Latest News
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PPF 2023/24 levy estimate 'significantly' reduced
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TPR updates climate guidance ahead of new requirements
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DC regulatory regime alignment needed to prevent 'mismatch' - Tisa
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TPR welcomes Bank of England interventions
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Sustainable finance policy a ‘blind spot’ for European pension funds
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USS CEO to stand down in 2023
Archive News
A major study assessing the link between primary-age financial education and social mobility has been launched by RedStart, supported by 17 firms across the financial sector including Legal & General and the Pension Insurance Corporation (PIC)
Posted: 29/9/22
The Investing and Saving Alliance (Tisa) has called for the regulatory regimes for defined contribution (DC) pension schemes to be aligned, also backing calls for DC tax reform
Posted: 29/9/22
Universities Superannuation Scheme (USS) chief executive, Bill Galvin, has informed the trustee board of his decision to stand down from his position in 2023
Posted: 29/9/22
The Pensions Regulator (TPR) has published updated guidance ahead of the introduction of new Paris-aligned disclosure requirements, which come into force from 1 October
Posted: 29/9/22
The Pension Protection Fund (PPF) has launched a consultation on 2023/24 levy rules, revealing that the levy estimate has been nearly halved to £200m for 2023/24, with the lifeboat also working with government to explore future legislative changes.
The 2023/24 estimate marks a "significant" £190m reduction on the £390m levy collected in 2022/23, with the PPF encouraging schemes to use any savings from the reduced levy to "further strengthen" their position
The 2023/24 estimate marks a "significant" £190m reduction on the £390m levy collected in 2022/23, with the PPF encouraging schemes to use any savings from the reduced levy to "further strengthen" their position
Posted: 29/9/22
Some of Europe’s biggest pension funds are not actively engaged in emerging EU-level sustainable finance policy, according to climate think tank InfluenceMap
Posted: 29/9/22
The Pensions Regulator (TPR) has welcomed steps announced by the Bank of England to "restore orderly conditions" through temporary purchases of long-dated UK government bonds
Posted: 28/9/22
The pension investments of major FTSE100 companies finance seven times more carbon than their UK company emissions, according to research from Make My Money Matter (MMMM) and Scottish Widows
Posted: 28/9/22
Despite the success seen in the first 10 years of auto-enrolment (AE), rising inflation and the cost-of-living crisis could threaten a surge in opt-outs, industry experts have warned
Posted: 28/9/22
The Bank of England (BofE) has announced plans for temporary and targeted purchases in the gilt market at an "urgent pace", in an effort to "restore orderly market conditions" and financial stability following a recent surge in gilt yields
Posted: 28/9/22
The 2022 National Knowledge Assessment, a nationwide assessment to gauge levels of knowledge and understanding in the Local Governance Pension Schemes (LGPS), has been launched by Hymans Robertson
Posted: 28/9/22
Calls for the government to review the pension lifetime allowance (LTA) have grown, after figures from HMRC revealed an 11 per cent increase in LTA charges in 2020/21
Posted: 28/9/22
A total of £10.6bn was flexibly withdrawn from pensions in 2021/22, up from £9.58bn in 2020/21, figures from HMRC have revealed, with the total value of flexible pension withdrawals since the introduction of pension freedoms in 2015 now exceeding £59bn
Posted: 28/9/22
The Financial Conduct Authority (FCA) has announced plans to look at “transforming” the advice and guidance rules, with plans to carry out a holistic review of the boundary between guidance and advice in preperation for this
Posted: 27/9/22
Pension scheme trustees have been encouraged to take action in the face of market reaction following the mini-Budget, with industry experts raising queries over the potential impact on the bulk annuity market and corporate sponsors
Posted: 27/9/22
Biffa Group staff pension rights will be "fully observed" under Bears Bidco's acquisition of the waste management company, with the Bidco board of directors stating that it "recognises the importance of upholding Biffa's pension obligations"
Posted: 27/9/22
More than four in 10 (43 per cent) asset managers are unable to provide an example of a sell decision driven by an environmental, social and governance (ESG) view in the past 12 months, Redington’s annual Sustainable Investment Survey has revealed
Posted: 27/9/22
The Pensions Regulator (TPR) has published a new action plan to improve diversity and inclusion across trustee boards, after “worrying” new figures suggested that trustees are not prioritising this area
Posted: 27/9/22
Defined benefit (DB) pension scheme trustees should boost their understanding of the role of environmental, social and governance (ESG) considerations and data when targeting buy-ins and buyouts, Hymans Robertson has said
Posted: 27/9/22
A policy solution is needed to help members of Generation X avoid a pensions crisis when they retire, according to B&CE, provider of The People’s Pension, director of policy and external affairs, Phil Brown
Posted: 27/9/22
The Pensions Regulator (TPR) has urged pension scheme trustees to prepare "now" for the introduction of pensions dashboards
Posted: 26/9/22
The pensions industry has suggested that the government should "urgently" review pensions tax issues and allowances, after key areas such as the pensions lifetime allowance were omitted from the Chancellor’s recent mini-Budget
Posted: 26/9/22
Pension scheme trustees have been urged to “brace” for a new market environment, after an “unprecedented surge” in gilt yields, which is expected to have significantly improve defined benefit (DB) pension scheme funding levels
Posted: 26/9/22
The top three environmental, social and governance (ESG) concerns amongst railway pension scheme members are the fair treatment of workers, climate change, and fair pay, according to research from Railpen
Posted: 26/9/22
The Pensions Regulator (TPR) has warned employers to ensure they are complying with their ongoing automatic enrolment duties, after inspections revealed a number of common errors
Posted: 26/9/22
The Financial Conduct Authority (FCA) has been urged to engage with HM Treasury, amid concerns that those receiving redress under the British Steel Pension Scheme (BSPS) compensation scheme could face tax issues
Posted: 26/9/22
Annuity rates increased by 35 per cent over the past year, reaching their highest level in more than a decade, analysis from Hargreaves Lansdown has revealed
Posted: 23/9/22
Industry experts have said that the high levels of government borrowing announced in the mini-Budget could drive up interest rates and reduce deficits in defined benefit (DB) schemes, although corporation tax changes could impact sponsoring employer contributions
Posted: 23/9/22
Pensions Age takes a look back at the top stories of the week, including the departure of Guy Opperman from the Department for Work and Pensions, and the government's mini-budget announcements
Posted: 23/9/22
The latest news in brief and mandates from the past seven days
Posted: 23/9/22
Chancellor, Kwasi Kwarteng, has confirmed plans to "accelerate" reforms to the pensions charge cap in his mini-Budget, in an effort to "unlock" pension investments into UK assets and high-growth businesses
Posted: 23/9/22
The Department of Health and Social Care (DHSC) has announced plans to change elements of the NHS Pension Scheme, in an effort to help retain doctors, nurses and other senior NHS staff, and increase capacity
Posted: 22/9/22
Pension scheme trustees have been urged to consider how a high interest rate environment could impact the ability of sponsoring employers to fund defined benefit (DB) schemes, and to “lock in” recent gains, following the Bank of England's latest interest rate increase
Posted: 22/9/22
Hymans Robertson has announced plans to launch its latest nationwide LGPS assessment of knowledge and understanding on 28 September
Posted: 22/9/22
Industry experts have called on the Chancellor to review the long-term freeze of income tax allowance in his upcoming mini-Budget, after analysis raised concerns that over half a million pensioners could be “dragged” into the income tax net for the first time
Posted: 22/9/22
Private sector defined contribution (DC) assets remained unchanged over Q1 2022, despite a record increase in active membership of 290,000, figures from the Office for National Statistics (ONS) have revealed
Posted: 22/9/22
Month-end transfer values finished below £200,000 at the end of August for the first time since records began in June 2016, while scam red flag volumes have remained high, according to XPS Pension Group’s Transfer Value Index
Posted: 22/9/22
Although defined contribution (DC) pension membership hit successive highs at 13.8 million active members in 2022, savers are facing a "considerable" risk amid rising inflation, according to analysis from the Pensions Policy Institute (PPI)
Posted: 22/9/22
The trustee of the Yell Pension Plan has completed a £370m full scheme buy-in with the Pension Insurance Corporation (PIC)
Posted: 21/9/22
The number of fund managers making net-zero commitments saw a “significant rise” in 2021, yet less than a quarter (22 per cent) have demonstrated a credible plan to support these commitments, according to research from XPS Pensions Group
Posted: 21/9/22
Nearly seven in 10 (69 per cent) lower earners who have a workplace pension say they can’t afford to make any contributions due to the rising cost of living, research from Legal & General Investment Management (LGIM) has revealed
Posted: 21/9/22
XPS Pensions Group has acquired the entire share capital of Penfida Limited for a total cash consideration of £11.6m
Posted: 21/9/22
The expected future living standard in retirement provided by defined contribution (DC) savings has “somewhat surprisingly” improved over Q2 2022, although savers will face mixed positions, according to Aon’s UK DC Pension Tracker
Posted: 21/9/22
FTSE 350 companies paid £4.8bn more into defined benefit (DB) pension schemes than defined contribution (DC) schemes in 2021, although DC contributions are expected to overtake DB within five years, according to analysis from Barnett Waddingham
Posted: 21/9/22
The Pensions Ombudsman (TPO) has upheld a complaint against Wolverhampton Lifting Ltd, and directed the employer to pay both missing pension contributions and compensation for “distress and inconvenience"
Posted: 20/9/22
The pensions industry has highlighted the news of Guy Opperman’s departure from the Department from Work and Pensions (DWP) as the end of a “period of stability”, with many suggesting that his successor will have "a lot on their plate"
Posted: 20/9/22
Pensions Dashboards Week, which aims to improve industry awareness on pensions dashboards ahead of connection deadlines, is to take place virtually between 3-7 October
Posted: 20/9/22
A “hints and tips” brief, which underscores the importance of trustee board diversity and inclusion, has been launched by the Association of Professional Pension Trustees (APPT)
Posted: 20/9/22
The government has been urged to consider key reforms to pension tax relief, followed by a period of stability, after the Association of Consulting Actuaries (ACA) raised concerns over the complexity of the restrictions surrounding the current regime
Posted: 20/9/22
Guy Opperman is no longer Pensions Minister following Prime Minister, Liz Truss’s, ministerial reshuffle
Posted: 20/9/22
The Pensions Regulator (TPR) executive director of frontline regulation, Nicola Parish, urges pension trustees to sign up to the regulator's Pledge to Combat Pension Scams
Posted: 16/9/22
The Pensions Ombudsman (TPO) has upheld a complaint against Integral Law Ltd and directed that it should pay missing pension contributions and compensation for “serious distress and inconvenience”
Posted: 16/9/22
Chancellor, Kwasi Kwarteng, is expected to deliver an emergency ‘mini-Budget’ on Friday 23 September, in an effort to help address the ongoing cost-of living crisis.
