More Archive News

Prime Minister Theresa May has appointed Amber Rudd, former Home Secretary, as the new Work and Pensions Secretary, replacing Esther McVey.

The MP for Hastings and Rye is back in the Cabinet as the third Secretary of State for Work and Pensions under Theresa May
16/11/18
Saga has highlighted savers “affordability issues” after just 20-30 have taken up its ‘sidecar structured’ savings scheme since it was launched in January
16/11/18
The rate of quotation requests for DB transfers has fallen to 1.6 per cent of deferred members in Q3 2018, according to research from LCP
16/11/18
Mercer, Aon and Willis Towers Watson (WTW) have reiterated their criticism of the data used in the Competition and Market Authority’s (CMA) provisional decision report (PDR), in their response to the regulator’s updated results
16/11/18
Trustees are worried that smaller pension schemes could be an afterthought when plans to consolidate DB schemes come to fruition
16/11/18
The latest news in brief and mandates from the past seven days
16/11/18
Royal Mail has warned that there could be industrial action if it is unable to launch a collective defined contribution scheme because of legislation, and an alternative agreement cannot be reached
15/11/18
The recent High Court judgement on GMP equalisation could mean that up to £50bn of buy-ins may need to be “restructured” to accommodate the ruling, Aon has suggested
15/11/18
Over 90 per cent of Universities Superannuation Scheme (USS) employers have expressed support for the joint expert panel (JEP) recommendations regarding the 2017 valuation, despite proposing a number of caveats
15/11/18
Following Esther McVey’s announcement that she will be resigning as Work and Pensions Secretary, the Department for Work and Pensions (DWP) leadership has been described “as stable as a mobile home in a hurricane” by Quilter head of retirement policy, Jon Greer
15/11/18
Ninety-one per cent of defined contribution pension schemes submitted their scheme returns on time in 2017, The Pensions Regulator revealed, as it said more trustees are completing their duties earlier
15/11/18
The Pensions Regulator (TPR) declared that “feedback is always welcome” from industry members in regard to its regulatory approach
15/11/18
Over half (53 per cent) of income drawdown customers are withdrawing an income that is not sustainable for the rest of their life, according to analysis by Royal London
15/11/18
Secretary of State for Work and Pensions, Esther McVey, has resigned over Prime Minister Theresa May’s Brexit deal
15/11/18
More than 156,000 pensioners who keep their pot invested throughout retirement do not have a cash “safety net” in the event of a falling market, Zurich has found
14/11/18
Sixty-one per cent of pension schemes say they do not have sufficient data to equalise guaranteed minimum pensions (GMPs), according to research from Herbert Smith Freehills
14/11/18
Almost four in 10 (38 per cent) of trustees have not enacted any of the ‘fair treatment actions’ that The Pensions Regulator (TPR) outlined earlier this year, it was revealed at Pensions Age's inaugural Great Western Conference (GWC)
14/11/18
A record-breaking 2018 for bulk annuities is likely to be surpassed in 2019, according to Hymans Robertson report
14/11/18
UK pension savers need to save seven times their annual household income by the time they hit 68, in order to maintain their lifestyle in retirement, Fidelity International has found
14/11/18
The government is expected to save £11bn as a result of increases to the state pension age, according to analysis by Aegon
14/11/18
Seventy-four per cent of defined contribution members are interested in comparing the performance of their pension scheme with others in the market, it has been revealed
14/11/18
Premier Foods has recorded a £282.7m combined pension surplus, according to its half-year report, in which it announced that its CEO Gavin Darby would be stepping down
13/11/18
The Pensions and Lifetime Savings Association has said it will publish revised national retirement income targets in early February
13/11/2018
BNP Paribas is planning on undertaking an enhanced transfer value (ETV) exercise for its defined benefit pension schemes, it has revealed
13/11/2018
The Pensions Minister Guy Opperman has put “pressure” on the financial services industry to do more to ensure the financial wellbeing of their employees
13/11/18
The aggregate deficit of schemes in the PPF 7800 Index increased by £69bn over October, the Pension Protection Fund has revealed
13/11/2018
Nest Insight has launched its sidecar savings trial, with Timpson named as the first employer to pilot the savings model from the start of 2019
13/11/18
PLSA policy lead: engagement, EU and regulation James Walsh discusses how the uncertainty of Brexit is pushing it down pension schemes' agenda
12/11/18
The Pensions Regulator has launched a new website in order to deliver a “clearer and simpler” experience for users
12/11/18
Brunel Pensions Partnership, a Local Government Pension Scheme (LGPS) pool, has outlined its expectations of companies regarding its sustainable development goals (SDG) in a new policy paper
12/11/18
Some DB pension schemes have put a temporary block on transfers while they assess what effect the recent High Court ruling on guaranteed minimum pensions (GMPs) may have, according to Royal London
12/11/2018
Half of individuals (50 per cent) aged over 40 have the basic knowledge required to make good pension decisions, according to new research from Just Group
12/11/2018
Work and Pensions Committee chair Frank Field will have a private meeting with the Insolvency Service to obtain more detail on the investigations around the collapse of BHS, it has emerged
12/11/18
The Pensions Administration Standards Association deputy chair Kim Gubler writes about her recent experience discussing DC at pensions conference in Bahrain
09/11/18
Willis Tower’s Watson’s UK DC master trust, Lifesight, is the first master trust to apply for authorisation with The Pensions Regulator, it has revealed
09/11/18
The latest news and mandates from the past seven days...
09/11/18
The Treasury Committee has today announced a probe into vulnerable customers and how they are served by the financial services industry
09/11/18
The Department for Education (DFE) has estimated that increasing the employer contribution to the Teachers’ Pension Scheme (TPS) for 2020/21 will increase the cost to further education employers by £142m
09/11/2018
A number of large defined benefit schemes have already started assessing the impact of the landmark High Court Ruling on guaranteed minimum pensions (GMP), it has been revealed
08/11/18
The National Grid UK Pension Scheme recorded a surplus of £1.28bn as of 30 September 2018, an increase of £172m from 31 March 2018
08/11/2018
Registration is now open for the 2019 Sustainability Summit, which offers pension funds, insurance companies, charities and corporates the chance to learn and network alongside their peers
08/11/18
Sainsbury’s defined benefit pension scheme recorded a £168m net of tax surplus in its latest results, a £429m swing from its March 2018 deficit of £261m, according to its half-year report
08/11/18
Defined benefit pension transfer values fluctuated and had the biggest monthly change for over a year during October 2018, increasing by the end of the month to £235,000
08/11/2018
The shareholders of JLT have approved the deal for Marsh and McClennan Companies (MMC) to purchase the broker for $5.6bn (£4.3bn)
08/11/18
Just one master trust has applied for authorisation since new legislation around the fit and proper running of the schemes came into force on 1 October, TPR has said
07/11/18
The government has published a policy paper on its reform to tax exemptions for employer contributions into certain overseas pension schemes, first published in July 2018
07/11/18
Twenty-nine per cent of pension savers said they would invest more into their pension if they knew the Financial Services Compensation Scheme (FSCS) protected it, new research has revealed
07/11/18
Local Pensions Partnership (LPP) has appointed Sarah Laessig and Jill Mackenzie to the LPP board as non-executive directors and Martin Tully to the LPP investments board as a non-executive director
07/11/2018
The number of trustees that believe that Brexit investment implications are the top risk to DB pension schemes continue to increase, according to data from PTL
07/11/2018
The Cost Transparency Initiative (CTI) has today been launched, with the aim of bringing pension fund trustees new clarity from asset managers on costs and charges
