011

Provider says The Pensions Regulator’s tough stance on active member discounts risks damaging the private sector and could lead to members receiving less money at retirement.

Alistair Darling: Tax relief must be reformed

28 Oct 2011

Former Labour Chancellor would push for fundamental reform of pension tax relief if re-elected.

LV= scraps plan to buy Hornbuckle

27 October 2011

Six unions in legal battle over pension switch to CPI

27 October 2011

We ducked on public sector pensions, admits Hutton

27 October 2011

Government set to kill off scheme pension

26 Oct 2011

Amendment to the Pensions Bill reclassifies scheme pension as DB.

Pensions Regulator warns of 'hybrid' scheme risks

25 Oct 2011

TPR has issued a warning to trustees about the risk of governance failings in ’hybrid’ pension schemes.

L&G agrees £1.1bn bulk annuity deal with T&N pension scheme

25 Oct 2011

Pension provider agrees to buyout the liabilities of the T&N Retirement Benefits Scheme (1989).

James Hay links with 7IM for discretionary service

24 Oct 2011

James Hay and Seven Investment Management have joined forces to offer discretionary fund management on the provider’s iSipp product.

OECD annuity plan to bypass insurers

21 Oct 2011

The OECD is set to outline proposals to encourage pension funds to bypass insurers and provide their own annuities to members.

Financial education is not the answer, says TUC head

21 Oct 2011

Peer and Pica press for small pension pot debate

20 Oct 2011

Duo have backed proposals for a Parliamentary debate on the risks for people with small pension pots at retirement.

Xafinity Sipp offers IFAs 'total freedom'

20 Oct 2011

Xafinity is offering a low-cost, whole of market Sipp as part of its RDR offering.

Darling: Osborne will be forced to revise Govt borrowing estimates

20 Oct 2011

Former Labour Chancellor Alistair Darling says George Osborne will be forced to increase estimates of Government borrowing in his autumn statement.

Compulsion would be 'political suicide'

20 October 2011

Royal London says its direct service is no threat to IFAs

20 October 2011

Standard suing 12 PI firms over £100m fund risk case

20 October 2011

Hutton: Labour ducked public sector pension reforms

19 Oct 2011

Former Labour minister Lord John Hutton admits the party “ducked” the issue of public sector pensions reform during its time in office.

NAPF: QE could cause £45bn spike in pension deficits

19 Oct 2011

National Association of Pension Funds chairman Lindsay Tomlinson urges The Pensions Regulator to take action.

Just Retirement recruits Rothesay Life chief operating officer Jason Wright

17 Oct 2011

Wright will develop the company’s business strategy and oversee the delivery of its business investment programme portfolio.

ABI to restructure ahead of 'twin peaks' regulation

14 Oct 2011

Insurance industry trade body will split into two divisions as it prepares for the new ’twin peaks’ regulatory regime in 2013.

Government targets active member discounts

13 Oct 2011

The DWP has extended its power to cap pension charges to include deferred scheme members as pensions minister Steve Webb tackles active member discounts.

Political parties target pension tax relief reforms

13 Oct 2011

The Tories, Labour and LibDems see big savings in reforming higher-rate pension tax relief.

Adviser slams Pru for 20% MVR on switch

13 Oct 2011

An adviser has hit out at Prudential after it said it will levy a 20% MVR on a member’s with-profits fund if the money is switched to a different Pru product.

Amps names Andrew Roberts as chairman

13 Oct 2011

The Sipp and Ssas provider trade body has elected Barnett Waddingham partner Andrew Roberts as its new chairman.

Altmann warning of titanic disaster

13 October 2011

NAPF wants protection for funds after QE move

13 October 2011

Lifestyle system failure hits 10,000 Scottish Widows clients

12 Oct 2011

Scottish Widows could be forced to pay redress to around 10,000 customers after its bespoke lifestyling system failed to rebalance members’ pension investments.

Labour names Gregg McClymont as Shadow pensions minister

10 Oct 2011

MP for Cumbernauld, Kilsyth and Kirkintilloch East replaces Rachel Reeves in Shadow pensions role.

Miliband promotes Rachel Reeves to Shadow cabinet

7 Oct 2011

Labour pensions spokeswoman Reeves replaces Angela Eagle as Shadow Treasury chief secretary following a reshuffle by Ed Miliband.

Pension funds call for emergency meeting over QE move

6 Oct 2011

NAPF chief executive Joanne Segars has written to The Pensions Regulator to discuss implications of quantitative easing for pension schemes.

