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Last Updated: Friday, 18 November 2005, 18:55 GMT
Turner's pensions report
Lord Adair Turner, Chairman of the Pensions Commission
The Pensions Commission is reviewing the UK's pension system

BBC Radio 4's Money Box was broadcast on Saturday, 19 November, 2005, at 1204 GMT.

The programme was repeated on Sunday, 20 November, at 2102 GMT.

Speculation has mounted over the contents of the long-awaited Pensions Commission report following an article in the Financial Times on Thursday.

It claimed the commission - which reports on 30 November - will recommend that over time the pensionable age should rise to 67 in return for a higher state pension for all.

It also said the report will call for a new national pension savings plan into which individuals will automatically be enrolled, but can opt out of.

The Pensions Commission said the article was speculative and refused to comment ahead of the report's publication.

To discuss the developments we spoke to Alison O'Connell, Director of the Pensions Policy Institute.

Further information:


Pensions and benefits payments change

An older woman with a nurse
Vulnerable people are able to receive their payments by cheque
The government is writing to 120,000 people currently receiving benefits by a mixture of cheque and payments into bank accounts to tell them they will be automatically moved over to a system of Direct Payments into bank accounts only.

People who do not wish to give up receiving their payments by cheque will be able to object and opt out of the transfer.

But Money Box heard from one listener who was upset to find that her cheque payments were stopped without any warning.

And we spoke to the Royal National Institute of the Blind (RNIB), which investigated her case.

Further information:


Concern over annuity delays

Alarm clock
Delays could leave people with no money to live on
People buying an annuity - an income for life - with their pension pot are suffering frustrating and costly delays, according to financial advisors.

Bob Howard has been investigating.

Further information:


Speculation over Equitable annuities

Equitable Life
The disposal could pave the way for the rest of Equitable to be sold
There has been growing speculation that troubled insurer Equitable Life may be about to hand over its annuity business to Prudential.

But neither company will confirm or deny the rumours that have been sweeping through the financial world.

We heard from Peter Scawen, Chairman of the policyholders' group, Equitable Life Trapped Annuitants, and we were joined by Stuart Bayliss of Annuity Direct.

Further information:


International money transfers

Assorted currencies superimposed on globe
The website offers information on sending money abroad

A government-backed website has been launched to help people choose the best way to send money abroad to their families.

The website follows a report commissioned by the Department for International Development which has made several recommendations for improving the market.

It has been estimated that up to £3.5 billion a year is sent from the UK to other countries, mainly in the developing world.

We spoke to Leon Isaacs of Travelex Money Transfer, and the UK Remittances Working Group.

Further information:


Delay in pension decision

Up to 85,000 are waiting on a decision from the ombudsman
People hoping for compensation from the Parliamentary Ombudsman will have to wait another four months for her report.

Around 85,000 people lost all or some of their pension when their employer went bust and the scheme was wound up with inadequate resources to pay the pensions promised.

They went to the ombudsman claiming that four government departments were guilty of maladministration, either in exaggerating how safe company pensions were, or in regulating how company schemes were run.

The report was anticipated some time ago, as pensions consultant Ros Altmann explained.

Further information:


Passport price to rise

Biometric passport
New biometric passports will contain a security chip

Anti-fraud measures are pushing the price of a new adult passport up from £42 to £51 from 1 December, the UK Passport Agency has said.

Children's passports are also going up by £9 to £34, and a 48 page adult passport issued on the same day will cost £104.90.

To get the old rate, applications in person must be made before the 1 December, but applications by post will be accepted if they arrive by 3 December.

Further information:


Presenter: Paul Lewis
Producer: Jessica Laugharne
Reporter: Bob Howard



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