pensions age magazine

News 2008 To return to the news list click here
TPR releases record-keeping guidance The Pensions Regulator (TPR) has released guidance for good practice for measuring the presence of member data items which are important in the administration of a pension scheme	18/12/08
Consumers resigned to idea of working longer It is now inevitable that many people will be forced to work longer in order to ensure a sufficient retirement income, says Defaqto	17/12/08
Firms under threat of pensions Armageddon Companies must guard against the threat of an occupational pensions ‘Armageddon’ in 2009 caused by extreme pensions deficits, warns Towers Perrin	17/12/08
Pension Insurance Corporation secures record-breaking buy-out Pension Insurance Corporation (PIC) has cemented its place as a top buy-out player with the news that it is to complete the largest ever UK pension insurance buy-out, at £1.1bn	16/12/08
UK charges need to take a leaf from Europe’s pricing book The UK’s pension pot could benefit from millions of pounds worth of additional contributions simply by reducing charges, says the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA)	16/12/08
Xafinity Paymaster washes hands of £100m public sector payout blunder Xafinity Paymaster has refused to take responsibility for tens of millions of pounds having been paid out in error to thousands of ex-public sector workers	16/12/08
IFAs must defend their professionalism Independent Financial Advisers (IFAs) must club together and defend their professionalism against the Retail Distribution Review’s (RDR) proposal to extend the £20,000 capital adequacy requirement to small IFAs, says threesixty	16/12/08
Employees doubt retirement position and will rely on State The State Pension will have a lot to live up to according to a JLT Benefit Solutions study which shows that 41 per cent of employees think they will rely on the government funded benefit in retirement	16/12/08
ESG teams put on the backburner The cutting back of environmental, social and governance (ESG) risks and opportunities services by fund management companies is likely to be detrimental to investment performance and client interest, says FairPensions	16/12/08
Corporate bonds tipped for 2009 top 2009 is set to be the year of the corporate bond, according to wealth manager HFM Columbus	16/12/08
CBI calls for independent commission to assess DB costs The Confederation of British Industry (CBI) is urging the government to keep taxpayers in the loop over the ballooning costs of public sector pensions, which, it says, are running up a bill of a trillion pounds	15/12/08
Next PPF chief executive will oversee cut in benefits The next Pension Protection Fund (PPF) chief executive will be forced to oversee a cut in benefits to members, predicts development director at the Occupational Pension Trust (OPT), Ben Shaw	15/12/08
TPR addresses recovery plans The Pensions Regulator (TPR) has made moves to address pension deficits through the scheme funding regime, and reports that clearance activity is on a downward trend	12/12/08
Pension contributions to rise out of financial turmoil ashes Employer contributions to defined benefit (DB) pension schemes are expected to rise due to the financial turmoil, says Watson Wyatt	09/12/08
VAT could amount to £3bn bill Three billion pounds could be added to UK companies’ defined benefit (DB) pension liabilities with the Government’s decision to cut VAT and subsequently put it back up again, says Watson Wyatt	08/12/08
PPF extends State Street services State Street Corporation’s relationship with the Pension Protection Fund (PPF) has been expanded to include risk services for its £2bn worth of assets	08/12/08
Time for scheme valuations Q1 2009 Trustees must get a head start on scheme valuations starting in quarter one of 2009 (Q1 2009) and should begin to tackle the effects of the economic crisis head on, says Hewitt Associates	04/12/08
FSCS to provide protection to bought-out firms The Financial Services Compensation Scheme (FSCS) has confirmed its responsibility for providing protection to pension schemes that have been sold to insurance companies	03/12/08
PPF publishes important guidance on Exchange The Pension Protection Fund (PPF) has released important guidance on what eligible pension schemes must provide to ensure their levies can be correctly calculated	03/12/08
Record surplus in top 200 pension funds Falling expectations for future inflation rates has led to the 200 largest privately sponsored pension schemes in the UK posting a record £38bn rise in their funding levels in November	01/12/08
PADA considering annuity panel launch The Personal Accounts Delivery Authority (PADA) may launch an annuity provider panel to provide future members with simplified access to retirement products	01/12/08
Insolvency practitioners put themselves at reputational risk The professional reputation of over two hundred insolvency practitioners is at risk because they have failed to inform the Pension Protection Fund (PPF) and the Pensions Regulator (TPR) about pension schemes of insolvent companies, says Alexander Forbes Trustee Services	01/12/08
Tories to put end to public sector ‘gold-plated’ DB pensions? Conservative leader David Cameron has vowed to end Britain’s developing “pensions apartheid” by pulling the plug on defined benefit pension schemes that are offered to millions of public sector workers	28/11/08
Pensions Bill receives Royal Assent The Pensions Act 2008 has received Royal Assent, meaning that every UK employer will have to review the pension arrangements they provide for their employees	26/11/08
Half of fund managers get it wrong There is only a 50 per cent chance that fund managers get their decisions right, according to research conducted by management selection and monitoring firm Inalytics	26/11/08
Employers in dark over Personal Accounts On the eve of the establishment of the 2008 Pensions Bill on the Statute Book, research has shown that only 26 per cent of employees are aware of the rule changes to pension provision in 2012, and of those, only 27 per cent see positive aspects to the scheme, says JLT Benefit Solutions Ltd (JLT)	25/11/08
RDR review calls for more consumer confidence The Financial Services Authority’s (FSA) has unveiled its Retail Distribution Review (RDR) feedback statement, outlining proposals aimed at giving more consumer confidence and trust in the retail investment market. It says this comes at a time when consumers are in dire need of help and advice with retirement and savings planning	25/11/08
Buy-out market still afloat despite turmoil The buy-out market is buoyant despite current market conditions, with fifty-four per cent of questioned trustees still planning to opt for a buy-out, argues MetLife Assurance Limited (MAL)	25/11/08
Pre-Budget Report a 'disaster for pensions' The Chancellor’s Pre-Budget Report 2008 is a “disaster for pensions”, says director of Rowanmoor Pensions, David Seaton	24/11/08
Annuities still baffle consumers Seventy-three per cent of those at retirement age do not properly understand what an annuity is, according to research by retreatment solutions provider, Just Retirement	24/11/08
Fifty year low in relative price of equities The current low price of equities relative to bonds has produced some great opportunities for long-term investors despite market volatility, according to a panel of experts	24/11/08
PPF reveals plans to stick to £700m levy The Pension Protection Fund (PPF) has announced that its pension protection levy estimate for 2009/10 stands at £700 million	20/11/08
Trustees must beware of loss of scheme expertise Pension fund trustees must keep an eye out for any loss of pensions knowledge as a result of redundancies as the economic downturn continues to grip the globe, says Lane Clark & Peacock (LCP)	19/11/08
Pensions must be more flexible The latest IFA Insights survey from AEGON shows that there is a need for flexibility in today’s retirement solutions	19/11/08
Providers must address data security risk The pensions industry must pay more attention to security in information technology, says IT and business services company, Logica	17/11/08
PPF considers long-term investment risk to levy The Pension Protection Fund (PPF) has revealed proposals to make the pension protection levy more tailored than ever before by addressing individual risks that schemes may present for the PPF	18/11/08
Early access to flexible pension vehicles could increase saving by 30 per cent The UK could see pension savings rise by an estimated 30 per cent if the country were to adopt a pension system similar to the 401k plan used in the United States	17/11/08
UK retirees no longer just want to have fun UK consumers’ key concern in retirement has shifted from enjoyment to necessity, according to The Hartford	17/11/08
UK near-pensioners unsure of annuity payouts Forty-four per cent of members of defined contribution (DC) pension plans who are due to retire in the next five years do not know what their annuity will pay out, according to research by MetLife Europe Limited (MetLife)	17/11/08