07/11/18
The Supreme Court has ruled that Barnardo’s must use the Retail Prices Index (RPI) as its measure of inflation in regard to pensions payments
07/11/2018
Two in five working adults aged between 46 and 55 do not know how much they have saved for retirement, Aviva has found
07/11/18
The Court of Justice of the European Union has ruled that a part-time recorder (fee-paid judge) should have his pension backdated to include his service prior to the introduction of a UK law that enabled him to accrue a pension
7/11/18
The Pensions Regulator has written to 24 trustees over risks of members transferring from defined benefit to defined contribution schemes “since the summer”, it has revealed
07/11/18
A rise in passive investing can “co-exist” alongside investors’ desire to preference investments that embody their values and longer-term goals, the Financial Conduct Authority has said
07/11/18
More than half (54 per cent) of self-employed workers would welcome further government support in pensions saving, according to research conducted by Prudential
07/11/2018
Society of Pension Professionals investment committee member Christy Jesudasan looks at how, with regards to investments, pension schemes should prepare for Brexit
06/11/18
Just 5 per cent of corporate pension funds in the UK have a specific climate change policy, despite 74 per cent of funds admitting that they recognise the potential impact of climate change
06/11/18
The employer cost cap for public service pension schemes has been described as a “car crash”, after it emerged that some pension funds could have potentially breached the limits
06/11/18
The government’s release of its collective defined contribution (CDC) pension scheme consultation has been met with a mixed response from those within the industry
06/11/2018
The Department for Work and Pensions (DWP) has launched its consultation on collective defined benefit (CDC) schemes
06/11/2018
PPI director Chris Curry takes a look at what Brexit means for private pensions
05/11/18
LEBC Group has welcomed a government consultation on helping the self-employed save for retirement and has proposed two measures to “level the playing field” between the employed and self-employed
05/11/2018
The collective FTSE 350 pension scheme deficit hit £36bn over October in the “largest swing in month end deficits” since August 2016, Mercer has said
05/11/18
The government and regulators need to “act quickly” to clarify what the recent ruling in the Lloyds Bank case over guaranteed minimum pensions (GMPs) means for pension transfers, according to Royal London director of policy Steve Webb
05/11/2018
More than one in four (27 per cent) people aged over 55 do not realise that they have to pay tax on pensions savings if they take the money as cash, according to new research from Legal & General (L&G)
05/11/2018
The latest news in brief and mandates from the past seven days
02/11/18
Women’s state pension age will be equal to men’s state pension age from Tuesday the 6 November, after legislation was first passed in 1995
02/11/18
The government must look beyond patient capital when it comes to opening up defined contribution schemes to illiquid assets, it has been suggested
02/11/18
Around 89 per cent of staff at the University of Manchester have voted for strike action over plans to cut and close their pension scheme in a consultative ballot organised by Unison
02/11/2018
Flexible pension withdrawals hit a record high of 585,000 in Q3 2018, according to HMRC, up from 574,000 in Q2 2018
02/11/2018
An accountant has been fined £6,857.50 for falsely telling The Pensions Regulator that one of his clients’ staff, for which he acted on its behalf, had been enrolled into a pension scheme
01/11/18
Prime Minister Theresa May has promised that the Home Secretary, Sajid Javid, is working closely with the police to understand the impact of the pension changes, after police chiefs threatened legal action against the government this week
1/11/18
A faction of employees from the National Association of Schoolmasters Union of Women Teachers (NASUWT) have voted “almost unanimously” to strike against changes to their pensions
1/11/18
The combined deficit of FTSE 100 pension schemes dropped £15bn over the past 12 months, but JLT Employee Benefits has warned that the Lloyds ruling on Guaranteed Minimum Pensions (GMPs) could add £12bn to pension liabilities
01/11/18
The combined defined benefit deficit of schemes in PwC’s Skyval Index soared to £230bn at the end of October
01/11/18
Defined benefit trustees’ long-term strategy must be driven by their circumstance and not just through the valuation tools available, Aon has said
1/11/18
Over half of small and medium-sized enterprises (SME) have switched auto-enrolment provider, with a further 49 per cent planning to switch going forward, new research has found
31/10/18
Just Group’s defined benefit de-risking sales for the first nine months of 2018 increased by 91 per cent year-on-year to £1.08bn, according to its latest business update
31/10/18
Over £38m has been reclaimed by savers who were overtaxed on their pension freedoms withdrawals in the third quarter of 2018, marking the highest figure on record, according to HMRC's most recent Pension Schemes Newsletter
31/10/18
A further reduction to the discount rate used for valuing benefits and setting employer contribution rates will “increase public sector pension costs”, Aon has said
31/10/18
Nearly half of women (49 per cent) do not feel confident that they will have a comfortable retirement, compared to 33 per cent of men, according to research from Aegon
31/10/18
Around £40bn is expected to leave defined benefit schemes through bulk annuities and member transfers, in a “record-breaking year for risk transfer”, JLT Employee Benefits has said
31/10/18
Willis Towers Watson’s UK DC master trust, LifeSight, has announced that it will be allocating around half of the equity investments in the default fund to ESG investments by Q4 2018
31/10/18
The “burden” of auto-enrolment will “ultimately be borne by workers” as the policy is set to directly impact projected wage growth, according to the Office for Budget Responsibility (OBR)
30/10/18
A pre-existing anomaly which causes some low paid workers to not get the same tax relief as others on the same wage has been made worse by the 2018 Budget, according to Royal London
30/10/18
The government will net an extra £400m in tax from pension freedoms over 2018/19 taking its total yield to £1.3bn for the year, according to latest figures from the Office for Budget Responsibility (OBR)
30/10/18
The government has been urged to automatically enrol contractors and consultants who will be affected by the reform of the off-payroll working rules
30/10/18
Members of the Women Against State Pension Inequality (Waspi) group protested Philip Hammond's failure to address their concerns in yesterday’s Budget speech
30/10/18
Pensions tax reform was saved from the “pain of tinkering”, despite missed opportunities to fix the net pay anomaly and simplify pensions allowances, the industry has said
30/10/18
HMRC could be in line to jump ahead of pension schemes for funding when a business enters insolvency, is has been suggested
29/10/18
A reduction of the discount rate for calculating employer contributions in unfunded public service pension schemes has been confirmed in today’s (29 October) Budget
29/10/2018
The government has announced a boost to self-employed pensions in its Budget for 2018, confirming it will publish a paper to increase participation
29/10/2018
The government has been criticised for failing to address the net-pay taxation anomaly on some defined contribution pension schemes
29/10/18
Chancellor Philip Hammond has announced an additional £5m of funding to support the launch of the pension dashboard in his 2018 Budget
29/10/2018
The Chancellor Philip Hammond has paved the way to use billions of pounds of defined contribution pension money to fund fast-growing British technology companies
29/10/18
The government has launched legislation on banning pensions cold-calling, as part of it’s 2018 Budget
29/10/2018
The Chancellor’s decision to increase the higher rate personal allowance to £50,000 could see some employees’ government top-up on their pension contributions halved
29/10/18
Chancellor Philip Hammond has not made any cuts to the pensions allowances in his Budget, today 29 October
29/10/18
Two men who allowed pension funds worth millions of pounds to be put into “exotic, high risk and suspected scam investments” have been banned from acting as pension trustees.

