More Archive News

The Competition and Markets Authority (CMA) said the break-up of some investment consultant (IC) and fiduciary management (FM) providers would have “adverse consequences” for both trustees and schemes members
18/07/18
The Pensions Regulator is looking to implement clearer “parameters and regulation” over company dividend payments into its funding code
18/07/18
Pensions Minister Guy Opperman has refused to address speculation over the future of the pensions dashboard, after reports that the Secretary of State for Work and Pensions Esther McVey was looking to “kill off” the platform
18/07/18
Several industry voices have said the Competition and Markets Authority (CMA) was right in its decision not to propose far-reaching reforms to the investment consultancy market
18/07/18
Pension Insurance Corporation (PIC) has completed a £37m investment in the University of Exeter with student accommodation provider University Partnerships Programme (UPP)
18/07/18
Recent successive governments have "overblown" the cost of public sector pension schemes, Prospect has claimed
18/07/18
People may need to undergo three major mind shifts in order to cope well with longer lives, according to the Pensions Policy Institute (PPI)
18/07/18
Pension funds will be required to run a competitive tender when choosing their first fiduciary manager to increase competition within the market, the Competition and Markets Authority has proposed.

The recommendation is part of a number of proposals made to reform the pension investment consultancy market, but the CMA has avoided breaking up the market
18/07/18
The trustees of The 600 Group's defined benefit scheme have reached a scheme liability buyout agreement with the Pension Insurance Corporation (PIC)
17/07/18
The number of people in retirement has dropped by 265,000 over the five-year period from March to May 2013 to March to May 2018, according to the Office for National Statistics' (ONS) July UK Labour Market report
17/07/18
The Pensions Regulator (TPR) has been made aware of fraudsters who are posing as the watchdog in a new pensions scam
17/07/18
The pension industry has hit back at reports that the Secretary of State for Work and Pensions, Ester McVey, is planning to scrap the long-awaited pensions dashboard
17/07/18
Pension transfer values decreased slightly over June to £233,000 but remained stable, according to XPS Pensions Group
16/07/18
The Department for Work and Pensions has appointed the first chief executive of the new single financial guidance body (SFGB)
16/07/18
The government should set a “swift timetable” to allow companies to create collective defined contribution (CDC) schemes, as the opportunity presents a “new Beveridge” for pensions, the Work and Pensions Committee has said
16/07/18
Trustees must keep a closer eye on the security of their members’ assets as unprecedented levels of change transform the defined contribution provider marketplace
16/07/18
People aged 40-64 are underestimating the full state pension by £1,461 a year on average, a study conducted by Just Group has concluded
16/07/18
Nest is set to start investing in commodities for its 6.9 million members in its first segregated mandate
16/07/18
The pension industry’s fear of innovation is leaving many DC members “woefully unprepared” for retirement, according to Hymans Robertson
13/07/18
The latest mandates and news in brief from the past week
13/07/18
A consultation on the pensions cold calling ban is to be published “imminently”, however parliamentary approval isn’t likely until after autumn, the government has said
13/07/18
The Pensions Regulator (TPR) has claimed that it has become a “more visible and proactive regulator” that is working in a “clearer, quicker and tougher way” in its annual report and accounts, which show that its spending rose by £8.7m in the last financial year
13/07/18
The Pensions Protection Fund (PPF) has increased its funding level by 1.2 per cent over the year to 122.8 per cent, despite taking on its highest total value of deficits ever recorded, its annual report has shown
13/07/18
Nest’s government loan increased to £623m over the 2017/2018 financial year, it has revealed
13/07/18
The Pensions Ombudsman (TPO) has seen a 26 per cent increase in the number of cases it accepted for investigation in the past year, it has revealed
13/07/18
The most popular defined contribution investment funds chosen by members who actively invest have beaten default strategy returns by 4.75 per cent over the last five years, it has been found
12/07/18
The hopes and dreams of the nation may have been shattered last night in the World Cup semi-final, but what about a footballer's chance in retirement?