'Cap-ad plan will see £800bn DB sell-off'

6 October 2011

F&C backs credit-easing for small firms

6 October 2011

Government may give small firms auto-enrolment extension

5 Oct 2011

Policymakers are understood to be concerned about the impact of auto-enrolment reforms on small businesses.

Treasury to propose 'credit easing' for companies

3 Oct 2011

Chancellor says the proposal, which would involve the Government buying corporate bonds from companies, could help prevent another credit crunch.

Self-cert complexity may create employer pension headache

30 Sep 2011

Standard Life says employers could be forced to rethink their pension contribution structures

DWP working group tackles ETV bad practice

29 Sep 2011

Trade union: Government ministers at odds over pension reforms

29 Sep 2011

Trade union leader says ministers are at odds with Whitehall over plans to hike pension contributions in the Local Government Pension Scheme.

CBI: Solvency II pensions proposals will damage UK growth

29 Sep 2011

The CBI says plans to impose Solvency II standrads on defined-benefit pension schemes will spark an £800bn equity sell-off.

Bell in plea to Treasury to boost ailing drawdown

29 September 2011

Gay wants IFAs to take lead on advice for small pension pots

29 September 2011

Retirement Partnership's Lewis joins LV= in distribution role

29 September 2011

LV= links with Cofunds on Sipp investments

26 Sep 2011

LV= has linked with Cofunds to offer investors in its Flexible Transitions Account Sipp access to investments through the platform.

Labour would reverse corporation tax cut for financial services

26 Sep 2011

Labour would reverse the Government plans to cut corporation tax for financial services firms from 28 per cent to 23 per cent.

Peter Quinton joins The Retirement Partnership as acting MD

22 Sep 2011

Founder Steve Lewis will remain as chairman of The Retirement Partnership following his move to LV=.

PPF to cut levy to £550m

22 Sep 2011

Lifeboat fund announces plans to reduce the levy it charges defined-benefit pension schemes from £600m this year to £550m in 2012/13.

The Retirement Partnership founder Steve Lewis joins LV=

21 Sep 2011

LV= has hired Steve Lewis to head up distribution of its retirement solutions business.

Ministers tackle womens' state pension issue

21 Sep 2011

Reports suggest the Government could cap the time women have to wait until they receive their state pension at one year.

LibDem conference: Steve Webb targets "value for money" in pensions

20 Sep 2011

Pensions minister renews attacks on high charges and cash-incentivised transfer offers.

Time taken for FSA to approve firms' expansion plans continues to rise

19 Sep 2011

Law firm criticises regulator’s “laborious” and “intrusive” approach to firms looking to vary permissions.

Partnership set for £750m sale

19 Sep 2011

Pivate equity firm Cinven is preparing to offload insurer Partnership for £750m after contacting four banks about a possible sale, according to reports.

Steve Bee: The proposition I think will change the IFA market

15 Sep 2011

Paradigm Pensions director Steve Bee has launched an automatic enrolment and flexible benefits compliance product.

ATP plans a multi-employer trust scheme to rival Nest

15 September 2011

ATP has confirmed plans for a multi-employer trust-based pension scheme to rival Nest ahead of automatic enrolment.

MetLife's bond duo aims to test Jersey prospects

15 September 2011

James Hay parent £205m takeover deal terminated

13 Sep 2011

IFG and Bregal Capital say “dislocation in global markets” led to a mutual termination of negotiations.

Danish pension provider confirms plans to rival Nest

12 Sep 2011

Danish public pension provider ATP will launch NOW Pensions, a multi-employer scheme, in early 2012.

Michael Johnson: Public sector pension reforms "not sustainable"

9 Sep 2011

Centre for Policy Studies research fellow says Lord John Hutton’s proposals fail to make public sector pensions sustainable or affordable.

FSA set to increase pension transfer exam standards

8 Sep 2011

Regulator proposes updating CPD to include units covering changes to the pensions tax regime and automatic enrolment.

Nest confirms employer and member panel line-ups

6 Sep 2011

Nest has confirmed the line-up of the employer and member panels which will hold the scheme’s trustees to account.

FSA could look at ban on DFM 'pay to play' Sipp panel fees

25 August 2011

LV= among four in Hornbuckle Mitchell talks

25 August 2011

Defaqto: FSA could set its sights on DFM Sipp panel fees

22 Aug 2011

Andy Leggett says the regulator could turn its attention to “pay to play” DFM Sipp panel fees ahead of the RDR.

