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DWP: DB pension payouts to peak in 2012

Defined-benefit pension payouts will peak this year as the Government prepares to automatically enrol millions of workers into defined-contribution schemes.

Research from the Department for Work and Pensions reveals the average DB pension in payment will reach £7,100 a year, the highest ever level, towards the end of 2012.

The Government expects this figure to fall to to around £2,400 a year by 2060.

Pensions minister Steve Webb (pictured) says: “A generation ago employers provided final salary pensions and took on all the uncertainty – the perfect retirement solution for those lucky enough to have one.

“With payouts peaking this year, final salary schemes closing and figures that show that only 38 per cent of working-age people are saving into a private pension, it’s clear that we are facing a different world in pensions.

“That is why our workplace pension reforms are so critical, bringing millions of people into pension saving for the first time.

“Underlying this is our plan to bring in a new single tier state pension – an absolutely crucial foundation as one in three of us are now expecting to live to 100.”



FSA warns over “risk sandwiches” in promotions

New FSA guidance on financial promotions warns adverts should not separate out the risks and benefits of a product or focus purely on headline charges. The guidance sets out what the regulator expects of adverts for Isas and investment professionals as well as fund performance. It says they should be fair, clear and not misleading. […]


Miliband repeats call for pension ‘tax break’ reversal

Labour leader Ed Miliband has repeated calls for pension relief for higher rate tax payers to be capped at 26 per cent with the extra revenue spent on reversing cuts to tax credits. Last month, Shadow Chancellor Ed Balls said by reducing the annual allowance from £255,000 to £50,000 instead of reducing relief for those […]

Nationwide expands NewBuy to smaller builders

Nationwide has launched a scheme to allow smaller builders to offer NewBuy who on their own are unable to hit the minimum amount of properties needed to qualify for the scheme. On March 12 when Nationwide first launched its NewBuy proposition it had agreements with six building firms – Barratt Developments, Taylor Wimpy Homes, Persimmon […]


Chris Gilchrist launches new IFA firm

Former Churchill Investments directors Chris Gilchrist and Stephen Poland have launched a new IFA business, FiveWays Financial Planning. The Weston super Mare-based firm offers independent advice on a fee-only basis. It is a member of The Whitechurch Network and currently has six IFAs, including former Churchill advisers Jim Bloodworth, Jon Lawson, Ian Evans and Richard […]

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]


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