12/07/18
The government should halt its plans to switch off support for schemes trying to reconcile their Guaranteed Minimum Pension (GMP) records with those held by the State in October, Willis Towers Watson has argued
12/07/18
A quarter of savers reaching retirement in the next ten to fifteen years, who have moderate to high levels of DC savings and low or no DB entitlements, will face decisions that could see their private pension income vary by more than 70 per cent
12/07/18
Lesley Carline has been elected as president of the Pensions Management Institute, with effect from 11 July 2018
12/07/18
Retired homeowners released £1.71bn of property wealth in the first six months of the year, as the equity release market continued its record-breaking expansion, according to the latest data from Key Retirement’s H1 2018 Equity Release Market Monitor
11/07/18
Women are being held back from pension savings by a lack of confidence, income, time, and access to the right information, a report has shown
11/07/18
The Pensions Regulator has fined Rentokil Initial’s pension fund £25,000 earlier this year for failing to complete two valuations for its Initial Hospital Service Limited No.1 defined benefit scheme, it has emerged
11/07/19
Pension freedoms have created ‘demob fever’ among over-55s, as many significantly change their retirement plans, according to Retirement Advantage
11/07/19
Pension funds could earn around 8 per cent a year undertaking a bank capital relief strategy, it has been said
10/07/18
ABI senior policy adviser Lucy Forgie talks about the evolution of platforms and why they are vital to the retirement market
10/07/18
The Institution of Engineering and Technology’s (IET) pension scheme has completed a £50m pensioner buy-in with Pension Insurance Corporation (PIC), covering all 300 of the scheme’s uninsured pensioner members
10/07/18
The aggregate deficit of the 5,588 schemes in the PPF 7800 Index decreased by £8.4bn in June.

The deficit figure was £85.6bn at the end of last month, after having stood at £94.0bn at the end of May. The PPF has also calculated that the funding level for the schemes in the index increased from 94.5 per cent at the end of May to 94.9 per cent
10/07/18
Flexibility is the number one priority for retirees when it comes to managing their savings, Aegon has found
10/07/18
PLSA policy lead: engagement, EU and regulation James Walsh discusses how technology can help engage and simplify the pensions landscape
09/07/18
The number of taxpayers over the age of 65 has nearly doubled from 3.32 million in 1995-96 to 6.49 million in 2015-16, Royal London has found.
09/07/19
The total value of defined benefit pension scheme liabilities hedged by liability-driven investment (LDI) strategies increased to almost £1trn at the end of 2017, meaning that nearly half of the UK’s DB pension scheme are now using LDI to reduce their exposure to hedge interest rate and inflation risk
09/07/18
The Border to Coast Pensions Partnership has selected asset manager Robeco to perform its voting and engagement services
09/07/18
An estimated 43 per cent of people think they will still be renting their home when they reach 70 years of age, Aegon has found
09/07/18
Lloyds Banking Group has begun its landmark defence in relation to the equalisation of guaranteed minimum pensions (GMPs).
06/07/18
Retirement adviser LEBC has again called on the government to introduce a 30-day cooling off period for individuals who seek access to more than the tax-free part of their pensions without the benefit of regulated advice
06/07/18
The number of employees wanting to stay in work past retirement age has more than doubled in three years, from 17 per cent to 36 per cent, according to Canada Life
06/07/18
News in brief
06/07/18
A Financial Conduct Authority (FCA) working group has made five recommendations regarding the consistent and standardised disclosure of costs and charges to investors
05/07/18
British Airways (BA) has won an appeal against the High Court which ruled that trustees were allowed to increase retirees pensions by 0.2 per cent
05/07/18
HM Revenue and Customs has refused to re-think its stance on the tax paid on pension freedoms withdrawals, meaning people receive one twelfth of their tax allowances
05/07/18
The Professional Trustee Standards Working Group (PTSWG) has said that it has received “overwhelming support” for its proposed introduction of new standards for professional pension scheme trustees
05/07/18
The pensions industry has expressed unanimous support for the new Pensions and Lifetime Savings Association (PLSA) report, hailing it as a “milestone” moment for the debate on pensions adequacy
05/07/18
The Pensions and Lifetime Savings Association (PLSA) has said that saving targets must be introduced in order to get more people saving into their pensions.