Providers raise concerns over HMRC tax relief audit

19 Aug 2011

Amps chairman Robert Graves says providers are facing “considerable” interest charges after HMRC reports “deficient” relief at source declarations.

Friends Life appoints Peter Gibbs as independent director

18 Aug 2011

Friends Life appoints former Merrill Lynch chief investment officer Peter Gibbs to its investment oversight committee.

IMA and NAPF urge rethink of Euro bid to harmonise pension rules

18 Aug 2011

Bodies lobbying the European Commission to rethink plans to harmonise pension rules across member states.

Aegon results hit by ScotEq redress payout

18 August 2011

Heritage move for Sesame Bankhall

18 August 2011

Sesame to report to Friends UK Heritage chief

16 Aug 2011

Friends Life distribution reports £2m fall in profits due to “significant” investment in preparation for the retail distribution review.

Royal London profits surge to £138m

15 Aug 2011

Mutual insurer reports £138m profit for the first half of 2011 after recording a £2m loss in the first six months of 2010.

David Ingram launches support services business

11 Aug 2011

Aim Two Three will target product providers, fund management groups and trade bodies who are “poorly positioned” to support IFA firms ahead of the RDR.

Pru with-profits fund will offer risk-rated categories

11 Aug 2011

Prudential is developing a with-profits product which will give investors access to five different risk-rated investment categories.

HMRC reveals 18,000 could lose protected benefits

11 Aug 2011

HMRC figures reveal that 18,000 people risk losing enhanced protection on their pension benefits when automatic enrolment comes into force.

Aviva beats targets with 33% increase in pension business

11 August 2011

Legal & General operational cash bolsters dividend despite profit fall

11 August 2011

Regulator warned of dangers blocking ETVs

11 August 2011

Government issues fixed protection application form

10 Aug 2011

Savers will need to complete the form before April 5, 2012 to retain a lifetime pension allowance of £1.8m.

Santander bank advice concerns halt Aviva protection sales

10 Aug 2011

Bank stops selling and advising on Aviva protection policies in-branch due to concerns over adviser product knowledge.

Royal London puts 222 jobs at risk following Royal Liver merger

8 Aug 2011

Royal London plans to close Royal Liver’s Liverpool office, with 105 new roles created at the life and pensions mutual’s Wilmslow office.

Skandia UK profits down due to policyholder tax smoothing

5 Aug 2011

Skandia says the decline is “solely” due to a lower profit from smoothing of policyholder tax on the firm’s unit-linked policies.

HMRC reassures advisers after FSA charge blunder

5 Aug 2011

Advisers reassured they can apply adviser-charging to pensions post-RDR after FSA incorrectly told roadshow delegates they cannot.

Government set to shun McFall cap call

4 Aug 2011

The Government looks set to reject Lord John McFall’s recommendation to cap pension scheme charges at 1.5 per cent ahead of automatic enrolment.

Aviva UK profits up 3 per cent

4 Aug 2011

Provider says it “stands to benefit” from auto-enrolment and the RDR as first half results reveal 5 per cent increase in pension sales.

McFall report calls for pension fee cap

4 August 2011

L&G increases dividend 25% despite profits hit

3 Aug 2011

Insurer increases its interim dividend to 1.66p per share despite £64m slump in operating profits.

McFall tells Govt to cap pension charges at stakeholder limits

1 Aug 2011

WRIC chairman Lord John McFall says pension scheme charges should be capped to prevent auto-enrolment savings being “eroded away”.

Industry supports 10 year notice period for state pension changes

28 Jul 2011

Responses to DWP’s green paper on state pension reform urge policymakers to introduce independent reviews of the state pension age.

Advisers welcome Treasury U-turn on RPI-linked annuities

28 Jul 2011

Advisers have welcomed the Treasury’s abrupt U-turn on plans to prevent savers using RPI-linked annuities without a floor to meet the minimum income requirement for flexible drawdown.

£250M sale could be on cards for Guardian

28 July 2011

Companies could waste £2bn a year due to auto-enrolment

28 July 2011

Lansley airs concerns on NHS pension moves

28 July 2011

Nest drew £79m in DWP loans last year

28 July 2011

Standard Life cuts jobs at halfway point of shake-up

28 July 2011

DWP: Court ruling puts members' pension protection rights "in doubt"

27 Jul 2011

Supreme Court ruling on the definition of a money purchase scheme will force the Government to write new legislation.

Rowanmoor and Brooks Macdonald launch HNW Sipp

26 Jul 2011

Joint Sipp offering targets investors with Sipp assets in excess of £200,000.

