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Yet another review as MPs probe the pension crisis

The pension industry is to face yet another review as the Parliamentary work and pensions select committee has announced a wide-ranging inquiry into the “pensions crisis”.

In the autumn, the all-party committee will examine what role the Government and the private sector has in increasing savings through pensions.

The industry has questioned the need for another pension review, especially as the Government will respond to Sandler and Pickering in a Green Paper this autumn.

The role and availability of pension advice will be put under the spotlight with the question of whose responsibility it is to ensure advice is available. It will look at whether the public has been scared off pensions because of misselling and Equitable Life.

The committee, chaired by LibDem MP Archy Kirkwood, will consider if there is a case for compulsory contribution for employers or individuals.

Scottish Life head of communications Alasdair Buchanan says: “Whether this committee is the right forum and whether it will have the power to effect real change is the question, especially when the Government is developing a Green Paper.”


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Consumers less likely to review pension status

Media coverage of pensions is putting people off saving for retirement rather getting them to look at retirement provision, according to research commissioned by Charcol.Pollsters MarketMinder asked a representative sample of 2,009 adults how media coverage of pension issues had affected their actions.Sixty per cent of consumers are unaware of the annuity open market option, […]

Over 6,700 company pension plans axed

More than 6,700 company pension schemes were closed last year, reducing the number of occupational schemes by 6 per cent, according to figures from the Occupational Pensions Regulatory Authority.The wave of closures means that 437,000 workers&#39 occupational schemes were affected.The figures come a week after former National Association of Pension Funds chairman Alan Pickering reported […]

Peak practice

The average life of a mortgage has fallen from seven years in 1996 to just four, according to the Institute of Actuaries. In the sub-prime market, the average is less than two years.This means that even when the property boom begins to subside, IFAs and lenders will continue to face strong demand from borrowers for […]


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