In a report called Hitting the Target: A Vision for Retirement Income Adequacy published today, 5 June, the PLSA called for the implementation of a new regulatory framework where schemes and providers signpost savers to appropriate product options at retirementpeople saving more into their pensions
05/07/18
The Church of England Pension Board has called for investors to work with them in order to develop a new low carbon index
04/07/18
Pensions Insurance Company (PIC) has completed a £1.3bn buy-in with Siemens, covering around 6,000 pensioners
04/07/18
The Pensions Regulator has raised the minimum amount master trust schemes must hold to £150,000, after many suggested the initial £75,000 funding requirement was too low.

In its response to its consultation on the authorisation and supervision of master trusts published yesterday, 3 July 2018, TPR said that it wanted a more “prudential estimate of costs”
04/07/18
Total pension scheme buy-in and buy-out volumes are set to reach an all-time record of around £18bn in 2018, after a busy first half of the year for the market, Hymans Robertson has predicted
04/07/18
The Pension Insurance Corporation (PIC) has invested £100m into Accord Housing Association (ACA), it has revealed
04/07/18
Savers should have a right to have their pension contributions paid into an existing scheme when they join a new employer to help the self-employed, Hargreaves Lansdown has said
04/07/18
Women view paying off debt as a higher priority than saving for retirement, despite only a third of them feeling that they will have enough resources to live comfortably in retirement
04/07/18
The Department for Work and Pensions has opened a consultation in the hope of clarifying regulations around how the Pension Protection Fund (PPF) handles relevant fixed pension payments when calculating pension credits
03/07/18
The Pensions Regulator is set to consult further on the supervision and enforcement policy of the new master trust regime, after some schemes called for more detail.

In its response to its consultation on the authorisation and supervision of master trusts published today, 3 July 2018, TPR said that a majority of respondents were clear on its expectations, but that some needed clarity on supervisory returns in particular
03/07/18
Aegon has said that it plans to further develop its workplace savings proposition after completing its purchase of BlackRock’s UK defined contribution platform and administration business
03/07/18
Pension providers are holding “hundreds of thousands” of records with incorrect data, vital to ensure people can be validated to use the dashboard, Experian has found
03/07/18
The FTSE 350’s combined defined benefit deficit has been cut by more than 50 per cent in the first half of 2018, according to Mercer
03/07/18
BT Pension Scheme (BTPS) has completed the sale of its majority interest in Hermes Investment Management for £246m to US investment giant Federated Investors
02/07/18
The chairs of trustees for the three Premier Food pension schemes have accused Oasis Management Company of “destabilising” the delivery of the pension scheme promise to its members, following the investors attempts to oust CEO Gavin Darby

In a letter to Oasis, which was also sent to The Pensions Regulator, RHM Pension Scheme chair Allan Course, Premier Foods Pension Scheme chair Michael Chatterton and Premier Grocery Products Pension Scheme chair David Curtis all stated their concerns over prospect of changing the company strategy towards “short-termism”
02/07/18
PA Consulting has completed a £850 million buyout of its PA Pension Scheme with Pension Insurance Corporation (PIC) – the first buyout deal to secure the pricing of an enhanced transfer value exercise within the buyout pricing
02/07/2018
Women could close the gender pension gap by contributing an additional one per cent of their salary towards their pension early on in their careers, Fidelity International has calculated
02/07/18
Employers are uniquely positioned to help their employees improve their financial wellness and they should be doing more to help them secure an appropriate income in retirement, JLT Employee Benefits has said
02/07/18
Discount rate is the “most significant” financial estimate when assessing FTSE 350 defined benefit pension scheme obligations, research by Hymans Robertson has found
02/07/18
More than one in four people think that they will still be working in some capacity once they reach 70, according to Aegon
02/07/18
FTSE 100 defined benefit pension schemes recorded a deficit of just £1bn as at 30 June 2018, as they continue their march towards surplus, JLT Employee Benefits has found
02/07/18
Women are saving more than men when adjusted for earnings a major study between Nest and Vanguard has shown
29/06/18
The High Court has refused an injunction request by former BHS owner Philip Green to block the Financial Reporting Council from publishing the full details of its report into the failed department store chain
29/06/18
Pressure is mounting on the government to introduce a ban on pensions cold-calling, as it will no longer meet the deadline
29/06/18
The sidecar model of saving could be a potential solution for the self-employed, a Nest expert has suggested.

