Pension 'flexibility' fears

BBC Radio 4's Money Box Saturday 17 June, 1204 BST Sunday 18 June, 2102 BST On Radio 4 and online Programme transcript

There are new fears that people with occupational pensions could lose some of the benefits they were previously guaranteed.

Schemes might, for example, no longer pay inflation-linked increases each year or provide a pension for a surviving partner.

Some people think those possibilities have opened up as a result of wording in the recent pensions white paper.

Tom McPhail, head of pensions research at Hargreaves Lansdown, is one of those. On BBC Radio 4's Money Box on Saturday, he explained why.

Such fears were given a boost this week when Christine Farnish, head of the National Association of Pension Funds, called for more "flexibility" to adapt to changing economic conditions. She told us what she has in mind.

And we got the union response from Michelle Lewis, pensions policy officer at the Trades Union Congress.

Further information:

Pension rules could close schemes

Pension woes 'damaging UK growth'

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Standard Life

Standard Life's John Hylands joins us to discuss the situation

People in line for a shares windfall when Standard Life floats on the stock market in July have been told it will be worth less than they were led to expect.

At the same time the insurer has revealed more details on how millions of people will be able to buy additional shares at a discount.

We spoke to Mikir Shah, head of UK insurance at research firm Fox-Pitt, Kelton; and John Hylands, a director of Standard Life.

Plus we were joined by Morven Whyte, portfolio manager at Redmayne Bentley stockbrokers.

Further information:

Standard Life reduces float value

Why Standard Life took a u-turn

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Payment Protection Insurance

The Post Office is rebranding the insurance as "lifetsyle insurance"

The Post Office is to begin selling Payment Protection Insurance (PPI) and will undercut the cost of many existing providers.

This type of insurance is designed to protect people's loans and credit card payments if they become ill or lose their job.

Widespread concern over how PPI sold and what it does and does not cover recently led to an Office of Fair Trading investigation.

However, it is hoped the Post Office product - rebranded as lifestyle insurance - might impove its tarnished image.

We spoke to Post Office managing director Alan Cook.

Further information:

April 2006: Probe launched into debt insurance

April 2006: The UK's £5bn 'protection racket'

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Investing in art

Paul Lewis spoke to dealer Robert Kleiner at the exhibition

While stock and bond markets remain volatile investors are once again looking elsewhere for potential financial gains.

Investing in art is popular and over the next week some of the world's finest specialist dealers are attending a major art and antiques fair in London.

Paul Lewis talked to investment experts and others at The Grosvenor House Art & Antiques Fair.

Have Your Say

Further information:

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Mortgage exit fees

The regulator wants the lenders to justify the fees

The Financial Services Authority (FSA) has asked some mortgage lenders to prove their mortgage exit fees are not unfair.

In its work on the issue it also found that contracts are sometimes not made as clear as they could be.

The lenders have a month to respond and the FSA will say more in the autumn.

Further information:

FSA warning on mortgage exit fees

External links and helplines

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Producer: Chris A'Court
Presenter: Paul Lewis