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John Healey appointed as Chancellor; McFadden remains W&P Secretary


By Jack Gray

Former Defence Secretary, John Healey, has been appointed as the new Chancellor of the Exchequer following the departure of Rachel Reeves, while Pat McFadden has kept his job as Work and Pensions Secretary.

In naming his cabinet, new Prime Minister, Andy Burnham, opted to remove Reeves from the role of Chancellor to replace her with Healey


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Increasing AE contributions to 12% could cut low earners’ take-home pay by 4%

Increasing automatic enrolment (AE) contributions to 12 per cent of earnings from the first pound could reduce low earners’ take-home pay by 4 per cent if higher employer costs ultimately feed through into lower wages, the Institute for Fiscal Studies (IFS) has warned

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Smiths Industries Pension Scheme completes £760m buy-in with M&G

The Smiths Industries Pension Scheme has completed a £760m buy-in with M&G, securing the benefits of over 10,000 members and their dependents

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DB schemes increase hedge fund allocations amid endgame planning and market volatility

UK defined benefit (DB) pension schemes are continuing to increase their exposure to hedge funds as they seek liquid diversification, downside protection and greater flexibility around their endgame strategies, Aon has said

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Pension transfer times hold at two-year low of 10 days

Average pension transfer times have remained at 10 days, maintaining their quickest level in almost two years, the latest Origo Transfer Index (OTI) has revealed

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Over half of pension decision-makers ready to be CDC early adopters

More than half (52 per cent) of employers, trustees, and pension professionals would be comfortable being an early adopter of collective defined contribution (CDC) schemes, research from Gallagher has shown

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Grandparent support could cost retirees an extra £58k in pension savings

Grandparents expecting to provide regular financial support to their grandchildren could need an extra £58,000 in pension savings to maintain a moderate standard of living in retirement, analysis by Skipton Building Society has found

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Social and community growth assets present ‘clear opportunity’ for LGPS to boost UK investment

Social and community growth assets present a “clear opportunity” for the Local Government Pension Scheme (LGPS) to increase investment in the UK while supporting local economic development and delivering appropriate risk-adjusted returns, Pensions UK has said
Burnham government urged to prioritise stable DB pensions framework

The incoming Andy Burnham government should prioritise a stable, long-term framework for defined benefit (DB) pensions, with a particular focus on surplus reform, endgame choice and innovation, LCP has said
Confidence in widespread adoption of CDC ‘remains low’

Confidence in collective defined contribution (CDC) pension schemes being widely adopted remains low, despite accelerating regulatory and legislative momentum, analysis from Sackers has shown
Housing costs push RLS 'comfortable' retirement out of reach for many

The average earner would need to contribute over 20 per cent of salary to their pension to achieve a ‘comfortable’ retirement under Pensions UK’s Retirement Living Standards (RLS) once housing costs are factored in, according to Hymans Robertson

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DHSC delays setting new statutory deadlines for NHS McCloud remedy

The Department of Health and Social Care (DHSC) has postponed setting new statutory deadlines for delivering the McCloud remedy for the NHS Pension Scheme to ensure timings are ‘realistic’
Median earner may need extra £74 a month if state pension age rises early

A 55-year-old on median UK earnings could need to save an additional £74 a month to retire at 67 if the state pension age increases to 68 seven years earlier than currently legislated, modelling from Barnett Waddingham has revealed


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CDC in the UK pensions market
Pensions Age editor, Laura Blows, talks to Sophie Dapin, Director, Institutional Solutions EMEA at BlackRock, and host of BlackRock’s Rewiring Retirement podcast, about the growing interest in collective DC in the UK pensions market

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Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

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