The Pensions Regulator (TPR) has banned Stephen Alexander Ward and Anthony Salih after they put the funds under their trust into eucalyptus farms, hotel rooms on an African island and car park bays
29/10/2018
The Church of England Pensions Board and Sweden’s AP7 are leading a $2trn group of investors in challenging 55 large European companies on their approach to climate lobbying
29/10/18
Baroness Ros Altmann was “bullied and intimidated” by Sir Philip Green over the BHS pensions scandal, she has revealed
29/10/18
The Local Authortiy Pension Fund Forum (LAPFF) has again called on Ryanair to replace its chairman David Bonderman after the firm’s recent failure to tackle employment issues
29/10/18
Five FTSE 100 companies paid more in pension contributions than dividends to shareholders, as of 31 March 2018, as the tension between delivering shareholders value and funding schemes continues
29/10/2018
National recruitment agency Workchain has been ordered to pay £280,000 for plotting to illegally opt workers out of their pension scheme
26/10/18
The Competition and Markets Authority (CMA) has updated the results of its provisional decision report (PDR) on the investment consultants market, after it was called into question over “flawed” data
26/10/18
The latest news in brief and mandates from the past week
26/10/18
The pensions industry has welcomed the “clarity” that the High Court ruling on guaranteed minimum pensions (GMPs) brings, but one expert has said the case highlights the “nightmarish complexity” of pensions legislation
26/10/18
Lloyds has lost a landmark High Court case after it ruled that it must now equalise pensions benefits for men and women in what could have huge consequences for thousands of companies
26/10/18
Chancellor Philip Hammond is expected to unveil plans to use billions of pounds of defined contribution pension money to fund fast-growing British technology companies
26/10/18
Brunel Pension Partnership, a Local Government Pension Scheme (LGPS) pool, has invested £340m into two long-lease property funds
25/10/18
PMI technical consultant Tim Middleton looks at the "ominous precedent" set by the European Court of Justice's ruling on Pension Protection Fund compensation
25/10/18
Around 70 per cent of employers believe that The Pensions Regulator (TPR) needs more powers to help protect defined benefit pension schemes, according to research from the Association of Consulting Actuaries (ACA)
25/10/18
Debenhams has reported a pension scheme surplus of £159.4m as of 1 September 2018, despite posting record annual losses for the year
25/10/18
Ford Motor Company is planning to offer partial defined benefit transfers to members, it has revealed
25/10/18
Defined Benefit pension schemes must implement a decision-making framework as they approach the “endgame”, ensuring they are making the best decision for members, Redington has said
24/10/18
Businesses turning to master trusts as their main defined contribution pension scheme will double in the next three years as they look to enhance communication and improve outcomes
24/10/18
The average pension pot for a woman in the UK is five times less than a man’s, new research from the Chartered Insurance Institute (CII) has found
24/10/18
Pension fund returns are becoming more subdued and withdrawal rates are increasing, according to new data from Moneyfacts UK
24/10/18
Women who opt for a drawdown product have an income that is 37 per cent lower than men, according to new research by Zurich
24/10/18
Increasing employer contributions to the Teachers’ Pension Scheme (TPS) will cost employers £150m, which can only be met by “reducing the number of staff”, the Universities and Colleges Employers Association (UCEA) has warned
23/10/18
The chief executive of The Pensions Regulator has said that it has “some choices to make” on its resource allocation following the implementation of its new risk-based regulatory model
23/10/18
Whitbread’s defined benefit pension deficit has dropped by £127m over the last six months to £162m on an IAS19 accounting basis
23/10/18
Nest has revealed its plans to encourage the self-employed to save more for their retirement, following its latest research that has identified three main sub-groups that the self-employed fall into
23/10/18
More than three quarters (76 per cent) of people aged over-55 do not know that medical conditions or lifestyle choices could increase the money they receive from an annuity
23/10/18
The Association of British Insurers (ABI) has called for an end to the “salami-slicing approach” to cutting pensions tax relief and stated it is willing to work with the government on “longer-term reforms”
22/10/18
The Pension Superfund has appointed Richard Wohanka as chairman of the board of superfund trustees
22/10/18
The UK should help consumers understand the flexibility and risks of drawdown and move towards a decumulation model similar to the Netherlands, experts said at the Pensions and Lifetime Savings Association (PLSA) annual conference
22/10/2018
TPR executive director for regulatory policy, analysis and advice David Fairs said it will take two years before a pensions bill comes into effect, starting after the result of the upcoming consultation paper is published
22/10/2018
The four people behind a pension scam worth £13.7m have been banned from being trustees of pension schemes
22/10/18
Including a guaranteed income in the “asset mix” of a retirees portfolio could lead to a more “sustainable income” and “higher death benefits”, new research has found
22/10/18
The UK remained in 15th place in the Melbourne Mercer Global Pension Index for 2018, but has seen its overall score on the Index improve slightly
22/10/18
The pensions industry has a fixed mindset, despite a majority of people believing they have an individual growth mindset, it has been suggested
19/10/18
The average pensioner income is now higher than the average income of working age individuals, according to research from Resolution Foundation
19/10/18
The possibility of taxes on asset growth should be discussed more in the pensions industry than Brexit, journalist Andrew Marr has said
19/10/2018
Natalie Tuck speaks to PLSA policy board chair Emma Douglas on the need for a policy board and how it will work
19/10/18
'Generation K', or those now aged between 15 and 24, are “very different” to previous generations and more must be done to engage them with pensions, according to economist and author Noreena Hertz
19/10/18
The Competition and Markets Authority (CMA) has said that it hopes to publish the final decision of its investigation on investment consultants and the fiduciary management market by Christmas
19/10/18
The UK pensions industry must work together to build trust between members, trustees and employers in relation to master trusts, according to a panel of providers and trustees
18/10/18
The government has asked the pensions industry to consider putting more investment into infrastructure projects as it looks to remove barriers to investing
18/10/18
The Simpler Annual Statement has been unveiled by Pensions Minister Guy Opperman at the PLSA
18 October 2018
The mid-life MOT could bring a “commercial benefit” to businesses, Pensions Minister Guy Opperman has stated
18 October 2018
The Pensions Minister has confirmed that there will be new pensions legislation in summer 2019, in a speech at the Pensions and Lifetime Savings Association’s annual conference today, 18 October
18/10/18
The Pensions Minister has urged the industry to “get on with it” in relation to creating a pensions dashboard, emphasising the role of technology going forward
18/10/18
Defined benefit schemes need to change the way they look at long-term risk, find new frameworks and learn to say no to ensure a good future for their members, according to industry leaders
18/10/2018
The Pensions Regulator must “get the balance right” when writing to schemes over their dividend payments, its chief executive has said
18/10/18
The customer journey and value for money for pension savers are the two main areas of priority for The Pensions Regulator and Financial Conduct Authority’s joint pensions strategy, it has been revealed
18/10/18
Pension savers that wish to engage with stewardship “can’t find their way” due to “poor signposting” on pension provider websites, according to ShareAction investor engagement manager Anne-Marie Williams
18/10/18
Average pensioner incomes are likely to fall over the next “few” decades, according to the Pensions Policy Institute (PPI)
18/10/18
Employees from the Financial Conduct Authority and the Prudential Regulatory Authority have been seconded to The Pensions Regulator to help with work on the master trust authorisation regime
18/10/18
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have today launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement
18/10/18
The Pensions and Lifetime Savings Association’s proposed retirement income targets do risk putting some people off saving for a pension by potentially showing how unattainable their desired retirement lifestyle is, PLSA policy board chair Emma Douglas has admitted, but she would rather take that risk in order to benefit others
17/10/18
Top communications consultants revealed their best ideas to further engage with members in a pensions dragons den at the Pensions and Lifetime Savings Association (PLSA) Annual Conference in Liverpool, fighting over who had the best idea for how to show people outside the industry that pensions are, as chair of the session Steve Webb said, really rather riveting
17/10/18
Smart default schemes should be designed to ensure that members do not have to “engage repeatedly” throughout the life of their pensions, it has been suggested
17/10/18
The Social Housing Pension Scheme (SHPS) past service deficit has risen for the fifth consecutive valuation, from £1.3bn to £1.5bn, according to its valuation as at 30 September 2017
17/10/18
Simplifying the saving process for consumers is key to increasing their engagement in pensions, according to The Behavioural Insights Team (BIT)
17/10/18
Theo Andrew takes a coffee break with Pensions and Lifetime Savings Association (PLSA) chair Richard Butcher and talks about what, other than pensions, makes him tick and why hosting Top Gear would be a dream role
17/10/18
The government has given its strongest support yet for collective defined contribution (CDC) pension schemes ahead of its November consultation
17/10/18
The pensions industry cannot afford to be complacent despite the success of auto-enrolment, Pensions and Lifetime Savings Association chair Richard Butcher has said
17/10/18
The state pension is set to receive an above-inflation increase of 2.6 per cent, in line with average earnings growth, as part of the triple lock policy.
