Two unnamed firms have been referred to the FSA's enforcement division for further investigation following a review of the £330bn with-profits sector.

Aegon is withdrawing from the bulk annuities market with immediate effect as part of a restructure of its UK life and pensions business.

Chancellor George Osborne today lowered the UK's economic growth forecast for the next five years.

Europe - Aegon is withdrawing from the bulk annuities market with immediate effect as part of a restructure of its UK life and pensions business.

Aegon is withdrawing from the bulk annuities market with immediate effect as part of a restructure of its UK life and pensions business.

The Queen today confirmed the coalition government will legislate for the phasing out of the default retirement age and set a timetable for raising the state pension age, depending on the outcome of a review.

UK - The Queen today confirmed the coalition government will legislate for the phasing out of the default retirement age and set a timetable for raising the state pension age, depending on the outcome of a review.

Updated 10.52am: The FTSE is falling in mid-morning trade after Chancellor George Osborne unveiled details of the coalition government's £6.2bn spending cuts.

The coalition government is set to detail how it plans to make £6bn in spending cuts this year at its first Budget on Tuesday June 22.

New work and pensions secretary Iain Duncan Smith must take a "fresh" look at auto-enrolment and not pre-suppose pensions policy is "done and dusted" because of the launch of Nest, Aegon's Rachel Vahey says.