More Archive News

The Pensions Regulator has warned that it is increasingly using its compliance and enforcement powers
25/05/18
The Office of Tax Simplification (OTS) has asked for a review in the way the emergency tax code is used for lump sum withdrawals from personal pensions.

In its paper Savings Income: Routes to Simplification released today, 25 May 2018, the OTS has urged HM Revenue and Customs to properly explain the “special tax treatment” of these payments to avoid “confusion” for people looking to withdraw
25/05/18
Transfer advice regarding defined benefit pensions could be funded via DB pension rights, Royal London has suggested
25/05/18
The Back to 60 campaign is to submit its formal complaint regarding the All-Party Parliamentary Group for State Pensions to the Parliamentary Commissioner for Standards
25/05/18
Maritime industry workers have an “alarming lack of awareness and understanding” of their pension provisions, research from Ensign has revealed
25/05/18
The BT Pension Scheme (BTPS) deficit has decreased from £7.6bn to £5.3bn over the year to 31 March 2018 on an IAS 19 accounting basis, it has revealed
24/05/18
UK pension fund investors’ decisions are becoming increasingly driven by diversity on corporate boards, Green Park has found
24/05/18
The number of public sector service schemes recording accurate data has fallen by 4 per cent, leading to an increase in legal breaches,The Pensions Regulator has found
24/05/18
Just Group is planning to “disrupt” the defined benefit transfer market with launch of its new business, Hub Pension Solutions
24/05/18
The Pensions Regulator has been “learning lessons” over mistakes made in recent high profile cases such as BHS and Carillion, its chief executive Lesley Titcomb has said
22/05/18
The Consumer Price Index rate of inflation fell to 2.4 per cent over April, according to the Office for National Statistics
23/05/18
Four in five, 79 per cent, of retirees using the pension freedoms are at risk of a financial crisis in later-life as they have not registered a lasting power of attorney (LPA), Zurich has warned
23/05/18
Using accurate data when analysing longevity could reduce scheme pension liabilities by up to 5 per cent, it has been suggested
23/05/18
Pensions Age is thrilled to have been shortlisted in the Pensions Publication of the Year category at the Willis Towers Watson Media Awards 2018
23/05/18
A campaign has been launched calling for the creation of a minister for older people, so that the rights of the over 65s can be considered properly by the government
23/03/18
With just three weeks to go until the Pensions Age Northern Conference, now is the time to book your place at this unmissable event
23/03/18
The Work and Pensions and Business, Energy and Industrial Strategy committees have expressed their disappointment into The Pensions Regulator’s key performance indicator (KPI) targets for the regulation of defined benefit schemes
22/05/18
The University and College Union has announced the members of its expert panel to examine the valuation of the Universities Superannuation Scheme
22/05/18
It is “vital” that the remaining six Local Government Pension Scheme (LGPS) pools sign up to the code of transparency in order to achieve value for money, it has been said
22/05/18
The Association of Consulting Actuaries has elected its first female chair, Jenny Condron FFA, replacing Bob Scott when his two-year term finishes
22/05/18
The pensions gender gap has risen to highs of 76 per cent in parts of the UK, with an average 31 per cent gap between male and female pensions, PensionBee has found
22/05/18
The Pensions and Lifetime Savings Association has appointed Emma Douglas as chair of its policy board, which will be introduced this autumn
22/05/18
Local Government Pension Schemes (LGPS) have “no room for complacency” and must “continue to innovate”, the Minister for Local Government Rishi Sunak has warned
22/05/18
“Worryingly” low levels of savers are seeking financial advice when planning for retirement and making other financial decisions, it has been found
22/05/18
FTSE 100 pension schemes recorded their first year-end accounting surplus since the financial crash in 2007/08, however funding dangers still loom, LCP has reported
22/05/18
The joint parliamentary committee that launched an inquiry into the collapse of construction firm Carillion has rejected claims by its former finance director, Richard Adam, that it mischaracterised evidence in relation to him in its final report
21/05/18
Auto advice channels and online discretionary investment management (ODIM) services are “unclear” and “misleading”, the Financial Conduct Authority has found
21/05/18
The Pensions Regulator (TPR) and The Pensions Ombudsman (TPO) have announced a new “information sharing” partnership, with a view to “mutually enhance their knowledge and understanding of developing pension issues”
21/05/18
Shadow Chancellor John McDonnell has commissioned an independent review into 29 financial and business regulators following the joint parliamentary inquiry into the collapse of Carillion
21/05/18
The Plumbing and Mechanical Services Industry Pension Scheme is consulting on its section 75 employer debt methodology due to legislative challenges, it has revealed
21/05/18
The government is expecting to save roughly £200m through reforming the Nuclear Decommissioning Authority’s (NDA) two defined benefit public sector pension schemes
21/05/18
The Tax Incentivised Savings Association (TISA) has appointed Jane Goodland and Gregg McClymont to its board
21/05/18
Millions of pounds has been paid in compensation over the last five years to thousands of savers that transferred their pensions into high-risk schemes that subsequently failed
21/05/18
Pension schemes must talk to their members in order to combat scammers, chair of the Pensions Liberation Industry Group, Margaret Snowden has said
18/05/18
The Upper Tribunal has supported The Pensions Regulator’s former use of its anti-avoidance powers against ITV regarding its Box Clever scheme
18/05/18
The National Employment Savings Trust (Nest) has backed a shareholder resolution calling for Shell to align its greenhouse gas intensity targets with the goals of Paris Agreement
18/05/18
The government has been asked why it has not given the Independent Case Examiners (Ice) office additional resources to deal with complaints made by women that have been affected by the state pension age increase
18/05/18
A total of 90 per cent of pension schemes have recorded a rise in transfer value requests from members over the last 18 months, Aon has found
18/05/18
News in brief from the past seven days...
18/05/18
The Royal Mail Pension Plan has recorded a reduced surplus since the scheme closed to future accrual
17/08/18
Marks and Spencer has completed a £1.4bn buy-in with Aviva and Phoenix Life, covering around a third of its scheme’s pensioner liabilities
17/05/18
Trade union Unite has called on the British Steel Pension Scheme (BSPS) trustees and Tata to agree on improved benefits for scheme members, after Tata announced a £2.2bn scheme surplus
17/05/18
The Pension Protection Fund has indicated its intention to vote in favour of Mothercare’s Company Voluntary Arrangement, it has been announced
17/05/18
Pensions provider Just Group has seen new business sales jump by 41 per cent to £617m over Q1 2018, boosting its share price by 12 per cent on the London Stock Exchange today, 17 May 2018
17/05/18
A group of MPs have called for an investigation into the break-up of the ‘big four’ accountancy firms as part of their inquiry into the collapse of Carillion
16/05/18
The longevity swap market is “back in business” due to improved reinsurance pricing and increasing access, Aon has said
16/05/18
Regulation is required to settle trustees and sponsors’ “deep confusion” regarding their pension transfer duties, Hymans Robertson has said
16/05/18
The government has been urged to ensure The Pensions Regulator and the Financial Conduct Authority are “properly resourced” following the Work and Pension Committee’s report on the collapse of Carillion
16/05/18
More than a quarter of people aged over 50 have had to rethink their retirement plans after the change to state pension age, with women being the most affected, Retirement Advantage has said
16/05/18
Savers faced with renting in retirement will need an extra £185,000 to achieve the UK’s average target income rate in retirement, analysis by Royal London has found
16/05/18
Crest Healthcare and its managing director have been fined over £20,000 for purposefully neglecting their auto-enrolment duties and misleading The Pensions Regulator and staff about their workplace pensions, it has been revealed
16/05/18
The Work and Pensions Committee has lambasted The Pensions Regulator over its “hollow” approach to protecting Carillion’s pension schemes
16/05/18
Smart Pension and L&G are set to launch the first default retirement pathway in the workplace pensions sector
15/05/18
The workplace pension provider Now Pensions has committed to topping up the pensions of non-taxpaying members for the 2017/18 and 2018/19 tax years
15/05/2018
Samuel Smith Old Brewery has admitted to failing to provide financial information to The Pensions Regulator required for an investigation, along with its chairman Humphrey Smith
15/05/18
National Grid has completed a £2bn intermediated longevity swap with Zurich for the National Grid Electricity Group of the Energy Supply Pension Scheme (ESPS)
15/05/18
Vodafone’s defined benefit deficit has fallen by €184m to €410m, as 31 March 2018, on an IAS 19 accounting basis, it has revealed
15/08/18
Premier Foods has increased its defined benefit pension surplus by £212.2m, it has revealed
15/05/18
The Pensions Ombudsman has ruled in favour of Transact following a complaint that the provider should not have transferred the complainant's pension to the Bobins Pension Scheme
14/05/18
An All-Party Parliamentary Group (APPG) vote on transitional arrangements is “wholly invalid”, Back to 60 campaign group has said
14/05/18
Almost two-thirds of investors are expected to allocate more capital to environmental, social and governance (ESG) issues over the next three years, Royal London Asset Management (RLAM) has found
14/05/18
On average, 64 per cent of advisers are unable to understand the rules around expression of wish forms and beneficiaries’ drawdown options, Curtis Bank has found
14/05/18
MPs are expected to call for The Pensions Regulator to be scrapped following its failure to safeguard Carillion pensions during the firm’s collapse, the Telegraph has reported
14/05/18
Pension savers shouldn’t allow inertia to drive their chosen savings strategies, Hargreaves Lansdown has said
11/05/18
An estimated 100,000 members transferred out of their defined benefit pension schemes between 1 April 2017 and 31 March 2018, according to The Pensions Regulator
11/05/18
The NHS has found “significant issues” with the accuracy of GP pension records dating as far back as 2004, according to the British Medical Association General Practitioners Committee (GPC) chair Richard Vautrey
11/05/18
News in brief from the last seven days...