Speaking at the Nest Insight conference yesterday, 28 June 2018, Nest Insight executive director Will Sandbrook said that it is very interested in the model and that it could play a role in the space, but that it wouldn’t be a one size fits all solution
29/06/18
Fiduciary managers are increasingly allocating assets away from equities and into bonds and alternatives, with a “colossal” spread in allocations, data from IC Select has revealed
29/06/18
The latest news in brief and mandates from the past seven days
29/06/18
The government might have to support middle earners and Generation X workers to save more into their pensions, as the forecast rise in auto-enrolled pensions contributions to 8 per cent could be inadequate, the Department for Work and Pensions has suggested
27/06/18
More than half of all housing associations are thought to not have policies in place for dealing with an expected large cost increase arising from the 2017 valuation of Social Housing Pension Scheme (SHPS) scheme
28/06/18
The pensions sector has responded positively to the Financial Conduct Authority's Retirement Outcomes Review, which has highlighted a number of areas in communication, product transparency and decumulation choices that need addressing to maximise DC scheme benefits
28/06/18
The government should consider ‘decoupling’ the tax-free lump sum a person can withdraw from their pension from other decisions relating to their pension
28/06/18
Wake-up packs at the age of 50, investment pathways for those in drawdown, and providing annual statements to those that have accessed their pension pots are the three main proposals launched in a consultation from the Financial Conduct Authority
28/06/18
A Supreme Court judgment that ruled in favour of heterosexual couples being allowed to enter into a civil partnership will have a “significant impact” on pension schemes, it has been said
27/06/18
Liberal Democrat MP Stephen Lloyd has written to the government urging it to implement the cold calling ban as soon as possible
27/06/18
The government does not need to increase minimum pension contribution levels as getting people voluntarily saving more for retirement is already possible and will only get easier as pension pots grow in size, it has been claimed
27/06/18
The government has been warned against attempting to plug funding holes in government spending by altering the rules surrounding pension tax relief
27/06/18
The government should publish safe withdrawal rates for retirees using flexi-access drawdown and make it mandatory for people to either opt in or out of guidance before accessing their defined contribution pension savings, Zurich has said
27/06/18
A transgender women who was denied her pension by the UK courts has had the decision ruled as unlawful by the European Court of Justice
26/06/18
Royal London has launched a range of sustainable funds for its pension customers, available to those saving through their workplace and individual pension plans
26/06/18
Fintech provides “risks and opportunities” for the UK, but the government is “completely committed” to bringing the sector to fruition, Economic Secretary to the Treasury and City Minister John Glen has said
26/06/18
A new report compiled by the Association of Independent Professionals and the Self-Employed (IPSE) has urged the government to dismiss the idea of auto-enrolling self-employed workers
26/06/18
The government could impose civil fines of up to £1m, as well as criminal sanctions on bosses and employers who are deemed to be failing their pension scheme, it has been proposed
26/06/18
The Investment Association (IA) wants to forge a new “partnership” between pension schemes and the investment management industry to ensure that defined contribution (DC), savers can have access to a full range of investment opportunities
26/06/18
A large minority of savers believe that their pension fund will fall in value as a result of Brexit despite a 30 per cent rise in the worth of an average pot since the UK voted to leave the EU in 2016
26/06/18
Just over one in four trustees would feel comfortable judging whether to hand over their schemes to ‘super funds’, despite their sponsors growing interest, according to Willis Towers Watson (WTW)