Thoresen takes up Personal Finance Education Group chairmanship Otto Thoresen has been appointed as chair of the Personal Finance Education Group	15/11/08
All pension tax rates are equal, except Government ones Many employers have been put off investing money into their pension because of an ignored piece of tax legislation dictating that those with a pension pot over £1.5million are subject to a 55 per cent tax rate, says Carol Barrie, tax partner at RSM Bentley Jennison	13/11/08
Trustees ‘losing ground’ Trustees are losing ground in the race to keep abreast of investment practices, says Hewitt Associates’ Zuhair Mohammed	13/11/08
Longevity risk highlighted by mortality tables Life expectancy for scheme members is less than predicted by the insurance company-based mortality table currently used by many self-administered pension schemes for accounting and funding assumptions, according to the Actuarial Profession’s newly published tables	10/11/08
Pensions minister considers relaxing winding up rules Pensions minister Rosie Winterton, has announced that the Government will consider changes to the Section 75 of the Pensions Act 1995, which compels any business winding up a pension scheme as part of a corporate restructuring or demerger exercise to fully cover its liabilities	12/11/08
Too much time spent on employer compliance for 2012 – EXCLUSIVE The focus in terms of 2012 should not lie on the issue of employer compliance, but rather on the cost that will come about as a result of Personal Accounts, warns Steve Charlton, principal at Mercer	12/11/08
AWD Chase rises from FSA fine to ‘new dawn’ AWD Chase de Vere Wealth Management has received a financial boost from its parent companies a day after being fined £1.12million by the Financial Services Authority (FSA) for mis-selling	11/11/08
Funds move away from equities Pension funds are continuing to diversify and explore alternative investment classes to equities, according to the latest Annual Survey from the National Association of Pension Funds (NAPF)	11/11/08
Markets dig hole in British pension confidence A fall in pension confidence has led to an expectation among workers that they will be forced to retire later in life, according to Baring Asset Management	11/11/08
PPF: DB funding position suffers huge losses The Pension Protection Fund (PPF) has revealed that the aggregate funding position of almost 7,800 defined benefit (DB) schemes has spiralled into a deficit of £97.3bn at the end of October 2008	10/11/08
TPAs relying on out-of-date processing Fifty-three per cent of third party pension scheme administrators (TPAs) have suffered financial losses due to errors in the processing of investment instructions, according to Altus	10/11/08
Personal Accounts fall off the radar The level of corporate awareness surrounding Personal Accounts is minimal, according to Aon Consulting	6/11/08
Tough time for buy-out decisions The combination of falling asset values and the predicted impact of defaults on bond yields have reduced the affordability of buy-outs, according to Paternoster	5/11/08
Pension tax relief ignorance lives on Seventy-five per cent of UK employees are unaware of the tax relief ruling that applies to their pension contributions, according to new research from Zurich	3/11/08
Increase in desire for pensions reassurance Panic has led to a sixty-three per cent rise in pension enquiries from scheme members requesting retirement and transfer value quotes in September 2008, says Aon Consulting	3/11/08
Eight golden rules for trustees in times of financial crisis - EXCLUSIVE Pension scheme trustees must be more vigilant than ever in monitoring the status of their sponsors in the current economic conditions, according to Gary Squires, head of pensions advisory services at Kroll	30/10/08
DB schemes need £45bn bail-out In order to make up for shortfalls suffered by the 200 largest privately sponsored pension schemes, which at the end of October fell by £9bn to a deficit of £15bn, trustees may be forced to ask sponsoring companies to bail them out with a further £45bn a year for the next five years, according to Aon	30/10/08
PPF reduces deficit The Pension Protection Fund (PPF) has succeeded in reducing its deficit, from £609 million to £517 million over the last year, and has so far collected £361 million of the levy	29/10/08
UK Local Authorities missing out on £200m UK Local Authority pension funds have left £200 million on the table through non-participation in US securities class actions, according to the GOAL Group	29/10/08
Calm urged in face of massive Defined Contribution losses Employees enrolled in defined contribution (DC) pension schemes have been urged not to panic after it became apparent late last week that DC schemes have made massive losses in the past year	27/10/08
Pensions Bill proposal boost for low NI contributors The Pensions Bill is facing amendments which would allow people to purchase up to an additional six years of voluntary National Insurance (NI) contributions, a move which would enable them to take advantage of higher state pensions	24/10/08
Six out of ten employers neglect record of pension expenditure returns Sixty per cent of UK companies do not measure return on pension expenditure, despite spending millions of pound on pensions for employees, says Alexander Forbes Financial Services’ (AFFS) 2008 Pension Confidence Survey	24/10/08
Buy-out market to slow but remain buoyant It appears that Punter Southall could have been correct with predictions that the buy-out market would struggle in 2008 as it becomes apparent that Q3 business was down by 24 per cent on the previous quarter	23/10/08
PADA releases first year progress report The major steps in building Personal Accounts, which will be one of the world’s largest occupational pension saving schemes, have been outlined in the personal accounts delivery authority’s (PADA) first annual report	23/10/08
Scottish Life continues to attack AMDs Scottish Life has again attacked active member discounts (AMDs) within Group Personal Pension (GPP) plan charging structures, saying that the providers and advisers involved in offering them risk breaking Treating Customers Fairly (TCF) rules	23/10/08
Living longer, working longer? People are officially retiring later, according to Watson Wyatt’s’ analysis of data from the Office for National Statistics (ONS), with men leaving the labour market in quarter two of 2008 at an average age of 64.6 and women at 61.9 years	22/10/08
Lehman Brothers taken into PPF assessment period A section of the pension scheme of troubled Lehman Brothers has entered the Pension Protection Fund’s (PPF) assessment period	22/10/08
Member benefits to be protected in Pensions Bill amendments The Government has tabled amendments to the Pensions Bill which would introduce further protection of pension scheme members’ benefits	20/10/08
FTSE350 schemes hit by corporate insolvency threat Trustees of large pension schemes have been warned that they must respond to the increased threat of counterparty risk, as well as that of corporate insolvency	20/10/08
Half of UK neglecting retirement savings Nearly half of the UK working population over the age of 18 are neglecting to save for retirement in a pension scheme, according to the Society of Pension Consultants (SPC)	20/10/08
Companies must manage pension schemes like businesses Defined Benefit (DB) pension schemes should be run like business subsidiaries in the current market climate, according to PricewaterhouseCoopers (PwC)	16/10/08
SIPP investors must know which banks hold their cash Self-Invested Personal Pension (SIPP) provider, James Hay, has warned that investors need more education about the source and rate of return on cash accounts	16/10/08
‘Still a long way to go’ for women and pensions At the release of the fourth Scottish Widows Women and Pensions Report, Ian Naismith, head of pensions market development, admitted that although the pensions gender gap has narrowed to nine per cent, there is “still a long way to go” before women’s pensions are satisfactory	14/10/08
NAPF releases 16 Principles for investment advice Following the launch of its DC Pensions Quality Mark, the National Association of Pension Funds (NAPF) has released best practice principles for investment advice which have been met with approval from financial consultancies	14/10/08
Inflation rises hike frail pensions The UK pensions industry has been further hit with soaring inflation rates following the announcement that the Retail Prices Index (RPI) has risen to five per cent	14/10/08
Widespread lifestyle default funds have protected members against current volatility The use of lifestyle default funds in DC schemes has already eased the problems that current compulsory annuitisation reviews are aiming to address, according to Watson Wyatt	13/10/08
IFA warns against group schemes Employees must not rely solely on group schemes for their retirement income, according to a UK independent financial adviser (IFA)	13/10/08
Top DC schemes to receive Quality Mark The National Association of Pension Funds (NAPF) has confirmed that it is to launch a Pension Quality Mark as a way for good quality defined contribution (DC) pension schemes to distinguish themselves from inferior money purchase plans	10/10/08