11/05/18
The pensions industry is “encouraged” by The Pensions Regulator's corporate plan, in which it aims to be “clearer, quicker and tougher” in its regulatory approach
10/05/18
The Pensions Regulator has today published its corporate plan for the next three years, outlining its regulatory priorities and vision to be a “strong, agile, fair and efficient” regulator
10/05/18
The Financial Guidance and Claims Bill has received royal assent today, 10 May 2018, giving pension members greater protection against scammers
10/05/18
BT and the trustee of the BT Pension Scheme (BTPS) have agreed on a 13-year deficit recovery plan and reached an agreement on its 2017 triennial valuation
10/05/18
Pension transfer values fell slightly over April 2018, from £235,000 to £232,000, according to the Xafinity Transfer Value Index
10/05/18
UK adults have “worrying levels” of knowledge and understanding regarding their pension savings, with almost one in five admitting to have lost track of at least one pension pot, it has been revealed
09/05/18
Saving into a workplace pension is the main way a majority, 69 per cent, of people are saving for retirement, new research by Willis Towers Watson’s DC master trust, LifeSight, has found
09/05/18
Pension Insurance Corporation (PIC) and Prudential Retirement have struck a £900m longevity reinsurance deal, covering 7,500 pensioners across two pension schemes
09/05/18
Margaret Greenwood will continue on as Labour Shadow Secretary for Work and Pensions, as Debbie Abrahams has been removed from the party’s frontbench following an investigation over bullying, the BBC has reported
09/05/18
Now: Pensions has appointed Troy Clutterbuck as permanent CEO, it has revealed
09/05/18
BT has launched a legal process against the government following changes to the way Guaranteed Minimum Pensions (GMP) are increased in public sector pension schemes, which will impact the BT Pension Scheme
08/05/18
Standard Life Aberdeen has disputed Lloyds Banking Group and Scottish Widows’ termination of its £109bn investment mandate
08/05/18
The UK’s 50 largest charities have a combined pension deficit of £1.5bn, new research has shown
08/05/18
The Resolution Foundation has called for the extension of national insurance payments to those earning beyond the state pension age to assist with the reduction of intergenerational inequalities
08/05/18
Employees contributing to a workplace pension has risen to 73 per cent in 2017, up from 47 per cent in 2012, but contributions have remained at minimum levels, the Office for National Statistics has revealed
08/05/18
The extent to which individuals will be able to achieve positive retirement outcomes under the pension freedoms depends on the success of the pensions industry and policy makers being able to create innovative product solutions, according to the Pensions Policy Institute
08/05/18
The PPF 7800 deficit has decreased by £33.6bn to £81.7bn at the end of April 2018, the Pension Protection Fund has revealed
08/05/18
Data management and technology services provider ITM has completed a buyout of the company with Inflexion Private Equity
08/05/18
There is a lack of appetite to create collective defined contribution (CDC) schemes amongst employers, as the “tide” has already turned for defined contribution, it has been said
04/05/18
Close to one in 10, 9 per cent, of over-55s have been targeted by suspected scammers since the introduction of the pension freedoms, losing more than £22.687m, Prudential and ActionFraud have reported
04/05/18
The government has extended Capita’s contract for the administration of the Teachers’ Pension Scheme by three years to 2021, it has been revealed
04/05/18
The government must reform the “absurd” tax over-pay and reclaim system for pensions, as new HMRC figures show over £280m has been repaid since pension freedoms was introduced, Royal London director of policy Steve Webb has said
04/05/18
News in brief from the past seven days...
04/05/18
Pensions Policy Institute head of policy research Daniela Silcock looks at why the aim of the state pension needs to be clarified
03/05/18
The Pensions Regulator has revealed it is in talks with House of Fraser, as the department store chain announced plans to launch a Company Voluntary Arrangement (CVA)
03/05/18
The Pensions Regulator has revealed that it is to begin to seize assets from employers who refuse to pay workplace pension fines
03/05/18
The Pensions Regulator has been accused of "ganging up" on employers as it seeks to become clearer, quicker and tougher in its actions, it has been said
03/05/2018
Members of the Communication Workers Union and employees of BT and BT Fleet have voted in favour of the BT pension and pay deal
03/05/18
The Pensions Regulator is in talks with Sainsbury’s over the impact to the group's defined benefit pension schemes following its merger with Asda, it has been confirmed
02/05/18
Roughly £500bn of defined benefit liabilities could benefit from consolidation over the next five years, Alan Rubenstein has said
02/05/18
A committee of trustees and investors would hold a veto over who could transfer into the new pensions superfund, to safeguard against unnecessary risks, it has been said
02/05/18
The total value of annual tax collected as a result of individuals’ pensions exceeding the lifetime allowance (LTA) has risen by 1000 per cent, Retirement Advantage has found
02/05/18
With millions of Generation X pension savers nearing the age where they can begin to withdraw their pension, many are underestimating how long their savings will need to last, Just Group has found
02/05/18
The end of defined benefit pension schemes in the UK is “edging closer” as only 4 per cent remain open to new members, Barnett Waddingham has reported
02/05/18
A third, 32 per cent, of retirees that have opted for drawdown are first-time investors, Zurich has found
02/05/18
Pensions insurer Rothesay Life has completed a £710m full buyout with Toshiba to insure its defined benefit pension liabilities
02/05/18
It’s no secret that the rest of the world, especially our European neighbours, view the British as binge drinkers and lager louts, but some number crunching by Hargreaves Lansdown has revealed how the nation’s boozy Brits could boost their pension income
01/05/18
The Liberal Democrat’s spokesperson for work and pensions, Stephen Lloyd, has asked the government to write off pension overpayments made as a result of public sector workers being contracted out
01/05/18
The bus company that became the first to be prosecuted by The Pensions Regulator for failing to auto-enrol its staff has had its transport licence cut by the Traffic Commissioner
01/05/18
The deficit of private sector defined benefit pension schemes has almost halved to £78bn as at 30 April 2018, down from £146bn a year ago, JLT Employee Benefits has said
01/05/18
The Financial Services Compensation Scheme (FSCS) has confirmed it will increase its levy to £407m for the period 2018/19, due to rising defined benefit transfer claims
01/05/18
The All-Party Parliamentary Group (APPG) has tabled a bill proposal to review pension arrangements for women born in the 1950s, it has been announced
30/04/18
The Department for Work and Pensions has published new guidance that is intended to assist trustees in complying with the new regulations involving bulk transfers
30/04/18
Almost four in 10, or 39 per cent, of over 50s said they were unwilling to take any financial risk with their pensions savings, up from 26 per cent in 2017, according to Retirement Advantage
30/04/18
Sainsbury’s defined benefit pension deficit has reduced by £589m to £261m on an IAS 19 accounting basis ahead of its merger with Asda, it has announced
30/04/18
The Financial Conduct Authority chief executive Andrew Bailey has said the pensions industry has a “responsibility” to offer greater decumulation products
27/04/18
A new opinion challenging the level of compensation offered by the Pension Protection Fund could result in increased payments for members, it has been revealed
27/04/18
Almost £1.7bn was flexibly withdrawn in Q1 2018, a 7 per cent increase on Q1 2017, according to the latest HMRC statistics
27/04/18
The introduction of default guidance and a mid-life MOT will help to drive engagement among pension savers, industry members have agreed
27/04/18
The pensions industry must change its “apologetic tone” and be “proud” of the innovation it has achieved over the past six years, Aviva has said
27/04/18
The Pension Protection Fund’s director of restructuring and insolvency, Malcolm Weir, has revealed the PPF has reached a “wide ranging deal” with Carpetright, following the retailer’s Company Voluntary Arrangement (CVA)
27/04/18
The “broadly positive momentum” on pensions policy development since 2012 is “grinding to a halt”, Trades Union Congress policy officer, economics and social affairs department, Tim Sharp has argued
27/04/18
Inertia will still be the biggest driver for auto-enrolment as minimum contributions rise, the first one this month, according to the Pensions Policy Institute
27/04/18
The Pensions Minister Guy Opperman has called for the support of the pensions industry to implement quicker defined contribution transfer periods
26/04/18
The Financial Guidance and Claims Bill is expected to pass through the House of Lords next week, Minister for Pensions and Financial Inclusion Guy Opperman has confirmed
26/04/18
The government has instructed public service pension schemes to amend their processes to enable the provision of equal benefits for civil partners and same-sex spouses
26/04/18
The Pension Insurance Corporation (PIC) has invested £60m into Pheonix Community Housing, funding the development of 200 new homes
26/04/18
Managing conflicts of interest among trustees is one of the key areas to get right, The Pensions Regulator has said
26/04/18
The Salvus Master Trust confirmed that it will be acquiring the £7m Complete Master Trust, ahead of new authorisation requirements in October this year
26/04/18
Policy holders who are “throwing away” guaranteed annuity rates are to be offered an “uplift in the value of their pension pot” as an alternative
26/04/18
The government should introduce an auto-enrolment scheme “equivalent to Nest” for the self-employed, according to the cross-party think-tank Demos.