17/10/18
The “inadequate” minimum auto-enrolment contribution rate was “deliberately hard coded into the design” of the policy, Pensions and Lifetime Savings Association chair, Richard Butcher, will say as he opens the association’s annual conference today
17/10/18
Natalie Tuck reflects on the Pensions and Lifetime Savings Association's annual conference of 2017, as the 2018 conference kicks off today
17/10/18
Up to £20bn worth of pension pots could remain unclaimed, new research from the Pensions Policy Institute (PPI) has found
17/10/18
A group of 10 of the largest investment, savings and pensions trade bodies have endorsed a new joint venture aimed at delivering a long-term governance solution to transfers
16/10/18
Stena Line UK Group has chosen Ensign as its main defined contribution pension provider for the majority of its employees, both seagoing and shore-based
16/10/18
The HSBC UK pension scheme will invest £250m in renewable energy in Britain, following a competitive tender process
16/10/18
Around 37 per cent of pension schemes are in surplus against their funding target, according to new data released by Mercer
16/10/18
ITM has announced that it has acquired Faraday Tracing Bureau (FTB) for an undisclosed sum
16/10/18
The Pension Protection Fund (PPF) is working on increasing compensation payments “as quickly as possible” for those affected by the Court of Justice of the European Union (CJEU) ruling last month
15/10/18
Climate change is now not just an ethical concern, but a “practical consideration for the UK pension industry”, according to the Financial Conduct Authority (FCA)
15/10/18
Pensions freedom and choice could result in a tax revenue increase of £19bn over the next 10 years, according to the latest research from the Pensions Policy Institute (PPI)
15/10/18
Seventy-eight per cent of employers think that the pensions tapered annual allowance should be re-thought, according to the Association of Consulting Actuaries
15/10/18
Eighty-three per cent of employers admit that financial advice is something their employees would benefit from, according to figures from Chase de Vere
15/10/18
A cut to the annual allowance is the “most likely” change to pensions tax relief that Chancellor Philip Hammond will make, Royal London director of policy, Steve Webb, has predicted
15/10/18
The minimum contribution rate rise for auto-enrolment pension schemes has not deterred savers, with the “overwhelming majority” of people continuing to pay into their scheme, according to the Pensions and Lifetime Savings Association
15/10/18
The government has rejected calls from the Treasury Committee to fundamentally reform pensions tax relief after it said there was “no clear consensus” to do so
12/10/18
The Lifetime Isa (LISA) will remain available to the savers under 40, the government has confirmed, despite calls from the Treasury Select Committee for it to be scrapped
12/10/18
The latest news in brief and mandates from the past week
12/10/18
Almost half of medium size employers are paying more than the minimum 2 per cent pensions contributions to employees, The Pensions Regulator has revealed
12/10/18
The sidecar model of saving for the self-employed is a more attractive proposition than auto-enrolment or than having “open early access to pensions”, the Department for Work and Pensions (DWP) has said
12/10/18
Defined benefit pension transfer values fluctuated over September, falling slightly by the end of month to £230,000
12/10/18
The Competition and Markets Authority (CMA) has opened an investigation into the audit sector amid growing concerns over the standards of statutory audits
11/10/18
The Association of British Insurers has appointed Susan McInnes, CEO of Standard Life Assurance Limited (SLAL) and director of open business at Phoenix Group, as the new chair of its long-term savings committee
11/10/18
Engagement with pensions is an issue that everyone should be able to agree on, says Pensions Age reporter Jack Gray, but he looks at why it seems to have taken a backseat
11/10/18
Future retirees can expect to live longer, but retire with more debt, face higher living costs and be more dependent on defined contribution savings, according to new research
11/10/18
Over 90 per cent of small and micro employers said no members asked to leave their pension scheme following the increase of minimum auto-enrolment contributions in April 2018, The Pensions Regulator has revealed
11/10/18
Planned increases to the employer contributions of the Police Pension Scheme could lead to 10,000 fewer officers in the force from 2020/21, it has been warned
11/10/18
The Pensions Regulator has fined four trustees at Salvus Master Trust for failing to invest contributions of £1.4m promptly
11/10/18
Today, thousands of women affected by the changes to the equalisation of the state pension age are expected to march through London in protest of the changes; Natalie Tuck looks at the human cost of the policy change
10/10/18
Government regulatory “tinkering” and poor communication has led to a severe lack of trust in the UK pensions industry, it has been suggested
10/10/18
The average Brit underestimates the amount of money they need to retire by £169,000, according to new research by MoneySupermarket
10/10/2018
Schroders has announced the launch of its Sustainable Multi-Factor Equity (SMFE) fund that aims to provide a solution to DC members’ growing demand for sustainable investment
10/10/2018
The aggregate risk across FTSE 100 defined benefit pension schemes has fallen by 23.5 per cent since 2017, according to Cardano and Lincoln Pensions
10/10/18
The government is reportedly “looking at the opportunities” a digital tax system could bring to “tackle any differences” in the way pensions tax relief is paid
10/10/18
STM Group has acquired Carey Administration Holdings Limited (CAHL), majority owner of Carey Pensions UK, for £400,000
09/10/18
The deficit of defined benefit schemes in the PPF 7800 Index decreased by £26.6bn over September, ending the month on £38.7bn
09/10/18
The BT Pension Scheme (BTPS) has named Morten Nilsson as CEO of the £50bn its management arm
09/10/18
The local authority pension fund (LAPF) partners of GLIL Infrastructure LLP (GLIL) have committed a further £550m to the fund
09/10/2018
The Competition and Markets Authority (CMA) has not gone far enough in its proposed remedies for the investment consulting and fiduciary management market, trustees and employers have said
09/10/18
The number of people transferring their pension overseas through a Qualifying Recognised Overseas Pension Scheme (QROPS) fell by 52 per since the introduction of a transfer charge, it has been revealed
08/10/18
New regulations from the Financial Conduct Authority (FCA) on pension transfer advice will alter conversations between pension members and advisers, according to Lane Clark & Peacock (LCP) and Royal London
08/10/2018
A member of the Shell Contributory Pension Fund (SCPF) has threatened the scheme with legal action unless it can prove that it is managing climate-related risk
08/10/18
Nortel Network Pension Plan has agreed a £2.4bn buyout with Legal and General Assurance Society, covering around 22,700 members
08/10/18
Almost 70 per cent of the British public do not understand which pensions products they should be investing in, new research has found
05/10/18
A letter has been sent to Chancellor Philip Hammond urging him to fix the tax anomaly affecting net pay defined contribution pension schemes, signed by some of the industry’s leading experts
05/10/18
Seventy-nine per cent of pension savers are “indifferent” to where their pension is invested, as long as it delivers a reasonable return, new research has found
05/10/18
Partial transfers should be offered to members in order to protect their outcomes, pension trustees have said
05/10/18
The Pension Superfund has announced the appointment of Chris Hitchen as its founding chairman
05/10/2018
The latest news in brief and mandates from the past week
05/10/18
Master trusts that have decided not to apply for authorisation must inform members “as soon as possible” in order to avoid panic, it has been suggested
04/10/18
The accounting deficit of defined benefit pension schemes for the UK’s 350 largest listed companies increased by £5bn to £34bn between the end of June and the end of September, according to Mercer’s latest data
04/10/2018
Over a third of millennials have claimed they prioritise saving for a deposit on a home instead of their retirement, with a fifth of them stating that buying a property is the main reason they do not save more into their pension, according to new research from Prudential
04/10/18
Unions from around the globe are joining forces with their pension trustees to put pressure on asset managers and regulators to come clean over the hidden costs of charges to pensions schemes, Unison has argued
04/10/18
The Financial Conduct Authority (FCA) has today published new rules designed to improve the advice people receive when considering transferring their pension, with the policy statement confirming that the regulator is taking forward most of the proposals put forward in March 2018
04/10/18
The volume of bulk annuity market transactions is on track for a record year, with disclosed business in 2018 reaching £25bn so far
04/10/18
The Pensions Regulator executive director of frontline regulation, Nicola Parish, discusses the regulator's latest compliance and enforcement numbers and how it is using its powers to great effect
03/10/18
Quilter plc has announced changes to its executive committee “to ensure that it is well prepared for the next phase of its corporate journey"
03/10/2018
Workplace pension scheme Nest has received a bronze award in F&TRC’s 2018 Workplace Pensions and Auto-Enrolment Provider Ratings, the lowest rating of responding providers
03/10/2018
Tesco’s defined benefit pension deficit decreased by £0.6bn in the six months to 26 August 2018, it has revealed
03/10/18
Almost 3.3 million cohabiting couples could now be eligible for national insurance bereavement benefits after Prime Minister Theresa May announced that heterosexual couples will be allowed to enter into civil partnerships
02/10/2018
The combined defined benefit pension deficit dropped by £20bn over September 2018, new figures have revealed
02/10/18
Pension scheme trustees are “confused” about the best way to implement environmental, social and governance (ESG) factors into their investment strategy, according to new research
02/10/2018
Around 90 per cent of institutional investors believe that portfolios integrated with environmental, social and governance (ESG) are likely to perform “as well” or “better” than non-ESG portfolios
02/10/2018
With six months to go to Brexit, Natalie Tuck asks Fieldfisher head of pensions, David Gallagher, what pension scheme trustees should be doing about the risks it creates
01/10/18
Work and Pensions Secretary, Esther McVey, has reiterated her commitment to an industry-led pensions dashboard
01/10/18
The latest monthly defined benefit funding indexes have shown that FTSE 100 pension schemes’ deficits have decreased by £1bn to £2bn over the past month, JLT’s latest data revealed
01/10/18
A pensions campaign group has urged the government to re-look at options for granting pension freedoms to over five million pre-2015 retirees
01/10/18
The Pensions Regulator will supervise authorised master trusts with a risk-based strategy which could lead to one-to-one supervision and withdrawal from the market, according to its latest policy document
01/10/18
Around 30 master trusts are exiting or are expected to exit the market as new legislation around the fit and proper running of master trusts comes into force today, 1 October 2018
01/10/18
“We no longer have a private sector pension system in the UK” as a result of the 2015 freedom and choice reforms, Pensions Institute director David Blake has stated
28/09/18
Savers will still think of collective defined contribution (CDC) systems as akin to defined benefit promises, Pensions Institute director David Blake has warned
28/09/18
The total tax take from the lifetime allowance (LTA) tax charge has increased by more than 2,000 per cent in 10 years to £102m, according to the latest data from HM Revenue and Customs (HMRC)
28/09/2018
Over one-fifth of Britons say the introduction of a pensions dashboard would “most encourage” them to save for retirement, a new survey has found
28/09/18
Around a fifth (21 per cent) of those with a workplace pension contribute more than their employer, according to research by the Pensions and Lifetime Savings Association
28/09/18
The Barry Wehmiller International Retirement Benefits Scheme has insured benefits of £77m with Scottish Widows, securing benefits for its members above Pension Protection Fund levels
28/09/2018
Equiniti has purchased the Cabinet Office’s 24 per cent stake in MyCSP for £8m and announced an extension to its administration deal with the Civil Services pension schemes until December 2021
27/09/18
The credibility of the Competition and Market Authority’s (CMA) provisional decision report has been called into question over errors in the data analysis used to deliver its report.
