The Financial Conduct Authority has announced new rules and plans to help make pension choices clearer for over-50s, which it says will help up to 100,000 every year.
Annuity providers will have to tell savers if they can get a better deal from another provider and how to get it, under proposed new rules outlined by the financial regulator.
New rules to protect savers, which include increasing the amount you can reclaim when a bank fails from £85,000 to £1million in certain circumstances, have been confirmed by the Bank of England today.
Five million people who've already bought and locked into an annuity will be given the same pension freedoms as people nearing retirement, the Government has announced.
Everyone aged 55 and over will now be entitled to a free state pension statement the Government has announced today, but it's not automatic so you'll need to request a copy.
The impartial guidance that will be offered alongside the pension changes coming into force in April will go under the name Pension Wise, the Government has announced.
12 January 2015
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