The mini-Budget, which will take place following the conclusion of the national period of mourning, is expected to include promised tax cuts and a restriction on energy bill costs
The mini-Budget, which will take place following the conclusion of the national period of mourning, is expected to include promised tax cuts and a restriction on energy bill costs
Posted: 16/9/22
The latest news in brief and mandates from the past seven days
Posted: 16/9/22
Pensions Age takes a look back at the top stories of the week, including the postponement of pension engagement campaigns and continued improvement in DB funding levels
Posted: 16/9/22
Local Government Pension Scheme (LGPS) Central, which manages the pooled assets of eight Midlands-based LGPS funds, has saved £42.8m in net investment cost savings to date for the partner funds, according to its 2021/22 annual report
Posted: 15/9/22
Mothercare has revealed that its overall defined benefit (DB) pension scheme deficit had been reduced to £60m by 30 June this year, as the company also confirmed that it has agreed to reduce deficit recovery contributions (DRCs) in its latest full year financial results report
Posted: 15/9/22
Young people aged between 18-24 (Gen Z) are the most likely age group to opt out of making pension contributions, with 17 per cent of this cohort doing so, according to research from Penfold
Posted: 15/9/22
The Institutional Investors Group on Climate Change (IIGCC) has called for input on the development of its Climate Resilience Investment Framework.
In its paper, Working towards a Climate Resilience Investment Framework, the group stated that the framework should address asset risks, portfolio risks and systemic risks
In its paper, Working towards a Climate Resilience Investment Framework, the group stated that the framework should address asset risks, portfolio risks and systemic risks
Posted: 15/9/22
Jack Gray sits down with Aon associate consultant and Sewing Bee finalist, Man Yee Woo, to chat about her job at the consultancy, her experience on Sewing Bee, and how skills picked up in her day job helped prepare her for prime-time TV and the pressure of the sewing room
Posted: 15/9/22
A new service to help schemes with the implementation of The Pensions Regulator’s new Single Code of Practice has been launched by 20-20 Trustees
Posted: 14/9/22
The number of people aged 65 and older in employment in the UK fell slightly in the period May-July 2022 to 1.42 million, following a record increase in April-June 2022, according to Office for National Statistics (ONS) figures
Posted: 14/9/22
The UK pension risk transfer (PRT) market completed £12bn worth of buy-ins and buyouts over the first half of 2022, up from £7.8bn in H1 2021, analysis from LCP has revealed
Posted: 14/9/22
Almost nine in ten (88 per cent) institutional investors have increased their allocation to assets and investment products that aim to provide a hedge against inflation in the past six months, new research from Tabula Investment Management has revealed
Posted: 14/9/22
Concerns around rising inflation rates have persisted, despite a slight fall over the past month to 9.9 per cent, after industry research revealed that inflation caps could see the average defined benefit (DB) member miss out on around £25,000 at retirement
Posted: 14/9/22
The Work and Pensions Committee (WPC) has written to Financial Conduct Authority (FCA) executive director, Sheldon Mills, seeking clarification on the proposed British Steel Pension Scheme (BSPS) redress scheme
Posted: 13/9/22
Over a quarter (26 per cent) of UK adults are not confident in choosing and managing their workplace pension, research from the Financial Services Compensation Scheme (FSCS) has revealed
Posted: 13/9/22
HM Treasury (HMT) has confirmed that there are currently no plans to introduce a facility for automatic enrolment into pensions as part of the Making Tax Digital (MTD) initiative, despite suggestions that this could encourage pension saving among the self-employed
Posted: 13/9/22
The Pensions Age Autumn Conference has been moved from 15th September to 31st October 2022
Posted: 13/9/22
The aggregate surplus of defined benefit (DB) pension schemes in the UK increased by £59.5bn to £313.8bn at the end of August, the Pension Protection Fund’s (PPF) 7800 Index has revealed
Posted: 13/9/22
Global retirement security is under increasing pressure due to the impact of inflation, a volatile market environment and low interest rates on retirement pots, according to Natixis Investment Managers’ (IM) 2022 Global Retirement Index (GRI)
Posted: 13/9/22
The Pensions Ombudsman (TPO) has upheld a complaint against Aten Global Ltd and ordered it to pay compensation for “serious distress and inconvenience” and reimburse missing pension contributions
Posted: 12/9/22
Tesco's initiative to integrate Pension Wise into the retirement journey has received "overwhelmingly positive" feedback, with around 7,000 Tesco employees having attended Pension Wise meetings between 2018 and spring 2020
Posted: 12/9/22
Pension engagement campaigns that were due to run this week have been postponed as a mark of respect following the death of Queen Elizabeth II last week
Posted: 12/9/22
Guidance from The Pensions Regulator (TPR) and the Information Commissioner’s Office (ICO) should be better aligned and expressly refer to the specific intricacies of the pensions sector, the Universities Superannuation Scheme (USS) has said
Posted: 12/9/22
The Department of Health and Social Care (DHSC) has confirmed that it will push ahead with proposed uplifts to member contribution tier thresholds for the NHS Pension Scheme, ahead of the introduction of a new contribution structure in October 2022
Posted: 12/9/22
Pension schemes should be wary of several risks when they attempt to engage in impact real estate investing, a report from Bfinance has stated
Posted: 9/9/22
The latest news in brief and mandates from the past seven days
Posted: 9/9/22
There is an intergenerational divide on support for the state pension triple lock, with younger people less likely to believe it should be maintained, according to research by Canada Life
Posted: 9/9/22
Pensions Age takes a look back at the top stories of the week, including the appointment of a new Work and Pensions Secretary and the launch of the Pension Attention campaign
Posted: 9/9/22
People from across the pensions industry have paid tribute to Queen Elizabeth II, who died on 8 September at the age of 96
Posted: 9/9/22
DLA Piper, in collaboration with UK insurers operating in the bulk annuity market, has produced an insurer-led best practice guide on Preparing Pension Schemes for a Bulk Annuity Quotation
Posted: 8/9/22
The Pensions and Administration Standards Association (Pasa) has encouraged trustees to “be pro-active” in new guidance on administration transfer exit, urging trustees to check if there is an exit agreement in place in their current contracts
Posted: 8/9/22
Almost half (45 per cent) of defined benefit (DB) schemes that submitted valuations to The Pensions Regulator (TPR) in the period up to 21 June 2022 (tranche 15) lengthened their recovery plan end dates, benchmarking analysis from Hymans Robertson has found
Posted: 8/9/22
Product innovation to allow for greater flexibility is needed to support changing retirement trends, according to research from the Pensions Policy Institute (PPI), which found that savers would benefit from having both flexible and guaranteed income in retirement
Posted: 8/9/22
The Pensions and Lifetime Savings Association (PLSA) and Association of British Insurers’ (ABI) Pension Attention campaign, which aims to improve pension engagement in the UK, has launched today with the help of grime artist Big Zuu
Posted: 8/9/22
Although a 'good starting point', last name, date of birth, and national insurance numbers are not enough for dashboards matching, according to research from ITM and Altus, with around one in 10 pensions missed when attempting matches solely on these criteria
Posted: 8/9/22
LGPS funds can expect an increase in their funding levels of around 7-12 per cent at the 2022 valuation, analysis from Hymans Robertson has revealed
Posted: 7/9/22
The Financial Reporting Council (FRC) has added 43 new signatories to the UK Stewardship Code following its spring 2022 assessment, taking the total number of signatories to 236, with assets under management of £40.7trn
Posted: 7/9/22
A new ‘flex first, fix later’ pension product could act as a post-retirement ‘default journey’ for the unadvised, LCP has said, after research suggested that inertia and cognitive decline could prevent savers from switching to an annuity at the optimum time
Posted: 7/9/22
Preliminary findings from Nest Insight’s trial into a new opt-out approach to workplace emergency saving have been “very encouraging”, with an employee participation rate amongst those who experienced the auto-save approach of 53 per cent
Posted: 7/9/22
The Barloworld UK Pension Scheme has completed a £484m full scheme buy-in with Just Group, insuring the benefits of around 3,000 pensioners and 1,800 deferred members
Posted: 7/9/22
Chloe Smith has been named as the Secretary of State for Work and Pensions in Prime Minister, Liz Truss’s, cabinet
Posted: 6/9/22
Pensions industry experts have identified a number of key areas they think should be addressed following the appointment of Liz Truss as Prime Minister (PM) yesterday (5 September)
Posted: 6/9/22
Savers temporarily opting-out of their pension contributions to support them through the cost-of-living crisis could be hit with a “hidden trap”, modelling from Broadstone has warned
Posted: 6/9/22
The UK life insurance regime is about to undergo “potentially significant change” that could have a “far-reaching” impact on defined benefit (DB) pension scheme endgame strategies and members, according to Cardano
Posted: 6/9/22
UK defined benefit (DB) pension schemes have become 100 per cent funded on a long-term target basis for the first time since aggregated records began, according to XPS Pensions Group's funding tracker
Posted: 6/9/22
The accounting surplus of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased by £7bn over August, Mercer has revealed
Posted: 6/9/22
Kesslers Group Pension Plan has agreed a £21m full scheme buy-in with Legal & General (L&G)
Posted: 6/9/22
Defined benefit (DB) pension trustees should take steps to prepare for the consequences of high inflation, including reviewing investment strategies and member communications, Atkin Pensions has said
Posted: 5/9/22
Less than one-in-10 (8 per cent) workers have opted out of the new automatic savings option introduced by Cushon and the University of Lincoln to help those excluded from pensions to build a savings buffer
Posted: 5/9/22
Less than half (43.1 per cent) of Baby Boomer households aged below 65 are meeting the PLSA’s target for a moderate retirement income, research from Hargreaves Lansdown has revealed
Posted: 5/9/22
Nearly a third (32 per cent) of 18–34-year-olds know that they should be saving more for their retirement, with only 16 per cent believing that their savings are on track for a comfortable retirement, research from Wealth at Work has found
Posted: 5/9/22
Charity pension scheme trustees have been urged to speak to advisers to identify key issues that need to be addressed, and which actions are most urgent, ahead of “another busy” year for pension schemes
Posted: 5/9/22
The combined assets under management (AUM) of the 300 largest pension schemes have grown by 50 per cent since 2016 to a record high of $23.6trn in 2021, according to research from the Thinking Ahead Institute (TAI)
Posted: 5/9/22
Industry experts have suggested that the new Prime Minister (PM) could look to "make it easier" for pension schemes to invest in a wider range of investments, with speculation growing as to what impact the change in leadership will have on pensions
Posted: 2/9/22
The latest news in brief and mandates from the past seven days
Posted: 2/9/22
Rowanmoor Personal Pensions Limited (RPPL), a self-invested personal pension (SIPP) operator authorised and regulated by the Financial Conduct Authority (FCA), has entered administration
Posted: 2/9/22
Pensions Age takes a look back at the top stories of the week, including two new government consultations, and continued concerns around the cost-of-living crisis
Posted: 2/9/22
The High Court has dismissed the judicial review of the decision by the UK Statistics Authority (UKSA) and Chancellor to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH) from 2030
Posted: 2/9/22
Newly identified state pension underpayment isues may not be fixed for "several years", LCP has warned, urging those impacted to take action themselves through a new campaign
Posted: 1/9/22
The proportion of defined benefit (DB) pension schemes in surplus and the average technical provisions funding level were at their highest level since the start of the current funding regime as of July 2022, analysis from Aon has revealed
Posted: 1/9/22
The government has launched a consultation on plans to require Local Government Pension Scheme (LGPS) administering authorities (AA) to asses and report on climate-related risks, in line with the Taskforce on Climate-related Financial Disclosures (TCFD)
Posted: 1/9/22
Further analysis of the technical issues surrounding the draft pension dashboards standards is needed before the standards are finalised, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 1/9/22
Work to meet pension dashboards deadlines could come at the cost of other projects due to "unworkable pressure on resources", according to research from KGC associates in partnership with Bravura and Delta Financial Systems
Posted: 1/9/22
Savers have been urged to "strike a balance" on short- and long-term financial commitments amid the cost-of-living crisis, after resarch from Standard Life found that those starting pension saving at age 22 could have £112,000 more at retirement than those starting at 27.