27/09/18
Master trust funds with more diversified investment approaches throughout their growth phase have delivered “questionable value” for members, a new report has found
27/09/18
The valuation of Saga’s defined benefit pension scheme increased by £11.6m to a surplus of £4.6m between 31 January and 31 July 2018
27/09/2018
AA UK Pension Scheme has completed a £351m bulk annuity deal with Canada Life, set to cover the 2,510 pensioner and dependent members of the scheme
27/09/18
High management fees put 38 per cent of pension schemes off investing in hedge funds, according to a new survey by AMX
27/09/2018
The Transparency Task Force (TFF) has announced the appointments of its new members and trustees to its advisory board
26/09/2018
Labour leader Jeremy Corbyn has pledged to keep the triple lock if his party is elected
26/09/18
Four company directors have been banned for a combined 34 years after receiving £57m of members' pensions pots through targeted cold calling.
26/09/18
Almost two thirds (62 per cent) of financial advisers want greater priority given to implementing a ‘cold calling’ ban on pensions and almost six in ten (59 per cent) financial advisers are calling for greater government priority on a new deal on funding social care
26/09/18
The Pensions Regulator will have “failed” if it places “onerous extra burdens” on pensions schemes following their new regulatory approach, its non-executive chair has suggested
26/09/18
Around 88 per cent of employers with fewer than 30 employees are using defined contribution trust-based schemes to fulfil their auto-enrolment obligation, data from The Pensions Regulator (TPR) has revealed
26/09/2018
Half of pension savers, 51 per cent, want to be able to use the pension dashboard to update their contact details for all providers, and pay more into their pensions, it has been revealed
26/09/18
Kodak Alaris will continue to support a number of smaller DB schemes in Germany and around the world, despite their Kodak Pension Plan 2 (KPP2) scheme being under threat of entering the Pension Protection Fund (PPF)
26/09/2018
Around 53 per cent of advisers said their clients had heard of annuities but had little understanding of their features and benefits, new data from Primetime Retirement has revealed
26/09/2018
Figures from within the pensions industry have questioned the legitimacy of the triennial cycle of valuation for pension schemes, with some calling for it to be scrapped
25/09/18
A change in the discount rate used to value public sector pensions, which could lead to increased transfers from public sector employers to the Treasury, may create a £5bn shortfall in the delivery of frontline public services
25/09/18
Transaction costs comprise of an average 24 per cent of total DB pension fund investment costs, according to new data from CEM Benchmarking
25/09/2018
Participants of the mid-life MOT must be encouraged to take up further support through signposting and follow-ups, a new report from the Centre for Ageing Better has found
25/09/18
A total of 4.5 million UK adults took financial advice on investments, saving into a pension or retirement planning in the last 12 months – an increase of 1.3 million compared to the previous year
25/09/18
The Pensions and Lifetime Savings Association has announced the members of its new policy board, set to launch next month
25/09/18
The Pension Insurance Corporation (PIC) has completed a £100m debt investment with The National Trust to improve and conserve properties across the UK
25/09/2018
The Pensions Superfund is conducting a dozen “well established” conversations with pensions schemes over the possibility of moving into the consolidation vehicle, its new CEO has said
24/09/18
The Labour Party wants pension funds to join other shareholders in demanding that companies sign up to the Fair Tax Mark
24/09/18
Pension schemes need to start “managing the expectations” of their members over the equalisation of guaranteed minimum pensions (GMP), with the decision expected to be handed down over the next month
24/09/18
The Pensions and Lifetime Savings Association (PLSA) has announced the appointment of three new non-executive directors to its board, effective next month (October)
24/09/2018
The total value of fines issued by The Pensions Regulator (TPR) more than trebled in a year to £42m, according to law firm Clyde & Co
24/09/2018
The smallest pension schemes are around 15 per cent less well-funded compared to the largest schemes, according to research by Goldman Sachs Asset Management (GSAM)
24/09/18
The Instem defined benefit pension scheme funding deficit decreased by £2.3m in six months, it was revealed in the company's half-year report
24/09/2018
The government’s confidence has been called into question over its ability to publish the state pension data required to make the pensions dashboard work, it has been suggested
21/09/18
The latest news in brief and mandates from the past seven days
21/09/18
Nationwide’s pension fund deficit increased by £250m the day after the Brexit vote and a further £350m in the following three months, it has been revealed
21/09/2018
Former BHS owner, Dominic Chappell, has lost his appeal against his conviction that found him guilty of failing to hand over information to The Pensions Regulator in relation to the collapsed retail chain's pension scheme
21/09/18
The Pensions Regulator has said it is looking for somebody who can be “bold and take tough decisions” as it looks to appoint a new chief executive by the end of the year
21/09/18
KAS Bank has developed a cost transparency dashboard to help asset owners understand and keep track of the costs involved in a pension scheme
21/09/18
Richard Law-Deeks has been named as chief executive officer of the Royal Mail Pension Plan (RMPP), taking the role with immediate effect
21/09/2018
Several pension companies have called on their shareholders to vote against the re-election of Ryanair chairman, David Bonderman, at the company’s AGM
20/09/2018
Fifty-six per cent of advisers support an enabling of an effective triage process by the FCA for clients considering seeking advice on DB transfers, and there is also strong support for a continued contingent charging option, including among firms not offering DB transfer advice
20/09/18
A potential cut to the pensions annual allowance at the Autumn Budget, in order to find extra money for the NHS, could drive doctors away, it has been suggested
20/09/18
The Pensions Regulator (TPR) has identified around 50 pension schemes to “probe” over “excessive” dividend payments relative to pension contributions
20/09/2018
The Pension Protection Fund has set its next levy estimate at £500m for 2019/20, a drop of £50m on the 2018/19 estimate
20/09/18
Work and Pensions Committee chair, Frank Field, has questioned The Pensions Regulator’s chief executive, Lesley Titcomb, on the lessons that can be learnt from the Kodak pension scheme, after it was revealed it is “likely” to enter the Pension Protection Fund
19/09/18
The Pensions Advisory Service (TPAS) has been contacted by 185,509 pension savers over the past year, a fall on the previous year’s recording of over 200,000 pensions queries
19/09/18