PPF wants to make levy ‘fairer’ The Pension Protection Fund (PPF) has set out its long-term levy proposals at the NAPF Annual Conference and Exhibition 2008 in Glasgow, which are intended to offer greater fairness to pension schemes in the UK	10/10/08
Pickering urges Government to express common message James Purnell has been warned that the Treasury and the Department for Work and Pensions (DWP) are confusing the public over pension savings by putting out conflicting advice.	09/10/08
PPF takes on four more schemes Four new pension schemes were transferred into The Pension Protection Fund (PPF) in September	08/10/08
Widespread disappointment over change of Minister The Prime Minister’s decision to replace Mike O’Brien with Rosie Winterton as Minister for Pensions Reform has been met with dismay by many commentators in the pensions industry.	07/10/08
Pension schemes encouraged to go global in fixed income UK pension schemes should have a wider sweep of fixed income in their portfolios, says Barings Asset Management (Barings)	06/10/08
MetLife defends variable annuities following criticism Variable annuities are likely to become a significant part of the retirement planning landscape in the wake of recent stock market falls, predicts MetLife	06/10/08
Annuity rates escape market turmoil Annuity rates have not yet shown any ill effects from the credit crunch, according to the Alexander Forbes Annuity Bureau	02/10/08
TPR publishes conflicts of interest guidance The Pensions Regulator (TPR) has published its guidance on conflicts of interest, which has been met enthusiastically by the industry	01/10/08
Struggling bank pension schemes in £1761 million deficit total Five banks in the FTSE 350 have pension schemes deficits that total £1761 million, according to Punter Southall	02/10/08
UK suffering from 'incredible' financial illiteracy The Government has been told that it needs to address the “incredible financial illiteracy” that threatens to leave millions facing poverty in retirement according to Professor Sarah Harper, director at the Oxford University Institute of Ageing	01/10/08
FTSE100 schemes back in the black FTSE100 pension schemes are £18bn in surplus at the end of the third quarter of 2008, according to Pension Capital Strategies Limited (PCS)	01/10/08
NAPF warnings on IASB proposals The International Accounting Standards Board’s (IASB) “radical” proposals to IAS19 Employee Benefits will not provide meaningful information to investors and accounts users, nor are they likely to encourage good pension provision, says the National Association of Pension Funds (NAPF)	01/10/08
DC dissatisfaction on the decrease The number of defined contribution (DC) viewed as ‘poor’ by their clients has declined by three per cent, according to research by Watson Wyatt	30/09/08
Pension funds in dire need of risk options - EXCLUSIVE Around three quarters of the pension funds in the UK need a solution to the issue of scheme liabilities other than buy-ins and Exchange Transfer Values (ETVs), says Chris Massey, partner at PricewaterhouseCoopers (PwC)	29/09/08
Pensions not No.1 business risk Only a quarter of companies now consider pensions to be a key business risk, according to Aon Consulting	29/09/08
Buy-out market must add £250bn of new capacity If the UK’s pensions buy-out market is to successfully meet trustee demand, it will have to grow by nearly £250bn over the next three years, says pension solution provider Pension Corporation	29/09/08
HSBC selects Standard Life Group SIPP Standard Life has been chosen to provide a Group Self-Invested Personal Pension (SIPP) for HSBC employees who are interested in investing in maturing HSBC Share Reward Plans into a pension	29/09/08
Regulator abandons long cohort mortality assumption requirement The Pensions Regulator (TPR) has cancelled plans to effectively force defined benefit schemes to use the long cohort when carrying out their mortality assumptions	23/09/08
Age discrimination battle dealt blow by Advocate General The first part of a claim by Age Concern that forcing people to retire at the age of 65 or over without offering compensation is a breach of EU equality legislation has been dealt a blow by a ruling from an Advocate General to the European Court of Justice (ECJ).	23/09/08
Pension funds told to properly address market risk As a result of the mismanagement of their pension schemes, many UK companies are now exposed to serious risk following recent market turbulence, according to PricewaterhouseCoopers (PwC)	23/09/08
Derivative use crushed by credit crunch The ongoing credit crisis has forced UK pension funds to diminish their use of derivatives to hedge risk, according to global consultant Watson Wyatt	23/09/08
AEGON’s Thoresen calls for financial advice element to Government policy Professional financial advice should be made part of government policy in its response to the current economic disaster, according to AEGON chief executive Otto Thoresen	23/09/08
PPF levy not 'shared' fairly Ninety-four per cent of employers and trustees affected by the Pension Protection Fund (PPF) levy do not believe that the current structure represents a fair sharing of costs, according to a survey by Barnett Waddingham	18/09/08
Increase in UK interest in class actions Twenty-three per cent of pension funds with over £1bn in assets have been a lead plaintiff or an active participant in a class action, according to the National Association of Pension Funds’ (NAPF) Engagement Survey 2008	18/09/08
Employers could do better with defined contribution decisions Few employers offer education, advice or assistance to their employees when it comes to retirement options and could do more to ensure the full benefits of defined contribution (DC) pensions are achieved, according to Watson Wyatt	18/09/08
£24.2m secures Vebnet for Standard Life Standard Life has acquired Vebnet, in a transaction worth approximately £24.2 million	18/09/08
Employer-sponsored alternative savings gaining popularity Pensions are losing out to alternative savings options when it comes to employee choice in terms of the source of their retirement income, according to financial consultant Mercer	17/09/08
Pension funds facing testing times in wake of Lehman Brothers collapse Pension funds’ risk management strategies will be put to the test as the Lehman Brothers saga continues, according to financial consultant Mercer	16/09/08
UK open to host cross-border pensions A recent tax rule clarification from HMRC has given the UK the potential to host cross-border pension schemes	15/09/08
DC risk assessment not up to scratch Over four fifths of Defined Contribution (DC) pension schemes have not carried out a risk assessment within the last 12 months, says financial consultant Watson Wyatt	15/09/08
Lehman Brothers files for bankruptcy, Merrill Lynch taken over Financial markets have been shaken to the core with the breaking news on Monday morning that US investment bank giant Lehman Brothers had filed for bankruptcy	16/09/08
IASB needs to put investor at heart of accounting standards The International Accounting Standards Board (IASB) needs to take investor needs and modern regulatory principles into account in global accounting standards, in order to improve the quality for Financial Reporting	09/09/08
PADA appoints new business delivery director The Personal Accounts Delivery Authority (PADA) has announced that Simon Richards has been appointed as its new business delivery director	09/09/08
Pensions Regulator flexes retrospective intervention muscles Alarm bells are ringing for the pensions industry following intervention by the Pensions Regulator (TPR) in the Focus DIY pension scheme, resulting in an £8million contribution from Duke Street Capital, a year after it sold the Focus DIY Group	08/09/08
OPT believes it could better the PPF for members The Occupational Pensions Trusts (OPT) has thrown down the gauntlet to the buy-out market by claiming that it can offer a better deal to at least half of all schemes which are put into the Pension Protection Fund (PPF) or passed off to an insurance buy-out company	08/09/08
UK buy-out market potential 'over-estimated' by £7bn Recent estimates of the potential size of the UK bulk buy-out market in 2008 could have been overvalued by up to £7bn, says Punter Southall Transaction Services	04/09/08
Smaller schemes to review pensions following exemption test Smaller firms in the UK are likely to review their pension scheme offerings following the introduction of the Personal Accounts Exemption Test, according to the Association of Consulting Actuaries (ACA)	04/09/08
Bulk annuity business hits landmark £1bn deal Prudential has agreed an historic £1bn deal to insure members of the Cable & Wireless Superannuation Fund	03/09/08
SIPP holders remain restricted by their providers Two years after the Government’s rule change on what can be invested in a Self Invested Personal Pension (SIPP), twenty-one per cent of providers are still not allowing investors to include private equity in their SIPPs, according to research by Hotbed, the specialist supplier of alternative asset investments	03/09/08