Posted: 31/8/22
The Department for Work and Pensions (DWP) has confirmed the appointment of Dominic Harris as the next pensions ombudsman
Posted: 31/8/22
The health of the UK’s Defined Benefit (DB) pension schemes reached a “new high” as of the end of June 2022, Legal & General Investment Management (LGIM) has revealed
Posted: 31/8/22
The pensions industry has been urged to work together to reach a consensus on how to deal with the issue of under saving, after a report from B&CE found that 61 per cent of households and nearly two thirds (63 per cent) of individuals aren’t saving enough for retirement.
The analysis, based on data from the ONS Wealth and Assets Survey, found that 68 per cent of Generation X workers aren’t saving enough, rising to 76 per cent amongst Millenials, compared to just 41 per cent of Baby Boomers
The analysis, based on data from the ONS Wealth and Assets Survey, found that 68 per cent of Generation X workers aren’t saving enough, rising to 76 per cent amongst Millenials, compared to just 41 per cent of Baby Boomers
Posted: 31/8/22
Members of Unite Scotland have expressed “anger” in response to the University of Dundee confirming that it will forge ahead with changes to the University of Dundee Superannuation Scheme (UODSS)
Posted: 31/8/22
Pension fund managers remain confident about the impact of inflation on pension schemes over the next year, despite more than half (57 per cent) predicting a dramatic increase in inflation, according to research from Ortec Finance
Posted: 31/8/22
Reducing pension contributions during the cost-of-living crisis could have “hidden risks” for savers, LCP has said, suggesting that using pensions to help with short-term spending pressures should be “an absolute last resort”
Posted: 30/8/22
A motion to ensure that elected representatives from local authorities were included in any new board should the Lothian Pension Fund and Falkirk Council Pension Fund merge has been rejected by the East Lothian Council 10 votes to nine
Posted: 30/8/22
Nearly a third (31 per cent) of people below state pension age expect it to be their main source of income when they retire, despite more than half of savers stating that this won't be enough for a comfortable retirement, research by Royal London has revealed
Posted: 30/8/22
The government has launched a consultation on plans to extend changes to the NHS pension scheme to allow retired staff to retain pension benefits if they return to the workforce, in an effort to boost the NHS workforce ahead of winter
Posted: 30/8/22
Active wealth, global expansion and pension and corporate incentives specialist, ZEDRA, has completed the acquisition of BNP Paribas Jersey Trust Corporation, after receiving regulatory approval from the Jersey Financial Services Commission
Posted: 30/8/22
Pension trustees should take action in preparation for increasing their investment in infrastructure, according to XPS Pensions Group
Posted: 26/8/22
The latest news in brief and mandates from the past seven days
Posted: 26/8/22
Pensions Age takes a look back at the top stories of the week, including the pension concerns surrounding universities and the NHS, and the impact of the cost-of-living on pension saving initiatives
Posted: 26/8/22
Link Group has agreed to aquire HS Pensions for an undisclosed amount, with the transacton expected to complete in the second half of 2022
Posted: 26/8/22
University and College Union (UCU) members at Falmouth University have voted in favour of strike action due to the creation of a 'two-tier workforce' that enrols new employees to a “greatly inferior” pension scheme
Posted: 26/8/22
The Pensions Ombudsman (TPO) has partly upheld a complaint against Capita Employee Solutions in a case involving the Imperial Home Décor Pension Plan
Posted: 25/8/22
Jack Gray discusses how the industry must consider how and when it promotes increased pension saving amid the cost-of-living crisis
Posted: 25/8/22
The vast majority (96 per cent) of pension scheme executives think that real estate can play a "crucial role" in helping defined benefit (DB) schemes with de-risking, according to research from Downing
Posted: 25/8/22
Pension scheme trustees have been encouraged to engage with insurers early amid concerns over a potential capacity crunch, with 2022 set to be the second largest year ever for the UK pension risk transfer (PRT) market, according to Legal & General (L&G) Group
Posted: 25/8/22
The Money and Pensions Service (Maps) has announced the appointments of four new non-executive directors to its board
Posted: 25/8/22
Ninety-five per cent of pension funds and other institutional investors believe that alternative credit investments can be used to make positive social and environmental impacts, according to Aeon Investments
Posted: 23/8/22
Just over one in 10 (12 per cent) workers said that the level of pension contribution was one of the things that attracted to them to their current role, research from Aviva has found
Posted: 24/8/22
A saver aged 25 could diminish their pension in retirement by a quarter if they reduce their pension contributions amid the cost-of-living crisis, modelling from Broadstone has shown
Posted: 24/8/22
Pensions Age takes a look at some of the recent legal developments in the pensions industry and the legal considerations that should be at the top of trustee agendas, including pension dashboard deadlines and new climate reporting requirements
Posted: 24/8/22
The proportion of members transferring their pension increased to an annualised rate of 41 members per 100,000 in July 2022, a 41 per cent month-on-month rise, XPS Pensions Group has revealed
Posted: 24/8/22
The Policy Exchange has called on the government to consider changes to the interrelationship between the Consumer Price Index (CPI) and the annual allowance (AA) for public sector pension schemes
Posted: 24/8/22
The Pensions Administration Standards Association (Pasa) has called for schemes to carry out a personal data accuracy investigation in an updated version of its dashboard data matching conventions (DMC) guidance
Posted: 23/8/22
The Financial Conduct Authority (FCA) has announced plans to establish a new advisory committee to the FCA board focused on environmental, social and governance (ESG) issues, with the search for committee members currently underway
Posted: 23/8/22
The University and College Union (UCU) has confirmed that a total of 68 universities will be balloted over changes to the Universities Superannuation Scheme (USS) from 6 September
Posted: 23/8/22
Conservative Party leadership frontrunner, Liz Truss, has stated that she would address pension tax issues that are leading to senior NHS staff retiring early, The Telegraph has reported
Posted: 23/8/22
The gender pensions gap remains a “core issue” despite women being more focused on pension saving, with men in the UK enjoying retirement income around 37 per cent higher than women, according to analysis from More2life
Posted: 23/8/22
The number of people receiving less than £100 per week in state pension has dropped to 1.9 million as of February 2022, of which just under 1.5 million are women, according to new statistics released by the Department for Work and Pensions (DWP)
Posted: 22/8/22
A total of 101 firms that provided pension transfer advice to former British Steel Pension Scheme (BSPS) members are in the scope of emergency asset retention rules, the Financial Conduct Authority (FCA) has revealed
Posted: 22/8/22
Data is now the key focus on the journey to risk settlement for over two fifths (43 per cent) of UK pension scheme professionals, a poll from Aon has revealed
Posted: 22/8/22
The University and College Union (UCU) has urged employers to “restore pension benefits” to avoid “unprecedented” industrial action, with a further ballot around changes to staff pensions expected in September
Posted: 22/8/22
Savers should "look before they leap" into consolidating their defined contribution (DC) pension pots, according to LCP's new paper 'Five reasons to consolidate your DC pensions — and five reasons to be careful'
Posted: 22/8/22
Young adults in their twenties have little faith of being able to rely on state pension provision by the time they reach retirement, research from Royal London has suggested
Posted: 22/8/22
The Pensions Ombudsman (TPO) has upheld a complaint against Panisade Ltd and ordered it to refund the contributions it deducted from the complainant’s salary
Posted: 19/8/22
Pensions Age takes a look back at the top stories of the week, including the impact of rising inflation, the action being taken to protect savers and the latest updates on the bulk purchase annuity market
Posted: 19/8/22
Nearly half (49 per cent) of retired households in the lowest income group are made up of women living alone, analysis from Just Group has revealed
Posted: 19/8/22
The latest news in brief and mandates from the past seven days
Posted: 19/8/22
The Universities Superannuation Scheme (USS) recorded a £1.8bn surplus as at 30 June 2022, representing a £15.9bn increase from the £14.1bn deficit recorded at the last valuation in March 2020
Posted: 19/8/22
The average retiree may need to save an additional £90,000 into their pension during periods of ‘medium market performance’ to maintain a comfortable retirement over 20 years, according to PensionBee
Posted: 19/8/22
People from certain ethnic minority groups have poorer outcomes in retirement than the average white person, and better personal finance data and evidence about the lives of the people in these groups is needed to inform policymaking to improve their outcomes, the Pensions Policy Institute (PPI) has said
Posted: 18/8/22
Pension schemes' ability to meet TCFD governance and reporting requirements could be hindered by private market managers failing provide clients with the climate risk information they need, research from Hymans Robertson has suggested
Posted: 18/8/22
The Balfour Beatty Group is expected to make scheme funding contributions to the Balfour Beatty Pension Fund (BBPF) of around £38m in 2022 and £18m in 2023, in line with the accelerated mechanism agreed with the trustees
Posted: 18/8/22
The Financial Conduct Authority (FCA) has issued a statement encouraging issuers and holders of outstanding Libor-linked bonds to transition to fair alternative rates
Posted: 18/8/22
The Pensions Dashboards Programme (PDP) has called on the pensions industry to provide as much feedback as possible on the proposed dashboards standards and supporting guidance, with less than two weeks left to respond to the formal consultation
Posted: 18/8/22
Two pension trustees have pleaded guilty to making illegal loans worth £236,000 from a company pension scheme to the scheme's employer, after initially pleading not guilty to all charges
Posted: 18/8/22
Pension trustees have “grave concerns” for their members as they approach retirement, with 92 per cent of trustees fearing they will be targeted by scammers, according to research by Wealth at Work and the Pensions Management Institute (PMI)
Posted: 17/8/22
Defined benefit (DB) pension scheme trustees and scheme managers should be taking action “now” to ensure that the move to pensions dashboards is as straightforward as possible, according to new guidance from Hymans Robertson
Posted: 17/8/22
The civil service has the highest proportion of employers that are contributing 20 per cent or more to employees’ pensions (67.9 per cent), although this includes compulsory social security, Investing Review’s analysis of Office for National Statistics data has found
Posted: 17/8/22
The London Borough of Bexley Pension Fund has announced the appointment of Redington as its investment consultant
Posted: 17/8/22
Industry experts have warned that the continued increase in inflation could leave retirees struggling to make their pension last, although many trustees are thought to be reviewing the way benefits are calculated to ensure savers don't miss out on inflationary increases
Posted: 17/8/22
Four in five (80 per cent) employers believe it is important that a workplace pension scheme is invested responsibly, compared to 65 per cent of employees, research from Aviva has found
Posted: 17/8/22
Celebrating excellence within the pensions industry for another year, the Pensions Age Awards 2023 is now open to entries for all UK pension schemes and provider firms serving pension schemes in the UK
Posted: 16/8/22
The Pensions Regulator (TPR) has encouraged pension scheme trustees to ask questions and “remain vigilant” to changing strategic and operational risks
Posted: 16/8/22
The Parliamentary and Health Service Ombudsman (PHSO) has published an update on the second stage of its investigation into the way the Department for Work and Pensions (DWP) communicated changes to women’s state pension age
Posted: 16/8/22
The number of savers choosing to opt out of their company pension scheme has increased by 29 percentage points from March to July this year, potentially costing new entrants to the workforce up to £28,000, according to research from Penfold
Posted: 16/8/22
The government has confirmed that it will continue consulting with trade unions on plans to reform the Civil Service Compensation Scheme (CSCS) to raise early pension access to track 10 years behind the state pension age
Posted: 16/8/22
People who rent their homes and single parents are likely to struggle to save enough into their pensions for a moderate standard of living in retirement, according to Hargreaves Lansdown’s Savings and Resilience Barometer
Posted: 16/8/22
Ross Trustees has acquired Clark Benefit Consulting (CBC) Pension Services for an undisclosed sum
Posted: 15/8/22
Just Group has published guidance for trustees preparing for bulk annuity transactions, with the aim of helping them ‘box clever’ amid rising demand
Posted: 15/8/22
New funding and investment strategy regulations from the Department for Work and Pensions (DWP) could accelerate demand for pension liability buyouts and the "demise of defined benefit (DB)" schemes, Mercer has said
Posted: 15/8/22
Phoenix Group recorded £1.6bn of bulk purchase annuity (BPA) premiums in H1 2022 across six transactions, a 280 per cent increase on the same period in 2021, according to the group's half-year results
Posted: 15/8/22
New funding rules for defined benefit (DB) pension schemes risk forcing all schemes into a ‘one-size-fits-all straitjacket’, leading to potential employer insolvencies in some cases, LCP has warned
Posted: 15/8/22
Bulk annuity insurers are currently reporting the “strongest pipeline of annuity auctions for some years” and pension schemes may need to compete harder amid insurer capacity concerns, according to Aon’s latest UK Risk Settlement Bulletin
Posted: 15/8/22
More than one in 20 (7 per cent) workplace pension holders plan to reduce their contributions to help them weather the cost-of-living crisis, analysis from Barnett Waddingham has found
Posted: 15/8/22
Nearly half (44 per cent) of scam guidance sessions due to an ‘amber flag’ warning being raised during a pension transfer were conducted without knowledge of the reason for the flag being raised, Quilter has found.
