Archive News

PPI senior policy researcher, Lauren Wilkinson, discusses the link between ill-health early in life and lower wealth in retirement
Posted: 17/09/19
Optimum Capital has been referred to The Pensions Regulator (TPR) and ordered to pay the complainant £2,000 by The Pensions Ombudsman (TPO), after it breached its fiduciary duties. The complainant, ‘Mr E’, referred Optimum to TPO after it failed to act on his pension transfer request
Posted: 17/09/19
More than eight out of 10 trustees are estimated to have faced challenges when implementing new responsible investment (RI) regulations
Posted: 17/09/19
The pension industry needs greater stability in the position of Work and Pensions (W&P) Secretary to drive initiative and investment, Altus principal consultant, Will Watling has said
Posted: 17/09/19
Nest is introducing a new death benefit option that will allow its members to remove their pension pots from inheritance tax consideration
Posted: 17/09/19
The Strathclyde local government pension scheme (LGPS) has once again being urged to liquidate its oil and gas investments
Posted: 17/09/19
Aviva is in line to take control of the Wyevale Garden Centre pension scheme, worth around £50m, after its owner announced plans to break up the firm
Posted: 16/09/19
Residents in Edinburgh and Southampton have the highest levels of pensions knowledge in the UK, according to new research from Portafina
Posted: 16/09/19
The number of people making lump sum withdrawals from their pension schemes aged 65 or over has jumped by 38 per cent to a record high in the last year, Salisbury House Wealth has revealed
Posted: 16/09/19
The majority of DC savers who want to retain their current lifestyle in retirement will need to increase their pension contributions, according to Aegon
Posted: 16/09/19
The Local Government Pension Scheme (LGPS) has said that it is facing pressure from the government to stop using active fund managers, following the Woodford scandal.

An executive of the UK’s largest public sector pension scheme told the Financial Times that analysis from Hymans Robertson in 2013 had found that the scheme could save up to £230m a year in investment fees and £190m in transaction costs if it dropped active managers
Posted: 16/09/19
Pension Insurance Corporation (PIC) has completed £6bn worth of bulk annuity deals across nine DB pension schemes in the first half of 2019, its half year results have revealed
Posted: 16/09/19
Five pension funds and providers from the UK have made it on to the Principles for Responsible Investment’ (PRI) leader’s group for 2019
Posted: 13/09/19
Couples going through a divorce should not disregard pensions in favour of trying to retain the value of the family home, as they may be missing out on a significant retirement income as a result
Posted: 13/09/19
Hargreaves Lansdown has warned that latest government figures showing an increase in people working longer could be the 'tip of the iceberg'
Posted: 13/09/19
One third of parents who have adult children living with them are using their pension savings to help them cover the cost of housing their offspring
Posted: 13/09/19
The latest mandates and news in brief from the past week
Posted: 13/09/19
The Work and Pensions Select Committee has written to The Pensions Regulator (TPR) over concerns that the plan to rescue the Arcadia Group pension scheme will fail
Posted: 13/09/19
John Lewis’ defined benefit pension scheme deficit has dropped by over £100m to £62.8m over the past year
Posted: 12/09/19
As many as 18 million adults in the UK are unsure as to whether or not they are saving enough into their pensions, the Pensions and Lifetime Savings Association (PLSA) has warned
Posted: 12/09/19
The Pensions Ombudsman (TPO) has instructed Prudential to reimburse a UK client for any investment losses incurred due to its delay in transferring their pension savings to a Canadian scheme
Posted: 12/09/19
The number of workers in auto-enrolment (AE) pension schemes has continued to steadily increase, with another 25,000 workers being auto-enrolled in August 2019
Posted: 12/09/19
Trust-based DC schemes are far more likely to be considering implementing ESG filters in their default funds than their contract-based counterparts, according to Willis Towers Watson (WTW)
Posted: 12/09/19
The Co-operative Group’s (Co-op) overall pension scheme surplus declined by £458m year-on-year to £1,644m, as of 6 July 2019, according to its interim results report
Posted: 12/09/19
Legal and General (L&G) has agreed a £35m buyout for US-owned law firm Edwards Wildman Palmer LLP’s UK pension scheme
Posted: 11/09/19
The vast majority of over 55s who have used pension freedoms to access their private pensions would prefer to draw a regular lifetime income from the state pension, rather than take the state pension as a lump sum — if the option to do so was available
Posted: 11/09/19
Workers aged 60 and over who are opting out of their workplace pension schemes could be collectively throwing away up to £1.75bn in savings, Royal London has said
Posted: 11/09/19
Pension contribution levels commonly have the “most significant” impact on retirement outcomes, the Pension Policy Institute (PPI) has said
Posted: 11/09/19
Pension savers in the UK could miss out on nearly £10,000 if they do not update their planned retirement date, Aviva has revealed
Posted: 11/09/19
Extreme longevity is one of the world’s top 30 extreme risks for investors, according to a report by the Thinking Ahead Institute
Posted: 11/09/19
Defined contribution pension scheme trustees are not doing enough to integrate environmental, social and governance (ESG) factors into their schemes’ default funds, according to Sackers
Posted: 11/09/19
The government has announced plans to overhaul the NHS pension scheme to tackle widespread opt-outs and workers cutting their hours by giving staff more flexibility in their retirement planning