Top UK directors to retire on £200,000 a year UK top company directors can look forward to a £200,000 a year pension pot, 25 times the average retirement annual payout, according to the Trades Union Congress’s (TUC) sixth annual PensionsWatch survey	02/09/08
Pension Insurance Corporation buys out PPF-protected scheme Pension Insurance Corporation has been chosen to insure the pension benefits of the UK Can Pension and Assurance Plan, which has been under the protection of the Pension Protection Fund (PPF) since October 2006	02/09/08
Further reduction expected in UK pension contributions next year Contributions towards defined benefit (DB) pensions are expected to be reduced by an estimated sixty-seven per cent of UK companies in the next year, says Aon Consulting	01/09/08
Pensioners need to be wary of real inflation UK pensioners are really facing an inflation rate of nine per cent, according to research by Alexander Forbes Annuity Bureau	01/09/08
Government is 'hell-bent on destroying existing provision' The Government has been accused of being “hell-bent” on destroying pension provision and of risking leaving low and middle income earners in danger of losing out in retirement after civil servants abruptly ended talks on developing an acceptable cross-party quality test for existing pension schemes from 2012 earlier this week	28/08/08
Dasgupta to step down as chief executive of the Pension Protection Fund After four and a half years in the job, the Pension Protection Fund’s (PPF) chief executive, Partha Dasgupta, has announced that he is to stand down from his position in June 2009	28/08/08
Employers should have free reign on pension plans Employers should be free to design their own tailored pension plans should their offerings better the minimum contributions to Personal Accounts, says financial consultant Watson Wyatt	28/08/08
Divorcees to benefit from regulation changes Divorced people, especially women, will benefit from new pensions legislation due to be implemented in April 2009, says Standard Life	28/08/08
US regulatory changes threat to corporate bonds Corporate bonds face the same fate as recent equities following the regulatory changes taking place in the US, warns financial consultant, Aon Consulting	19/08/08
AEGON calls on FSA to provide ‘financial gurus’ for consumer needs The Financial Services Authority (FSA) should consider what consumers want from their financial advisers as part of its Retail Distribution Review (RDR), says AEGON	27/08/08
180,000 schemes part of de-risked market The boom in the buy-out market will mean the Defined Benefit (DB) pension schemes of 180,000 employees in the UK will be secured by insurance companies by the end of 2008, according to research by HSBC Actuaries and Consultants (HACL)	26/08/08
Record low for Defined Benefit schemes Only seventeen per cent of final salary pension schemes are still open to new members, according to Aon Consulting	25/08/08
Kaleidaview offers solution to TCF regulation headache Marketing solutions group Golley Slater has developed what it calls an “elegant” solution to the problem that many financial services firms have of proving that they are compliant with the financial regulator’s TCF requirements	22/08/08
Property shorting contributing to fears of recession Shorting in the property investment industry is a major factor in the current UK economic malaise and is causing ‘unprecedented’ property market volatility according to REITA, the real estate information provider group	22/08/08
Pension Fund in Tesco sale and leaseback Supermarket giant Tesco has announced the completion of four sale and leaseback transactions worth £605 million of property assets	21/08/08
Longevity is the ‘biggest threat’ to retirement planning Forty-two per cent of independent financial advisers (IFAs) see rising longevity as the ‘biggest threat’ to retirement planning	20/08/08
Financial adviser banned from promotion by FSA The FSA has banned a sole trader from being a senior manager after charging him with negligence after finding him unable to monitor his pension transfer specialist effectively	20/08/08
Risky pension strategy in buy-to-let Recent investors using buy-to-let as a pension have been warned that they risk a possible 90 per cent capital loss if they borrowed 90 per cent of their property value	18/08/08
UK investors looking to Gulf Half of institutional investors in the UK plan to increase their investment exposure to the Gulf region over the next three years, according to Lyxor Asset Management (Lyxor)	20/08/08
Funds urged to ride out UK equities UK equities are still an attractive long-term investment option despite the current market volatility, says Newton Investment Management	18/08/08
Alan Pickering to leave Watson Wyatt Alan Pickering is to leave consultant Watson Wyatt in order to take on the role of chairman of BESTrustees in January 2009	18/08/08
Regulator 'has failed trustees' The Pensions Regulator (TPR) has failed trustees by publishing draft guidance on calculating cash equivalent transfer values far too late for it to be effective, according to Mercer	13/08/08
Group SIPPs ideal for executive shareholding plans A Group Self Invested Personal Pension (SIPP) can help senior employers satisfy their company’s shareholding requirements	13/08/08
Retirement lottery Millions are leaving their retirement futures to chance by failing to review their pensions’ portfolio despite the credit crunch, says Baring Asset Management	13/08/08
Country heading for 'Pensions Crunch' The country is heading for a ‘Pensions Crunch’ as over cautious trustees are stripping FTSE 100 companies of much needed cash, warns consultant KPMG	12/08/08
Trustees ‘need to be braver’ The majority of pension fund trustees are failing their members by “following the herd” when it comes to investment strategy and not taking calculated risks, according to Ben Shaw, development director at the Occupational Pension Trust (OPT)	07/08/08
NAPF reacts to financial directors’ concerns The extent to which finance directors are concerned about pensions has been revealed in joint research by the National Association of Pension Funds (NAPF) and the Institute of Chartered Accountants for England and Wales (ICAEW)	06/08/08
Q2 surge causes capacity uncertainty Aon is unsure whether the insurance buy-out market is able to handle the high levels of demand	06/08/08
Senior execs raking in 1/45th accrual rates An estimated forty per cent of senior executives are enrolled in a final salary pension scheme with a 1/45th accrual rate	05/08/08
Hargreaves Lansdown criticises variable annuities Variable annuities are “the Emperor’s new clothes” of the pensions world, according to Hargreaves Lansdown (HL)	05/08/08
Estimated £61bn loss for FTSE 350 £61bn was wiped off the value of pension schemes in the FTSE 350 between 31 March and 30 June 2008, if figures from Mercer are to be believed	05/08/08
Top mandarins have £150m pension pots Taxpayers have funded top civil servants’ pension pots amounting to £150 million, according to figures uncovered by the Liberal Democrats	04/08/08
Good value in corporate bonds Corporate bonds are better value than government bonds as normal conditions return to the corporate debt market says Jewson Associates	04/08/08
Court ruling offers greater protection against old negligence claims Pensions advisers have received a timely boost from a recent Court of Appeal ruling which will give them further protection against old negligence claims	01/08/08
Royal London to break into protection top three Royal London is tipped to become one of the UK’s top three protection providers following a major milestone in its acquisition of various assets and businesses from Pearl Group	01/08/08
TPAS report on Women’s Helpline The Pensions Advisory Service (TPAS) is calling on the Government to improve communication of the state pension scheme following the release of a report on its Women’s Pensions Helpline	01/08/08
No party for state pension’s 100th birthday The centenary of the state pension is no cause for celebration, according to research by Friends Provident which has shown that 87 per cent of people feel the Government is failing to provide an adequate service	01/08/08
UK schemes undergoing ‘landmark shift’ in investment practices Pension schemes have undergone a ‘landmark shift’ in their approach to investment in 2008 according to Aon Consulting	01/08/08
FSA calls for improvement on annuity service The Financial Services Authority (FSA) has called for the fair treatment of annuity customers following a review of the quality of provider literature and alleged delays in the transfer of annuity funds	31/07/08
Risk of shortening DB lifespan The Confederation of British Industry (CBI) has warned that three million defined benefit (DB) pensions are at greater risk of being wound up early or bought out because of excessive regulation	30/07/08
Increasing interest in CDC schemes The government should change pensions legislation to accommodate collective defined contribution (CDC) schemes, according to Hewitt Associates	28/07/08