According to a freedom of information (FOI) response the firm received from the Money and Pensions Service (Maps), across the 2,875 sessions conducted in April-June 2022, Maps did not know the reason for the session in 1,266 of them
According to a freedom of information (FOI) response the firm received from the Money and Pensions Service (Maps), across the 2,875 sessions conducted in April-June 2022, Maps did not know the reason for the session in 1,266 of them
Posted: 12/8/22
Pensions Age takes a look back at the top stories of the week, including TPR guidance on refinancing, WH Smith’s £1bn buy-in and the impact of the ongoing cost-of-living crisis
Posted: 12/8/22
The latest news in brief and mandates from the past seven days
Posted: 12/8/22
The volume of pension risk transfer deals completed globally by Legal & General (L&G) increased by £1.3bn year-on-year to £4.4bn in H1 2022, its half-year results have revealed
Posted: 12/8//22
The Boots Supplementary Pension Plan has completed a £50m full scheme buy-in with Legal & General (L&G) Assurance Society, covering the retirement benefits of more than 110 members
Posted: 12/8/22
Over eight in 10 (83 per cent) Unite Union members at the Univeristy of Dundee have backed plans for a second continuous strike from 25 August, amid continued concerns over proposed changes to the University of Dundee Superannuation Scheme (UODSS)
Posted: 11/8/22
A difference in perspectives on defined benefit (DB) schemes’ recent strong funding levels has highlighted a “real disconnect” between trustees and employer management, according to RSM UK
Posted: 11/8/22
The government has stated that it has no plans to make the NHS Pension Scheme tax unregistered as a means to reduce the number of senior staff retiring early due to tax bills
Posted: 11/8/22
Pension transfer times remained steady over the 12-month period from 1 July 2021 to 30 June 2022, despite a 64 per cent increase in transfer volumes since 2018, the Origo Transfer Index (OTI) has revealed
Posted: 11/8/22
The Financial Reporting Council (FRC) has been urged to ensure that its Stewardship Code ‘looks both ways’, towards scheme members as well as asset managers, for ongoing feedback and guidance
Posted: 11/8/22
The majority (86 per cent) of UK pension schemes think an increasing focus on environmental, social and governance (ESG) considerations within property development could drive more institutional investment in this space, according to a survey from Downing
Posted: 11/8/22
Aviva’s bulk purchase annuity sales increased by 15 per cent year-on-year in the first half of 2022, from £1.6bn to £1.9bn, its half-year report has revealed
Posted: 10/8/22
The Pensions Regulator (TPR) executive director of regulatory policy, analysis and advice, David Fairs, has detailed what the regulator expects pension trustees and sponsoring employers to consider when refinancing in the current economic climate
Posted: 10/8/22
Growth in the number of new workers that were not auto-enrolled (AE) into a pension outpaced the number of new employees that were AE in July, a month-on-month trend that has continued uninterrupted for two years
Posted: 10/8/22
The Unisys UK Pension Trustee has appointed Cardano to act as the fiduciary manager (FM) of the Unisys Pension Scheme, Unisys Payment Services Pension Scheme (Unisys Section) and Unisys Public Sector Pension Scheme
Posted: 10/8/22
Approximately one in seven (13 per cent) UK adults that are looking at ways to increase their income amid the cost-of-living crisis expect to access their pension earlier than planned or have already done so, research from Canada Life has found
Posted: 10/8/22
Cornish independent housing association, Coastline Housing, will be one of six employers to pilot a ‘Living Pension’ for its employees, an initiative began by the Living Wage Foundation
Posted: 9/8/22
Pension providers, defined contribution (DC) scheme trustees and employers have been urged to consider the impact of employment trends on the proliferation of small, deferred pension pots and assess what they can do to protect members
Posted: 9/8/22
Small- and medium-sized enterprises (SME) need to do more to boost pension participation levels amongst their staff, Broadstone has warned
Posted: 9/8/22
The aggregate surplus of defined benefit (DB) pension schemes in the UK fell for the first time in six months during July, the Pension Protection Fund’s (PPF) 7800 Index has revealed
Posted: 9/8/22
Pension savers are choosing to keep more of their savings invested despite rising inflation, particularly self-employed savers, according to figures from PensionBee
Posted: 9/8/22
Pensions Policy Institute (PPI) research associate, Anna Brain, discusses the organisation's Pensions Framework project
Posted: 8/8/22
A lack of financial literacy is preventing employees from aligning their pension investments with their ethics, LCP has warned
Posted: 8/8/22
The Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) have appointed Teamspirit as the partner for the first session of the Pension Attention campaign
Posted: 8/8/22
Digital pensions platform Penfold has announced the close of its £7m Series A funding round, following the expansion of the business and launch of its workplace pension platform in late 2021
Posted: 8/8/22
PricewaterhouseCoopers (PwC) and audit partner, Richard Hughes, have been fined by the Financial Reporting Council (FRC) in relation to the statutory audits of the financial statements of BT Group for the 2016/17 financial year
Posted: 8/8/22
WH Smith Pension Trust has completed a £1bn full scheme buy-in with Standard Life, insuring the liabilities of 12,950 members
Posted: 8/8/22
The Pensions Ombudsman (TPO) has awarded a complainant, Mr Y, £1,000 in a partly upheld complaint against Midcounties Co-operative Pension Trustee Limited
Posted: 5/8/22
The Pensions Regulator (TPR) executive director of frontline regulation, Nicola Parish, reflects on the recent sentencing of Alan Barratt and Susan Dalton and details the role the industry should play in preventing scams
Posted: 5/8/22
Growth in the number of new workers that were not auto-enrolled (AE) into a pension continued to outpace the number of new workers that were auto-enrolled in June, marking the 23rd consecutive month this trend has occurred
Posted: 5/8/22
The latest news in brief and mandates from the past seven days
Posted: 5/8/22
Investment in additional properties or buy-to-lets to fund retirement is unlikely to perform as well as a pension amid soaring interest rates and inflation, and lower capital growth, according to research from Netwealth
Posted: 5/8/22
Pension scheme trustees should strongly consider taking measures to lock in gains amid rising long-term government bond yields and interest rates, according to XPS Pensions Group
Posted: 5/8/22
Trade union Unison has called for caution over collective defined contribution (CDC) schemes, warning that the scheme type should not be used to replace ‘viable’ defined benefit (DB) schemes
Posted: 4/8/22
The combined funding position of Rolls-Royce’s defined benefit (DB) pension schemes increased by £273m over the past year to a surplus of £48m as at 30 June 2022, according to the group’s latest annual accounts
Posted: 4/8/22
The Pensions Regulator (TPR) has published revised guidance for trustees on the tendering process for fiduciary managers (FM) and for setting objectives for their investment consultants (IC)
Posted: 4/8/22
The Pensions Ombudsman (TPO) has identified plans to improve customer waiting times as a key priority over the upcoming year, after acknowledging that wait times over the past year have become “unacceptably long”
Posted: 4/8/22
Phoenix Group has announced that it is to acquire Sun Life UK from Sun Life Financial for £248m, subject to regulatory approvals
Posted: 4/8/22
Industry experts have praised The Pensions Regulator (TPR) for the launch of its new scam-fighting strategy, amid concerns that the financial strain of the cost-of-living crisis could leave savers more vulnerable to the threat of pension scams
Posted: 4/8/22
The deficits of defined benefit (DB) pension schemes decreased by around £2bn against long-term funding targets to £54bn in July, XPS Pensions’ DB:UK funding tracker has shown
Posted: 3/8/22
Local Authority Pension Fund Forum (LAPFF) chair, Cllr Doug McMurdo, has announced a two and a half week visit to Brazil to see communities affected by the Mariana (2015) and Brumadinho (2019) tailing dam collapses
Posted: 3/8/22
The Pensions Regulator (TPR) has launched a new scam-fighting strategy in light of concerns that the cost-of-living crisis may leave savers more vulnerable to scammers
Posted: 3/8/22
Octopus Energy Group, on behalf of Nest, has announced the investment of £200m in the Hornsea One Offshore Wind Farm, with the goal of "making a positive impact" with UK pension savers’ money
Posted: 3/8/22
The accounting surplus of FTSE 350 companies’ defined benefit (DB) pension schemes declined by £9bn to £2bn in July, according to Mercer’s Pensions Risk Survey
Posted: 3/8/22
One in 20 (5 per cent) UK adults have stopped contributing into their company pension as a result of the cost-of-living crisis, according to research from Canada Life
Posted: 3/8/22
The CMA order requirement to review investment consultants or fiduciary managers against investment objectives every 12 months may have “flown under the radar” for some schemes, XPS Pensions has warned
Posted: 2/8/22
Women could fill the estimated pension shortfall of around £70,000 by increasing their pension contributions by 1 per cent, according to new analysis from Fidelity International, although career breaks can widen this gap further
Posted: 2/8/22
One in three (33 per cent) pension savers worry they have built up funds they have lost or forgotten about after changing jobs, research from iSIPP has found
Posted: 2/8/22
The Financial Conduct Authority (FCA) has launched a consultation on the methodology used to calculate redress for consumers who suffered financial loss from transferring a defined benefit (DB) pension to a defined contribution (DC) pension following non-compliant advice
Posted: 2/8/22
The Pension Protection Fund (PPF) has appointed Quantum Advisory to its Specialist Administration and Actuarial Services Panel (SAASP)
Posted: 2/8/22