Local pension board and committee members have high levels of confidence in all areas of responsibility, according to a nationwide survey of the Local Government Pension Scheme (LGPS)
19/09/2018
Over 20 major pension providers have called on the government to provide clear direction on key elements of the pensions dashboard, including compulsion and state pension data
19/09/18
Trustees should be encouraged to proactively provide transfer value information to members, in order for them to make “informed choices” over their pensions
19/09/18
The inflation rate in the UK unexpectedly increased in August, reaching 2.7 per cent, the highest rate seen in six-months, after economists had expected a consumer prices index (CPI) rate of 2.4 per cent, the Office for National Statistics (ONS) revealed
19/09/18
Members of the Kodak Pension Plan (no. 2) (KPP2) have been told by the scheme’s trustees that it is “likely” the scheme will enter the Pension Protection Fund
18/09/18
Scrapping the pensions triple lock could lead to "efficiency gains" for the NHS, the International Monetary Fund (IMF) has said
18/09/18
The Financial Conduct Authority’s chief executive, Andrew Bailey, has said he is “not convinced” of introducing a charge cap on drawdown products
18/09/18
The Department for Work and Pensions (DWP) and The Pensions Regulator (TPR) have released a statement clarifying signposting provisions to The Pensions Ombudsman (TPO) and The Pensions Advisory Service (TPAS)
18/09/2018
XPS Pensions Group is to acquire Kier Pensions Unit for £3.5m, in a bid to strengthen its administration offering
18/09/18
Marsh & McLennan Companies, Mercer’s parent company, has reached an agreement to purchase JLT for $5.6bn (£4.3bn)
18/09/2018
Workplace pension schemes will come under greater scrutiny from The Pensions Regulator (TPR) from October 2018, its new report says
17/09/2018
The Home Secretary Sajid Javid has recommended scrapping automatic enrolment if Britain were to leave the European Union without a deal
17/09/18
Reporter Theo Andrew looks at why the divisive Work and Pensions Committee chair, Frank Field, is vital within the industry
17/09/18
Pension investors should consider purchasing a partial annuity while rates are strong and ahead of any “Brexit jitters”, it has been suggested
17/09/18
The equalisation of pensions tax relief for higher and lower rate income taxpayers has been listed as part of a major tax shake-up proposed by the Liberal Democrats
17/09/18
Greene King’s Spirit Pension Scheme has completed a £50m bulk annuity deal with Scottish Widows
17/09/18
Many smaller defined contribution pension schemes are not demonstrating that they are providing good value for members, according to new data provided by The Pensions Regulator (TPR)
14/09/2018
The Pensions Awareness Day bus has been making its way around the country all week, with it reaching London tomorrow, 15 September, in time for Pensions Awareness Day 2018
14/09/18
Living in Brighton for nearly all of my 24 years I know the appeal of relaxing on the south coast of England
14/09/2018
The latest news in brief and mandates from the past seven days
14/09/18
The joint expert panel assessing the pensions dispute over the Universities Superannuation Scheme has set out a list of recommended changes to the 2017 valuation, in a report published yesterday (13 September)
14/09/2018
The success of automatic enrolment is in danger of being “oversold” once April 2019 contribution increases go through, it has been said
13/09/18
Pensioners in London have only £6 left over on average after their monthly household spending, according to new research from the Office for National Statistics
13/09/2018
Defined benefit pension transfer values remained stable over August, fluctuating mildly over the month, according to the latest data
13/09/18
British Airways has agreed on a £4.4bn buy-in with Legal and General for its Airways Pension Scheme (APS), the largest bulk annuity transaction ever completed in the UK market
13/09/18
The young, low earners and women are behind a “pensions revolution”, according to Work and Pensions Secretary Esther McVey
12/09/18
Andrew Warwick-Thompson is due to step down from his role as CEO of LGPS Central in Spring 2019
12/09/18
The amount of people aged over 65 in employment more than doubled between 2006 and July 2018, according to a recent report from the Office for National Statistics
12/09/2018
Around 90 per cent of people aged under 20 log in online to view their workplace pension, in comparison to 75 per cent of over 60s, new data from Hargreaves Lansdown has revealed
12/09/2018
The current £500bn UK DB deficit could be halved if pension schemes look beyond traditional methods of creating value, according to research by Hymans Robertson
12/09/2018
The government has confirmed that trustees will not be required act on members’ views on how the pension scheme is invested, following initial confusion in its draft consultation
11/09/18
The DWP has had to halt and alter plans for new regulations regarding pension compensation for employees of companies that enter insolvency
11/09/18
New data from The Pensions Regulator has highlighted the increase in workplace pension participation following the introduction of auto-enrolment
11/09/2018
The Department for Work and Pensions (DWP) has rejected a suggestion to allow individuals to retain their previous pension provider after they change jobs
11/09/2018
Millennials value owning a cat or a dog (23 per cent) over having a comfortable pension (20 per cent) according to a new survey from the Association of British Insurers (ABI)
11/09/18
The deficit of DB schemes in the PPF 7800 Index increased from £62.8bn at the end of July 2018 to £65.3bn at the end of August 2018
11/09/2018
Over 60 per cent of the world’s largest public pension funds are in danger of beaching their legal climate change duties, a new study from Asset Owners Disclosure Project (AODP) has found
10/09/2018
Pension Insurance Corporation (PIC) has recorded its best ever half year results, after the group insured £3.3bn of pension scheme liabilities
10/09/18
Small defined benefit schemes are “lagging behind” larger schemes when it comes to good governance, The Pensions Regulator has found
10/09/18
Over half (51 per cent) of people aged 65 and older recommend waiting until reaching state pension age before using retirement funds, according to new research from Just Group
10/09/2018
The Pensions Superfund has named Luke Webster as the replacement for Alan Rubenstein, who announced he would be stepping-down on Friday, September 7
10/09/18
More than a fifth (21 per cent) of FTSE 350 companies with a DB pension scheme do not disclose their funding deficit or surplus position, according to new research from Lincoln Pensions
10/09/2018
The number of people taking a full cash withdrawal from their pension pots has fallen by 9 per cent , Financial Conduct Authority (FCA) data has revealed
07/09/18
The UK moved up one place in the 2018 annual Natixis Global Retirement Index (GRI) to 17th, following improvements in the material wellbeing, quality of life and health sub-indexes.
07/09/2018
News and mandates in brief from the past seven days...