ASB proposals savaged The Accounting Standards Board (ASB) has claimed to be “delighted” with the quantity and quality of the responses it has received to its discussion paper, The Financial Reporting of Pensions despite it receiving a large amount of negative feedback	28/07/08
Buy-out solvency deficit on the up The total buy-out solvency deficit of FTSE 100 pension schemes has improved from £200bn to an estimated £110bn, according to a report by Pension Capital Strategies Limited (PCS)	28/07/08
Almost one-fifth of retirement savings not in a pension Nearly one in five British workers are saving for retirement but not contributing to a pension, according to new research by employee benefits provider B&CE Benefit Schemes	28/07/08
Our homes are no longer our pensions A crash in consumer confidence has brought an end to the decade-long housing boom that saw homes form part of retirement savings, according to new research from MetLife Europe Limited (MetLife)	28/07/08
Minimum wage extension impact on pensions The extension of the adult rate national minimum wage to 21 year-olds will have a knock-on effect on employer pension contributions after 2012, according to Watson Wyatt	28/07/08
TPR highlights importance of good record-keeping The importance of good record-keeping in the governance of pension schemes has been highlighted in a consultation launched by the Pensions Regulator (TPR), aimed at those responsible for record-keeping and those who administer schemes	24/07/08
UK urged to look to US life settlements UK pension funds should be looking to the US life settlements market for solid investment, according to Policy Selection Ltd’s (PSL) Rogan Redfarn	24/07/08
DC fails to engage its members Communication with existing and potential defined contribution (DC) pension scheme members is failing because it is mis-targeted, according to research by Blackrock	24/07/08
Non-financial benefits key to admin outsourcing The desire to focus on core business is the main driver for companies to outsource pensions administration, according to new research by Aon Consulting	24/07/08
AXA launches Save More Tomorrow service AXA has launched its Save More Tomorrow service on its Group Personal Pensions and Group Stakeholder products, aimed at increasing a member’s contribution by an agreed percentage at set time periods	24/07/08
FTSE 100 putting £80bn at risk FTSE 100 companies are putting £80bn at risk through their pension schemes, according to advisory firm Deloitte	23/07/08
TPR to delay longevity changes The Pensions Regulator (TPR) has decided to delay the introduction of changes to the way longevity is treated in the scheme funding regime	21/07/08
Uncertainty surrounds LGPS The current one-sixtieth final salary Local Government Pension Scheme (LGPS) will not exist by 2012, according to 75 per cent of local government attendees at a seminar hosted by financial consultant Mercer	21/07/08
Pensioners fail to budget for life in retirement Despite the economic slowdown, pensioners are failing to budget for life in retirement, finds new research by Prudential	21/07/08
SEI combats DC drain SEI has announced an extension to the SEI DC Master Trust, aimed at alleviating the drain on corporate pension schemes caused by the growing number of deferred members	21/07/08
Hewitt publishes buy-out guide A new guide has been published by Hewitt Associates to help companies work through whether a buy-out is the right option for them, The Elements of an Effective Buy-Out	21/07/08
Ombudsman demands apology for Equitable Life failure Ann Abraham, the Parliamentary Ombudsman, has called on the Government to apologise to Equitable Life policyholders and to establish and fund a compensation scheme	17/07/08
Employers forecast continued recoil from DB Over 40 per cent of UK defined benefit (DB) pension schemes are expected to have closed to future accrual within the next five to ten years, according to Watson Wyatt’s Pension Plan Design Survey 2008	17/07/08
The rise of ‘returnment’ Consultancy Future Laboratory has renamed retirement ‘returnment’, following research showing that 64 per cent of Britons are considering carrying on working after reaching retirement age	16/07/08
Volatility impacts on retirement options Two thirds (67 per cent) of IFAs say the ongoing stock market volatility has spurred their clients into changing the way they plan for their retirement, according to research by MetLife Europe Limited (MetLife)	16/07/08
Worsening finances could exacerbate trustee conflicts of interest Conflicts of interest on trustee boards could be strained even further as companies look to reduce funding levels of pension schemes in the wake of recent market turmoil, warns Trustee GAAPS	15/07/08
Failure to reach PA charging structure agreement There is no clear consensus view on the most appropriate charging structure for personal accounts, according to the Personal Accounts Delivery Authority’s (PADA) charging structure consultation response	15/07/08
Paternoster reports 550 per cent growth Paternoster has reported a business growth of 550 per cent over the last year	15/07/08
Pension schemes fall into deficit The aggregated pension schemes of the FTSE 100 have lost £30bn in the second quarter, falling from a surplus of £21bn to a deficit of £9bn, according to Redington Partners	14/07/08
Free online equity allocation guide A free guide on allocating equities for pension scheme trustees and employers has been launched by Alexander Forbes Financial Services	09/07/08
Chancellor urged to increase SAYE limit The Government should increase the maximum Save-As-You-Earn (SAYE) limit to £400 a month, says share ownership organisation, ifs ProShare	10/07/08
Support for Scottish government age campaign The Scottish Government has launched a campaign to stamp out age-related discrimination, supported by financial consultant Aon Consulting, and is urging Scots to ‘See the Person, not the Age’	10/07/08
PCS launches buy-out report A half yearly Buyout Market Watch report was launched yesterday (10 July) by Pension Capital Strategies Limited (PCS), reviewing the last 12 months in the buy-out market with a view on the market for the rest of 2008 and long term	10/07/08
“No further powers are necessary” to TPR The British Private Equity and Venture Capital Association (BVCA) has attacked Government plans to give more power to the Pensions Regulator (TPR) as it risks deterring takeovers of UK companies and could reduce private equity investment	09/07/08
DC reputation must be improved Businesses must work harder to disprove unfair negative views about defined contribution (DC) pension schemes, warned the Confederation of British Industry (CBI) and Mercer	09/07/08
Property losing its sheen as a retirement gold pot Five per cent of the UK adult population have taken the decision to review their pension arrangements in the last 12 months as a result of falling property prices, according to Baring Asset Management	08/07/08
Living Time launches ‘Offer More Options’ campaign Living Time has launched its ‘Offer More Options’ campaign, aimed at encouraging the financial services industry to do more to ensure retirees take advantage of their open market option (OMO) rights to shop around	08/07/08
Pension funds opt for bonds over equities Nearly half of pension schemes managers have shifted investments from equities to bonds, according to a survey by Aon Consulting	07/07/08
Help for people managing money worries The Financial Services Authority (FSA) has announced that it will take action to provide more support in helping people to tackle their money concerns	07/07/08
Financial advice essential ahead of redundancy programmes Employers should factor in the provision of personal financial advice ahead of implementing voluntary redundancy programmes, say financial consultants Watson Wyatt	03/07/08
Local government ill-health retirement set to cause headache Local authorities are bracing themselves for an increase in complaints from those who are facing delays in receiving ill-health pensions, says law firm Pinsent Masons	02/07/08
TPR publishes final guidance on winding up The Pensions Regulator (TPR) has published final guidance for trustees of occupational pension schemes to help them meet Government expectations that key wind-up activities are completed within two years	01/07/08
Employers could be prosecuted for encouraging opt-outs Under proposed changes to the Pensions Bill, Mike O’Brien, Minister for Pensions Reform, hopes to make it illegal for employers to encourage their workers to opt-out of a workplace pension scheme	01/07/08
Three quarters of pension schemes now in deficit Research from Aon Consulting suggests that 75 per cent of pension schemes are now in deficit, with 31 per cent falling from surplus into deficit during June alone	01/07/08
UK lacks pensions knowledge Ninety three per cent of UK workers do not know what the basic state pension is, according to research by B&CE Benefit Schemes (B&CE)	30/06/08
Increase in retirement savings down to fear Fear is the prominent driver in the rise in those saving for retirement, according to a Scottish Widows Pension Report	30/06/08