In the report, Free Radicals: "Britain’s self-employed millions urgently need a new deal", published today, 25 April 2018, Demos lays out 30 recommendations for the government, suggesting an auto-enrolment scheme where the government acts as the “de facto employer”, topping up self-employed pensions by 4 per cent
25/04/18
Whitbread’s defined benefit pension deficit has dropped by £136m on and IAS19 accounting basis, as the group revealed plans to split the Costa and Premier Inn businesses
25/04/18
The diverse charge structure among workplace pension schemes is “not straightforward” and can cause accuracy issues for advisers, Defaqto has reported
25/04/18
The £500 tax-free employer-arranged pensions advice amount should be doubled to £1000, Aegon has argued
25/04/18
The Pension Insurance Corporation (PIC) has completed a £200m buy-in with the Kingfisher Pension Scheme
25/04/18
A total of 67 per cent, two thirds of pension professionals, have stated that the Department for Work and Pensions’ defined benefit white paper will leave members of DB pension schemes better protected in the future
24/04/18
The £1.275bn GLIL Infrastructure platform is marking its third anniversary with a relaunch under a regulated structure, as it hopes to find new investment partners
24/04/18
Yorkshire’s oldest brewery, Samuel Smith’s, is to be prosecuted by The Pensions Regulator for failing to hand over financial information required for an ongoing investigation
24/04/18
The Department for Work and Pensions has estimated it will spend £96.6bn on the state pension over 2018/19, despite equalisation of the state pension age
24/04/18
Two men have been jailed for their involvement in an “elaborate pensions scam” stealing almost £1m from their victims
23/04/18
Pensions and insurance specialist Clive Cowdery has secured $2bn in commitments from investors for a new fund to assist companies that are unable to cover long-term payouts and pensions, it has been revealed
23/04/18
Men in the UK are currently receiving £29,000 more than women, over the course of a 20-year retirement, Which? has highlighted
23/04/18
Almost 90 per cent of UK pensioners with the lowest income levels own their own homes, according to new government statistics
23/04/18
The Pension and Lifetime Savings Association’s director of external affairs Graham Vidler is to depart after four years in the role
20/04/18
The government has “no plans” to review its decision regarding the secondary annuity market, HM Treasury economic secretary John Glen has said
20/04/18
News in brief from the last seven days...
20/04/18
Just one in 10 pensioners admit to overspending in retirement since the launch of pension freedoms, Prudential has found
20/04/18
Collective defined contribution (CDC) pension schemes are either 10 years too early or 10 years too late, Aon Hewitt senior partner Kevin Wesbroom has said
19/04/18
The pensions landscape is quickly changing and the industry has an obligation to ensure that the thinking that accompanies this is also adapted, writes Talya Misiri
19/04/18
HM Revenue and Customs could assist the self-employed with pension savings through the tax return system, Royal London director of policy Steve Webb has said.

Speaking at the Pensions Management Institute’s Pensions Aspects Live conference, today 19 April 2018, the former Pensions Minister emphasised that the “big disappointment” of the auto-enrolment review was the lack of consideration over pension saving for the self-employed, women and low earners
19/04/18
Following the High Court ruling earlier this week on the Burgess & others v Bic case, Pensions Age asks Stephenson Harwood senior associate Naeem Noor why it matters
19/04/18
Retail giant Debenhams’ net pension surplus has almost doubled to £91.5m over the year on an IAS 19 accounting basis, despite pre-tax profits taking a £74.3m hit
19/04/18
Consultants advising pension trustees on environmental investment factors have a “severe lack of understanding or willingness to engage” on the issue, it has been said
18/04/18
Water companies are taking a “lily livered subjective view” of their workers and their pensions, according to the union GMB
18/04/17
The upcoming pensions dashboard could be used by up to 15 million consumers, Origo has calculated
18/04/18
A single flat-rate of tax relief could help boost self-employed pensions and see 75 per cent of pension savers better off, the Royal Society of Arts (RSA) has said
18/04/18
Pension experts have criticised HMRC for failing to remove a flawed tax relief calculator, despite being aware that it was providing consumers with incorrect advice
18/04/17
The Consumer Prices Index rate of inflation dropped to 2.5 per cent in March 2018, down from 2.7 per cent in February 2018
18/04/17
The Royal Bank of Scotland Group (RBS) has agreed to pay £3.5bn into the RBS Group Pension Fund’s main scheme, as it prepares for new ring-fencing legislation
18/04/18
Defined benefit transfers could cost companies £25bn due to members transferring out in order to access pension freedoms, according to Xafinity Punter Southall
18/04/17
The deficit of Johnston Press’s defined benefit pension dropped to £47.2m over 2017, as it reveals discussions are still ongoing with regards to its triennial valuation, despite missing its original deadline
17/04/18
It is "not the right time" to implement a pot follows member system into UK pensions, Pensions Minister Guy Opperman has said
17/04/18
United Utilities and Anglian Water must take their defined benefit pension scheme deficits into account when considering dividend policy, the water regulator Ofwat has said
17/04/18
With employment figures on the rise, greater numbers of women and older workers are to benefit from pension saving opportunities, Barnett Waddingham senior consultant Malcolm McLean has observed
17/04/18
The AA’s UK defined benefit pension deficit dropped by £137m over the year, on an IAS 19 accounting basis
17/04/18
The Pensions Regulator has published its cyber security guidance paper to advise trustees on how to ensure cyber resilience, the preparations that need to be in place to secure data and how to respond to a cyber security breach
17/04/18
Increasing longevity misjudgements could adversely impact pension savers' income and expenditure in retirement, the IFS Retirement Savings Consortium has reported
16/04/18
Whitbread’s defined benefit pension scheme, which has around £3bn of liabilities, may make a potential split of Whitbread’s Costa and Premier Inn businesses difficult
16/04/18
Philip Green has said that despite the fact he ‘behaved like a gentleman’ in relation to BHS’ collapse and his contribution to its pension scheme, he has become “more vilified”
16/04/18
A 'trap' in the tax system means HMRC is wrongly overcharging people thousands of pounds for drawing cash from their pensions, experts have warned
16/04/18
The use of liability driven investments by UK defined benefit pension schemes is likely to peak and come to an end by 2021, Hymans Robertson has claimed
16/04/18
Members of the University and College Union have voted to accept Universities UK’s revised proposals for the Universities and Superannuation Scheme, which will see the continuation of the defined benefit aspect of the scheme
13/04/18
Royal Mail has outlined its initial plans for its proposed collective defined contribution scheme, with the aim to make minimal legislative changes, to the Work and Pensions Committee
13/04/18
First Group’s defined benefit pension scheme has come under scrutiny following a takeover bid for the transport firm by the USA’s Apollo Management
13/04/18
The Church of England Pensions Board has issued £50m of bonds in order to purchase additional properties for its clergy retirement housing scheme
13/04/18
News in brief from the past seven days...
