Analysis of data from the Office for National Statistics has revealed “surprisingly high home ownership” amongst the lowest income pensioners.

The analysis, undertaken by Hub Financial Solutions, split retirement households into five quintiles by their annual income, revealing that the bottom quintile had disposable income, after tax, of £9,356 a year and a home ownership rate of 79 per cent. This was a higher proportion of home ownership compared to all other income quintiles, except those on the highest income, where the disposable income increased to £30,259 and home ownership increased to 90 per cent. Hub Financial Solutions managing director, Simon Gray, highlighted the figures as evidence of “property rich, cash poor” retirees who may be struggling for income, unaware that they could receive benefits.

PensionBee has become a signatory to the Race at Work Charter.

As part of this, the provider has committed to a five-point charter, which includes having an executive sponsor for race and inclusion and publishing ethnicity data. PensionBee recently published its full gender and ethnicity pay gap details, highlighting its “strong diversity” with employee representation broadly aligned with that of London, where the company is based. It has also recently signed the Fintech for All Charter, which promotes diversity within the Fintech sector. Looking ahead, PensionBee said it will aim to maintain representation of UK society at all levels, and to conserve a 0 per cent gender pay gap.

Phoenix Group has announced the launch of its first dedicated venture capital (VC) fund, Phoenix Venture Capital Partners.

The fund has an initial allocation in excess of £100m, and will enable Phoenix to construct portfolios that include exposure to VC for Phoenix Life Unit-linked and with-profits policyholders, with diversifying into an asset class previously reserved for institutional investors. It is the first allocation to VC in the policyholder funds, and the first allocation to patient capital in the unit-linked funds. The fund was developed and administered with asset management partner, Aberdeen Standard Investments, and will predominantly invest in disruptive and transformative early stage UK-based start-ups and businesses, with a thematic environment, social and governance (ESG) approach within a number of markets, such as Fintech, green energy, and healthcare, to provide risk adjusted returns.

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