Alberta Investment Management Corporation (AIMCo), on behalf of some of its clients, and Railpen have acquired a 94 per cent stake in Constantine Energy Storage (CES), a grid-scale battery energy storage platform
Posted: 1/8/22
The Pensions Administration Standards Association (Pasa) has published guidance on value data for pensions dashboards, arguing that now is the time for administrators to take action to meet upcoming dashboard regulations
Posted: 1/8/22
Octopus Investments, part of Octopus Group, raised £2bn over the 12 months to 31 March 2022 in a fundraise aimed at pursuing private market opportunities
Posted: 1/8/22
Hartley Pensions Limited has entered administration at the request of the Financial Conduct Authority (FCA), with Peter Kubik and Brian Johnson of UHY Hacker Young LLP appointed as joint administrators
Posted: 1/8/22
Pensions Minister, Guy Opperman, reflects on the launch of a new type of pension scheme, collective defined contribution (CDC), and the potential for further innovation in this space
Posted: 1/8/22
Applications for collective defined contribution (CDC) pension schemes officially opened today (1 August), in what has been highlighted as an “injection of innovation” for the industry, with plans to consult on new forms of CDC pensions confirmed for later this year
Posted: 1/8/22
Eighty-five per cent of institutional investors are concerned about further rises in interest rates in the fixed income market, with 80 per cent also worried about rising inflation
Posted: 29/7/22
The latest news in brief and mandates from the past seven days
Posted: 29/7/22
Technical provisions will no longer be the primary funding measure that trustees need to be concerned with, industry experts have said, with new regulations placing a greater focus on low dependency, and embedding the role of employer covenant for the first time
Posted: 29/7/22
The Investor Coalition for Equal Votes (ICEV) has backed the Financial Conduct Authority’s (FCA) plans to maintain current premium listing protections around Dual Class Share Structures (DCSS) in any move to a single segment regime
Posted: 29/7/22
Under a quarter (23 per cent) of people in a workplace pension are aware of their ESG-related options despite an increased interest in sustainability, a new report from Secondsight has revealed
Posted: 29/7/22
The value of the Wiltshire Pension Fund increased to £3.2bn as at 31 March 2022, with a funding level of 103 per cent, according to the scheme's latest Annual Report and Accounts
Posted: 29/7/22
Border to Coast Pensions Partnership has highlighted its role as an active steward of Local Government Pension Scheme (LGPS) assets in its Responsible Investment and Stewardship Report, revealing that it voted on over 12,000 resolutions
Posted: 28/7/22
Over a quarter (27 per cent) of defined benefit (DB) and hybrid schemes with an effective valuation date for tranche 15 were in surplus on a technical provisions (TP) basis, according to The Pensions Regulator (TPR)
Posted: 27/7/22
Almost two-thirds (62 per cent) of defined benefit (DB) pension scheme sole trustees think that having technology in place to support the scheme management style that suits their governance approach is the biggest challenge facing them over the next few years
Posted: 28/7/22
Women’s pensions at retirement are half the size of men’s regardless of the sector they work in, analysis from Legal & General has revealed
Posted: 28/7/22
The Pensions Management Institute (PMI) has announced the appointment of Sara Cook as its next president, effective immediately
Posted: 28/7/22
A fifth of employers could be incurring unnecessary tax bills by failing to take advantage of initiatives such as salary exchange, according to Mercer’s defined contribution (DC) MOT research
Posted: 28/7/22
Almost half (49 per cent) of DC schemes are now actively signposting to their full range of retirement options, a survey from Sackers has revealed
Posted: 28/7/22
Around 85 per cent of workers, equal to 16 million people, are not saving at levels likely to deliver an acceptable standard of living in retirement, new research has found, prompting calls for the development of a 'Living Pension Standard'
Posted: 28/7/22
The Pensions Regulator (TPR) has announced the appointment of Alison Hatcher as a non-executive director
Posted: 27/7/22
Industry experts have hailed the publication of new funding regulations for defined benefit (DB) pension schemes as a “major milestone” on the journey to a new funding regime, although further details are still awaited from the regulator
Posted: 27/7/22
Turo for Master Trusts, a new solution for master trusts to help members increase engagement with their pension and to help schemes grow their AUM, has been launched by Wealth Wizards
Posted: 27/7/22
Seven in 10 (71 per cent) divorced Which? members did not include pensions in their financial settlements, with women more likely to be negatively affected in the long-term, new research from Which? has revealed
Posted: 27/7/22
The Financial Conduct Authority (FCA) has published the final rules and guidance for its new Consumer Duty principle, which is expected to lead to a “major shift” in financial services and a “higher and clearer” standard for consumer protection
Posted: 27/7/22
Almost nine in 10 (86 per cent) UK pension funds expect investment in residential property development to increase over the next five years and 18 per cent have forecasted a dramatic increase, new research from Downing LLP has revealed
Posted: 27/7/22
The Department for Work and Pensions (DWP) has launched a consultation on two technical changes to the Fraud Compensation Fund (FCF) and the Pension Protection Fund (PPF) regulations
Posted: 27/7/22
The number of profit warnings issued in the first half of the year by UK-listed companies with a DB pension scheme has increased by 70 per cent year-on-year, analysis by EY-Parthenon has revealed
Posted: 26/7/22
A number of large UK pension schemes have written a joint letter to the Work and Pensions Committee (WPC) to raise concerns about the application of new stronger nudge requirements in certain circumstances
Posted: 26/7/22
The NHS will face “a perfect storm” unless it extends the NHS Scheme Pays deadline and the end of the abatement rules, Quilter has warned
Posted: 26/7/22
The Universities Superannuation Scheme (USS) deficit has dropped by £12.6bn since its last valuation in March 2020, falling from £14.1bn to £1.5bn as at 31 March 2022, according to the scheme's latest Annual Report and Accounts
Posted: 26/7/22
Eighty per cent of DB pension schemes have already set a long-term funding target, a new survey from PwC has revealed
Posted: 26/7/22
The Department for Work and Pensions (DWP) has launched a consultation on the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023
Posted: 26/7/22
The Health and Social Care Committee has urged the government to ‘swiftly’ reform the NHS Pension Scheme, after branding pension tax rules that are exacerbating pressures on the NHS workforce a “national scandal”
Posted: 25/7/22
The majority (82 per cent) of UK adults think that return on investment should be prioritised when considering how their pension is managed, rather than the local impact, according to research from the Centre for Progressive Policy (CPP)
Posted: 25/7/22
The sentencing of two former financial advisers, Mark Kelly and Rikki Nicholls, to six years imprisonment for conspiracy to defraud and money laundering highlights the need for trustees to take steps to protect their pension scheme members from fraud, RSM UK has warned
Posted: 25/7/22
The Royal Mail Statutory Pension Scheme (RMSPS) deficit increased to £50,876m as at 31 March 2022, up from £48,614 to in March 2021, according to the latest Annual Report and Accounts published by the government.
Posted: 25/7/22
The number of employers who reported an automatic-enrolment opt-out rate of between 20 and 29 per cent increased from less than 1 per cent in 2021 to 4 per cent in 2022, Aon UK has revealed
Posted: 25/7/22
Industry experts have urged the government to follow the Financial Conduct Authority's (FCA) lead on pre-retirement communications to ensure a consistent approach across trust- and contract-based pension schemes
Posted: 25/7/22
Pension Insurance Corporation (PIC) has concluded a full scheme buy-in with the trustee of the Medway Packaging Pension Scheme, covering £52m of liabilities for 425 pensioners and 150 deferred members
Posted: 25/7/22
Pension scheme trustees have been urged to take proactive oversight of fiduciary managers’ (FM) approach to environmental, social and governance (ESG) issues, after research from XPS Pensions found that 33 per cent of FMs don’t exclude the lowest ESG-rated funds
Posted: 22/7/22
Nearly a third (31 per cent) of 58-75 year olds want to work beyond the state pension age of 66, a Dunstan Thomas report has revealed
Posted: 22/7/22
Plans for the defined benefit (DB) funding code to be operational by 2023 could be placed under pressure in light of the fact that parliament has gone into summer recess without the funding regulations being laid, Isio has said
Posted: 22/7/22
The latest news in brief and mandates from the past seven days
Posted: 22/7/22
Annuities could be making a “fight back” amid changes in interest rates, according to Canada Life, which has increased annuity rates for the 14th consecutive time this year
Posted: 22/7/22
The deficit of the Social Housing Pension Scheme (SHPS) fell by £615m amid "better than expected" investment returns, standing at £945m as at 30 September 2021
Posted: 22/7/22
The Public Accounts Committee (PAC) has shared recommendations for the Financial Conduct Authority (FCA), after its investigation into the British Steel Pension Scheme (BSPS) found that the advice market caused members "serious financial harm"
Posted: 21/7/22
PensionBee's number of invested customers has increased by 72 per cent over the past year to 30 June 2022, its latest six-month trading update has revealed
Posted: 21/7/22
HMRC repaid a total of £33,689,819 in Q2 2022 to people who overpaid tax when they flexibly accessed their pensions, according to the latest government Pension Schemes Newsletter
Posted: 21/7/22
Solvency II reform proposals need further work as they could risk “penalising pension customers”, the Association of British Insurers (ABI) has warned.