Posted: 11/09/19
Thomas Cook’s pension trustees are seeking assurances and incentives over a £900m rescue deal which could see shareholders and the scheme losing out
Posted: 10/09/19
Rothesay Life has revealed that it expects to write more than £10bn in bulk annuity transactions in 2019
Posted: 10/09/19
Pension consolidation is beginning to force smaller-sized asset and fiduciary managers out of the market as competition increases, according to research from Cerulli Associates
Posted: 10/09/19
The government has launched a consultation asking whether independent schools should be able to opt out of the Teachers’ Pension Scheme while allowing existing staff to remain as active members
Posted: 10/09/19
Defined benefit pension schemes approaching buyout may be exposed to unnecessary risk due to Brexit uncertainty and the global economic slowdown, according to Barnett Waddingham
Posted: 10/09/19
The Pensions Regulator (TPR) has authorised a further five master trusts, bringing the total number of approved schemes up to 27
Posted: 10/09/19
The combined deficit of schemes in the PPF 7800 index has increased by £72.2bn during August to £162.9bn, according to the Pension Protection Fund (PPF)
Posted: 10/09/19
Employees want their employers to be more open and honest about the challenges they face in building up adequate pensions savings
Posted: 10/09/19
Support for company defined benefit schemes in the FTSE 350 remained largely unchanged in 2018, although company support is polarised, according to PwC
Posted: 09/09/19
The Financial Ombudsman Service (FOS) has ordered JLT Actuaries and Consultants to pay ‘Mr W’ around £150,000 after advising him to opt out of a final salary workplace pension scheme in 1997
Posted: 09/09/19
The Pensions Regulator (TPR) is prosecuting the director of a professional trustee firm for failing to provide information and documents during the course of an ongoing investigation into the company
Posted: 09/09/19
The role of Work and Pensions Secretary has been described as a “revolving door” and a “poisoned chalice” as the pensions industry reacts to the appointment of Thérèse Coffey
Posted: 09/09/19
Over half of the UK’s workers feel confident about their ability to retire comfortably, Aegon has found
Posted: 09/09/19
Thérèse Coffey has been appointed as Work and Pensions Secretary following the resignation of Amber Rudd on Saturday evening (7 September)
Posted: 08/09/19
Government proposals to make the NHS pension scheme more flexible for staff needs “significant further action” to sustain NHS services, according to NHS England chief executive, Simon Stevens
Posted: 06/09/19
The Pensions Regulator (TPR) has banned three professional trustees from acting as trustees for workplace pension schemes for attempting to make employer-related investments without the required legal and investment advice
Posted: 06/09/19
The amount of tax received on pension transfers from UK pension schemes to Qualifying Recognised Overseas Pension Schemes (QROPS) in 2018/19 was way below government estimates, Canada Life has revealed
Posted: 06/09/19
The latest news in brief and mandates from the past seven days
Posted: 06/09/19
Four out of every five savers underestimate how much money they will need to save for retirement, research from Scottish Widows has found
Posted: 06/09/19
East Lothian Council has been accused of hypocrisy after declaring a climate emergency despite its pension scheme investing millions of pounds into non-environmentally friendly companies
Posted: 05/09/19
Melrose Industries’ defined benefit pension schemes ended June 2019 with a total deficit of £1.33bn, its half-year report has revealed
Posted: 05/09/19
Ten of the largest pension schemes in the UK have written a joint letter announcing their support for the Cost Transparency Initiative (CTI)
Posted: 05/09/19
Pension scam victims are being caught out by fraudsters when exercising their pension freedoms when it may not be in their best interest, the Financial Conduct Authority (FCA) has warned
Posted: 05/09/19
A look at The Pensions Regulator's intention to review its codes of practice in light of the Occupational Pension Schemes (Governance) (Amendment) Regulation 2018
Posted: 05/09/19
Several industry voices have criticised the Chancellor, Sajid Javid, for not using his Spending Review to the fix the pensions tax issue that is causing staffing issues in the NHS and across the public sector
Posted: 04/09/19
The government is considering introducing regulations regarding pre-packaged administration sales, amid fears they could be abused to pass on pension liabilities to the Pension Protection Fund (PPF)
Posted: 04/09/19
The UK Statistics Authority has recommended that the government scraps the Retail Price Index (RPI), describing it as “not a good measure” of inflation
Posted: 04/09/19
Just Group’s retirement income sales fell by 30 per cent year-on-year, as of 30 June 2019, from £1,179m to £831m
Posted: 04/09/19
Annuity rates for a 65 year old have fallen by 14 per cent since the start of 2019, in what has been described as a “horror show” by Hargreaves Lansdown senior analyst Nathan Long
Posted: 04/09/19
The average Universities Superannuation Scheme (USS) member will be £240,000 worse off in retirement due to changes made to the scheme since 2011, according to analysis from First Actuarial
Posted: 04/09/19
A plan by the Labour Party to introduce inclusive ownership funds (IOF), giving 10 per cent of shares in large UK companies to employees, will cost pension funds £31bn, according to Clifford Chance
Posted: 04/09/19
A total of 211,485 NHS workers have decided to opt out of the NHS Pension Scheme since March 2014, the government has revealed
Posted: 03/09/19
