Three things we learned this week

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

FSA launches drawdown advice probe

The Financial Services Authority (FSA) is conducting a review of the quality of advice given on pension income drawdown.

The regulator has written to advisory firms to check they are following the new rules around drawdown which came into force in April this year.

An electronic questionnaire has been sent to firms which must be completed and returned by 30 November.

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LV= buyout of Hornbuckle off

LV= will not buy Hornbuckle Mitchell, the SIPP provider confirmed.

The firm said it is still in talks with a number of potential partners about a possible investment into the firm, but confirmed no life offices were involved in negotiations.

Today Hornbuckle's managing director David White did not deny that LV= had been the main contender for a buyout deal in previous talks.

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Unions challenge 'unlawful' pensions reform

A group of public sector unions will begin a High Court challenge today over the way public sector pensions are calculated.

Using the consumer price index (CPI) instead of the traditionally higher retail price index (RPI) was "unfair" on millions of workers, union leaders said, according to the Press Association.

The move by Chancellor George Osborne, which came into effect in April this year, will cost public sector pensioners around 15% if CPI remains 1.2% lower than RPI, they said.

To read more click HERE