The U.K.'s pension sector faces losses of tens of billions of pounds after the High Court rejected a legal challenge against the government's decision to change a measure of inflation, trustees of three major workplace plans have said.
The government is considering whether to extend pension breaks to recently retired doctors and nurses as it seeks ways to prop up the health service before what is expected to be another punishing winter for COVID-19 infections.
A quarter of financial advice firms placed under emergency powers have been blocked from selling off assets before a £71 million ($84 million) redress scheme for victims of a major pension plan transfer scandal is implemented, the Financial Conduct Authority said Monday.
The cost-of-living crisis in the U.K. may mean that Britons will have to save an additional £90,000 ($108,000) over the course of their careers to maintain a comfortable standard of living at retirement, a pensions provider said on Thursday.
The retirement savings watchdog has said that workers' benefits plans should be shielded from any fallout if a sponsoring employer wants to restructure existing debt, as the Bank of England raises its base interest rates to rein in spiraling inflation.