The deficit of UK defined benefit pension schemes increased by £100bn in August to £340bn, according to PwC’s latest Skyval Index
Posted: 03/09/19
Sustainable income withdrawals are the key to long-term success when opting for a income drawdown product, according to Royal London
Posted: 03/09/19
Ecroignard Trustees Limited was wound-up on Monday (2 September) after the Manchester High Court found it had mismanaged £14m worth of members’ savings across two pension schemes
Posted: 03/09/19
Industry professionals are divided on whether having a professional trustee should be a requirement for all pension schemes, the Pensions Management Institute (PMI) has found
Posted: 03/09/19
The Pensions Regulator (TPR) has granted authorisation to two further defined contribution master trusts, bringing the total number approved to 22
Posted: 03/09/2019
The 20 biggest pension schemes globally, saw their assets under management (AUM) fall by 1.6 per cent in 2018 in the first negative result since 2012, according to the Thinking Ahead Institute
Posted: 02/09/19
The pension deficit for FTSE 350 firms increased by £16bn in August to hit a two-year high of £67bn, Mercer has revealed
Posted: 02/09/19
Caroline Rookes has been appointed as interim head of The Pensions Ombudsman (TPO), the Department for Work and Pensions (DWP) has announced
Posted: 02/09/19
The government has announced that it will increase employer contributions into The Teacher’s Pension Scheme to 23.6 per cent, effectively immediately
Posted: 02/09/19
The Pensions Regulator is prosecuting a businessman for failing to give them information about the companies he owns and runs
Posted: 02/09/19
One-fifth of schemes with a long-term funding target, in addition to that used for technical provisions, are targeting a buyout, analysis from Aon has revealed
Posted: 02/09/19
British expats in EU countries will continue to have their state pensions uprated in a no-deal Brexit scenario, the government has said
Posted: 02/09/19
Universities UK (UUK) has accused the University and College Union (UCU) of “peddling misinformation” to its members on negotiations regarding changes to contribution levels for the Universities Superannuation Scheme (USS).

UUK said that it offered USS members a contribution rate of 9.1 per cent if the union agreed not to proceed with the planned ballot on industrial action, which is due to begin on 9 September
Posted: 30/08/19
The High Court has upped the stakes on pensions information meaning that employers and trustees need to be extra careful that information they provide to members is accurate, Trowers & Hamlins, partner, Rebecca McKay writes
Posted: 30/08/19
Pension scheme fiduciaries should be moving away from investing in government bonds due to falling gilt yields, according to Cambridge Associates
Posted: 30/08/19
The latest news in brief and mandates from the past seven days
Posted: 30/08/19
The government has still not changed the law to reflect a Supreme Court year-old ruling that found in favour of an unmarried mother, allowing her to claim a widowed parent’s pension
Posted: 30/08/19
A Queen's Speech will take place on 14 October, increasing the prospect of the long-awaited pensions bill being introduced before the UK is expected to leave the EU on 31 October
Posted: 29/08/19
Retirement planning is the largest single driver of revenue growth for advisers, with 58 per cent saying that they expect it drive their business growth over the next year
Posted: 29/08/19
Pension funds should look to diversify their growth portfolios away from equities in the current market environment, according to Cambridge Associates
Posted: 29/08/19
Recruitment firm Hays' DB pension surplus declined by £56.2m year-on-year as of June 2019, from £75.9m to £19.7m, according to its final results report
Posted: 29/08/19
Advisers are encouraging retirees to avoid investment risk by not making changes to their investment portfolios and steering clear of volatile assets, research from LV= has revealed
Posted: 28/08/19
Four months before the new year, state pension reliants are running out of cash. Jack Gray `looks at the issue of pensioner poverty
Posted: 28/08/19
The Star working group met for the first time in London last week, it has been revealed
Posted: 28/08/19
Universities Superannuation Scheme (USS) has launched an employer consultation on its proposed recovery plan and contribution schedule to tackle the scheme’s £6.6bn deficit
Posted: 28/08/19
Defined benefit transfer values hit an all time high in August reaching £258,200, according to the latest XPS Transfer Watch
Posted: 28/08/19
Three in 10 FTSE 100 companies have pledged to cut executives' pension payments in response to pressure from shareholders, according to the Investment Association (IA)
Posted: 28/08/19
Lane Clark & Peacock (LCP) is planning a £200m takeover bid for the pensions sector of KPMG, with the support of private equity firm Inflexion
Posted: 27/08/19
3,840 members of the armed forces breached the annual allowance in 2017/18, a Freedom of Information request has found
Posted: 27/08/19
The Department for Work and Pensions (DWP) has set out recommendations to improve The Pensions Ombudsman’s (TPO) services and distance it from the Financial Ombudsman Service (FOS)
Posted: 27/08/19
Prime Minister Boris Johnson’s proposal to increase the level at which people start paying high rate income tax would result in those benefiting from the change losing out on pensions tax relief, according to Aegon
Posted: 27/08/19
Aviva Master Trust and Workers Pension Trust have been named as the 19th and 20th defined contribution master trusts to be granted authorisation by The Pensions Regulator (TPR)
Posted: 27/08/19
The government could be facing legal challenges from teachers and doctors who were transferred into less beneficial pension schemes.