13/04/18
BT Pension Scheme (BTPS) is set to sell its majority interest in Hermes Investment Management for £246m to US investment giant Federated Investors
13/04/18
Almost half of investment consultancy clients state that the scheme sponsor is “very important” in questioning their investment consultant, the Competition and Markets Authority has found
12/04/18
Robo advice for pension members will work better in data rich “big scheme environments”, but has yet to see good solutions in the at-retirement space, Aon has said
12/04/18
The Pension Protection Fund is in “constructive discussions” with Carpetright about the company’s proposed Company Voluntary Arrangement (CVA)
12/04/18
The Work and Pensions Committee has launched an inquiry into the defined benefit white paper to “inform and influence” the planned consultation on the white paper’s various proposals
12/04/18
Only three of the top 17 master trusts offer pension tax relief to their lowest paid members, Hymans Robertson has revealed
12/04/18
Pension schemes including the Church of England Pensions Board and the South Yorkshire Pension Fund have voted down Rio Tinto’s accounts in protest against the company’s links with lobby groups that obstruct climate change policy
12/04/18
Pension transfer values increased in March, mainly due to a drop in gilt yields over the month, Xafinity Punter Southall has reported
12/04/18
Tesco has revealed its pension deficit dropped by £2.8bn in the year to February 2018, down from £5.5bn to £2.7bn
11/04/18
The Society of Pension Professionals (SPP) has named Paul McGlone as president, effective 1 June 2018
11/04/18
The Department for Education (DfE) has equalised survivor benefits for both male and female same-sex couples in the Teachers’ Pension Scheme, but has not updated the rules for heterosexual female teachers and their male widowers
11/04/18
Women in drawdown can expect to receive 37 per cent, or £47,400, less in retirement than men, according to new research by Zurich
11/04/18
Millennials’ pension pots have reduced in size since the introduction of auto-enrolment, analysis from Equiniti has found
11/04/18
The majority of defined benefit pension schemes have seen between 20-30 per cent of their non-pensioner members aged over 55 transfer out to access greater flexibilities, Willis Towers Watson has reported
10/04/18
The Work and Pensions Committee’s probe into the closure of the defined benefit schemes of Anglian Water and United Utilities has been welcomed by Unite
10/04/18
Demand for Selectapension’s defined benefit transfer value analysis (TVAS) tool has outstripped demand for its money purchase tool for the first time, according to the investment software firm
10/04/18
Bentley Motor employees at the firm’s Crewe headquarters have supported a consultative ballot proposing industrial action over plans to close its defined benefit pension scheme
10/04/18
The PPF 7800 deficit has increased by £43.5bn to £115.6bn over March, up from £72.1bn at the end of February 2018, the Pension Protection Fund has revealed
10/04/18
After a “vibrant” 2017 for the bulk annuity market, expectations for 2018 are high with transactions potentially reaching £30bn, according to Aon
09/04/18
Pension freedoms withdrawals in the new tax year are at greater risk of being overtaxed by thousands of pounds, with refunds taking up to 12 months, AJ Bell has warned
09/04/18
The Financial Conduct Authority has reiterated its warning to firms offering “unsuitable pensions advice”, saying it will “not hesitate to intervene”
09/04/18
One of the “biggest barriers” to changing governance and investment policy for defined benefit pension plans is the lack of financial resources, BlackRock has found
09/04/18
The maritime industry master trust, Ensign Retirement Plan, has cut its annual management charge for members from 0.36 per cent to 0.31 per cent to reduce employer “pension burden”, the firm has said
09/04/18
Nearly 5.6 million pension savers could see their pension contributions rise to 5 per cent today in a “pivotal moment” for the industry
06/04/18
News in brief from the past seven days...
06/04/18
There remains “much food for thought” for sponsors, trustees and advisers of defined benefit pension schemes when setting funding plans, Pensions and Lifetime Savings Association head of governance and investment Joe Dabrowski has said
05/04/18
The FTSE 350 pension deficit has fallen by £4bn to £72bn in the first quarter of 2018, figures by Mercer show.
05/04/18
Employers performing well should contribute more to their defined benefit scheme with the aim of reducing the scheme’s deficit recovery plan, The Pensions Regulator has said
05/04/18
The pensions industry is divided over the Work and Pension Committee’s proposal to introduce default pathways in the decumulation phase for members
05/04/18
The Financial Conduct Authority has published new guidance to ensure fund managers have clearer objectives when managing members' savings
05/04/18
The Financial Conduct Authority has been told to conduct a review that compares the outcomes of automated advice to traditional face-to-face appointments
05/04/18
All providers should be required to issue single page pension passports overseen by The Pensions Regulator and the Financial Conduct Authority, the Work and Pensions Committee has said
05/04/18
The government should allow Nest to provide decumulation products in order to drive competition from other providers, the Work and Pensions Committee has said
05/04/18
The government should deliver a single pension dashboard and make the provision of data by providers compulsory, the Work and Pensions Committee has argued
05/04/18
The Work and Pensions Committee has called for pension providers to offer default decumulation pathways for its members
05/04/18
PLSA, policy lead for engagement EU and regulation, James Walsh, discusses the UK's share of pension liabilities after Brexit
04/04/18
Pensions Management Institute president, Robert Branagh, discusses the details behind the headlines on the latest pensions administration story
04/04/18
Six pension and finance companies, involved in the operation of occupational pension schemes, have been placed into provisional liquidation by the High Court
04/04/18
The People’s Pension (TPP) has acquired around 8800 new members, along with £20m of funds under management, in a major master trust merger with Your Workplace Pension (YWP)
04/04/18
The London Pensions Fund Authority (LPFA) has appointed Robert Branagh as its new managing director
04/04/18
British Airways has confirmed it has closed its defined benefit scheme to future accrual, along with its old defined contribution scheme, with both replaced by a new DC scheme
03/04/18
The official UK pension incomes, as published by HM Revenue and Customs show a “shocking disparity” between regions, Royal London has argued
03/04/18
The trustees of the GKN pension schemes have said they look forward to working with Melrose, following its successful takeover bid, to deliver the agreed £1bn package for the pension schemes
03/04/18
The Pensions Regulator is to prosecute recruitment firm Workchain Ltd on the suspicion that directors and senior employers have illegally opted staff out of their pension scheme
03/04/18
UK private sector defined benefit pension scheme deficits were “largely unchanged” in the 12 months to March 2018, JLT Employee Benefits has found
03/04/18
The trustee of the New British Steel Pension Scheme has confirmed it has made the first payments to the 80,000 members that transferred from the old scheme
29/03/18
Work and Pensions Committee chair Frank Field has probed the utilities regulator Ofwat on Anglian Water and United Utilities’ decisions to close their defined benefit pension schemes
29/03/18
News in brief from the last seven days...