Posted: 21/7/22
Standard Life, part of Phoenix Group, has concluded a £150m full buy-in of the Sappi UK Pension Scheme
Posted: 21/7/22
The government has published draft legislation confirming plans to introduce a top-up system for low earners in net-pay arrangements, with payments expected to be made from 2025
Posted: 21/7/22
The pension liabilities of the Armed Forces Pension Scheme (AFPS) have increased by £25.1bn over the past year to £279.1bn, according to the scheme's Annual Report and Accounts 2021-22
Posted: 20/7/22
The government has launched a consultation on proposed uplifts to member contribution tier thresholds for the NHS Pension Scheme, ahead of the introduction of the new NHS Pension Scheme contribution structure
Posted: 20/7/22
The Pensions Ombudsman (TPO) has upheld a complaint from a member of the Nest pension scheme against JLE Havant Limited (JLE)
Posted: 20/7/22
The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have unveiled the Pension Attention campaign slogan and logo, ahead of its launch in September
Posted: 20/7/22
The Pensions Management Institute (PMI) has announced it will modernise its membership and qualification structure to ensure it is more aligned with a wider range of pension career aspirations
Posted: 20/7/22
Rising inflation could have a significant impact on the timing of retirement decisions, analysis from XPS Pensions Group has suggested, after it found that members who delay their retirement could see a "material increase" in their pension
Posted: 20/7/22
The Work and Pensions Committee (WPC) has confirmed the appointment of Dominic Harris as pensions ombudsman and Pension Protection Fund (PPF) ombudsman, following a pre-appointment hearing
Posted: 19/7/22
A coalition of public and private asset owners and managers have announced plans to develop a set of criteria to underpin a new Just Transition Label for investment products that deliver the three critical elements of a just transition
Posted: 19/7/22
Around 104,774 (40 per cent) of the 262,261 decumulation products bought in 2021 were purchased without professional, regulated advice, analysis of data from the Financial Conduct Authority (FCA) by Just Group has revealed
Posted: 19/7/22
Industry experts have suggested the government's proposed 90-day notice for the pensions dashboards available point (DAP) is too short, although experts are split on the best timeline, and whether a phased approach would be better
Posted: 19/7/22
Almost all (97 per cent) of transfer cases reviewed by the XPS Scam Protection in June were assessed as having one or more scam warning signs, an all-time high, the XPS Pension Group’s Scam Flag Index has revealed
Posted: 19/7/22
The government has confirmed that it will push ahead with plans to remove certain restrictions on employer-related investments (ERI) currently applying to large pension schemes, in an effort to remove the 'red tape' surrounding illiquid investments
Posted: 19/7/22
A US-based engineering company, with operations in the UK and globally, has completed a £103m buyout with Just Group, securing retirement benefits for around 298 deferred members and 25 pensioners
Posted: 19/7/22
ZEDRA has announced the launch of a new pensions-focused offering, Pensions & Incentives
Posted: 19/7/22
Working British Muslims have an £11.5bn pensions gap, new analysis from Penfold has revealed
Posted: 18/7/22
Two men have been sentenced to six years imprisonment at Southwark Crown Court, after convincing over 250 savers to transfer more than £20m of their pension savings into "wholly unsuitable" investments
Posted: 18/7/22
Industry experts have backed calls for the government to encourage greater pension saving amongst the self-employed, although concerns have been raised as to whether an auto-enrolment (AE) style solution would be the best approach
Posted: 18/7/22
The Society of Pension Professionals (SPP) has called for the industry to be made aware of an anticipated Dashboards Available Point (DAP) at least 12 months in advance, in its response to the Department for Work and Pensions’ (DWP) recent consultation
Posted: 18/7/22
The government has been urged to introduce an automatic enrolment (AE) system for the self-employed, and to work with the financial services industry to develop more flexible savings products to help people save for a rainy-day fund and their retirement
Posted: 18/7/22
Almost four out of five consumers (78 per cent) ‘understand’ pensions, new research from Link Group has revealed
Posted: 18/7/22
The Pensions Dashboards Programme (PDP) has confirmed plans to launch a six-week consultation on dashboards standards from 19 July, alongside a call for input on the design standards
Posted: 15/7/22
The latest news in brief and mandates from the past seven days
Posted: 15/7/22
The Department for Work and Pensions (DWP) has announced plans to establish a new minister-led taskforce to identify reliable data and metrics in an effort to raise focus on social factors throughout the investment chain
Posted: 15/7/22
There is a clear link between the relative generosity of defined benefit (DB) pension schemes' transfer values and the volume of transfers out, according to analysis from LCP
Posted: 15/7/22
FTSE 350 companies’ defined benefit (DB) pension schemes’ average time to buyout fell by a year and a month over June 2022 to a historic low of 7.2 years, according to Barnett Waddingham’s DB End Guage analysis
Posted: 15/7/22
The trustees of the McColl’s pension schemes have confirmed that the Wm Morrisons Supermarkets group has now completed its rescue of the TM Pension Plan (TMPP) and the TM Group Pension Scheme (TMGPS)
Posted: 15/7/22
The Pensions Regulator (TPR) hit 10 out its 14 key performance indicators (KPIs) in 2021-22, nearly meeting a further three targets, amid “significant economic and social challenges”
Posted: 14/7/22
The Pension Protection Fund's (PPF) funding ratio increased by 10.6 percentage points year-on-year to 137.9 per cent, as at 31 March 2022, its latest Annual Report and Accounts has revealed
Posted: 14/7/22
PTL Governance Limited has announced it will become ZEDRA Governance Limited from 18 July
Posted: 14/7/22
An increasing number of employers are looking to support employee financial wellbeing amid the cost-of-living crisis, with around 83 per cent of employers highlighting financial wellbeing support as a major focus for the next two years in research from WTW
Posted: 14/7/22
The government has published its response to its consultation on the draft regulations for pensions dashboards, revealing that the deadlines for the first two staging cohorts have been deferred by two months.
While connection can still begin from 1 April 2023, master trusts with 20,000 or more relevant members have had their staging deadline changed from 30 June 2023 to 31 August 2023
While connection can still begin from 1 April 2023, master trusts with 20,000 or more relevant members have had their staging deadline changed from 30 June 2023 to 31 August 2023
Posted: 14/7/22
Trustees should use the summer to get on top of new governance requirements that will come into force in the new Code of Practice in the autumn, LCP has urged
Posted: 14/7/22
The EDS 1994 Pension Scheme has agreed a £1.1bn buy-in with Pension Insurance Corporation (PIC), securing retirement benefits for all of the scheme’s 3,000 pensioners and 2,300 deferred pensioners
Posted: 14/7/22
Over three-quarters (77 per cent) of people with multiple pension pots think dashboards would be useful to see all their pensions in one place, whilst over a third (38 per cent) expect it to be ‘very useful’, according to research from Aegon
Posted: 14/7/22
The Online Safety Bill's journey through parliament has been put on hold until a new Prime Minister is put in place in the autumn
Posted: 14/7/22
The trustee of the British Steel Pension Scheme (BSPS) has announced that Legal and General Investment Management (LGIM) is to be appointed to manage the combined assets of the BSPS defined benefit (DB) scheme
Posted: 13/7/22
A coalition of 29 asset owners, institutional investors and stewardship service providers representing $7trn in assets has written to the CEOs of 100 of the UK’s largest listed companies, urging them to take immediate and concerted steps to develop and implement effective management systems and processes on workplace mental health
Posted: 13/7/22
Pension credit claims more than doubled during the Department for Work and Pensions’ (DWP) recent Pension Credit Day of Action, with over 10,000 claims made during the week of 13 June, marking a 275 per cent year-on-year increase
Posted: 13/7/22
Buy-in and buyout market volumes are expected to be around £25bn in the second half of 2022, analysis from Hymans Robertson has revealed
Posted: 13/7/22
Industry experts have raised concerns over the impact of the cost-of-living crisis on pension saving trends, after analysis from Standard Life revealed that even a one-year break in pension payments could leave savers almost £13,000 worse off in retirement
Posted: 13/7/22
The Whitbread Group Pension Fund has completed a £680m buy-in with Standard Life, part of Phoenix Group, securing retirement benefits for around 8,000 scheme members
Posted: 13/7/22
Dominic Harris is the preferred candidate for the role of pensions ombudsman and Pension Protection Fund ombudsman, the Department for Work and Pensions (DWP) has announced
Posted: 12/7/22
The aggregate surplus of the UK's 5,215 defined benefit (DB) pension schemes increased by a further £6.3bn in June to £267.9bn, according to the Pension Protection Fund's (PPF) latest 7800 Index
Posted: 12/7/22
The Financial Reporting Council (FRC) has published a position paper setting out the next steps to reform the UK’s audit and corporate governance framework whilst it transitions to the Audit, Reporting and Governance Authority (ARGA)
Posted: 12/7/22
Make My Money Matter (MMMM) has published new guidance to provide pension schemes trustees with practical steps to help them identify, address and eliminate deforestation risk and associated human rights abuses from their investments
Posted: 12/7/22
The ViaNova Working Group and The Investing and Saving Alliance (Tisa) Exchange (TEX) have completed a 'first of its kind' live pension transfer within the defined contribution (DC) occupational space, with WTW
Posted: 12/7/22
The ongoing cost-of-living crisis is putting seven years of pension freedoms progress at risk, a paper from independent actuaries AKG has warned
Posted: 12/7/22
Ashley Alder has been announced by HM Treasury as the new chair of the Financial Conduct Authority (FCA) and is expected to take up the role in January 2023, taking over from Richard Lloyd who has served as interim chair since May 2022
Posted: 11/7/22
Over two in five (43 per cent) UK adults aged 55-66 years old have chosen to take an early retirement since the beginning of the pandemic in March 2020, new research from Canada Life has revealed
Posted: 11/7/22
Nest has outlined new targets as part of its effort to increase diversity and inclusion, after its latest ethnic and gender pay data revealed that whilst there has been progress towards pay parity, further work is still needed
Posted: 11/7/22
Nearly half (46 per cent) of Local Government Pension Scheme (LGPS) funds expect to be more than 100 per cent funded at their next triennial actuarial valuation, according to research from Alpha Real Capital
Posted: 11/7/22
Hargreaves Lansdown has called for the government to refrain from increasing minimum auto-enrolment (AE) pension contributions beyond the current 8 per cent and look at how to get people to boost their contributions voluntarily instead
Posted: 11/7/22
The Department for Work and Pensions (DWP) has confirmed plans to further develop and enhance the government’s digital mid-life MOT offering, looking to target people aged 45-55 across three new workstreams
Posted: 11/7/22
Guy Opperman MP has been reinstated as Pensions Minister, having resigned from the post on 7 July
Posted: 8/7/22
Pensions Policy Institute (PPI) head of policy research, Daniela Silcock, highlights the importance of improved data on the financial experiences and behaviours of people from ethnic minority groups
Posted: 8/7/22
Research commissioned by the Financial Reporting Council (FRC) has identified the positive impact the revised UK Stewardship Code has had on the practice and reporting of asset managers and owners
Posted: 8/7/22
The latest news in brief and mandates from the past seven days
Posted: 8/7/22
Schemes could have an opportunity to lock in recent gains via the de-risking market, which is set to return to “significant growth” this year, according to Aon, although gaps remain in trustee knowledge
Posted: 8/7/22
The winners of the 15th annual European Pensions Awards were announced last night at the highly anticipated annual gala dinner at the prestigious London Marriott Hotel Grosvenor Square
Posted: 8/7/22
Approximately one in 15 people (7 per cent) plan to reduce their workplace pension contributions to keep up with the increased cost of living, according to research by Barnett Waddingham
Posted: 8/7/22
The Pensions Regulator (TPR) has encouraged employers in the gig economy to recognise and comply with their auto-enrolment (AE) duties “voluntarily and promptly”
Posted: 7/7/22
Local Government Pension Schemes (LGPS) should be working to demonstrate the value they offer to members and reinforce the benefits of public service pension schemes to prevent member opt-outs, according to Aon
Posted: 7/7/22
More than 90 per cent of UK pension holders would use dashboards that consolidated the view of their pensions, savings and investments in one place, according to research by The Investing and Saving Alliance (Tisa) and EY
Posted: 7/7/22
Around a quarter (24 per cent) of FTSE 100 companies still provide defined benefit (DB) pensions to at least some of their staff, despite industry predictions of the imminent closing of all private sector DB schemes, research from Isio has revealed
Posted: 7/7/22
The industry has responded to the news that the longest-serving Pensions Minister, Guy Opperman, has resigned today, marking it as “the end of a fairly long period of stability”
Posted: 7/7/22
Read the now-former Pensions Minister, Guy Opperman's, resignation letter in full
Posted: 07/07/22
Pensions Minister, Guy Opperman, has resigned from his position in government
Posted: 7/7/22
The Personal Investment Management & Financial Advice Association (PIMFA) has said that members who were wrongly advised to transfer out of the British Steel Pension Scheme should be transferred into the Pension Protection Fund (PPF)
Posted: 6/7/22
Aegon pensions director, Steven Cameron, has highlighted the key role that Chancellor, Nadhim Zahawi, can play in shaping pension policy, following his appointment after the resignation of Rishi Sunak
Posted: 6/7/22
Over a quarter (28 per cent) of people have three or more pension pots, Hargreaves Lansdown has found
Posted: 06/7/22
Industry experts have suggested that legislative changes may be needed to address concerns around pension transfer regulations, despite updated guidance and clarification from The Pensions Regulator (TPR) and the Department for Work and Pensions (DWP)
Posted: 6/7/22
Pensions Minister, Guy Opperman, has said that he is still on track to implement reforms outlined in the 2017 Auto-enrolment (AE) Review by the mid-2020s and that he has a three-clause bill “sat” in his office
Posted: 6/7/22
UK defined benefit (DB) pension schemes' deficits against long-term funding targets decreased by around £56bn over the month to 29 June 2022, according to XPS Pensions Group’s DB:UK funding tracker
Posted: 6/7/22
It is essential that trustees of UK defined benefit pension schemes and their advisers assess and monitor Environmental, Social and Governance (ESG) risks in relation to the employer covenant and whether such risks have the potential to disrupt a scheme’s funding journey, the Society of Pensions Professionals (SPP) Covenant Committee has advised.