Law firm Leigh Day believes that teachers and doctors have grounds for a legal challenge against the government for age discrimination, in a case similar to the one won by judges and firefighters against the government in December 2018
Posted: 27/08/19
Two US landlords have withdrawn their challenges to the company voluntary arrangements (CVA) agreed by Arcadia Group following “significant and constructive” talks
Posted: 27/08/19
Legal & General (L&G) is planning to launch a product aimed at rivalling pension superfunds in the defined benefit scheme consolidation market
Posted: 23/08/19
The latest news in brief and mandates from the past seven days
Posted: 23/08/19
The average value of defined benefit pension transfers increased by 50 per cent in the two years following the introduction of pensions freedoms, a freedom of information request from AJ Bell has revealed
Posted: 23/08/19
GMP equalisation is now the top priority for nearly six in 10 (58 per cent) pension professionals over the next 6-12 months, according to research from Equiniti
Posted: 23/08/19
MPs, the Backto60 campaign and Unison have written to Prime Minister Boris Johnson, urging him to reconsider the government’s decision and enact a temporary special measure to provide restitution to women born in the 1950s
Posted: 23/08/19
University and College Union (UCU) has warned that the likelihood of autumn strike action has increased after universities backed proposals to increase Universities Superannuation Scheme (USS) member contributions
Posted: 23/08/19
XPS Pensions Group has launched a competitive tendering support service for trustees, following the Competitions and Markets Authority’s (CMA) final report on investment consulting and fiduciary management
Posted: 22/08/19
Over a fifth (22 per cent) of pension trustees have been subject to or expect to receive regulatory intervention from The Pensions Regulator before their next valuation, according to research by Hymans Robertson
Posted: 22/08/19
The Pensions Regulator is reiterating its warning to employers that they need to comply with their automatic enrolment duties, otherwise they could face a fine
Posted: 22/08/19
The average saver in their twenties is in line for an average annual pension shortfall of £6,500, according to research from Scottish Widows
Posted: 22/08/19
Revenue from Lane Clark and Peacock’s (LCP) defined contribution business increased by 15.5 per cent in 2018/19, contributing to a record £115m overall income
Posted: 22/08/19
The Financial Conduct Authority (FCA) has published a 17 minute long video on its website explaining the process of defined benefit pension transfers for consumers
Posted: 21/08/19
Complacency over the risks posed by cyber attacks on pension schemes could lead to serious losses if action isn’t taken to address the issue, Squire Patton Boggs (SPB) has said
Posted: 21/08/19
UK defined benefit pension schemes with an overseas parent could “exploit” the fall in sterling and use it as an opportunity to ask for a cash injection into the scheme from the sponsor
Posted: 21/08/19
People with small self-administered schemes (SSAS) face “significant costs and delays” on transfers to other savings vehicles, such as self-invested personal pensions (SIPP), according to Talbot and Muir
Posted: 21/08/19
Work and Pensions Secretary, Amber Rudd, has ruled out raising the state pension age (SPA) to 75, as proposed by think tank The Centre for Social Justice (CSJ) earlier this week
Posted: 21/08/19
Sixty-four per cent (8.9 million) of UK employees aged 45 and over do not know how much money they need to save for a comfortable retirement, research from Aviva UK has shown
Posted: 21/08/19
Defined benefit pension schemes could see their liabilities rise if the mortality trend of fewer deaths in 2019 continues throughout the year, according to LCP
Posted: 20/08/19
The pension surplus of housebuilding firm Persimmon decreased by £8.9m year-on-year amid falling profits, its half-year report has revealed
Posted: 20/08/19
The trustee of the Greene King Pension Scheme has appointed XPS Pensions Group as actuarial and investment advisers
Posted: 20/08/19
Now Pensions has identified areas where further action should be taken to improve auto-enrolment, including tackling the net pay anomaly and amending ‘qualifying earnings’
Posted: 20/08/19
SPP’s Legislation Committee member Christopher Stiles writes about the issues trustees face over GMP equalisation
Posted: 20/08/19
The Pensions Regulator (TPR) has authorised three more defined contribution master trusts, bringing the total number of approved schemes to 18
Posted: 20/08/19
The UK High Court has blocked the transfer of a £12bn portfolio of annuities from Prudential to Rothesay Life
Posted: 19/08/19
The number of information requests The Pensions Regulator (TPR) has sent to pension schemes increased by 133 per cent in the five years to June 2019 compared to the previous five-year period
Posted: 19/08/19
Default pension options in the UK have “major variations” in design, investment strategy, asset allocation and performance, analysis from Punter Southall Aspire has found
Posted: 19/08/19
