Office for National Statistics

The UK pensions bill hit £7.1trn at the end of 2010, weighed down by firms with defined benefit (DB) schemes owing £1.3trn in pension obligations, national statistics show.

RECESSION

The UK economy contracted by 0.2% in the first quarter of the year, meaning it has slipped back into technical recession, preliminary estimates from the Office for National Statistics (ONS) show.

The UK Consumer Prices Index (CPI) climbed in March as higher food and clothing prices pushed inflation up to 3.5%.

CPI annual inflation fell to 3.4% in February, down from 3.6% in January, according to the Office for National Statistics.

ISA SPECIAL

A second official estimate of UK GDP has confirmed the economy shrank by 0.2% in the final three months of 2011.

Chancellor George Osborne has been given a boost ahead of next month's Budget after official figures showed the UK posted its largest budget surplus in four years.

People need to take ownership of financial planning as the average retirement age increases, says an AXA Wealth spokesman.

Average retirement ages rose by almost one year between 2004 and 2010 according to research published by the Office for National Statistics (ONS).