26/06/18
The Pensions Regulator is considering enforcing its anti-avoidance powers against the Carillion directors, forcing them to pay into the firm’s collapsed pension schemes, it has emerged
25/06/18
Standard Life Aberdeen shareholders have voted in favour of selling the group’s insurance business to Phoenix Group
25/06/18
TPR director of automatic enrolment Darren Ryder discusses the importance of whistleblowers when investigating employers that aren't complying
25/06/18
There is a “critical” lack of trust in the financial sector across all generations, as people fail to engage with their pensions, research by The Wisdom Council (TWC) has found
25/06/18
The government has said it is “not convinced of the merits” of default decumulation pathways as their implementation would be “inconsistent” with pension freedoms
25/06/18
A new code to combat pension scams has been published, providing a good practice guide for trustees, providers and administrators
22/06/18
The Pensions Regulator has fined Smart Pension for failing to report almost £900,000 of unpaid employer contributions
22/06/18
Senior reporter Talya Misiri catches up with the Association of British Insurers' director of policy Yvonne Braun
22/06/18
The Pensions Regulator has defended its key performance indicator (KPI) targets laid out in its corporate plan, after the Work and Pensions Committee said they were disappointed in their “modest scope”
21/06/18
Bulk annuity transactions are the “undisputed gold standard” to guarantee defined benefit scheme members’ pensions, ABI director of policy, long-term savings and protection Yvonne Braun has said
21/06/18
Aliaxis UK Defined Benefit Pension Scheme has agreed an £85m buy-in transaction with Just Group, it has been revealed
21/06/18
The value of pension transfers hit £10.6bn in the first quarter of 2018, setting a new record, the latest data from the Office for National Statistics has found
21/06/2018
The banking sector has emerged with the best defined benefit pension deficit in the FTSE 100, research from Barnett Waddingham has found
21/06/18
In an attempt to simplify the UK savings landscape, the government is being called on to exempt pensions and ISAs from inheritance tax (IHT)
21/06/18
Over half, 54 per cent, of small and medium enterprise employers see it as their duty to ensure staff can manage financially in their retirement
20/06/18
A trustee of the Optimum Retirement Benefits Plan has been suspended by The Pensions Regulator after police launched an investigation into fraudulent pension activity
20/06/18
Almost half, 48 per cent, of final salary pension holders have voiced their interest in releasing equity in their home to boost their retirement savings, while 27 per cent of personal pension savers would do the same, Hoxton Capital Management has found
20/06/18
The Pensions Regulator will increase intervention between the triennial valuations of defined benefit schemes on a “risk based” approach, TPR CEO Lesley Titcomb has said
20/06/18
Two million defined contribution savers that received and read their annual statement said they did not understand it, according to the Financial Conduct Authority, with many savers displaying a vulnerability to financial harm
20/06/18
Almost three quarters, 72 per cent, of UK employees believe that they will work past the state pension age, Canada Life has found
20/06/18
Government life expectancy statistics that show a “significant slowdown” in mortality improvement could trigger calls for a “fundamental rethink” of the state pension age, it has been said
19/06/18
The good news for England fans is that our pension system is considerably better than our football team, or so analysis by Scottish Widows would have you believe
19/06/19
Karen Johnston has been reappointed as the Deputy Pensions Ombudsman, it has been announced
19/06/18
Reporter Theo Andrew examines the recent coverage of The Pensions Regulator and CEO Lesley Titcomb's departure
19/06/18
J.C. Flowers has sold its 21.4 per cent stake in the Pension Insurance Corporation Group to the Abu Dhabi Investment Authority (ADIA), subject to customary regulatory approvals
19/06/18
