Only one in three people expect to stop working completely when they retire and phased retirement will become the new norm, according to a consumer study for Aegon which also shows that few people have a formal financial plan for retirement.

Mattioli Woods' subsidiary City Pensions has acquired the pension admin business of UK Wealth Management, part of Ashcourt Rowan, for up to £355,000.

A Sipps firm has backed the FCA's new capital adequacy rules and announced it has acquired the Sipp book from a pension administration provider for an undisclosed sum.

Changes to the capital adequacy formula, which were announced this week, have been described as 'odd' by a Sipp provider.

It has been a tough couple of weeks for the SIPP industry.