A pension provider has warned that the new capital adequacy requirements, while not as punitive as feared, will still lead to consolidation in the sector.

Wealth manager St James Place says that pension reforms will create retirement opportunities but retirees will need ongoing advice to avoid running out of money in retirement.

James Hay Partnership, the platform for retirement wealth planning, is calling on HMRC to create a Pensions Nil Rate Band (PNRB).

Barnett Waddingham, the provider of actuarial and consultancy services, has launched a pensions education service for employers looking to inform their senior-level staff on the various changes surrounding pension benefits.

Towers Watson has appointed Peter Rowles as head of its Retirement Practice for the UK and Ireland. Mr Rowles will succeed John Ball who was appointed Europe, Middle East and Africa (EMEA) head of Retirement Solutions in June this year.

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.