DWP to allow protected rights investment into SIPPs The Department for Work and Pensions (DWP) has published final confirmation that it will permit Protected Rights funds to be invested into SIPPs from October 2008	27/06/08
Government failing to instil faith in the public over pensions Two thirds of Brits have little or no faith in the Government when it comes to pensions, according to a survey by pensions company Friends Provident	27/06/08
CFA launches code of conduct The Code of Conduct for Members of a Pension Scheme Governing Body, designed to help such individuals manage their ethical responsibilities, has been launched by the CFA Institute	25/06/08
Quarter of adults sacrifice pension saving for children’s education Soaring costs of education are eating up £7.3bn of parents’ annual saving for their own retirement, shows new research from MetLife Europe Limited (MetLife)	25/06/08
Pension communication breakdown continues Far more work must still be done with employees to build their understanding of the benefits of workplace pensions, says the National Association of Pension Funds (NAPF)	24/06/08
Pensioners must inflation-proof their income Anyone thinking about retirement should consider the effects of inflation eroding their income, as new data shows many people will see their retirement income swallowed up by the basic costs of living, says Standard Life	23/06/08
Firms called to help employees through pensions “sea change” Companies should aid their workers through the consequences of the changes taking place in workplace pension provision according to PricewaterhouseCoopers (PwC)	23/06/08
Myners update must take account of changed investment landscape A significant overhaul in the guidance given to trustees to take into account a significant change in the investment landscape is needed on the combined HM Treasury, DWP and Pensions Regulator consultation on updating the Myners Principles, says Hewitt Associates	23/06/08
PwC warning over extension of TPR’s powers The proposed extension of the Pension Regulator’s (TPR) powers could prove damaging to defined benefit (DB) pension schemes, according to PricewaterhouseCoopers LLP (PwC)	20/06/08
People have ostrich-like attitude to the credit crunch and financial planning Financial advice must be made more accessible to the wider population, says Zurich, particularly in light of the credit crunch, which “will have a lasting legacy for the future generations”	18/06/08
Aon launches annuity service Aon Consulting has launched an annuity service designed to tackle concerns that UK pensioners are losing out on £360million each year through poor retirement decisions	18/06/08
AIMA responds to FSA consultation The Alternative Investment Management Association (AIMA) has called on the FSA to reconsider some of its proposals to allow retail investors simplified access to alternative investments through Funds of Alternative Investments Funds (FAIFs)	17/06/08
Personal Accounts threat to enhanced protection Following concerns voiced by industry bodies that the Pensions Bill must be changed, actuarial consultancy First Actuarial has warned that the launch of Personal Accounts in 2012 could trigger penal tax charges for individuals who have taken steps to protect their pension savings against the lifetime allowance charge	17/06/08
Industry calls for change in the Pensions Bill The Pensions Bill must be changed to avoid unnecessary costs to workplace pensions and undermining retirement savings for low earners, says the National Association of Pension Funds (NAPF)	16/06/08
British workforce underrates true value of company perks The majority of British workers greatly underestimate the costs of their benefits to their employers, leading to calls for companies to do more to communicate with their employees	16/06/08
The Annuity Bureau publishes The Final Countdown Retired people in the UK who choose the wrong annuity provider and fail to plan ahead miss out on approximately £52.9million each year, says the Alexander Forbes Annuity Bureau	16/06/08
Life expectancy improves by five hours per day, says Newcastle Professor Improvements in life expectancy have amounted to five hours per day, according to Professor Tom Kirkwood, professor of Medicine and director of the Institute for Ageing and Health at Newcastle University	16/06/08
Pension risk sharing needs greater flexibility Greater flexibility is needed on pension risk sharing, says financial consultant Hewitt Associates	10/06/08
Older workers, older savers More people in the UK are continuing to save for retirement after reaching State Pension Age, says Watson Wyatt’s analysis of new Government statistics	10/06/08
DB funding positions improve for second consecutive month The PPF 7800 Index for May 2008 has shown that the aggregate funding position of almost 7,800 DB funds is estimated to have improved for the second consecutive month to a surplus of £53.4bn at the end of last month	09/06/08
Age regulation headache remains 18 months on Eighteen months on from their enactment in relation to pensions, the employment Equality (Age) regulations 2006 continue to cause confusion in relation to pensions by their unclear wording and incomplete nature, says international law firm, Freshfields Bruckhaus Deringer	09/06/08
Protected rights to become more flexible by 2012 The rules surrounding protected rights are to become more flexible, but not until 2012, according to the Secretary of State for Work and Pensions, James Purnell	09/06/08
Investors warned over decision making Investors and trustees have been warned that allowing bias and emotion to affect their financial decision-making could have serious long-term economic consequences, as evidenced by moves taken by investors prior to the credit crunch	09/06/08
PPF: Levy scaling factor a surprise to us too The Pension Protection Fund’s (PPF) chief executive, Partha Dasgupta, has defended his organisation’s decision to set its levy scaling factor at 3.77	06/06/08
PIC completes second insurance buy-out Pension Insurance Corporation (PIC) has carried out one of the largest buy-outs of 2008 so far with the Delta Pension Plan	05/06/08
Punter Southall predicts buy-out crash The surge in the pensions buy-out market is unsustainable and temporary, says consultant Punter Southall	04/06/08
Survey highlights rising costs of managing schemes Capita Hartshead fifteenth annual Pensions Administration Survey has been published in full, and highlights the increasing cost of managing pension schemes	03/06/08
Inflation threat to pension scheme funding levels Despite 56 per cent of UK pension schemes remaining in credit for the fourth consecutive month, Aon Consulting has warned that schemes will have to continue to fight an unstable outlook	02/06/08
Xafinity Paymaster to partner PMI Xafinity Paymaster has signed a new partnership agreement with the Pensions Management Institute (PMI), as sponsor of their new Administration Specialist Industry Sector (SIS)	02/06/08
Means-tested benefits deter pension saving Almost two thirds of workers believe means-tested benefits deter pension saving, according to a recent survey conducted by employee benefits provider B&CE Benefit Schemes	02/06/08
Regulator publishes new trustee guidance The Pensions Regulator has published Relations with advisers guidance to help trustees make the best use of the expertise that advisers and service providers can bring to a pension scheme	30/05/08
Fidelity predicts pensions ‘catastrophe’ Millions of adults will suffer from the developing pensions catastrophe over the next few decades as they reach retirement, according to the latest Fidelity International Viewpoint paper	30/05/08
PPF reveals 2008-2009 levy scaling factor The Pension Protection Fund (PPF) has announced the scaling factor for 2008-2009 which enables eligible UK pension schemes to work out their pension protection levies	30/05/08
Increase predicted in IFA recommendation to clients to use guarantees Nearly two out of five (38 per cent) of IFAs will be advising clients to use guarantee-type products for their retirement planning in the next 12 months as interest in alternatives to conventional annuities increases, according to new research from MetLife Europe Limited (MetLife)	29/05/08
Open market hope for those with small pension pots Retirees with pension pots as low as £5,000 could be missing out on an uplift of up to 40 per cent by not utilising the open market option (OMO), according to Just Retirement	29/05/08
Seminar expected to encourage growth of green investments An open training seminar on green and ethical investment is to be held in June to celebrate the tenth anniversary of the Ethical Investment Association (EIA)	28/05/08
Pension Insurance Corporation completes first buy-out In its first participation in the defined benefit (DB) fund buy-out market, Pension Insurance Corporation has been chosen to secure the pension benefits of members of Swan Hill Pension Scheme	28/05/08