Pension industry members have labelled Iain Duncan-Smith's think tank's proposal to raise the state pension age (SPA) to 75 by 2035 as “shocking” and “brutal”
Posted: 19/08/19
The think tank fronted by former Conservative leader Iain Duncan-Smith, The Centre for Social Justice (CSJ), has proposed raising the state pension age (SPA) to 75 by 2035
Posted: 19/08/19
The latest news in brief and mandates from the past seven days
Posted: 16/08/19
Universities UK (UUK) has described some of the guidance offered to universities in the University and College Union (UCU) National Dispute Committee template letter as “misleading”, amid a row on pension contribution rates
Posted: 16/08/19
The government has been urged to extend its proposed solution to fix the NHS pensions taxation crisis across the public sector
Posted: 16/08/19
PPI head of membership and external engagement, Danielle Baker, looks at the origins of the pension system
Posted: 16/08/19
The National Employment Savings Trust Scheme (Nest) has joined Star, the government-backed initiative aimed at reducing DC pension transfer times, bringing 8 million pension pots with it
Posted: 15/08/19
A “handful” of NHS trusts have considered paying for services from consultants who have created a limited liability partnership (LLP) to avoid “punitive” tax bills on their pension savings
Posted: 15/08/19
Gambling operator GVC Holdings’ DB pension scheme funding swung from a £8.2m surplus to a £110m deficit in one year, its interim results report has revealed
Posted: 15/08/19
The number of pension scam reports submitted fell by 75 per cent between 2015 and 2018, from 1,353 to 345, a freedom of information request from AJ Bell has revealed
Posted: 15/08/19
The Pensions Regulator, executive director of regulatory policy, analysis and advice, David Fairs, on how the regulator is taking a new approach with trustees that don't engage
Posted: 15/08/19
The total value of UK bulk annuity deals is expected to exceed £35bn and could total £40bn by the end of 2019, according to Aon
Posted: 15/08/19
Increased funding for schools in Northern Ireland will be nearly completely offset by the increase in employer contributions to teachers’ pensions
Posted: 14/08/19
Hitachi Data Systems has completed a bulk annuity with Legal and General (L&G) for an undisclosed amount
Posted: 14/08/19
The number of workers in auto-enrolment (AE) pension schemes has continued to steadily increase, with another 17,000 workers being auto-enrolled in July 2019
Posted: 14/08/19
The funding surplus of Balfour Beatty’s pension schemes has fallen by £162m year-on-year to £22m, as of 28 June 2019, its half-year report has revealed
Posted: 14/08/19
Pension savers making use of the pension freedom reforms are being warned to choose carefully which pot they withdraw from if they only intend to withdraw under £10,000 and have a small pot
Posted: 14/08/19
The Consumer Price Index rate of inflation has increased to 2.1 per cent over July, rising above the Bank of England’s 2 per cent target for the first time since April
Posted: 14/08/19
Drinks company Britvic is seeking court approval to begin using the consumer prices index (CPI) in place of the retail prices index (RPI) to measure inflation on its final salary pension scheme
Posted: 13/08/19
The government has been urged by experts within the pensions industry to get more self-employed people to save for retirement, as numbers near five million
Posted: 13/08/19
Self-invested personal pension (sipp) provider Berkeley Burke has been ordered to pay nearly £1m to people affected by high-risk unregulated investments made and accepted into the firm’s sipp schemes
Posted: 13/08/19
Fifty-one per cent of advisers are concerned that the Financial Conduct Authority’s proposed ban on contingent charging will lead to a fall in the number of people taking up advice, according to Aegon
Posted: 13/08/19
The number of people receiving state pension benefits fell by 120,000 year-on-year to 13 million, as of February 2019, according to the latest Department for Work and Pensions (DWP) statistics
Posted: 13/08/19
The SEI Master Trust and the National Pension Trust, which is part of the XPS Pensions Group, have become the 14th and 15th DC master trusts to be granted authorisation by The Pensions Regulator (TPR)
Posted: 13/08/19
The combined deficit of schemes in the PPF 7800 deficit has increased by £39bn over the month of July, according to the Pension Protection Fund
Posted: 13/08/19
The total defined benefit pension deficit for FTSE 350 companies dropped to £39bn during 2018, according to Barnett Waddingham
Posted: 12/08/19
Aegon has called for the money purchase annual allowance (MPAA) to be increased back to at least £10,000, as it can be financially harmful to those entering retirement gradually
Posted: 12/08/19
Royal London has seen a reduction in its individual pension business as a result of the industry-wide fall in defined benefit pension transfers
Posted: 12/08/19
Legal and General Retail Retirement (LGRR) has acquired pension pot tracing and consolidation service, MyFutureNow
Posted: 12/08/19
One in five (19 per cent) general practitioners (GPs) have quit the NHS Pension Scheme to avoid tax penalties for exceeding the tapered annual allowance, according to a survey from GP Online.
