Retirees who are shunning annuities face a huge variety of product options, charges and investment performance when going down the investment pathway route and need to do more to 'look under the bonnet' before making a selection, LCP research finds.

The normal minimum pension age (NMPA) is set to increase to 57 under plans unveiled in a government consultation today (11 February).

Average transfer takes 11.9 days

Work and Pensions Committee

Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.

Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.

An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.

Consumer complaints against firms for misadvised DB transfers also rising

Half-way house

Chancellor Rishi Sunak has confirmed a salary top-up scheme designed to minimise job losses over the next six months will be introduced on 1November as tighter Covid-19 restrictions remain in place.