07/09/2018
The government has scrapped its plans to abolish class two National Insurance Contributions in “yet another betrayal of the self-employed”, it has been said
07/09/18
Average contributions into private sector DC pension schemes during 2017 fell to 3.4 per cent, Office for National Statistics results have revealed
06/09/18
A record high 21 per cent of institutional investors are looking to increase their holdings of UK assets, despite fears over the impact of Brexit, the State Street Brexometer Index has revealed
06/09/18
Just Group has reported an 85 per cent increase in profits, driven by an 88 per cent growth in new business profit, its half year results have revealed
06/09/18
The Pensions Protection Fund (PPF) must pay at least 50 per cent of members pensions entitlement to individuals whose employers have fallen into the fund, the European Court of Justice (ECJ) has judged
06/09/18
The need for greater transparency in defined contribution default strategies has been highlighted in a new report from the Pensions Policy Institute (PPI)
06/09/2018
Melrose will contribute £270m to the £1.24bn GKN pension schemes upon the sale of its Powder Metallurgy business, after confirming the appointment of an independent chairman to the scheme
06/09/18
At least 24 of the 89 master trusts are expected to quit the market when the new authorisation requirements come into force, according to The Pensions Regulator (TPR)
06/09/2018
The Pensions Regulator’s (TPR) has named Jo Hill as its new executive director of strategy and risk
05/09/2018
Pension funds could be subject sanctions like Local Government Pension Schemes (LGPS) are if they fail to supply data requested of them to the scheme, it has been suggested
05/09/18
The government’s announcement that they will back the pensions industry to deliver a pensions dashboard is a “huge breakthrough”, according to director of policy at Royal London, Steve Webb
05/09/2018
The government has confirmed that it will launch a formal consultation into the first Collective Defined Contribution (CDC) pension schemes in the autumn
04/09/18
Work and Pensions Secretary Esther McVey has backed the industry to deliver the pensions dashboard, after months of speculation surrounding the project
04/09/18
Nest issued an invitation to tender for fund managers today, 4 September, to support the evolution of its investment strategy
04/09/2018
Defined contribution investment strategies are “at least a decade” behind defined benefit strategies, it has been said
04/09/18
Fifty-three per cent of people are worried about the governments delay in implementing a cold calling ban, according to a recent study by Aegon
04/09/2018
Around 55 per cent of people not saving into a pension blame low income, lack of work or still being in education, an increase of 17 per cent from 38 per cent in 2010-12
04/09/2018
Welsh local government pension funds could be acting unlawfully by investing in fracking companies
04/09/18
Self-invested personal pension (Sipp) provider Mattioli Woods has ceased giving pension transfer advice to people with safeguarded or defined benefit pensions
04/09/18
The FTSE 350 defined benefit pension deficit increased for the second consecutive month, from £32bn to £34bn, as of 31 August 2018, according to Mercer’s Pension Risk Survey
04/09/2018
Standard Life Aberdeen has completed the £3bn sale of Standard Life Assurance to Phoenix Group
03/09/18
Prudential has agreed to a new annuity distribution agreement with HUB Financial Solutions, part of Just Group plc, to expand its range of annuity products
03/09/18
An FCA clampdown on the triage process when clients ask about pension transfers risks poor consumer outcomes, Royal London has argued, despite huge variations in how firms triage pension transfer inquiries
03/09/18
More than two fifths (43 per cent) of under-45s risk not having enough money to fund their retirement, a new study has found
03/09/18
The latest monthly defined benefit (DB) funding indexes have shown that FTSE 100 pension schemes have fallen back into deficit, after breaking into surplus for the first time in 10 years last month
03/09/2018
Melrose is exploring de-risking options with a number of insurers for its £500m GKN pension scheme, it has been reported
31/08/18
The government’s National Fraud Initiative (NFI) has saved £144.8m in pension fraud and overpayments over the past two years, it has been said.
31/08/18
News and mandates from the past seven days
31/08/18
Fifty-three per cent of under-35s wish their employers would explain pensions and benefits to them, a new report has revealed
31/08/18
Whitbread has said it will make a contribution to its pension fund as part of its proposed £3.9bn sale of Costa Coffee to The Coca-Cola Company
31/08/18
Work and Pensions Committee chair Frank Field has resigned from the Labour Party whip, putting his role as committee chair in doubt.
31/08/18
Around 10 million UK residents could retire with £15,000 less in their pension pots if the government abandons the pension dashboard
30/08/18
Pension Insurance Corporation (PIC) has invested £145 million in debt issued by Durham University
30/08/18
The government should consider allowing consumers to sell their annuities on a secondary market, Liberal Democrat spokesperson for work and pensions Stephen Lloyd MP has said.
30/08/18
Hays Recruitment has completed a £270.6m buy in with Canada Life, as it looks achieve a full buy out of the £1bn scheme
30/08/18
Prime Minister Theresa May aims to use money from pension funds to help generate up to a total of £8bn of public and private investments across Africa over the next four years
29/08/18
The Local Authority Pension Fund Forum (LAPFF) has branded the Financial Reporting Council (FRC) unworkable and has called for it to be broken up, it has emerged
29/08/18
The Pensions Regulator (TPR) has advised some DB pension schemes to consider reducing their transfer values on offers to workers transferring out of the scheme.
29/08/18
The Pensions Ombudsman (TPO) has said it will be unable to handle new investigations as they come in despite a late call to recruit additional resources
29/08/18
Public sector workers retire on a pension on average three times larger their private sector counterparts, a TaxPayers’ Alliance report has revealed
28/08/18
Chancellor Philip Hammond is expected to cut pension tax relief for thousands of the highest earners taxpayers to help pay for a proposed £20bn a year increase in NHS funding, according to the Daily Mail
28/09/18
Melrose has put on hold plans to sell one of its American subsidiaries for $800m from which funds were marked for the GKN pension scheme
28/08/18
The Centre for Policy Studies (CPS) has called for pension tax relief to be scrapped in an attempt to aid low income savers and save the Treasury an estimated £10bn per year
28/08/18
Company bosses approaching insolvency could be fined if they fail to protect the firm’s pension fund, new government proposals have revealed
28/08/18
Aon believes the UK pension industry needs to have a clearer definition of what it means by ‘good outcomes’ for members of pension schemes, if investment strategies are to fulfil their aims
24/08/2018
Link Fund Solutions has received FCA regulatory approval for the LF ACCESS Pool Authorised Contractual Scheme (ACS) and first sub-fund
24/08/2018
Thirty-one per cent of the self-employed plan to rely entirely on the state pension in retirement, research by Prudential has found
24/08/2018
Increased administration is the biggest challenge for employers, Barnett Waddingham has found
23/08/2018
The Association of British Insurers (ABI) has urged the government to agree a Brexit deal “as a matter of urgency” in response to its no-deal guidance paper for the banking, insurance and other financial sectors
23/08/2018
The Pensions and Lifetime Savings Association, Sackers and Barnett Waddingham have all revealed a cautious welcome to a stronger TPR, as both criticise areas of the Department for Work and Pensions’ defined benefit consultation
23/08/2018
The government has warned that UK pensioners living in Europe, or UK pensioners with EU-pension entitlements, may lose access to their pensions in the event of a no-deal Brexit
23/08/2018
Legal and General Assurance Society Limited (L&G) has completed a £300m longevity insurance deal with an unnamed pension scheme
22/08/18
Nationwide has appointed Best Trustees’ Catherine Redmond to its pension scheme as an independent professional trustee
22/08/18
Local authority pension funds returned 4.5 per cent over the year to the end of March 2018, according to the Pirc Local Authority Universe
22/08/2018
The Association of Consulting Actuaries has revealed that it is critical of certain sections of a consultation proposing stronger powers for The Pensions Regulator
21/08/18
Aviva has created a new skill for Amazon’s Alexa, allowing its customers to ask the virtual assistant for the current value of their pension savings
21/08/18
Pension fund trustees are not required to be experts on climate change or other environmental, social and governance factors, despite new ESG regulations proposed to come into force, the UK Sustainable Investment and Finance Association CEO UK, Simon Howard, has said
21/08/18
The amount of tax collected from individuals breaching the lifetime allowance (LTA) has rocketed by £100m since it was introduced in 2006, with the latest figures showing that £100m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £10m in 2006/7 when the LTA was introduced
20/08/18
With news that people check their reward card balances more than their pension savings, Natalie Tuck looks at what the pensions industry can do to increase engagement
20/08/18
Sixty-two per cent of savers would prefer their savings, including their pensions, invested in assets that take climate change impacts into account, according to new research by ClientEarth
20/08/18
The latest news in brief and mandates from the past seven days
17/08/18
Just Group has acquired a 75 per cent shareholding in the holding company of Corinthian Pension Consulting in a bid to run bulk member option exercises
17/08/18
The Pensions Ombudsman has ordered Northumbria Police to reinstate a pension liberation victim’s pension, as it ruled that the authority did not take the necessary steps to prevent the transfer
17/08/18
The Pensions Regulator has stepped up the use of its enforcement powers for frontline regulation, with 10 per cent of the total number of times it has used its powers since April 2014 being in the last quarter
17/08/18