29/03/18
The Department For Work and Pensions has said removing barriers to consolidation will help to professionalise trustee boards
29/03/18
The Communication Workers Union, representing Royal Mail staff has secured the support of its members on its agreement with Royal Mail on pay and pensions, it has been revealed
29/03/18
Just over one in three (37 per cent) of all drawdown products are sold on a non-advised basis, according to the Financial Conduct Authority
28/03/18
The rising auto-enrolment contribution rates next week, and in April 2019, are not likely to prompt a “significant negative behavioural response”, Nest Insight has claimed
28/03/18
A “simple solution” of withdrawing only the natural yield from a drawdown product to live on, known as guided drawdown, has been proposed as a fix to the retire-as-you-go generation’s desire for flexibility combined with life-long income
28/03/18
The Nortel UK pension scheme is set to exit the Pension Protection Fund's assessment period following substantial recoveries from its sponsoring employer, which will allow the scheme to spend an additional £550m above PPF benefits
28/03/18
HM Revenue and Customs has confirmed it will maintain the requirement for savers giving up ‘safeguarded’ benefits worth £30,000 or more when transferring to an overseas pension scheme to take regulated advice from a UK-based adviser
27/03/18
Over two in five, 42 per cent, of businesses state that their ability to recruit and retain staff has been improved by their pension scheme, it has been reported
27/03/18
Pension scammers are “rife” among of non-retired people over 50, with 14 per cent saying they have been offered free pension advice or investment opportunities in the last three months, Retirement Advantage has found
27/03/18
Diversified growth funds still have a “valuable role to play” for defined contribution savers despite recent criticism, according to Aon
27/03/18
The Pensions Regulator has launched for consultation its code of practice for master trust authorisation, after lobbying the government for “stricter rules”
27/03/18
The Mayor of London Sadiq Khan has called on local authorities across the city to support and encourage pension funds’ divestment from fossil fuels
27/03/18
Nineteen per cent of people have withdrawn cash from their pension due to concerns over regulations changing, it has been reported
26/03/18
Almost half, 42 per cent, of senior decision makers are unaware of the scheduled auto-enrolment contribution rise to 8 per cent of qualifying earnings in 2019
26/03/18
The Financial Conduct Authority has backtracked on its proposal to remove the assumption for advisers that a defined benefit pension transfer is unsuitable, instead launching a consultation on whether a ban on contingent charging is needed
26/03/18
The Minister for Work and Pensions Guy Opperman has called on financial, tech and pension giants to seize the “very good business opportunity” of finding self-employed retirement saving solutions
26/03/18
Pension savers are losing thousands of pounds from their pension pots as a result of high investment charges on drawdown schemes
26/03/18
The government is to publish a consultation aimed at clarifying the legislation on the reporting of long-term investment risks by trustees in June, the Department for Work and Pensions has said
26/03/18
The People’s Pension (TPP) director of policy and market engagement Darren Philp is to take on a new role at Smart Pension, it has been announced
26/03/18
The aggregate defined benefit pension deficit of UK FTSE 100 firms fell by 32 per cent in the year to 30 June 2017, while progress has not been universal across all schemes, it has been reported
26/03/18
The Competition and Markets Authority has found no evidence that products recommended by investment consultants outperform their benchmarks when looking at results net of fees
23/03/18
Workers union Unison is urging its Universities Superannuation Scheme (USS) members to join the UK-wide movement and vote for strike action to defend their pension scheme
23/03/18
The latest mandates and news in brief from the past week
23/03/18
Sustainable investment must be driven by data, if pension funds are going to find “meaningful solutions" to Environmental, Social and Governance (ESG) issues, it has been said
23/03/18
The Financial Ombudsman (FOS) has agreed to hold an inquiry into allegations of bias against consumers and claims that its staff are inadequately trained amid fears that complaints may have been mishandled
23/03/18
Almost 30 per cent of eligible employees don’t understand or are unsure of the benefits of auto-enrolment, the Department for Work and Pensions has found
22/03/18
Income from occupational pensions made up 30 per cent of total pensioner income in 2016/17, according to data from the Department for Work and Pensions
22/03/18
Forty per cent of default funds are still targeted to annuities, which could be leaving members exposed to “unintended investment risks”, according to Aon
22/03/18
The trustees of the GKN pension schemes have received “firm commitments” from both GKN and Melrose over the protection of the schemes
22/03/18
Over half, 66 per cent, of a proportion of UK employers are prepared to increase or match pension contribution increases alongside pay rises, it has been revealed
22/03/18
Around 700,000 more pensioners could be living in poverty in 2050 if the pensions triple lock is scrapped, a new report has revealed
21/03/18
PwC does “not regret” its role in deferring payments into the Carillion pension schemes, after it was brought in to advise the scheme's trustees in September 2017
21/03/18
MPs have pressed Secretary of State for Work and Pensions, Esther McVey, on the decision to keep a voluntary clearance system for company transactions that concern a pension scheme
21/03/18
Tens of thousands of grandparents that are looking after their grandchildren are yet to claim the National Insurance credit that is available to them to build a full state pension, Royal London has said
21/03/18
Fines for firms that deliberately put their pension schemes at risk, proposed in the DB white paper, could be handed out retrospectively, Secretary of State for Work and Pensions Esther McVey has said
21/03/18
The newly proposed Pension Superfund that will consolidate the pension assets and liabilities of UK defined benefit schemes looks to offer an “affordable solution” for employers to fulfill pension promises
21/03/18
Work and Pensions Committee chair Frank Field questioned the leadership of The Pensions Regulator after its chief executive gave evidence to the Committee in the wake of the Carillion disaster
21/03/18
Over seven out of 10, 71 per cent, of defined contribution pension holders are unaware of the charges they are paying, the Financial Conduct Authority has found
20/03/18
The date has been set for former BHS owner Dominic Chappell’s appeal against his conviction for failing to hand over information to The Pensions Regulator
20/03/18
GKN has hit back at comments made by Melrose about its pension schemes, calling them “misleading”
20/01/18
The Financial Conduct Authority and The Pensions Regulator have revealed plans on how they will work together over the next decade in a bid to tackle low levels of retirement saving
20/03/18
The University and College Union (UCU), general secretary, Sally Hunt has demanded that Universities UK (UUK) comes back with a “better offer” as the union threatens more strike action
20/03/18
The Pensions Regulator is to publish a guidance paper on pension scheme cyber resilience, it has confirmed
20/03/18
The consumer prices index rate of inflation dropped to 2.7 per cent over February, the Office for National Statistics has revealed
20/03/18
Proposals in the defined benefit white paper have been welcomed by the industry, but slow implementation and practicality issues will leave pensions “at risk”, it has been said.
19/03/18
The defined benefit scheme of BT will close and move to a “hybrid” pension scheme, having reached an agreement with Communication Workers Union (CWU), it has been confirmed
19/03/18
The proposal to force companies to gain clearance from The Pensions Regulator prior to deals that could impact pension schemes has been dismissed by the Department for Work and Pensions (DWP)
19/03/18
The government is to legislate to require defined benefit schemes to appoint a chair, who will be responsible for reporting scheme funding decisions in a chair’s statement
19/03/18
The Department for Work and Pensions (DWP) is considering some minor changes in the near future to Guaranteed Minimum Pension (GMP) conversion legislation, the Protecting Defined Benefit Pension Schemes white paper has announced
19/03/2018
The Department for Work and Pensions (DWP) has confirmed that it will retain the current 15 month completion time period for valuation reporting cycles in its Protecting Defined Benefit Pension Schemes white paper released today
19/03/2018
Pension funds are reviewing their investment performance more frequently “underlining the importance of performance management”, according to an Aon survey
19/03/18
The government has committed to working closely with The Pensions Regulator, Pension Protection Fund and the rest of the industry to make improvements to the Regulated Apportionment Arrangement
19/03/18
The Department for Work and Pensions (DWP) has confirmed its intention to legislate to introduce a criminal offence against those found to have committed “wilful or reckless behaviour” in relation to a pension scheme
19/03/18
The Department for Work and Pensions (DWP) is to launch a consultation this year on the legislative framework and authorisation regime to enable the establishment of commercial consolidation vehicles for DB schemes, its Protecting Defined Benefit Pension Schemes white paper has revealed
19/03/2018
The government has dropped plans to allow defined benefit pension schemes to change their indexation, whilst highlighting the British Steel Pension Scheme's arrangement as an alternative “positive outcome”
19/03/18
Master trusts must report their financial information to The Pensions Regulator when applying for authorisation, the government has said
19/03/18
Melrose has pledged £1bn to GKN’s pension scheme as part of its offer to take over the engineering firm
Over half, 53 per cent, of British businesses expect the government to remove the option for savers to opt-out of their auto-enrolled pensions and so make workplace pension saving compulsory, Now Pensions has said
19/03/18
Pension fund investors should be aware of the risks that ‘workforce flexibility’ can have on investor returns, the Local Authority Pensions Forum (LAPF) has said
16/03/18
Last year saw the second busiest year on record for buy-ins and buyouts, with transactions totalling £12.3bn, according to data from Lane, Clark and Peacock
16/03/18
The latest mandates and news in brief from the past week
16/03/18
Thousands of United Utilities workers are striking ahead of the firm’s planned closure of its defined benefit scheme, which they say could leave them up to £10,000 a year worse off
16/03/18
Workers on national average earnings will be contributing over 20 per cent of their disposable income under auto-enrolment by 2019, leaving millions of pension savers facing an affordability crisis
15/03/18
The bulk annuity market could hit £30bn in 2018 as providers overcome the “missed opportunities” of 2017, Aon has said
15/03/18
Work and Pensions Committee chair Frank Field has told the Financial Conduct Authority to get its “house in order” to prevent another situation like the British Steel Pension Scheme saga from happening
15/03/18
