Three things we learned this week

Retirement Planner's round up of the top pensions stories.

UK pensioners pay £34 billion of tax

UK pensioners are paying £34bn in tax according to research from MetLife.

The provider's analysis shows the average pensioner pays 27% if their gross household income in a combination of indirect and direct taxes. This rises to 33% for the poorest pensioners.

Dominic Grinstead, managing director of MetLife Europe Limited UK said: "Tax does not end when you stop working and 27% of gross retirement income being swallowed up by tax is a major factor to consider when planning for retirement."

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Warning NEST competitors are bad news for savers

A glut of private sector competitors to the National Employment Savings Trust (NEST) could have a negative long-term impact on savers, an actuary warns.

His comments come as the industry gears up for auto-enrolment in 2012 with many preparing master trusts for employers keen to outsource their trusteeship.

In September, Standard Life revamped its master trust offering, whilst institutional firm Dean Wetton Advisory launched Pension Umbrella Trust, a direct NEST competitor.

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Insurers get an extra year to comply with Solvency II

Insurers have been given another year to become compliant with Solvency II (SII), the Financial Services Authority (FSA) announced today.

The date by which UK firms must now comply with SII is 1 January 2014 rather than 2013, the regulator said.

Domestic regulators and the European Insurance and Occupational Pension Authority (EIOPA) will still assume their SII responsibilities from 1 January 2013.

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