Posted: 12/08/19
Pension trustees that think environmental, social and governance (ESG) issues are “purely ethical concerns” are “wrong”, Pensions Minister Guy Opperman has said
Posted: 12/08/19
The tax bill paid by civil servants who breached the annual allowance increased nearly six-fold in four years, from £0.89m to £6m
Posted: 09/08/19
The Pensions Regulator CEO Charles Counsell has accepted that his organisation can do more to prevent scams, but said the regulator is "fighting back" against scammers
Posted: 09/08/19
The latest news in brief and mandates from the past seven days
Posted: 09/08/19
The government plans to extend The Pension Ombudsman’s (TPO) powers to include a function for early resolution before a formal determination
Posted: 09/08/19
G4S’ group net pension deficit jumped to £463m at 30 June 2019, up from £364m at the end of December 2018
Posted: 09/08/19
Rothesay Life has agreed a buy-in with the Cadbury Mondelēz Pension Fund, insuring £520m of defined benefit liabilities
Posted: 09/08/19
A former Pensions Minister, Steve Webb, who served at the time the pension freedoms were introduced, has said that the thing that has “gone wrong” with the policy is “reckless caution” once savers have accessed their pots
Posted: 08/08/19
The government has confirmed that NHS staff who inadvertently exceed the tapered annual allowance (AA) on their pension scheme will not receive compensation
Posted: 08/08/19
Insurance company Aviva’s pension surplus has increased by £0.21bn in six months to total £2.78bn, as of June 2019, according to its half-year report
Posted: 08/08/19
The total buy-in and buyout volume by UK pension schemes reached £17.6bn in the first half (H1) of 2019, compared to £7.8bn in H1 2018, according to analysis by Lane, Clark and Peacock
Posted: 08/08/19
The government has been told to re-introduce a cost-control mechanism that will improve public sector pensions
Posted: 08/08/19
Defined benefit pension transfer values increased by £6,600 to £241,400 during July 2019, XPS Transfer Watch has revealed
Posted: 08/08/19
Phoenix has achieved a cash generation of £287m in the first half of 2019, down from £349m in the six months to 30 June 2018
Posted: 07/08/19
The industry has called on the government to go further with a review of pensions taxation, following the announcement that it plans to give NHS staff full flexibility over its pension accrual, and review the impact of pensions taxation on key social services
Posted: 07/08/19
Leading pensions and advice figures have added a range of suggestions to help support the joint FCA and Pensions Regulator ScamSmart campaign
Posted: 07/08/19
Legal & General Investment Management (LGIM) has seen strong growth in assets under management from UK pension funds in the six months to 30 June 2019
Posted: 07/08/19
People actively looking to boost their retirement income who are presented with a pension scam are 60 per cent more likely to be drawn in by it
Posted: 07/08/19
Greater financial rights over things such as pensions need to be introduced for cohabiting couples, as it's revealed the number of unmarried couples living together has surged over the past decade
Posted: 07/08/19
The government has scrapped plans to introduce a 50:50 system for NHS staff pensions, instead offering full flexibility over the amount clinicians can put into their pensions
Posted: 07/08/19
The Pensions Regulator has said it is ‘in discussions’ with Harland and Wolff, famed for building the Titanic, following the news that it has filed for insolvency.
Posted: 06/08/19
The Pensions Regulator has confirmed that the Aon MasterTrust has recieved master trust authorisation.
Posted: 06/08/19
A decline in members transferring out of their defined benefit plan has hit the life and pensions business of LV=
Posted: 06/08/19
A recruitment agency and its managing director are to be prosecuted by The Pensions Regulator (TPR) on suspicion of trying to avoid providing their staff with a workplace pension
Posted: 06/08/19
The HSBC Bank (UK) Pension Scheme has capped the risk on £7bn worth of pensioner liabilities through the novel use of a Bermudan captive insurer and a US reinsurer
Posted: 06/08/19
The Industry-Wide Defined Contribution (IWDC) section of the Railways Pension Scheme has received master trust authorisation from The Pensions Regulator
Posted: 06/08/19
The impact of employer contributions at either 3 per cent or 6 per cent has been calculated as a £95,750 gap for those on the average salary, according to Aegon
Posted: 05/08/19
ReAssure Group, Swiss Re’s UK-based subsidiary, has agreed to acquire Quilter’s insurance and pensions operations Old Mutual Wealth Life Assurance Limited and Old Mutual Wealth Pensions Trustees Limited for £425m
Posted: 05/08/19
The pensions industry has hit back at Work and Pensions Committee claims that it is moving too slowly to shows full transparency on costs
Posted: 05/08/19
A 39 per cent gender pension differential between men and women could be reduced by changes to auto-enrolment, according to the trade union Prospect
Posted: 05/08/19
BBA Aviation has seen its aggregate defined benefit pension scheme deficit increase by £3.7m in the six months to 30 June 2019
Posted: 05/08/19
The Work and Pensions Committee has called on the government to compel all pension schemes to show how they are providing value for money, as it is 'unconvinced' the industry can rise to the challenge itself
Posted: 05/08/19
Lifetime allowance is the most difficult pensions term to define correctly amongst the British public, according to research by Portafina
Posted: 02/08/19
The latest news in brief and mandataes from the past seven days
Posted: 02/08/19
The Phoenix Group has reinsured the longevity risk of its UK retiree policyholders with the Prudential Insurance Company of America (PICA)
Posted: 02/08/19
The accounting deficit of defined benefit pension schemes for the UK’s 350 largest listed companies grew by £3bn in July, according to Mercer
Posted: 02/08/19
AI, cloud technology, data analytics and machine learning will all help engage people on pensions in the future, according to Atos
Posted: 01/08/19
The Pensions Age Awards 2020 is now open to entries for all UK pension schemes or provider firms serving in the UK