Towers Watson slams FSA’s “unbalanced” approach to with-profits funds

25 Jul 2011

Consulancy says that the regulator’s with-profits consultation overlooks the interests of shareholders and members.

Treasury U-turns on RPI-linked annuities MIR ban

22 Jul 2011

The Government has backtracked on proposals to prevent savers using RPI-linked annuities without a floor to meet the £20,000 minimum income requirement.

A J Bell urges HMRC to relax fixed protection rules

22 Jul 2011

Provider says almost 4,000 investors could see their available tax-free cash drop by £75,000 from April, 2012.

Ship calls for DWP to take over equity release

22 Jul 2011

Equity-release trade body Safe Home Income Plans is calling on the Government to hand responsibility for equity release to the DWP.

L&G and Standard clash over pension member discounts

21 Jul 2011

Govt plans £10m auto-enrolment comms campaign

21 Jul 2011

The Government will launch a £10m automatic enrolment communications campaign featuring TV and radio ads in January 2012.

TPR pledges not to meddle in product design

21 July 2011

DWP bows to pressure on employer pensions self-certification

20 Jul 2011

Policymakers amend definition of basic pay to exclude commission, bonuses and overtime after concerns were raised about the impact on good quality pension provision.

Nest Government loan hits £120m

20 Jul 2011

Accounts for 2010/11 reveal the Government-backed pension scheme drew down £78.9m in loan funding from the DWP during the year.

Government to impose "cost ceilings" on public sector pension schemes

19 Jul 2011

Treasury confirms it will follow Lord Hutton’s recommendation in an effort to limit taxpayers’ exposure to unfunded public sector pension liabilities.

Boulding: Pay definition will hit auto-enrolment reforms

14 Jul 2011

One of trio appointed by the DWP to review Turner’s original recommendations warns a last minute switch threatens the reforms.

Standard warns of £75k loss on lifetime allowance

14 Jul 2011

Big firms face rising costs over dearth of bundled DC

14 July 2011

Webb challenges industry to simplify "baffling" pensions jargon

12 Jul 2011

The DWP has published a simplified pensions language guide, building on work carried out by the ABI and Nest.

Treasury orders review of pension taxation

11 Jul 2011

Treasury orders Office of Tax Simplification to review pensioner tax system and employee share schemes ahead of the 2012 Budget.

Aegon blundered on minimum pension age

7 Jul 2011

Aegon has apologised after it sent a pre-retirement letter to a client saying he could take pension benefits at 50.

IMA fears Euro crackdown on DC pension investment

7 Jul 2011

The IMA has warned the European Commission may be tempted to bring forward prescriptive regulation for DC pension investments.

Hornbuckle passes £280,000 FSCS levy to clients

6 Jul 2011

Sipp and Ssas provider says decision will cost each scheme it administers around £25 each.

Worldwide Financial Planning MD Peter McGahan quits

4 Jul 2011

Fellow director Neil Chamberlain says the firm has no plans to replace McGahan, who has left to focus on his family and “clearing his name”.

Friends Life appoints Richard Willets as director of longevity

4 Jul 2011

Insurer says Willets will play a “crucial role” as it looks to build its annuity proposition.

European supervision could overtake UK regulation

1 Jul 2011

UK regulators could be usurped by European supervisors.

Prudential blunders with tax allowance errors in IFA letter

1 Jul 2011

Prudential has been forced to apologise and retrain some of its operations staff after it sent an error-strewn benefit calculation to an IFA.

Drawdown clients caught in tax gap

30 Jun 2011

Global mishmash may cost insurers £15bn a year

30 Jun 2011

Aviva goes for mass market with annuity risk option

30 June 2011

Government to revise short-service refund rules

30 June 2011

The Government will amend short-service refund rules as part of wider reforms to the treatment of small pension pots.

Pru extends fund guarantees

30 June 2011

Three more trustees joining Nest board

30 June 2011

Osorio to put Widows' "front and centre" after Lloyds review

29 Jun 2011

Lloyds chief executive Antonio Horta-Osorio will confirm plans to retain Scottish Widows as it looks to profit from the post-RDR “mass market” advice gap.

Miliband labels pensions strikes a "mistake"

28 Jun 2011

Labour leader urges trade unions to back down from industrial action this Thursday.

DWP to change short-service refund rules

27 Jun 2011

Officials will consider reforms to current short-service refund regulations alongside the treatment of small pension pots and pension transfers.