Posted: 05/7/22
Public sector pension schemes have been granted a judicial review over the government’s proposed method of paying for costs incurred by the McCloud judgment
Posted: 5/7/22
Trustees of defined benefit (DB) pension schemes and their advisers should assess and monitor environmental, social and governance (ESG) risks in relation to the employer covenant, the Society of Pension Professionals (SPP) Covenant Committee has advised
Posted: 05/7/22
The BT Pension Scheme (BTPS) has announced plans to reduce the scope 1 and 2 carbon intensity of its equity and credit portfolio by at least 25 per cent, and real estate by at least 33 per cent, by 2025
Posted: 5/7/22
The funding position of FTSE 350 companies’ defined benefit (DB) pension schemes moved from a £4bn deficit to a £11bn surplus in June, according to Mercer’s Pensions Risk Survey data
Posted: 5/7/22
Pension scheme sponsors and trustees need to be prepared for urgent intervention to protect their schemes as bond markets brace themselves for "historically high levels" of volatility, Aon has said
Posted: 5/7/22
Just over one third (34 per cent) of employers believe that their defined contribution (DC) pension scheme needs to improve communication and engagement with members, according to research from HSBC Master Trust
Posted: 5/7/22
PensionBee has written to Pensions Minister, Guy Opperman, accusing several pension providers of abusing new pension legislation to block or delay consumers from moving their pensions
Posted: 4/7/22
The Pensions Administration Standards Association (Pasa) Data Working Group has published guidance on dashboards data accuracy, urging pension scheme trustees to take the necessary action ahead of the dashboards deadline
Posted: 4/7/22
ITM has announced it has teamed up with PLSA dashboard consultant, Richard Smith, to conduct “critical” industry research to help schemes decide their matching criteria for pensions dashboards
Posted: 04/7/22
Asset managers have been urged to back the UK Stewardship Code, after Scottish Widows emphasised the "large-scale, positive" impact that good stewardship policies can have in the real world
Posted: 4/7/22
The Government Actuary’s Department (GAD) has now published its 2016 cost cap valuation reports for all 20 public service pension schemes, including the NHS, teachers and police
Posted: 4/7/22
The combined IAS19 surplus of FTSE 100 defined benefit (DB) pension schemes continued to grow at record levels over the three months to 30 June 2022, analysis from LCP has revealed
Posted: 4/7/22
The aggregate defined benefit (DB) pension scheme surplus in the UK increased by £60bn to £250bn in June, according to the PwC Pension Trustee Funding Index, marking the highest surplus recorded since the launch of the index in 2015
Posted: 4/7/22
The impact of Covid-19 on future mortality improvements will affect life expectancy by less than 1 per cent, according to a poll of insurers
Posted: 1/7/22
Origo has announced plans to launch the Origo Dashboard Connector, a "comprehensive and cost-effective" tool to help pension providers connect to the pensions dashboards
Posted: 1/7/22
The Pensions Ombudsman (TPO) has partly upheld a complaint against The Jaguar Pension Plan, ordering the trustee (Jaguar Land Rover Pension Trustee Limited) to pay the complainant £1,000 and the administrator (Mercer Limited) to pay him £2,000 in recognition of the distress and inconvenience caused
Posted: 01/7/22
Although the latest pension participation data showed that Covid-19 did not have a significant impact on participation or contribution rates, auto-enrolment’s (AE) biggest test is “yet to come”, according to Aegon head of pensions, Kate Smith
Posted: 1/7/22
The expected future living standard in retirement provided by defined contribution (DC) savings improved in Q1 2022, although savers with larger DC pots have been hit worse by weak investment performance, according to Aon’s UK DC Pension Tracker
Posted: 1/7/22
The latest news in brief and mandates from the past seven days
Posted: 1/7/22
HMRC has confirmed that interest on pension arrears lump sum payments should be taxed as interest under the Income Tax Act 2005, in what has been highlighted as a “welcome boost for hard-pressed pensioners”
Posted: 30/6/22
New recommendations to strengthen the relationship between pension funds and investment managers have been set out in a report by a steering group established by the Investment Association (IA) and Pensions and Lifetime Savings Association (PLSA)
Posted: 30/6/22
The cost cap cost for the Local Government Pension Scheme (England and Wales) was 1.2 per cent below the employer cost cap as at 31 March 2016, according to new analysis from the Government Actuary's Department (GAD)
Posted: 30/6/22
The Pensions Regulator (TPR) has urged small defined contribution (DC) schemes to show that they offer value or wind up, after research revealed that trustees of most small schemes are unaware of new value for member duties
Posted: 30/6/22
Less than half (45 per cent) of UK CEOs and business leaders are aware that their company pension scheme could be contributing to climate change, according to research from Make My Money Matter (MMMM)
Posted: 30/6/22
Smiths Group’s TI Group Pension Scheme has completed a £640m buy-in with Rothesay, insuring the benefits of more than 8,750 members
Posted: 30/6/22
The Pensions Regulator (TPR) director of regulatory policy, analysis and advice, David Fairs, issues a reminder to trustees of their duties when members look to access their pensions
Posted: 29/6/22
The Financial Conduct Authority (FCA) has been urged to reconsider plans for assessing the amount of compensation owed to British Steel Pension Scheme (BSPS) members
Posted: 29/6/22
Smart Pension has announced that its default growth fund will be net zero by 2040 and will have halved its emissions between 2019 and 2025, ahead of the goals of the Paris Agreement, which called for emissions to be reduced by 45 per cent by 2030 and to reach net zero by 2050
Posted: 29/6/22
The Joint Forum on Actuarial Regulation (JFAR) has published a report on the science of climate change to aid with actuaries' understanding of climate-related issues
Posted: 29/6/22
A combined £2.5bn of pension contributions could be 'lost' as a result of the cost-of-living crisis, analysis from Scottish Widows has suggested, after finding that 11 per cent of UK adults have already cut back or stopped their pension contributions
Posted: 29/6/22
The average time for FTSE 350 pension schemes to buyout their DB liabilities has fallen to a historic low, Barnett Waddingham’s DB End Gauge Index has revealed
Posted: 29/6/22
Synova has announced an investment into 3173 Limited, a pensions administration software, trusteeship and governance services provider to the UK pensions industry
Posted: 28/6/22
Growing numbers of people are taking advantage of flexibilities in their defined benefit (DB) pension schemes to design a personalised retirement journey, research from LCP has found
Posted: 28/6/22
Pensions Age is delighted to announce the launch of a new conference in Edinburgh, to be held on Wednesday 9 November 2022
Posted: 28/6/22
The pension scheme for a large overseas conglomerate has completed a £40m full scheme buy-in with Just Group, securing retirement benefits for 89 deferred and 52 pensioner members
Posted: 28/6/22
The Department for Work and Pensions (DWP) has launched a consultation seeking further views on the dashboards available point (DAP), and on the disclosure of information between the Money and Pensions Service (Maps) and The Pensions Regulator (TPR).
