Half (49%) of current retirees entered retirement without any clear financial plan, according to a new report.

The Financial Services Compensation Scheme has so far paid out just over £9.7m on 234 successful claims against failed firm Portal Financial Services LLP, formerly Portafina LLP (FRN 501272).

The Department for Education has today confirmed an increase of 5 percentage points to the employer contribution rate of the Teachers' Pension Scheme (TPS) with schools' contributions set to rise from 23.6% to 28.6%.

Savers with workplace pension schemes are significantly less likely to understand or engage with their pensions compared to their counterparts with personal pensions, according to new research.

The Association of Member-Directed Pension Schemes (AMPS), the industry body for SIPP and SSAS providers, has voiced “deep concerns” about a big proposed rise in a DWP pension scheme levy which could hit SSAS providers and other small pension scheme in the pocket.

Wealth manager and SIPP provider Mattioli Woods has appointed a new chair to help steer the company as its advice business continues to grow.