The government has been urged to justify its proposed changes to the state pension age announced in July last year, after union members secured a petition of over 12,000 signatures
19/06/18
In the current low return environment, high natural yield investments are not enough to support income in retirement, Royal London has warned
18/06/18
Matt Wilmington has left Legal & General to join Scottish Widows in a move that will see him take on the role of head of origination and structuring for bulk annuities at the firm
18/06/18
A total of seven out of 10 UK workers with a private or workplace pension favour a single pensions dashboard to help them attain a better understanding of their savings, The People’s Pension has found
18/06/18
Pension scheme trustees must produce a statement of investment principles (SIP) on how they consider the environment in their investment process by 1 October 2019, the Department for Work and Pensions has proposed
18/06/18
Fintech is going to play a “hugely positive role” when it comes to increasing people’s engagement with their retirement savings, the Pensions and Lifetime Savings Association policy lead: engagement, EU and regulation James Walsh has said
18/06/18
Insurer Equitable Life is to shut down next year, closing its With Profits Fund, it has announced
15/06/18
News in brief from the past seven days...
15/06/18
HM Treasury has rejected calls from the Work and Pensions Committee chair Frank Field to extend the pensions cold-calling ban to in-person approaches
15/06/18
UK pension funds are preparing to “significantly increase” their allocation into alternative income assets, Aviva Investors has found
14/06/18
Pensions Minister Guy Opperman has confirmed that the terminally ill are not permitted to access their state pension earlier than the set age
14/06/18
Almost one fifth of pension savers would opt for a “green pension”, with those under 30 twice as likely to choose the eco-friendly option than those over 50, PensionBee research has found
14/06/18
Heathrow has completed a £325m buy-in of its BAA Pension Scheme with Legal & General, it has announced
14/06/18
Just one in five of people who are approaching retirement age are saving enough to maintain their lifestyle, according to research by Aegon
14/06/18
The Consumer Prices Index rate of inflation remained at 2.4 per cent in May, unchanged from April, the Office for National Statistics has revealed
13/06/18
A ruling made against a Pimlico Plumbers worker’s status has highlighted that employers may be incorrectly classifying staff to avoid their workplace benefit duties
13/06/18
The Financial Reporting Council has sanctioned PwC, along with one of its former audit partners, following an investigation into BHS’ 2014 audits
13/06/18
Men are over twice as likely to have their pensions reviewed by a financial advice firm, according to research by Selectapension
13/05/18
A “marked increase” in the number of company voluntary arrangements (CVA) being used by struggling businesses, has led to the Pension Protection Fund publishing updated guidance
13/06/18
The pensions dashboard has been successfully scale tested to accommodate 15 million active consumers by the project’s fintech partner Origo
12/06/18
The government has increased its support for trustees around social impact investing and aspires to schemes targeting a “minimum percentage allocation” towards green investments
12/06/18
A total of 66 per cent of pension fund managers regard passive investments as an established, mature part of their portfolio, DWS has reported
12/06/18
Pensioner households are contributing almost £9bn a year in income tax generated from work, Aegon has found
12/06/18
The aggregate deficit of the 5,588 schemes in the PPF 7800 Index rose by over £10bn to the end of May 2018
12/06/18
Defined benefit transfer values continued to fluctuate and rose to £234,000 at the end of May 2018, Xafinity Punter Southall has reported
12/06/18
Pensioners are more likely to pass on their pension pots as inheritance than spend their accumulated wealth, the Institute of Fiscal Studies (IFS) has found
11/06/18
Two thirds of the UK’s largest auto-enrolment pension providers do not have policies in place to prevent investments in companies that profit from chemical and biological weapons.

