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The coalition government has issued an ultimatum to the Association of British Insurers over its opposition to the open market option, RP understands.
Skandia is calling for simplification of income drawdown rules to ease the “administrative nightmare” on advisers and simplify calculations for consumers.
Improvements in the open market option(OMO) process could help pensioners gain £3.3bn in extra income by 2030, according to research by the Pensions Income Choice Association (PICA).
Other News - Retirement Planner articles
The government is proposing to scrap the default retirement age of 65 by October next year, it today confirmed.
If you missed out on yesterday's Spotlight on Long Term Care roundtable you can access it now on IFAonline.
Both voluntary insurance and partnership schemes will be considered as possible long term care funding options, according to Health Secretary Andrew Lansley.
The government is set to scrap the requirement to purchase an annuity and abolish alternatively secured pensions.
Britain’s optimism about their retirement is lagging behind the USA and Canada according to research from Sun Life Financial of Canada.
Reforming the Age 75 rule will reinvigorate the retirement income market but care should be taken not to undermine the annuity sector, the ABI warns.
Strengthening state pension provision is key to helping people develop a decent income in retirement, according to pensions minister Steve Webb.
Partnership has launched an annuity product enabling people to fund long term care without having to sell their home.
Enabling people to work one more year after the state pension age could result in a GDP increase of 1% or £13bn, says L&G's Adrian Boulding
New pensions minister Steve Webb on auto-enrolment, a new Pensions Act and why regulation "isn't evil".
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