Defined benefit transfers will “come to a head when stockmarkets fall”, an expert on a roundtable of pension specialists has predicted
15/03/18
Millennials' willingness to save for retirement is being jeopardised by a “lack of digital innovation”, according to research by ShareAction
15/03/18
Prudential is set to separate from M&G Prudential to create two separately-listed companies
14/03/18
Legislation to enable collective defined contribution (CDC) schemes must be made to “accommodate everybody” and not just Royal Mail, Minister for Pensions and Financial Inclusion Guy Opperman has said
14/03/18
The new British Steel Pension Scheme (BSPS) has “comfortably” met minimum size and initial funding tests, according to its trustee chairman
14/03/18
Positive psychology on pensions saving can “transform” women’s engagement, according to joint research by Aviva and Big Window
14/03/18
Chancellor Philip Hammond’s inaugural Spring Statement held little of note for pensions, but wider economic announcements will have industry ramifications, according to the industry
13/03/18
The trustees of the GKN pension schemes are yet to receive proposals from Melrose that “address the key concerns that the trustees have raised”, they have said in a statement
13/03/18
The PPF 7800 deficit increased by £21.1bn over February, to £72.1bn up from £51bn in January, the Pension Protection Fund has revealed
13/03/18
The University and College Union (UCU) and Universities UK (UUK) have reached an agreement on changes to university pensions
13/03/18
Increased powers for The Pensions Regulator will not be enough to help distressed pension schemes, Aon has found
13/03/18
HM Treasury forecasts that it will benefit from an additional £5.1bn in a ‘bonus’ tax take by April 2019 as a result of the pension freedoms policy of 2015
13/03/18
As you would expect, this year’s Pensions and Lifetime Savings Association Investment Conference tackled all the top issues facing the pensions system, from how to make the defined benefit sector more robust, to increased trustee consideration on ESG issues and what next for defined contribution after auto-enrolment
12/03/18
The minimum auto-enrolment increase to 5 per cent next month will not lead to large-scale opt-outs by members, according to Royal London
12/03/18
The Department for Work and Pensions has hinted that the defined benefit white paper will focus on trustee decision making and how they can deliver clearer objectives
12/02/18
The drop in the lifetime allowance has led to a 2,100 per cent increase in the government’s tax take, in the 2016/17 tax year compared to the 2006/07 tax year, a freedom of information request by Old Mutual Wealth has shown
12/03/18
Former Barclays staff have lost their fight to prevent the bank moving its past pension promises away from its core retail banking business
12/03/18
The Labour Party has appointed Margaret Greenwood as acting Shadow Secretary for Work and Pensions, as it announced Debbie Abrahams has been stood down from the frontbench while the party investigates an “employment issue”
12/03/18
Trustees will soon be under scrutiny for not investing their defined contribution schemes' default funds in an ESG-conscious manner, TPT Retirement Solutions investment manager Jennifer Anderson has warned
12/03/2018
The CEO of Anglian Water has told unions to ballot for industrial action, as he is not prepared to attend any meetings with Acas, over the closure of its defined benefit pension schemes
09/03/18
The pensions and asset management industry has been "tarred with the brush of the financial services industry", leading to a lack of trust among the public, SCM Direct co-founder and transparency and ethics activist Gina Miller has claimed
09/03/18
Politicians must not be seen “tinkering” with the pensions system and instead look at matters with a more “holistic” approach, according to MP for Ross, Skye and Lochaber Ian Blackford
09/03/18
The latest mandates and news in brief from the past seven days
09/03/18
The assertion that financial services cannot be part of a free trade agreement between the UK and the EU post-Brexit must be challenged, Chancellor Philip Hammond has said, highlighting that it is not a “zero-sum game, where any loss of market share in London is automatically a gain to another EU Capital"
09/03/18
Historian Dan Snow highlighted that pensions are a European invention, speaking at the Pensions and Lifetime Savings Association's Investment Conference yesterday, 8 March
09/03/18
Pension funds should focus on investment issues that materially affect long-term returns, and not just look at “the flavour of the month” within the industry, such as ESG's current popularity, the Financial Reporting Council (FRC) has warned
09/03/18
The pensions industry needs to focus less on directing retrospective "blame" and more on delivering positive change, it has been said
09/03/18
Greater clarity is needed around the fees, quality and performance of investment consultants and fiduciary managers for trustees, the Competition and Markets Authority has highlighted
09/03/18
The Pensions Regulator has urged pension scheme trustees to do more about their risk management strategies, warning that some schemes “haven’t even dipped a toe in the water”
09/03/18
The auto-enrolment minimum contribution levels could be extended to 12 per cent in the early 2020s, the Pensions and Lifetime Savings Association has predicted
09/03/18
As we celebrate International Women’s Day, 2020 Trustees’ Naomi L’Estrange talks about her experience as a pensions trustee, and encourages other women to think about becoming one
08/03/18
Pension schemes must start building their de-risking strategies now as more schemes transition into run-off, according to J.P. Morgan head of Europe Middle East and Africa pensions solutions, Sorca Kelly-Scholte
08/03/18
The Financial Conduct Authority is working to encourage competition within the pensions sector through the use of comparison tools to select drawdown products, it has revealed
08/03/18
The negative effect quantitative easing (QE) is having on pension schemes is a “misconception”, according to Royal Bank of Scotland CEO, Robert Waugh
08/03/18
Eighty per cent of employers feel as though their employees are not saving enough for their retirement, according to a study conducted by Wealth at Work
08/03/18
A group of Hewlett Packard pensioners are calling on the government to address an indexation legal loophole in the upcoming defined benefit white paper
08/03/18
Sin stocks such as tobacco are increasingly posing potential regulatory risks to pension scheme portfolios, it has been noted
08/03/18
The number of international pension and savings plans set up in 2017 hit a record high, according to a survey by Willis Towers Watson
08/03/18
A healthcare company and its managing director have pleaded guilty to misleading The Pensions Regulator (TPR) about complying with its auto-enrolment duties
08/03/18
Climate risk could be the "single biggest risk" to pension portfolios, it has been suggested
08/03/18
The pensions and investment industry must "put aside" its differences and think collectively to deliver positive outcomes, State Street Global Advisors global chief retirement strategist Amlan Roy has claimed
07/03/18
Former Deputy Prime Minister Nick Clegg has blamed Brexit for the current government’s lack of action on pensions reform
08/03/18
The Pension Insurance Corporation secured £3.7bn of new pension insurance business premiums in 2017, up from £2.6bn the previous year
07/03/18
Increased efforts are being made to "re-connect" an estimated 1.6 million pensioners who have lost touch with their pension savings
07/03/18
Thousands of civil service pensioners are facing uncertainty over their future pension payments today, as the scheme’s Guaranteed Minimum Pension (GMP) reconciliation exercise revealed £22m of overpayments
07/03/18
The UK’s pension liabilities reached £7.6trn, an increase of £1trn between 2010 and 2015, but the figures have been described as “mind-boggling” due to almost £5trn being unfunded promises
07/03/18
The trustees of the GKN pension schemes “haven’t got an agreement” with Melrose as part of the proposed takeover deal, it has been revealed
07/03/18
A pensions cold calling ban is to be put in place by June this year, as the government has tabled an amendment to the Financial Guidance and Claims Bill
07/03/18
The regulations surrounding whether auto-enrolment opt-downs will be permitted remains unclear among the industry
06/03/18
With the Spring Statement in just one week’s time, one would expect the rumour mill to be working overtime, whether that be changes to pensions tax relief, or further pooling of Local Government Pension Funds. This year, however, the Chancellor is aiming to tone down the Statement, having moved it from the autumn. Natalie Tuck looks at whether the DB white paper may take centre stage instead
06/03/18
The Pensions Regulator's current reform process has not been a “knee-jerk” reaction to the BHS pensions crisis, chairman Mark Boyle confirmed
06/03/2018
The £30,000 advice limit for consumers looking to transfer out of their defined benefit scheme is “illusory”, according to a Nucleus pension panel
06/03/18
The Pensions Regulator has appointed David Fairs as its executive director for regulatory policy, analysis and advice, effective July 2018
06/03/18
The Pensions Regulator has been in “regular contact” with trustees of GKN’s pension schemes in light of a possible takeover of the sponsoring employer by Melrose, it has confirmed
06/03/18
Investors are set to be paid £34m in compensation from asset managers overcharging them for investment funds, with another asset manager being pursued by the FCA
06/03/18
Defined benefit transfer values remained stable throughout February, rising by just £1,000, according to the Xafinity Transfer Value Index
06/03/18
“Informed inertia” is required to ensure that members remain auto-enrolled up to and following the planned contribution rises this year and in 2019, Now Pensions director of policy Adrian Boulding has said
05/03/18
The owner of Arcadia, Sir Philip Green, has called for a “truce” with Work and Pensions Committee chair, Frank Field after dismissing rumours about the sale of his company to Chinese fashion group, Shandong Ruyi
05/03/18
The Minister for Pensions, Guy Opperman, has suggested there is still “widespread misunderstanding” among trustees and scheme managers around the financial affects of climate change on their clients’ portfolios
05/03/18
British people are a nation of “pension procrastinators” by not starting to save for retirement early enough, according to a survey by Aegon
05/03/18
The Environmental Audit Committee (EAC) has written to the UK’s 25 largest pension funds in order to understand their investment strategies around environmental risks
05/03/18
The Trinity Mirror defined benefit pension deficit fell by £88.4m to £377.6m during 2017, on an IAS19 accounting basis
05/03/18
The University of Cambridge has warned that it may leave the Universities Superannuation Scheme if talks cannot deliver a sector-wide scheme
02/03/18
Liberal Democrat pensions spokesman Stephen Lloyd has called for a ban on contingent charging for advice on pension transfers following the scandal surrounding the British Steel Pension Scheme (BSPS)
02/03/18
With next Thursday, 8 March, being International Women’s Day, Natalie Tuck looks at how the industry, and government, can help boost women's pensions
02/03/18
The FTSE 350 pension deficit reduction of £1bn in February 2018 is “good news for UK businesses”, Mercer has commented
02/03/18
News in brief from the past seven days...