According to a new report by Share Action titled The Engagement Deficit, Aviva, The People’s Pension, Royal London, Scottish Widows, Aegon and Standard Life do not screen out firms that produce toxic components of harmful weapons in their default fund investments
11/06/18
The current split between employer and employee auto-enrolled pension contributions is “weak” some feel, and the pensions community must come together to get us to “the next level of saving”, a Nest pension has suggested.

Speaking at the Pensions Europe conference, The Future of Work and Pensions, yesterday, 7 June 2018, Nest director of strategy Zoe Alexander said that many felt that auto-enrolment pension contributions should be split equally, but added that the current political climate might make it difficult
08/06/18
The covenant strength of FTSE 350 companies’ pension schemes improved to the same level at the end of 2017 as 2007, PwC has found
08/06/18
A total of 77 per cent of advisers have said that they are spending more time and resources on the provision of retirement advice since the launch of the pension freedoms
08/06/18
Senior employees at national recruitment firm, Workchain Ltd, have pleaded guilty to illegally opting temporary staff out of their workplace pension scheme
08/06/18
It has been revealed that the trustee of the House of Fraser defined benefit pension scheme is a “key decision maker” on the retailer’s proposed company voluntary arrangement (CVA)
07/06/18
The South Yorkshire Pensions Authority (SYPA) has undertaken a £2.6bn equity risk management strategy with Schroders to protect itself from a significant decline in equity markets
07/06/18
The Association of British Insurers has appointed the former CEO of AXA UK Amanda Blanc as its new CEO, the first woman to take on the role in its 100 year history
07/06/18
The collapsed construction firm Carillion asked the Cabinet Office to help “persuade” the Pension Protection Fund and The Pensions Regulator to accept its £2.6bn pension liabilities, according to a report by the National Audit Office
07/06/18
The majority of the pensions industry (71 per cent) are in favour of multiple pension dashboards, rather than a single dashboard, according to research by the Tax Incentivised Savings Association (TISA)
07/06/18
Newspaper publisher, Johnston Press, is considering a regulated apportionment arrangement (RAA) for its pension scheme, it has revealed
06/06/18
The Pension Protection Fund’s chief executive Oliver Morley has said he is against introducing a monthly levy payment option for all schemes
06/06/18
Introducing a ‘comply or explain’ regime to scheme recovery plans, with a recovery length of 10 years, would help bring down scheme recovery lengths, according to the Pension Protection Fund
06/06/18
Consumer education and understanding is one of the biggest challenges to the success of the pension freedoms, advisers have highlighted
06/06/18
The total amount saved in workplace pensions has increased £4.3bn to £90.3bn in 2017, new government data has revealed
06/06/18
Employees with multiple jobs that miss out on auto-enrolment because they earn less than the £10,000 qualifying threshold in each job are collectively missing out on £90m of employer contributions a year, new research has found
06/06/18
Time is running out to book your table at the European Pensions Awards 2018, tables are selling fast
05/06/18
The Pensions Ombudsman (TPO) has told the National Crime Agency (NCA) to reconsider an application from an employee to keep working whilst also taking a deferred pension
05/06/18
Chairman of the Dixons Retirement and Employee Security Scheme, Geoffrey Budd, is facing questions from the Work and Pensions Committee, after Dixons Carphone's projected pre-tax profit fell by £119m over the year
05/06/18
UK FTSE 350 pension gap fell by 30 per cent, £16bn, to £34bn in May, Mercer has reported
05/06/18
The proposed Royal Mail collective defined contribution scheme will deliver the “best possible pension arrangements” for members, it has been argued
05/06/18
AMNT co-chair David Weeks discusses the triangle of pension scheme governance and why The Pensions Regulator should consider working with associations to help effect change
05/06/18
The Pensions Regulator has welcomed the introduction of new powers as outlined in the defined benefit white paper “as quickly as possible”
04/06/18
The Environmental Audit Committee has called on the Financial Conduct Authority (FCA) to act on the Law Commission’s findings to clarify the duty of contract-based pension schemes in relation to environmental, social and governance (ESG) factors
04/06/18
The Pensions Age Autumn Conference 2018 is now open for registration, offering pension fund managers, trustees and all those working in the pensions space the opportunity to both learn and network alongside their peers
04/06/18
The Pensions Protection Fund (PPF) has praised The Pensions Regulator and supports measures to give it stronger powers
04/06/18
The FCA’s draft guidance on triage places ‘considerable limitations’ on its effectiveness, Aegon has highlighted
04/06/18
Royal Mail’s plan to introduce a collective defined contribution pension scheme is a “wholly unnecessary adventure”, Centre for Policy Studies research fellow Michael Johnson has argued
04/06/18
Employee benefits firm Mattioli Woods has suspended its pension transfer advice service amid a Financial Conduct Authority (FCA) review of its work in the area
04/06/18
News in brief from the past seven days...
