Related topic: Pension

DC savers are set to be given a new option, offering many of the benefits of DB pensions, with introduction of retirement collective pensions.

Healey confirmed changes to the pension Triple Lock system from 2030, reiterating that those relying solely on the state pension will not have to pay income tax.

Around 35,000 policyholders have now been welcomed to Scottish Friendly.

Three in five UK adults (62%) could face a major life experience, damaging their retirement plans.

The industry was cautiously optimistic about the announcement, but said the 'devil will be in the detail' of how it will hold its value relative to earnings over time.

Around a third of a million pensions are being withdrawn at rates of 8% or higher.

The state pension is likely to rise by 3.9% next April, making it liable for income tax.

Thomas earned more than £173,000 in fees for providing unauthorised advice.

Those paying at 40% or 45% has risen from just under half a million in 2021/22 to over a million in 2026/27.

The issue relates to the two different ways in which pension tax relief is paid, but industry experts have warned there is a real risk of huge non take-up.