02/03/18
Trustees are using pension schemes’ funds to pay for independent financial advice for their members, it has emerged
02/03/18
An average defined contribution pension pot could grow by 30 per cent as the minimum auto-enrolment contribution rises to 5 per cent in April
02/03/18
The Competition and Markets Authority has published a working paper on its investigation into investment consultants’ fees and quality, finding that information on fees for trustees is “limited”
01/03/18
The Pensions and Lifetime Savings Association is calling for nominations for the role of chair to its news Policy Board
01/03/18
Apart from defined benefit pensions, "we don't have a pension system", just a long-term savings system, Baroness Jeannie Drake has said
01/03/18
The deficit of all UK private sector schemes has fallen by £75bn in the 12 months to 28 February 2018, JLT Employee Benefits has reported
01/03/18
The reduction to the rate at which life expectancy is increased is driven by “persistent influences’ rather than short-term events such as the 2015 influenza outbreak, the Continuous Mortality Investigation (CMI) Mortality Projections Committee has said
01/03/18
Over half, 52 per cent, of pension scheme trustees are aware that fraud presents a significant risk to their scheme, according to research by RSM
01/03/18
Women are “still lagging behind” when it comes to pensions, despite the success of auto-enrolment, according to Pension Monster
01/03/18
Auto-enrolled members of workplace pension schemes have been largely “side-lined” out of investment decisions, with only one UK provider having a member on its board, it has been highlighted
01/03/18
The cost of pensions tax relief to the government increased to £38.6bn in 2016/17, up from £38.5bn the previous year
28/02/18
The Minister for Pensions Guy Opperman has admitted that the April rise to auto-enrolment contributions is his “biggest hurdle” to implementing the government’s 2017 AE Review recommendations
18/02/18
The Post Office Limited Section of the Royal Mail Pension Plan has secured its defined benefit liabilities through a £450m bulk annuity transaction with Rothesay Life
28/02/18
Retailer Toys R Us has fallen into administration today, 28 February, putting 3,000 jobs at risk, and the Pension Protection Fund on standby to take on the company’s pension scheme
28/02/18
Allowing pensioners to take their pension pot with them across different jobs is the key to getting the self-employed saving, attendees of the 2018 ABI Annual Conference heard
28/02/18
First Minister of Scotland Nicola Sturgeon has said the pensions dashboard will have a “hugely beneficial” impact for the Treasury and the Department of Work and Pensions
27/02/18
The government is "pressing ahead to accelerate the state pension age" on a "flawed basis", Shadow Secretary of State for Work and Pensions Debbie Abrahams has said
27/02/18
The Department for Work and Pensions has published its response to a consultation on simplifying the process of defined contribution pension scheme consolidation, whilst maintaining member protections
27/02/18
Many workers face a “pensions lottery” when retiring, the Trades Union Congress (TUC) has warned
27/02/18
The upcoming defined benefit white paper will provide The Pensions Regulator with "the right powers to do its job", Minister for Pensions and Financial Inclusion Guy Opperman has said
27/02/18
The government has taken action to make defined contribution pension fees more transparent, by updating regulations on cost disclosure rules
27/02/18
The founder of Retirement Income Alliance Malcolm Small has died at the age of 62
26/02/18
Annuity pricing for 2018 is set to remain attractive as they continue to deliver better yields than comparable low-risk assets for pensioner transactions, Aon has found
26/02/2018
Leader of the Liberal Democrat party Vince Cable is urging the Universities Minister Sam Gyimah to intervene in proposed changes to lecturers’ pensions
26/02/18
Over 750,000 people nearing retirement are at risk of leaving their pension to the wrong person when they die, according to research carried out by Royal London, and those aged between 55 and 64 are most vulnerable
26/02/18
The former financial director of Carillion, Richard Adams, "dumped" all of his shares in the outsourcing firm for £776,000, just a few months before its share price tanked, it has been revealed
26/02/18
Asda is “listening” to its employees’ protests regarding its proposed pension cuts, it has been revealed
26/02/18
Former BHS owner Dominic Chappell has been told to pay £87,170 for breaching Section 72 notices under the 2004 Pensions Act, it has been revealed
23/02/18
UK master trust Now Pensions has been put up for sale following continued administration problems, it has been revealed
23/02/18
The winners of the annual Pensions Age Awards were announced last night at a glittering gala ceremony in London attended by almost 600 people
23/02/18
Standard Life Aberdeen is to sell its insurance business to Phoenix Group in a £3.2bn deal
23/02/18
The finance director of Carillion, Richard Adam, thought funding the firm’s pension schemes was a “waste of money”, it has emerged
23/02/18
Liberal Democrat spokesman for work and pensions Stephen Lloyd has written to the Secretary of State for Work and Pensions Esther McVey urging the government to work towards the creation of a care pension
23/02/18
People who are divorced and planning to retire in 2018 face an annual retirement income that is on average £3,800 less that someone who has never divorced and retiring in the same year
23/02/18
The Royal Mail and its workers union the Communication Workers Union are to meet with the DWP next week to discuss the implementation of its proposed collective defined contribution scheme
22/02/18
The UK's largest union, Unite, has called for an investigation into “disappearing” pension payments of NHS and other public sector workers employed by Carillion, which could be worth more that £1m
22/02/18
The Financial Conduct Authority is introducing new measures to encourage consumers looking to buy a lifetime income through an annuity at the point of retirement to shop around
22/02/18
Women are more likely to opt out of workplace pension schemes than men, according to a study by Now Pensions
22/02/18
The Pensions Regulator has dismissed questions over whether its objectives need to be simplified in light of the collapse of Carillion
22/02/18
The largely debated collective defined contribution pension plan “does not fit” with the present day pensions landscape, it has been claimed
22/02/18
Labour leader Jeremy Corbyn has told representatives of Universities UK to “commit to meaningful negotiations” to resolve the dispute on changes to university employees’ pensions
22/02/18
The number of pension credit claimants has dropped to 1.8 million as of August 2017, according to the latest statistics from the Department for Work and Pensions
21/02/18
Only small changes to existing law is needed to introduce collective defined contribution schemes and all members will have the right to transfer out, it has been claimed
21/02/18
HM Revenue and Customs has clarified the rules around pensions tax relief for the new Scottish income tax bands, allowing those paying the intermediate rate of 21 per cent to claim back the additional 1 per cent due on their contributions
21/02/18
The Pension Protection Fund has called for Toys R Us to appoint an “independent” administrator in the midst of the retailer’s rescue deal attempts
21/02/18
Trustee boards and The Pensions Regulator should adopt the Black Box Thinking approach to managing issues faced by defined benefit pension schemes, according to a new report by the Pensions Institute
21/02/18
Blame and responsibility is being disproportionately placed upon the advice sector, following the Work and Pensions Select Committee’s report on the British Steel pension scheme, the Personal Finance Society has said
21/02/18
Lloyds Banking Group has announced plans to increase its financial planning and retirement market by a million customers and increase its open book assets by £50bn in three years
21/02/18
The industry must work to ensure that the pensions dashboard is appropriately funded and that providers are not “free-riding” on the product, Royal London director of policy Steve Webb has said
20/02/18