01/06/18
The Pension Regulator’s master trust lead Ian Digby has joined Smart Pension as head of regulatory affairs, effective today, 1 June 2018
01/05/18
The Pensions Administration Standards Association (PASA) has launched its transition dispute resolution service to resolve issues that arise during administration transfers between providers
01/06/18
FTSE 100 defined benefit pension schemes are “close to showing an aggregate surplus” for the first time a decade, while DB schemes’ funding continues to improve, JLT Employee Benefits has noted
01/06/18
Former Financial Services Association chief executive Hector Sants has been named chair of the new single financial guidance and claims body (SFGB)
31/05/18
The High Court has wound up Fast Pensions Ltd, along with five related firms, following an investigation by the Insolvency Service
31/05/18
Employer covenant has remained the highest-rated defined benefit scheme risk among trustees, a PTL survey has found
31/05/18
The trustee of the Littlewoods Pensions Scheme has completed a £880m buy-in with Scottish Widows, it has been announced
31/05/18
Bulk annuity transfers conducted by pension schemes have exceeded £15bn in 2018 so far, JLT Employee Benefits has found
31/05/18
A third of employers are still failing to provide online access to members' pension information, despite a majority of Generation Z workers ‘craving’ digital access, it has been found
31/05/18
The Pensions Regulator's CEO Lesley Titcomb is to terminate her tenure at the regulator in February 2019
31/05/18
Consultants, Mercer and Willis Towers Watson (WTW), have defended their position in a new index, highlighting how long it takes companies to release funds to customers who are looking to switch retirement income providers
30/05/18
PLSA policy lead: engagement, EU and regulation James Walsh considers the similarities among pensions across Europe and how the UK’s auto-enrolment policy leads as an example for workplace retirement saving
30/05/18
The Pensions Regulator has estimated that defined benefit schemes in tranche 13, with valuations between September 2017 and September 2018, are likely to see an increase in their liabilities since their last valuation
30/05/18
Women’s expected average annual retirement income has hit a record high of £16,900, although the gender pensions gap still persists, Prudential has reported
30/05/18
Law firm Anthony Philip James & Co (APJ) has filed more than 30 cases against self-invested personal pension (Sipp) provider Liberty Sipp for the mis-selling of Sipps between 2011 and 2013
30/05/18
With such a big focus on corporate social responsibility, many companies operate under the stakeholder style of management, Natalie Tuck asks whether pension schemes been forgotten and weighs up the stakeholder vs shareholder theory
29/05/18
PPI policy researcher Lauren Wilkinson looks at why we won't know whether the pension freedoms have been successful for many years
29/05/18
Twenty-two per cent of those with multiple pension pots, 64 per cent of people, have lost track of one or all of their pensions, according to research by Aegon
29/05/18
A minority of the UK’s largest pension funds have been branded “worryingly complacent” on climate change for failing to consider it in their investment strategies
29/05/18
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
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

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

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