S&P-rated FOHFs cruise in turbulent market quarter Despite funds-of-hedge-funds (FOHFs) experiencing one their worst ever quarters, most investors with Standard & Poor’s-rated FOHFs have left their money where it is according to the latest update on the sector from the firm	27/05/08
Scottish Widows in £1bn negligence claim Scottish Widows could be landed with a £1bn compensation bill over allegations that it gave “negligent” advice to around 100 company pension schemes	27/05/08
UK experiences first National Ethical Investment Week Last week saw the UK Social Investment Forum (UKSIF) host the first National Ethical Investment Week (NEIW) in the UK, providing further evidence of the growing importance of ethical investment in the UK	27/05/08
NAPF pledges support for T-Charter The National Association of Pension Funds (NAPF) has announced its endorsement of the T-Charter, in recognition of the importance of achieving high standards in the transition management industry	27/05/08
No open market for half of Standard Life customers There is no open market option (OMO) for half of Standard Life customers, according to the firm’s analysis of figures from The Exchange	23/05/08
Costs of variable annuities need to remain at one per cent or less The cost of guarantees on variable annuity products should be kept at one per cent or less of the fund value per annum for consumers to be willing to pay for them, according to three-quarters of attendees at a recent Watson Wyatt debate	23/05/08
Rising life expectancy costs £40bn over three years Rising UK life expectancy has cost £40bn over the past three years, according to a survey by KPMG	22/05/08
Pension Corporation launches longevity insurance product Pension Corporation has launched a new insurance product to protect defined benefit (DB) pension funds and their sponsors against the cost of pensioners living longer than expected	22/05/08
Paternoster unveils quarterly ‘buy-out affordability’ index Buy-out firm Paternoster has launched a quarterly ‘buy-out affordability’ index	21/05/08
New investment company to challenge multi-management sector The current offerings in the multi-management sector are set to be challenged by the arrival of Architas Multi-Manager (Architas), a new multi-manger investment company	21/05/08
Clerical Medical unveils new guide Clerical Medical has launched the first chapter of its adviser guide Folklore and Fact, designed to help advisers in removing the many myths and misconceptions associated with pension and retirement planning	21/05/08
Campaign highlights ethical risks in mining project investments A campaign has been launched to brief UK pension funds and fund managers on investment risks arising from inadequate analysis of human rights and environmental impacts of mining projects in developing countries	21/05/08
Adviser confusion over TCF requirements Almost half of all advisers are confused and uncertain over what the FSA requires from them to evidence Treating Customers Fairly (TCF) principals by the December 2008 deadline	20/05/08
Fewer UK workers believe they can afford personal accounts Twenty-eight per cent of UK workers says they cannot, or do not know if they can, afford the proposed four per cent contribution to a personal account, according to a survey by B&CE Benefit Schemes	20/05/08
Aid for advisers in making most of new pensions rules Alliance Trust Savings has added a webcast and bulletin to help advisers make full use of new options for transferring in-specie assets into pensions plans	19/05/08
Killik and CDP launch green Group SIPP In response to the soaring demand for ethical investments, not-for-profit organisation Carbon Disclosure Project (CDP) has launched a Group Self Invested Pension Plan (SIPP) in conjunction with Killik Employee Services (KES)	19/05/08
EU gives auto-enrolment the go-ahead Millions of savers are to benefit from auto-enrolment into workplace pension schemes, the Secretary of State for Work and Pensions, James Purnell, has announced	16/05/08
Concerns voiced over TPR Consultation A number of concerns about The Pensions Regulator’s (TPR) February 2008 consultation on choosing assumptions for defined benefit (DB) schemes by the National Association of Pension Funds (NAPF)	16/05/08
Norwich Union in £350million Friends Provident buy-in The Friends Provident Pension Scheme (FPPS) has completed a £350million pensions buy-in with Norwich Union	15/05/08
RI report reveals wide variation in fund manager practices Many mainstream fund managers are improving their understanding of environmental, social and corporate governance ESG issues, according to RImetrics	15/05/08
ACE and OPDU launch trustee protection product ACE European Group (ACE) and The Occupational Pensions defence Union (OPDU) have joined forces and launched a comprehensive Pension Trustee Liability (PTL) product ‘ACE OPDU Elite’	14/05/08
Inflation and increased longevity to cut retirement spending The combination of increased longevity and inflation could cut retired people’s spending power by as much as 40 per cent over 25 years, says a new Ernst & Young report for MetLife Europe Limited (MetLife)	14/05/08
Pension schemes raise life expectancy assumptions Pension schemes have increased their life expectancy assumptions for members by an average of half a year over 2007, equating to an average increase of two per cent, or £8bn, on the liabilities for the firms in the FTSE 350	13/05/08
IASB proposals could wipe out risk sharing Proposals to reform accounting standard IAS19 could wipe out the adoption of risk sharing pension arrangements, according to Hewitt Associates	13/05/08
NAPF and WCIF to bring legal challenge against HMRC A legal challenge will be brought against HM Revenue & Customs (HMRC) on the application of VAT on the investment management services supplied to occupational funds	12/05/08
Personal Accounts could affect graduate recruitment The introduction of Personal Accounts could affect graduate recruitment, warns global human resources services company Hewitt Associates	12/05/08
Alternative asset class searches rocket Search activity in non-traditional asset classes continues to rise globally as investors react to unstable markets	12/05/08
Personal retirement planning top in requests for advice Nearly a third (31 per cent) of UK consumers who sought guidance from IFAs in the first three months of 2008 requested advice on personal retirement planning	09/05/08
Pensions buy-out market rockets The market for transferring pension scheme risk to an insurance company has accelerated sharply over the last six months, according to the Lane Clark & Peacock LLP (LCP) Pension Buyouts 2008 report	08/05/08
Confusion over TCF requirements A poll of investment banks, private banks, asset managers and hedge fund managers suggests that there is confusion in the wholesale financial services market on the degree of impact of the FSA’s Treating Customers Fairly (TCF) initiative	08/05/08
Novae Group latest firm to launch Group SIPP Specialist insurance firm Novae Group has become the latest firm to launch a group Self Invested Pension Plan (SIPP) in order to provide its workforce with greater control over their pension investments	07/05/08
Schemes finding it harder to recruit trustees The number of pension schemes experiencing difficulty in recruiting trustees has jumped by almost a third in one year as potential candidates become more aware of the growing complexity and responsibilities of the trustee role, says Trustee GAAPS	06/05/08
Advisers still confused over protected rights in SIPPs Confusion still exists among advisers one year on following the introduction of SIPP regulation, according to a new survey	06/05/08
High Court gives further clarification on winding-up The High Court has reached a decision in the Imperial Home Décor pension case, giving further clarification on the winding-up of money purchase benefits	02/05/08
PPF reveals three-year management plan A three-year management plan has been published by the Pension Protection Fund (PPF)	02/05/08
Companies warned over £45bn pension risk Companies with defined benefit (DB) pensions liabilities on their balance sheets have been warned of the impact longevity risk can have on their finances	30/04/08
Schemes turn to TLPs for security in 2008 Pension funds throughout the UK and Europe are increasing their investment in traded life policy (TLP) funds	29/04/08
PADA risks compromising employer-sponsored pension schemes Financial consultant Mercer has expressed concern that the Personal Accounts Delivery Authority (PADA) has identified priorities in its consultation that will impact adversely on wider pension provision	29/04/08
Trustees believe majority of employees in the dark over pensions Sixty one per cent of trustees sitting on defined contribution (DC) pension fund boards think that their members do not know how much their pension is worth	28/04/08
Call for IFAs to encourage 'shopping around' Financial advisers should look to further encourage their clients to shop around for an annuity, according to Just Retirement, following news that the UK annuity market is set to more than double by 2012	28/04/08