The British Medical Association has urged the Treasury to review pensions tax relief rules, as the current rules risk “deepening the recruitment crisis in general practice”
16/08/18
An accountant has admitted to providing false information to The Pensions Regulator, telling them that staff at a London cafe were enrolled into a pension scheme
16/08/18
The CEO of Royal London, Phil Loney, has urged the government to save the pensions dashboard and “put the consumers first”
16/08/18
Over half of asset managers believe they will not be able to provide full transaction costs for defined contribution trustees in time for the March 2019 year-end statements, according to research by LCP
16/08/18
The Consumer Price Index (CPI) rate of inflation has risen to 2.5 per cent in July, up from 2.4 per cent in June, driven by volatile prices for computer games and rising transport costs
15/08/18
The Liberal Democrat’s spokesperson for work and pensions, Stephen Lloyd, has blasted the government over its failure to implement a cold calling ban, especially in light of new figures on pension scams
15/08/18
Nest has appointed four new members to its board and reappointed two more, it has confirmed
15/08/18
Over a third of defined benefit schemes are aiming to land an insurer buyout deal to secure funding, it has been revealed
15/08/18
A report by the Financial Reporting Council (FRC) has slammed PwC over its “incomplete, inaccurate and misleading” audit of now collapsed retailer BHS
15/08/18
Pensions Policy Institute director Chris Curry says it is welcome news that the government will be reviewing pensions tax relief for individuals
14/08/18
The PPF 7800 deficit decreased by £22.8bn over July, dropping from £85.6bn at the end of June, to £62.8bn at the end of July
14/08/18
The Department for Work and Pensions has named Ann Harris OBE and Mike Dailly as non-executive directors of its Single Financial Guidance Body (SFGB)
14/08/18
The Pensions Regulator and the Financial Conduct Authority have joined forces to launch a campaign urging people to be aware of scammers targeting their pension savings, as it was revealed an average £91,000 was lost per victim in 2017
14/08/18
Pension schemes are being warned they are at risk of legal action being taken against them if they fail to develop their approach to climate risk in line with improving data and market practices
13/08/18
Defined benefit transfer values remained stable over July, standing at £233,000, according to XPS Pensions Group
13/08/18
Too many doctors could be mistakenly leaving the NHS Pension Scheme over potential tax charges, meaning they miss out on valuable pension benefits, Chase de Vere Medical has said
13/08/18
Just 7 per cent of people working beyond the state pension age are doing so to boost their pension pot, the Office of National Statistics (ONS) has revealed
13/08/18
The Pensions Regulator’s (TPR) enforcement actions have more than doubled in the past year from 50,068 to 102,497, according to new research
13/08/18
Wealth tied up in people’s houses is no automatic ‘safety valve’ for people who have inadequate pension savings, according to new research by Royal London
13/08/18
The BHS2 Pension Scheme has completed an £800m buyout with Pension Insurance Corporation, securing its 9,000 members’ pension benefits in full
13/08/18
Once I retired from full time work I have never been so busy’. This is often said by retired people, myself included, and though I suspect it is somewhat of an exaggeration, it does reflect the fact that we find ourselves in demand to take up new opportunities
10/08/18
Standard Life’s default fund returned less than half than that of the top performing provider, Zurich, over the last three years, despite having active management elements in the fund, it has been revealed
10/08/18
House of Fraser's pension schemes are expected to enter the Pension Protection Fund assessment period after the firm was purchased by Sports Direct owner, Mike Ashley, for £90m
10/08/18
The latest mandates and news in brief from the past week
10/08/18
Santander’s defined benefit scheme surplus has jumped by £594m to £799m due to a higher discount rate, its half year results have shown
10/08/18
The aggregate pension deficit of the top 350 performing firms in the UK has fallen by £27bn to £35bn since the beginning of 2017, according to new data
09/08/18
The total value of bulk annuity transactions hit a new record in the first half of 2018 with £7.8bn transferred, according to new data from LCP
09/08/18
Legal & General (L&G) has completed £735m of pension risk transfer deals in the first half of 2018 and expects to close on a further £7bn of transactions in H2 2018
09/08/18
A petition looking to save the pension dashboard from extinction has now gained over 125,000 signatures since it started
08/08/18
More than 4,500 support staff at two major universities are in line to be adversely affected by changes to their pension schemes, according to Unison
08/08/18
The expected funding surplus of the Pension Protection Fund (PPF) could mean hundreds of thousands of members receive payouts, its chief executive has said
08/08/18
Prudential Retirement and Aviva Life and Pensions UK have agreed on a £1bn longevity reinsurance deal, as the surge in the de-risking market continues
08/08/18
Just 4 per cent of women have savings of over £300,000 in their pension funds, compared to 15 per cent of men, according to Aegon
08/08/18
Work and Pensions Committee chair Frank Field has queried the Financial Reporting Council on the release date of its report on PwC’s audit of collapsed retailer BHS
08/08/18
Annuity rates are on track to increase for the second year in a row, following positive results in the first half of 2018
07/08/18
Members with average transfer values of £230,000 could lose up to seven years of retirement income under freedom and choice, XPS Pensions Group has found
07/18/18
Planned increases to the state pension age need to be reviewed in light of the slowdown of longevity improvements in the UK, Royal London has argued
07/08/18
A full cost transparency framework can reduce the total cost of ownership of a pension fund by 37 per cent, data from the Dutch market has found
07/08/18
TPR head of master trust authorisation and supervision Kim Brown on the regulator's Code of Practice for Master Trust Authorisation
06/08/18
An accountant has been charged with deliberately providing false information to The Pensions Regulator (TPR), after allegedly claiming that the employer he was working for had put staff into a workplace pension scheme
06/08/18
A “landmark” ruling by The Pensions Ombudsman (TPO) against Northumbria Police Authority, who transferred the member out of the scheme without “adequate checks or enquiries”, could open the door for previous scam victims, it has been said
06/08/18
Sports Direct founder Mike Ashley has reportedly been put off going ahead with a planned rescue deal for House of Fraser, due to the department’s store pension schemes
06/08/18
The government has held talks with the trustees of the Mineworkers' Pension Scheme (MPS) to explore how it can revise the scheme benefits “for all parties”, it has revealed
06/08/18
William Hill has revealed it has completed a buy-in with Just Group for £180m
03/08/18
The number of master trusts which have either left or are leaving the market in light of incoming regulations now stands at 21, according to new figures from The Pensions Regulator
03/08/18
The Work and Pensions Committee has launched an inquiry into the transparency around pension charges, investment strategy and performance to consumers
03/08/18
Belfast City Council has been ordered to pay increased retirement benefits to the widow of a former employee, after The Pensions Ombudsman (TPO) ruled that it should have brought forward her late husband’s retirement date to before he passed away
03/08/18
The latest mandates and news in brief
03/08/18
The Pensions Regulator has appointed three new members to its determinations panel, ahead of the start of the master trust authorisation regime
03/08/18
The deficit of the FTSE 350 grew by £3bn over July as the overall deficit grew from £29bn to £32bn, Mercer has said
02/08/18
Aviva’s net pension scheme surplus hit £2.9bn over H1 18, an increase of £442m over the same period last year due to a decrease in the schemes’ liabilities and an increase in contributions, its half year results have shown
02/08/18
The Bank of England has hiked its interest rates from 0.5 per cent to 0.75 per cent, only the second rise since 2009
02/08/18
Public service provider Serco has seen its net defined benefit surplus decrease by £6m over the past six months
02/08/18
The Pensions Age Awards 2019 is now open to entries for all UK pension schemes or provider firms serving in the UK
02/08/18
Trustee boards should proactively carry out an annual review of their investment consultants rather than waiting for the tender process to end, it has been suggested
01/08/18
Over a third (37 per cent) of eligible employees are unaware that they have been enrolled into a pension by their employer, according to the latest data from the Office for National Statistics
01/08/18
The Pensions Regulator has received over 100 reports of employees encouraging employees to opt out of their workplace pension since April 2015, it has said
01/08/18
The Universities Superannuation Scheme (USS) group CEO Bill Galvin has defended the scheme from “polarised agendas”, after accusations of either taking too much risk or being “recklessly prudent”
01/08/18
Several pension providers have criticised an index that is said to reveal the best and worst providers in the industry in areas such as pension transfers, annual charges and exit fees cent
01/08/18
The latest defined benefit funding indexes have shown an increase the funding levels of private sector pension schemes, with schemes of FTSE 100 companies showing a surplus
01/08/18
Energy provider Centrica has slashed its net pension liability from £886m at the end of 2017 to £29m at the end of H1 2018, its half year results have revealed
31/07/18
The number of transfers to Qualifying Recognised Overseas Pension Schemes (QROPS) fell from 9700 in 2016 to 2017 to 4,700 in 2017 to 2018, according to latest figures published by HMRC
31/07/18

Fixed income: new opportunities
Francesca Fabrizi meets Ahmed Talhaoui, Head of International Product Strategy for BlackRock's Global Fixed Income Group, to discuss how fixed income markets have evolved and what opportunities are available for pension funds to build robust portfolios

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