Aegon

The government has confirmed the minimum pension age will rise from 55 to 57 by 2028 to coincide with the rise in the state pension age to 67.

The impact of the coronavirus pandemic on pension savers in Britain is continuing into the second half of the year, heightening worry around funding retirement and saving adequately.

Pension providers need to look for more innovative ways to improve engagement with their employees, according to Aegon.

The number of savers opting to withdraw a tax-free lump sum from their pension has dropped more than 53% since the start of the coronavirus pandemic, according to the Association of British Insurers (ABI).

Trustees, corporates and consultants have been urged not to “forget the health of their scheme” during Covid-19 and to keep an eye on key member trends.

Amendments to the Pension Schemes Bill passed by peers in the House of Lords last night will see a wide-ranging suite of reforms for the pensions industry draw another step closer.

The number of people turning 55 and becoming eligible to use the pension freedoms will hit a peak of 941,000 this year, according to Aegon.

Senior clinicians within the NHS Pension Scheme will receive extra assistance to adjust their pension accrual to fit within tax allowances.

The Pensions Regulator (TPR) has published guidance setting out how employers can meet their automatic enrolment (AE) duties as they navigate the effects of the coronavirus pandemic.

Aegon’s independent governance committee (IGC) has unveiled its latest annual report – highlighting general good value for money but some concerns over investment and communications.