Financial guidance resources the Money Advice Service, The Pensions Advisory Service and Pension Wise will be replaced by a single body, the Treasury and the Department for Work and Pensions said yesterday.

Two UK defined benefit schemes operated by technology company Smiths Group have said they will implement guaranteed minimum pension equalisation but need further clarification from the Department for Work and Pensions to do so.

Trustees of occupational defined contribution pension schemes are increasingly failing to meet governance requirements due to excessive regulatory change, a panel of industry figures has said.

The dust has settled on government's call for evidence on the expansion of Nest into the drawdown market, but it seems the war of words between industry professionals is far from over.

From the blog: The international day of the older person might not have been as riotous as usual when it took place this Saturday, as private sector pension increases looked more under threat than ever.

Just the day before, Work and Pensions Committee chair Frank Field MP announced that he and his colleagues will consider the impact of allowing schemes to suspend inflation-linked pension increases, as part of the committee’s inquiry into defined benefit schemes.

Now Field and his team will investigate what needs to be done to “help create a climate of opinion so scheme trustees would naturally think about introducing flexibility on benefits”, Field told the Financial Times.

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The Department for Work and Pensions last week issued a consultation on draft regulations aimed at simplifying the way safeguarded flexible benefits are valued in relation to the freedom and choice advice requirement.

HM Revenue & Customs has delayed its guidance on alternative solutions for employers seeking to recover value added tax on defined benefit pension administration costs, prompting speculation that a decision will not be made until Brexit negotiations advance further.