pension bill

Risk-managed funds will overtake annuities to become the preferred retirement income strategy over the next decade, according to an Aegon adviser survey.

Steve Webb's plan to extend pension freedoms to all retirees, creating a market for annuity resales, is well-meaning but unlikely to work in practice, Fidelity retirement director Alan Higham has said.

The Treasury is to give savers more freedom on how they can take their tax-free lump sums from pension pots, with new rules allowing savers to take a portion of their pension out at any time.

Almost 9,500 income drawdown contracts were written in the second quarter of the year, with the mean pot size dropping to just over £50,000, latest figures from the Association of British Insurers (ABI) show.

Firms providing comparison websites for annuities should include details of the types of guarantees available and identify providers if they operate a restricted panel, the Financial Conduct Authority (FCA) has said in updated guidance.

Retirees receiving financial 'guidance' via the government's 'right-to-advice' promise outlined at Budget 2014 will also be told how long they are likely to live to help inform their decision about what to do with their retirement savings, Steve Webb...

Labour has vowed to push through a pension charge cap and make using an annuity broker mandatory should it win the next general election.

The government plans to legislate for the lifting of NEST's contribution cap and transfer restrictions in 2017.

Young people in Britain are saving nearly one fifth of their monthly disposable income, which is more than any other age group - but only 12% are using this money to save for retirement, according to research by asset manager BlackRock.