Grangemouth workers need to ‘share the load’ of pensions The trade union Unite has been accused of living in the past as its members at the INEOS Grangemouth plant in Scotland went on strike yesterday in protest at the closing of their final salary pension scheme.	28/04/08
DWP proposals to extend Regulator’s powers under fire The two month consultation period on the changes proposed by the Government to increase the powers handed to the Pensions Regulator may have only just started on 25 April, but it looks as if the Department for Work and Pensions (DWP) may already have its work cut out trying to ensure that the changes enter the statute book	28/04/08
Many IFAs expect drop in pension savings Nearly one in three IFAs expects clients to be saving less into their pensions this year as the stock market volatility and the credit crunch hit home	23/04/08
Lothian Pension Fund calls in US law firm to tackle BP US securities litigation firm Labaton Sucharow has been appointed to represent a group of institutional investors in a multi-million-dollar damages case against British Petroleum (BP)	22/04/08
Aon research highlights conflict of opinion between trustees and sponsors Eighty per cent of trustees predict that their defined benefit (DB) pension schemes will still exist in ten years, according to research by Aon Consulting	22/04/08
HM Treasury figures show true cost of public sector pensions Contributions paid by UK Government departments and employees to public sector pension schemes are less than the cost of the new benefits being earned, says financial consultant Watson Wyatt	22/04/08
Paternoster ploughs on with another acquisition Paternoster has acquired the Powell Duffyrn (PD) £400million pension scheme. The engineering firm, recently acquired by Citigroup, has around 7,000 members in its pension scheme	17/04/08
MPs vote for Hymans Robertson to advise on Pension Fund Hymans Robertson has been appointed as investment adviser to the Parliamentary Contributory Pension Fund	17/04/08
PPS merges admin functions Premier Pension Services (PPS), the independent trustee company, has announced the merging of the administration functions of both its Small Self Administered Schemes (SSAS) and Self Invested Personal Pensions (SIPP) services	17/04/08
Ascentric calls for more choice over wrap platforms Ascentric, an independent asset consolidation service for IFAs, says wrap platforms should have a choice of product wrappers	17/04/08
Personal Accounts a real danger Personal Accounts could put the pension benefits of over 300,000 members of workplace pension schemes at risk, according to research by Fidelity International	17/04/08
Bid for Friends Provident not flowering JC Flowers, which has been stalking troubled life assurer Friends Provident, has been given a ‘put up or shut up’ deadline by the Takeover Panel. The US private equity house has until 30 April to table a fully funded takeover proposal within a set time-frame or risk being banned from making an offer for six months	17/04/08
TPR updates Clearance Guidance The Pensions Regulator (TPR) has published its updated Clearance Guidance, following industry-wide consultation. The watchdog says that while the revised guidance does not change its fundamental approach it has introduced some key differences.	17/04/08
Legal & General enters SIPP arena Further proof that the SIPP market is going through a sustained period of consolidation was forthcoming on 20 March when it was announced that Suffolk Life had accepted a £62 million takeover bid from Legal & General.	16/04/08
Consultation launched to update Myners Principles Following on from the NAPF's recommendation last year to update the Myners Principles, the Treasury, Department for Work and Pensions (DWP) and The Pensions Regulator (TPR) launched a joint consultation on the voluntary set of 'comply or explain' principles aimed at improving trustee investment decision-making and governance of pension funds on 31 March.	15/04/08
Compensation fears as "one in five" still forced to retire One in five pensioners in the UK has been illegally forced into retirement, threatening to cost employers over £45m in compensation.	13/03/08
Budget improves trivial commutation Alasdair Darling's first budget, delivered on 12 March, included new rules on small pension pots which will allow people to take out a lump sum on any occupational scheme they have that is worth less than £2,000.	12/03/08
Recession on way but "don't panic Arno Kitts, chairman of the NAPF's investment council opened the organisation’s annual investment conference on 5 March in Edinburgh by warning delegates that it was not a question of whether there will be a recession, "but how hard and how long it will be".	11/03/08
Active managers being paid for luck rather than skill Pension funds need to take a “hard look” at the high fees they are paying their active managers, according to Watson Wyatt after the firm released figures showing that schemes around that world are paying on average 50 per cent more in fees than they were only five years ago.	05/03/08
Rothesay Life buys out £700m scheme The UK witnessed the largest transfer of pension scheme liabilities to date on 28 February when Rothesay Life entered the buy-out race in spectacular fashion by announcing that it had agreed to take on the £700m pension scheme from the Rank Group, the European gaming business giant.	29/02/08
Regulator "more concerned with PPF than final salary schemes" The Pensions Regulator has been accused of being more concerned with protecting the Pension Protection Fund (PPF) than the survival of final salary schemes following its proposals to toughen mortality assumptions for defined benefit (DB) pension schemes	27/02/08
Further "compliance headache" for trustees The Pensions Regulator has also been charged with attempting to impose another “compliance headache” on trustees with its recently published draft guidance on managing conflicts of interest	27/02/08
Manager fees far too high Pension funds need to take a “hard look” at the high fees they are paying their active managers, according to Watson Wyatt after the firm released figures showing that schemes around that world are paying on average 50 per cent more in fees than they were only five years ago	27/02/08
IFAs not convinced by RDR generic advice programme Independent Financial Advisers (IFAs) remain unconvinced that the generic advice programme proposed in the Retail Distribution Review (RDR) will increase the level of savings in the UK	27/02/08
Anti-age discrimination legislation not working in many cases One in five pensioners in the UK has been illegally forced into retirement, threatening to cost employers over £45m in compensation	27/02/08
Towry Law applauds FP decision to abolish commission on GPPs Towry Law has applauded Friends Provident’s decision to abolish the initial commissions paid to IFAs selling their group personal pension products (GPPs)	27/02/08
Pensions not regarded as valuable recruitment tools Pensions are not viewed as an important staff recruitment and retention tool for the majority of businesses in Britian according to Alexander Forbes	27/02/08
Northern Rock pension scheme subject to regulatory anomalies The nationalisation of Northern Rock has thrown up some regulatory anomalies in its pension scheme such as its capability for self investment, which under normal circumstances would render the fund illegal	27/02/08
Regulator favours tougher mortality assumptions Alasdair DarlThe Pensions Regulator’s intention to set a tougher mortality trigger could immediately cost defined benefit pension schemes in the UK as much as £75bn in liabilities, based on figures from Aon Consulting.	18/03/08
Sea Containers is forced to pay up The Pensions Regulator has issued its first ever Financial Support Directive (FSD) to the transport group Sea Containers that fell into Chapter 11 bankruptcy last year.	16/02/08
Many advisers would welcome CAR New research looking at the potential impact of the Retail Distribution Review (RDR) has found that the majority of advisers would welcome the introduction of customer agreed remuneration (CAR).	15/02/08
PADA calls for opinions on charging The Personal Accounts Delivery Authority (PADA) has launched a charging structure consultation which is seeking views from stakeholders and the general public.	14/02/08
Regulator identifies main DC risks The Pensions Regulator (TPR) has identified the main risk areas it needs to focus on as lack of member understanding; poor administrative practices; poor investment practices; unduly high charges; and poor decisions on retirement choices in its DC Update report.	14/02/08
ASB proposals set to wreak havoc New proposals from the UK Accounting Standards Board (ASB) on the way in which pension schemes calculate their assets and liabilities could have "disastrous consequences" for future workplace pensions, according to Hymans Robertson.	01/02/08
Further volatility wipes out 2007 scheme gains in a day The pension scheme assets of FTSE 350 companies were devastated by global stock market crashes during the first few weeks of 2008 and suffered the highest single-day rise in deficits of £15bn since records began, according to Aon Co	31/01/08