Posted: 01/08/19
The Pensions Regulator (TPR) has published research highlighting what it calls the “unacceptable” scale of under-performance in small pension schemes
Posted: 01/08/19
The British American Tobacco UK Pension Fund has insured £3.4bn of liabilities with the Pension Insurance Corporation (PIC) in one of the largest ever buy-in deals
Posted: 01/08/19
The deficit for defined benefit funds widened to £240bn at the end of July due to a fall in bond yields, according to PwC
Posted: 01/08/19
A wide disparity in average employer pension contributions by industry sector has been highlighted by Profile Pensions
Posted: 01/08/19
A proposal by the Financial Conduct Authority (FCA) to improve pension transfer advice has been described as 'flawed' and 'misleading' by the Personal Finance Society (PFS)
Posted: 31/07/19
The Pensions Regulator (TPR) has urged pension scheme trustees and advisers to respond to a consultation on new guidance to support tougher rules on investment governance, following an investigation by the Competition and Markets Authority (CMA)
Posted: 31/07/2019
The Investment Association (IA) has revealed more details of its proposed Long-Term Asset Fund, which aims to increase the opportunity for DC schemes to invest in illiquid assets
Posted: 31/07/2019
Around a quarter of a million bereaved pensioners may be missing out on an uplift to their state pension, according to Royal London
Posted: 31/07/19
The total value of Qualified Recognised Overseas Pension Scheme (QROPS) transfers fell to £640m in 2018/19, down from £740m in the previous year, new data from HM Revenue and Customs (HMRC) has revealed
Posted: 31/07/19
Quarter two (Q2) 2019 saw £2.75bn withdrawn from pension pots under the pension freedoms rules, a 21 per cent increase on the same period in 2018, the latest data reveals
Posted: 31/07/19
The Association of Consulting Actuaries (ACA) has called for a ‘truly flexible’ savings product to be created, which allows people to save for both retirement and a house
Posted: 31/07/19
The BBA Income and Protection Fund stands between the sale of its sponsoring employer BBA Aviation’s sale of subsidiary Ontic to CVC Fund VII
Posted: 30/07/19
Labour Councillors at Barnet Council have called on Capita to improve the running of the council’s pension scheme
Posted: 30/07/19
Prime Minister Boris Johnson has been warned that ‘punitive’ pension taxation is the greatest threat to the medical workforce
Posted: 30/07/19
Investment pathways for drawdown products are set to be introduced, the Financial Conduct Authority has confirmed
Posted: 30/07/19
The Financial Conduct Authority has proposed banning contingent charging by advisers on defined benefit to defined contribution transfers
Posted: 30/07/19
A lack of member understanding around defined benefit pensions is a ‘key concern’ for pension trustees and sponsors, according to a survey by Aon
Posted: 30/07/19
A number of pension funds have joined a class action that has today, 29 July, filed against five banks that unlawfully manipulated the foreign exchange market between 2007 and 2013
Posted: 29/07/19
The government has launched a consultation seeking opinions on changing regulations regarding pension schemes and fiduciary management (FM), in response to a final order from the Competition and Markets Authority (CMA)
Posted: 29/07/19
Publishing group, Reach’s aggregate defined benefit pension deficit fell by £400,000 in the six months to 30 June 2019, ending with a deficit of £348.2m
Posted: 29/07/19
The Pension SuperFund has agreed a deal with an unnamed company to consolidate and take on £300m of closed defined benefit pension liabilities
Posted: 29/07/19
Growth in tax benefits on pension scheme contributions slowed to five per cent last year, down from 17 per cent between 2014/15 and 2015/16, Salisbury House Wealth has found
Posted: 29/07/19
The majority of advisers feel that they are relied upon ‘completely’ by newly established business clients to help them through their auto-enrolment (AE) responsibilities, The Pensions Regulator (TPR) has revealed
Posted: 29/07/19
Guy Opperman has retained his position as Pensions Minister, amongst widespread ministerial changes, following Boris Johnson’s appointment as Prime Minister.
Opperman took over the role in 2017 and his reappointment comes after 773 days in the role
Posted: 26/07/19
Locally administered pensions schemes are struggling to get to grip with their responsibilities, The Pensions regulator has revealed
Posted: 26/07/19
ABI long-term savings policy adviser, Holly Singleton, examines the demand for a social care saving policy amid Brexit delays
Posted: 26/07/19
Pensions Age senior reporter Theo Andrew gives his views on the current situation engulfing pensions and politics as he says goodbye to Pensions Age
Posted: 26/07/19
Work and Pensions Committee chair Frank Field has hit back at Lloyds Banking Group after it questioned comments made by Field regarding its staffs’ views towards executive pensions
Posted: 26/07/19
Long-term charges on auto-enrolment (AE) schemes are costing savers up to nearly £7,000 of their pension pots over two decades of saving, Now Pensions has revealed
Posted: 26/07/19
The latest mandates and news in brief from the past seven days
Posted: 26/07/19
The number of Universities Superannuation Scheme (USS) members that feel they have a 'positive relationship' with the fund has fallen to less than a third (31 per cent), amid a stand-off over contribution rates
Posted: 25/07/19
The Money and Pensions Service (Maps) is looking for members of the industry to express their interest in being part of the pensions dashboard steering group
Posted: 25/07/19
Amber Rudd has kept her role as the Work and Pensions Secretary in the new Prime Minister Boris Johnson’s cabinet reshuffle, in what has been described by some as a “bloodbath"
Posted: 25/07/19
Boris Johnson's promise to fix problems with the Lifetime Allowance (LTA) should cover all pension savers in the UK, not just NHS doctors, says Salisbury House Wealth
Posted: 25/07/19
The combined deficit of the National Express defined benefit pension schemes has risen to £124.9m, according to its half-year report
