final salary

Just Retirement has launched a new form of third way annuity with the first new capped drawdown product on the market since the new pension rules came into force.

Pensions minister Steve Webb will meet with industry representatives and the Pensions Regulator (TPR) today to urge a crackdown on pension transfer incentives.

The government this week passed legislation which officially ended contracting out of defined contribution (DC) pension schemes from April 2012.

Trade union Unison has declared "war" on the government over public sector pension changes, warning the coalition it is heading for industrial turmoil over its reforms.

Contracting-out for defined benefit (DB) pension schemes will be scrapped as part of the move to a single tier state pension.

The combined effect of banning contracting out and accepting Hutton's public sector pension reforms will "stoke the ire" of trade unions, warns Hargreaves Lansdown's Tom McPhail.

Lord Hutton's recommendations for public sector pension reform have been backed by the Treasury, with Chancellor George Osborne saying there would be no "cherry picking" from his proposals.

Final salary public sector pensions will be phased out in favour of cheaper career average schemes by 2015.

Final salary pension scheme members could see a 4% cut in benefits after the BoE used miscalculated inflation rates for more than a decade, experts say.

Reforms to public sector pensions have been delayed until summer 2011, the Treasury has confirmed.