'Hold pension credit age for women'

23 Jun 2011

ETV exercises 'not worth the candle'

23 Jun 2011

Former NAPF chairman Robin Ellison says the “prohibitively high costs” of running an enhanced transfer value exercise mean they almost never provide value for money for employers.

Aviva confirms details of fixed-term annuity

23 Jun 2011

The provider’s fixed-term retirement plan will allow investors to take limited investment risk through the Aviva guaranteed fund.

Lenders lining up with enhanced equity release

23 Jun 2011

FSA cancels permissions after firm failed to conduct report

23 June 2011

Government will not give RPI-linked schemes the power to shift to CPI

23 June 2011

Two-thirds of firms believe auto-enrol opt-out will pass 20%

23 June 2011

Regulator appoints trustee to seize control of pension reciprocation accounts

22 Jun 2011

Independent trustee firm has seized control of the bank accounts of six pension schemes due to concerns that the loans could be legally void.

Mark Hyde Harrison to replace Tomlinson as NAPF chairman

21 Jun 2011

Barclays UK Retirement Fund chief executive Harrison will replace Lindsay Tomlinson when his two-year term ends in October.

Pensions regulator uncovers DC governance issues

21 Jun 2011

One in four DC schemes unable to judge whether charges incurred by members represent “value for money”.

Adviser firm struck off for failing to conduct skilled persons report

17 Jun 2011

The FSA says the London-based investment adviser failed to be “open and honest” in its dealings with the regulator.

Gov't facing auto-enrolment opt-out problems

16 Jun 2011

IoD says employer research suggests reforms could be “defeated” by high opt-outs.

Tiner envisages large-scale buys for Resolution

16 Jun 2011

Resolution chief executive John Tiner says the firm may pursue further “large-scale” acquisitions towards the end of its life sector consolidation project.

Gov't confirms schemes will not have RPI rules amendment power

16 Jun 2011

DWP says allowing pension schemes to change their rules to accommodate CPI inflation could “severely damage” members’ trust.

MetLife to overhaul pension drawdown product

16 Jun 2011

Provider admits it needs to overhaul its product as its systems are struggling to deal with requests for phased retirement.

Lipsey calling for greater equity-release innovation

16 June 2011

Matthews to head Standard UK business after rejig

16 June 2011

Midsummer date set for outcome of Lloyds review

16 June 2011

Pre-PPF failures to get right to compensation

16 June 2011

Gov't urged to clarify GMP equalisation stance

15 Jun 2011

The Association of Consulting Actuaries calls on policymakers to bring an ECJ test case to clarify how mens’ and womens’ GMPs can be equalised.

Osborne to back retail bank ring-fencing

15 Jun 2011

Chancellor will affirm his support for the ICB’s recommendation to protect retail banking operations from riskier investments.

Fixed protection election form to be available from August

14 Jun 2011

HMRC says form required to lock-in to £1.8m lifetime allowance will be available to advisers in two months.

FSA fines trader £700,000 for market abuse

14 Jun 2011

Barnett Michael Alexander ordered to pay additional £322,818 in restitution for manipulating share prices using CFDs and spread bets.

LV= partners with Barclays Stockbrokers to offer execution-only Sipp investments

14 Jun 2011

LV= says deal will allow IFAs and Sipp customers “immediate and direct” access to Barclays’ execution-only trading platform.

Aegon launches three new unit-linked guarantee products

13 Jun 2011

New offshore bonds allow investors to lock-in investment growth on an annual basis.

Government to amend legislation for failed pension schemes

13 Jun 2011

DWP plans to extend the qualifying conditions of FAS to allow members of failed schemes, such as the George and Harding pension scheme, to be covered by the regulations.

Standard Life appoints Paul Matthews as UK chief executive

9 Jun 2011

Paul Matthews takes the role from David Nish, who will now focus on the group’s overall strategy.

LEBC talks with DB schemes on cutting de-risking costs

9 Jun 2011

LEBC is in discussions with six DB pension schemes about using enhanced annuity-style mortality information to “substantially” cut the cost of de-risking exercises.

FSA warns on pension loan deals

9 Jun 2011

The FSA is warning investors to seek independent advice before entering into “expensive” agreements with companies offering loans against their pension fund as a form of early access to their savings.

Axe for compensation relief

9 June 2011

Friends Life picks Bupa chief Payne as protection MD

9 June 2011

MetLife chief Carter joins Pica board

9 June 2011

Pointon York adds Sharia-compliant Sipp range

9 June 2011

Saunders: IMA managed sector labels proposal "best answer" for the industry