Pensions, savings and investments

Almost one in five defined benefit pensions schemes have been closed to employees who are already members, a new survey has found.

Sales of stakeholder pensions have fallen by 28 per cent in the last year, prompting speculation that the schemes are nearing the end of their usefulness.

A half of the final salary pension schemes still in operation in the private sector face closure by 2012.

Savers are currently enjoying some of the best returns on their money in nearly 20 years, it has been argued.

Over 300 banks and financial institutions will be obliged to hand over details of their customers’ offshore accounts to the tax authorities.

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