The Pensions Regulator, in a joint operation with the police, has launched an investigation into several pension schemes suspected of using cold-calling to persuade people to transfer into poorly run schemes with risky investments
20/02/18
There is a “strong case for legislation” for the pensions dashboard, the Department for Work and Pensions has confirmed
20/02/18
Work and Pensions Committee chair Frank Field is pressing Arcadia owner Sir Philip Green for assurance that the retail group’s pension scheme members won’t be “hung out to dry” if the business is sold
20/02/18
The trustees of six of Carillion’s defined benefit pension schemes twice wrote to The Pensions Regulator to request “formal intervention” to increase deficit recovery contributions
20/02/2018
People may be more familiar with penguins marching, but the month of March sees a march of pension savers checking up on their retirement funds
20/01/18
A care pension that builds on income drawdown products could offer a solution to long-term care funding, Royal London has said
19/02/18
The Work and Pensions Committee’s criticism of the British Steel Pension Scheme (BSPS) in relation to defined benefit pension transfers should be seen “as a warning to all schemes”, according to Hymans Robertson
19/02/18
Work and Pensions Select Committee chair Frank Field is set to probe Arcadia owner Sir Philip Green on the company’s pension schemes ahead of its potential sale
19/02/18
Almost 80 per cent of pension savers have called for stricter checks to prevent scams, the Pensions and Lifetime Savings Association has found
19/02/18
A Carillion shareholder, Kiltearn Investment Management, has said there is “clear grounds for investigation” into whether Carillion dishonestly concealed material facts around its finances
19/02/2018
The Sea Containers 1983 Pension Scheme has secured a £187m bulk annuity buyout deal with Aviva, it has been announced
16/02/18
A single pensions dashboard for the good of the public would be more trusted by people as opposed to multiple dashboards, Pensions Administration Standard Association (PASA) chair Margaret Snowdon has claimed
16/02/18
The Pensions Regulator would “much rather be seen as a critical friend than a wagging finger” in its regulation of the pensions industry, acting executive director of regulatory policy Anthony Raymond has revealed
16/02/18
News in brief from the past week...
16/02/18
The Pensions Regulator is developing advice for trustees' management of advisers and service providers, as part of its 21st century trusteeship campaign
15/02/2018
The Pensions Regulator and Financial Conduct Authority have faced fresh criticism from the Work and Pensions Committee over their action in relation to the British Steel Pension Scheme
15/02/18
Pension schemes that have failed to provide sufficient chair’s statements have been publicly named for the first time by The Pensions Regulator
15/02/18
The British Steel Pension Scheme has processed £1.1bn of defined benefit pension transfers since March 2017, with the Work and Pensions Committee stating that members have been “shamefully bamboozled”
15/02/18
Asda is being urged to rethink proposed pension cuts by the trade union, Usdaw, after 2,000 staff signed a petition against the changes
15/02/18
A large majority, 84 per cent, of pension schemes are now focusing on their investment strategy to grow scheme assets, KGC has found
15/02/18
Scottish Widows and Lloyd’s Banking Group's wealth businesses have terminated over £100bn worth of partnership agreements with Standard Life Aberdeen
15/02/18
Behavioural biometrics, which goes beyond the physical biometrics in place today, is “the next wave coming through and will further help [the pensions industry’s] challenges at avoiding fraud”, Equiniti lead business solutions architect Chris Connelly has predicted
14/02/2018
The Pensions Regulator said it is failing to measure the extent of pension scams and may have to “admit defeat”, TPR Project Bloom chair, Mike Broomfield has said
14/02/18
A ban on cold calling must not be seen by the Conservatives as “job done” on the fight against pension scams, according to Liberal Democrat spokesperson for work and pensions Stephen Lloyd
14/02/18
While more than a million employers have now complied with their auto-enrolment obligations, TPR director of automatic enrolment Darren Ryder emphasises that the policy is the law and the regulator will take action to ensure it is adhered to
14/02/18
The pension cold calling ban will not stop scammers, as they are finding new ways to target people through social media sites such as LinkedIn, according to The Pensions Advisory Service chief executive Michelle Cracknell
14/02/18
Collective individual defined contribution (CIDC) schemes have the advantage over collective defined contribution (CDC) schemes, a study by the University of Utrecht has found
14/02/18
The amount paid out from pension pots to relatives of deceased pensioners is up 33 per cent in a year new data from Salisbury House Wealth has shown
14/02/18
Rising gilt yields causing a fall in liabilities has helped the PPF 7800 deficit to fall by more than half over January, the Pension Protection Fund has revealed
13/02/18
The Pensions Advisory Service(TPAS) has transferred its dispute resolution function to The Pensions Ombudsman (TPO)
13/02/18
The government will find a “quicker way” to introduce a pensions cold calling ban, but has not set a deadline, according to the Department of Work and Pensions
13/02/18
One million employers have enrolled their staff into a workplace pension, enabling over nine million employees to save for their retirement, it has been confirmed
13/02/18
The Consumer Price Rate of inflation remained unchanged throughout January at 3 per cent, the latest data from the Office for National Statistics has revealed
13/02/18
AXA IM has announced its intention to consolidate its European liability driven investment (LDI) teams, bringing its capabilities under one unit covering the UK, France and the Netherlands
13/02/18
KPMG has blamed the £725m actuarial loss of the Carillion pension scheme on the falling AA bond yields, as its reporting standards come under fire, it has emerged
13/02/18
Just 25 per cent of the self-employed are actively contributing to a private pension, according to the latest data from the Office for National Statistics
12/02/18
Trinity Mirror has agreed to pay £41.2m into the Northern & Shell Pension Schemes (NSPS) as part of its £126.7m acquisition of the publishing business
12/02/18
Occupational pensions could be boosted by billions of pounds if opposite-sex couples could register as civil partners under a new law currently passing through parliament, Royal London has found
12/02/18
The Association of British Insurers (ABI), the Department for Work and Pensions and HM Treasury have announced a two-day event aimed at making retirement savings more accessible to 5m self-employed workers
12/02/18
Pension transfer values fell by £5,000 to £231,000 at the end of January, Xafinity Punter Southall has reported
12/02/18
The Pensions Regulator and the Financial Conduct Authority are set to develop a pensions regulatory strategy, which will outline how the two bodies work together, it has been announced
09/02/18
Royal Mail and the Communication Workers Union (CWU) have told the government to introduce legislation to allow companies to offer collective defined contribution (CDC) schemes, following the agreement between the two to offer Royal Mail employees a CDC scheme
09/02/18
News in brief from the past week....
09/02/18
The Pensions Ombudsman is investigating a group of over 150 complaints in relation to transfer values given to members of the British Steel Pension Scheme
09/02/18
With the reputation of fund managers in question, Communications and Content director and founder David Butcher looks at what needs to change so they're no longer seen as the baddies
09/02/18
There have been calls to increase the powers of The Pensions Regulator (TPR), as MPs hint the defined benefit white paper could be with us by spring
08/02/18
The opposition party’s suggestion to keep the state pension age at 66 is “simply unaffordable and cannot be justified,” Undersecretary of State for Pensions and Financial Inclusion Guy Opperman has said
08/02/18

Engaging tactics
Laura Blows talks to Mark Rowlands, director of customer engagement at NEST, about how to increase member engagement

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