The DWP previously ran a consultation on the draft pensions dashboards regulations, which outline the requirements pensions dashboards and their providers, and the trustees and managers of relevant occupational pension schemes, will need to meet
The DWP previously ran a consultation on the draft pensions dashboards regulations, which outline the requirements pensions dashboards and their providers, and the trustees and managers of relevant occupational pension schemes, will need to meet
Posted: 28/6/22
Workplace pension participation rates and contribution levels in the UK have stabilised in recent years, despite previous fears that the Covid-19 pandemic would negatively impact saving and participation levels, figures from the Department for Work and Pensions (DWP) have shown
Posted: 28/6/22
The Pensions Ombudsman (TPO) has upheld a complaint from a member of the Halsey Ltd Pension Scheme against B&CE and Halsey Builders Ltd
Posted: 27/6/22
Further clarification is needed on The Pensions Regulator's (TPR) consolidated enforcement policy and prosecution policy proposals to prevent tension between pensions and insolvency regimes, and avoid "erratic" stakeholder behaviour, according to Cardano
Posted: 27/6/22
High net-worth individuals (HNWIs) in the UK are significantly underestimating how much money they will want in retirement, misjudging by almost £300,000 on average, according to research from Saltus
Posted: 27/6/22
The GMP Equalisation Working Group (GMPEWG), chaired by the Pensions Administration Standards Association (Pasa), has published new guidance on the administration implications of past transfers out
Posted: 27/6/22
May’s month-end average pension transfer value was £217,000, down from £232,000 in April and the lowest since June 2016, XPS Pensions Group’s Transfer Value Index has indicated
Posted: 27/6/22
The Treasury Committee has announced the launch of the Sub-Committee on Financial Services Regulations, which will scrutinise regulatory proposals for financial services and have powers to “send for persons, papers and records”
Posted: 27/6/22
A growing number of individuals have overlooked pension assets in divorce proceedings since the introduction of online DIY divorces and could be missing out on the largest divisible asset aside from the family home, according to new figures obtained by Nockolds
Posted: 24/6/22
Defined benefit (DB) pension schemes are increasingly taking environmental, social and governance (ESG) considerations into account in buy-in decisions, Hymans Robertson has stated
Posted: 24/6/22
House of Lords (HoL) member and pensions industry stalwart, Baroness Sally Greengross OBE, died yesterday (23 June) at the age of 86
Posted: 24/6/22
The latest news in brief and mandates from the past seven days
Posted: 24/6/22
Progress has been made by the pensions industry to help savers make informed decisions about what to do when they retire, according to a report from the Pensions and Lifetime Savings Association (PLSA)
Posted: 24/6/22
Defined contribution (DC) pension providers have been urged to publicly disclose their gender pensions gap as part of a call for urgent action, after analysis from Legal & General (L&G) suggested the pace of change had been "glacial" in recent years
Posted: 24/6/22
The Pensions Dashboards Programme (PDP) has connected Moneyhub’s pensions dashboard with its central digital architecture
Posted: 23/6/22
HMRC has confirmed that its systems are not currently capable of allowing individuals with multiple earnings that cumulatively exceed the £10,000 earnings trigger for automatic enrolment (AE) to be enrolled into a pension scheme
Posted: 23/6/22
Heywood Pension Technologies has announced it has successfully connected its ISP solution to the Pensions Dashboards Programme’s (PDP) digital architecture and is starting to expand its testing of end-to-end transactions
Posted: 23/6/22
Employee and employer contributions for private sector defined contribution (DC) schemes increased again in Q4 2021, alongside increases in the number of active members, figures from the Office for National Statistics (ONS) have revealed
Posted: 23/6/22
The Barnett & Hall Holdings Pension Scheme has completed a £21m full scheme buy-in with Legal & General (L&G) Assurance Society, securing retirement benefits for around 110 members, including 105 non-pensioner members
Posted: 23/6/22
The Small Pots Co-ordination Group has published its spring 2022 report, outlining three potential solutions to address the increasing number of small, deferred pension pots in the auto-enrolment (AE) pension market
Posted: 23/6/22
Redington has launched a new ‘MOT’ for pension trustees to help them ensure that their strategies are “suitable and on track”
Posted: 22/6/22
The Pensions and Lifetime Savings Association (PLSA) has argued that there is a “strong case” to align the state pension with a minimum income standard, such as the PLSA's minimum Retirement Living Standard
Posted: 22/6/22
The Pensions Regulator (TPR) has launched a new campaign urging trustees to start preparing for the pensions dashboards deadline and published new guidance based on the draft regulations published by the government
Posted: 22/6/22
The gender pensions gap starts “from birth”, as 14,500 girls aged 15 or under had money paid into a pension for them compared to 15,300 boys in 2019/20, a recent Freedom of Information (FOI) request from Hargreaves Lansdown has revealed
Posted: 22/6/22
High inflation expectations have “surprisingly” led to UK defined benefit (DB) schemes seeing their long-term liabilities fall by around 0.2 per cent over the past 12 months, although the backdrop of rising prices and tightening real wages have resulted in a “tough time” for schemes looking to invest, according to XPS Pensions Group
Posted: 22/6/22
UK defined benefit (DB) pension scheme buyout costs could be reduced by as much as £100bn by offering a clear range of options to members, potentially cutting the timeline to reach buyout by around three years, analysis from Hymans Robertson has revealed
Posted: 22/6/22
The Work and Pensions Committee (WPC) is expected to take a closer look at the treatment of pensions in instances of corporate failure, following the conclusion of its current three-part inquiry into pension freedoms later this year
Posted: 21/6/22
The Universities Superannuation Scheme (USS) is in talks with Butlins to buy into the holiday camp operator’s real estate assets in a deal worth £300m, Sky News has reported
Posted: 21/6/22
The Pensions Ombudsman (TPO) has upheld a complaint against the sponsor of the Celebrity Global Holdings Ltd Pension Scheme and ordered it to pay £3,020.83 plus interest to the complainant
Posted: 21/6/22
The Department for Work and Pensions (DWP) has confirmed plans for over 160,000 scheme members to be encouraged to learn more about making greener pension choices in a new three-week 'green nudge' trial
Posted: 21/6/22
The trustees of the BT, Ford and Marks & Spencer (M&S) pension schemes are set to take the Chancellor, Rishi Sunak, to judicial review over the decision to change the way the Retail Price Index (RPI) is calculated
Posted: 21/6/22
Three-fifths (60 per cent) of women did not get a share of their ex-spouse’s pension as part of the financial settlement in their divorce, while 12 per cent were not sure whether they did, a survey by Stowe Family Law has discovered
Posted: 21/6/22
Calls for the government to outline how automatic enrolment (AE) pension contributions could be increased and the eligibility criteria could be extended have continued to grow, after the Association of British Insurers (ABI) shared a suggested timeline for such changes
Posted: 21/6/22
Growth in the number of non-enrolled workers was more than double that of auto-enrolled workers in May, marking the 22nd consecutive month that non-enrolled worker growth has outpaced that of auto-enrolled workers
Posted: 20/6/22
More than two fifths (43 per cent) of pension funds and other institutional investors expect fixed income performance to deteriorate further over the next 12 months, with 13 per cent expecting a significant decline, according to Aeon Investments
Posted: 20/6/22
The Pensions Administration Standards Association (Pasa) has published updated guidance on defined contribution (DC) governance, amid growing complexity and an “everchanging landscape”
Posted: 20/6/22
The number of people of pensionable age is projected to reach over 15.2 million by 2045, a 28 per cent increase on the level in 2020, due to rising life expectancy and an ageing population, the Institute for Fiscal Studies (IFS) has projected
Posted: 20/6/22
Two-thirds (66 per cent) of pension scheme administrators view the volume of legislative change as one of the main barriers they face to providing a high-quality service, according to research from OMB Research for The Pensions Regulator (TPR)
Posted: 20/6/22
The government is pushing ahead with requirements for pension trustees to calculate and disclose a portfolio alignment metric on the extent to which their investments are aligned with the Paris Agreement.
The plans, which will come into force from 1 October 2022, will require trustees to obtain and use data to calculate their selected portfolio alignment metric “as far as they are able”, and aim to ensure that more than 80 per cent of UK members will be invested in schemes that are helping to limit climate risk
The plans, which will come into force from 1 October 2022, will require trustees to obtain and use data to calculate their selected portfolio alignment metric “as far as they are able”, and aim to ensure that more than 80 per cent of UK members will be invested in schemes that are helping to limit climate risk
Posted: 20/6/22
The majority of pension schemes in the UK have either committed to net zero by 2050 or plan to do so in the near future, Aon’s 2022 Global Perspectives on Responsible Investing survey has revealed
Posted: 17/6/22
The top 10 per cent of the population in Great Britain held more private pension wealth than the rest of the population combined between April 2018 and March 2020, figures from the Office for National Statistics (ONS) have shown.
The top decile of savers held 64 per cent of the country’s private pension wealth, while the bottom half held less than 1 per cent
The top decile of savers held 64 per cent of the country’s private pension wealth, while the bottom half held less than 1 per cent
Posted: 17/6/22
Universities Superannuation Scheme (USS) has launched its first mandate investing in asset-backed securities (ABS)
Posted: 17/6/22
The rate of economic inactivity among people in their 50s and 60s has risen since the Covid-19 pandemic started, with 35.4 per cent of older people being economically inactive in Q1 2020 compared to 36.5 per cent in Q1 2022, the Institute for Fiscal Studies (IFS) has revealed
Posted: 17/6/22
The total value of buy-in and buyout deals in 2021 was £27.7bn, according to Hymans Robertsons’ Half Year Risk Transfer Report, with £20.9bn worth of transactions taking place in the second half of the year
Posted: 17/6/22
The latest news in brief and mandates from the past seven days
Posted: 17/6/22
The Institutional Investors Group on Climate Change (IIGCC) has published a new component for the Net Zero Investment Framework (NZIF), providing guidance on aligning and managing infrastructure portfolios with the goal of achieving net zero by 2050
Posted: 16/6/22
GMB Union has announced it will launch legal action against the platform-based private hire firm Bolt on behalf of drivers over their classification as self-employed workers
Posted: 16/6/22
The De La Rue Pension Scheme has completed a £320m buy-in with Scottish Widows, covering the liabilities of around 1,400 pensioner members
Posted: 16/6/22
Pension liberation scams are in continued decline, according to The Pensions Regulator (TPR), although retirement savings are increasingly vulnerable to pension-related investment scams
Posted: 16/6/22
The Pensions Dashboards Programme (PDP) has successfully tested an end-to-end version of the dashboard ecosystem, PDP principal, Chris Curry, has revealed
Posted: 16/6/22
Nearly a quarter (23 per cent) of delegates at the PLSA Local Authority (LA) Conference believe that the Local Government Pension Scheme (LGPS) is unsustainable in its current form
Posted: 16/6/22
The government is planning to launch a consultation on changes to Local Government Pension Scheme (LGPS) pooling regulations in autumn 2022, Department for Levelling Up, Housing and Communities head of local government pensions, Theresa Clay, has announced
Posted: 15/6/22
The Financial Reporting Council (FRC) has issued a consultation on new requirements for actuaries to consider climate change and ESG-related risks in their calculations
Posted: 15/6/22
The Pensions Regulator (TPR), the Financial Conduct Authority (FCA) and Action Fraud have published a guide for reporting pension scams, including detailed red and amber flags for pension transfers
Posted: 15/6/22
Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video
ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video
Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video
Global equities and transition investing
Pensions Age editor, Laura Blows speaks to Royal London Asset Management equity investment director, Jonathan Price, about transitioning to sustainable investments within global equities
Cost transparency
Pensions Age editor, Laura Blows, discusses investment cost transparency and savings with Aon’s Neil Smith and Chris Hawksworth. Please click here for an edited write-up of the video
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