Posted: 25/07/19
People who leak government secrets should face further punishment, including losing their pensions and other employment-related benefits, MPs have said
Posted: 25/07/19
Banknote printer De La Rue has become the latest firm to be caught up in the row over the level of pension contributions received by its top bosses, it has emerged
Posted: 24/07/19
Standard Life Aberdeen (SLA) has reached a settlement with Lloyds Banking Group over the termination of Lloyds (LBG) and its subsidiary, Scottish Widows’, assets with SLA
Posted: 24/07/19
Lloyds’ executives who are set to have their pensions brought in line with the rest of the workforce are likely to make renumeration gains elsewhere, a leading banking union has warned
Posted: 24/07/19
The net pension deficit for ITV’s defined benefit pension schemes increased by £75m to £113m the six months between December 2018 and June 2019
Posted: 24/07/19
Annuity rates are on track for the biggest fall since 2014, after suffering a 5.5 per cent fall since the start of the year
Posted: 24/07/19
The total value of defined benefit pension scheme transfers since 2016 has reached £60bn, Royal London has revealed
Posted: 24/07/19
Heathrow Airport Holdings Limited’s defined benefit pension deficit swung from a £28m surplus to a £39m deficit in six months, according to its half-year report
Posted: 23/07/19
The pensions industry has reacted to the election of Boris Johnson as leader of the Conservative Party, with one expert asking him not to 'neglect' the domestic pensions agenda in the UK
Posted: 23/07/19
Government proposals on the NHS pensions tax crisis has been branded a “convoluted fudge” and “extremely likely to fail” the pensions industry has said
Posted: 23/07/19
Higher-earning public sector workers could be subject to additional pension tax bills as a result of pay rises announced by the government last week (19 June)
Posted: 23/07/19
Changes to the 50:50 surplus sharing arrangements between members of the Mineworkers Pension Scheme (MPS) and the government could be “incremental”, its chairman of trustees has warned
Posted: 23/07/19
The Financial Conduct Authority (FCA) has fined Standard Life Assurance Limited £30m for failures relating to the sales of annuities without advice
Posted: 23/07/19
The government has ruled out making any changes to the tax system and has proposed a 50:50-type model as a solution to the NHS pensions crisis
Posted: 23/07/19
The Work and Pensions Select Committee chair, Frank Field, has written to the Standard Chartered Remuneration Committee asking why it proposed policy that would include executive pension contributions four times higher than the rest of its workforce
Posted: 22/07/19
The Railways Pension Scheme (RPS) has been on The Pension Regulator’s (TPR) watchlist since 2016, its chief executive Charles Counsell has revealed
Posted: 22/07/19
The Pensions Regulator (TPR) is carrying out seven criminal investigations across 52 schemes regarding around £55m of pension savings being lost to scams
Posted: 22/07/19
The Institutional Investors Group on Climate Change (IIGCC) has called on cement and construction companies to take steps against cement production, the source of 7 per cent of global man-made CO2 emissions
Posted: 22/07/2019
The government has no plans to uprate the ‘age additional amount’ of 25 pence per week paid out to state pension recipients over the age of 80, Pensions Minister Guy Opperman has said
Posted: 22/07/19
Plastics manufacturer Carclo has delayed its end of year results after it reached a pension contribution agreement with the scheme trustees
Posted: 22/07/19
Drawdown investors' pension savings could have increased by up to £62,000 since the introduction of pension freedoms, research from Aegon has revealed
Posted: 22/07/19
Pension Insurance Corporation (PIC) has invested £100m into East Midland Housing Group (EMHG) to develop 2,600 properties by the end of 2023
Posted: 22/07/19
PMI president Lesley Carline discusses the latest delay to the Pensions Bill and what impact it may have on the industry
Posted: 19/07/19
The Pensions Regulator (TPR) is planning to consolidate its 15 current codes of practice to form a single, shorter code
Posted: 19/07/19
Almost three-quarters (74 per cent) of businesses want auto-enrolment (AE) to be extended to include the self-employed and those earning less than £10,000, a study has shown
Posted: 19/07/19
The Pensions Regulator’s (TPR) latest annual report has highlighted its increase in regulatory activity following its change to a ‘quicker, clearer, tougher’ approach.

Its 2018/19 Annual Report and Accounts showed that the regulators use of frontline powers increased by 32 per cent in the past year, while the number of cases increased by nearly a quarter (24 per cent)
Posted: 19/07/19
Around 90 per cent of cases heard by The Pensions Ombudsman are concluded without the
intervention of the pensions ombudsman, Anthony Arter, himself taking part
Posted: 19/07/19
The latest mandates and news in brief from the past seven days
Posted: 19/07/19
Hargreaves Lansdown is the pension provider with the slowest defined contribution provider transfer times, averaging 30.5 days, according to research from Origo
Posted: 18/07/19
Seventy-five per cent of trustees believe that more investment is needed to improve member data, according to XPS Pensions Group.
Posted: 18/07/19
Boris Johnson’s commitment to doing "everything” he can to resolve the women’s state pension issue has been questioned by Work and Pensions Secretary, Amber Rudd
Posted: 18/07/19
The Pensions Regulator’s (TPR) proposal to have a professional trustee on every board is currently “unworkable”, according to XPS Pensions principal Danny Vassiliades.

Vassiliades explained that pension schemes may find it difficult to find new trustees once this generation of trustees retire
Posted: 18/07/19
A widow has won the right to her deceased partner’s military pension following a landmark pension ruling in the Court of Appeal
Posted: 18/07/19
HMRC does not know how many people they are fining each year over breaches to pension tax relief regulations, Royal London has revealed
Posted: 18/07/19
Campaigners are calling on the Greater Manchester Pension Fund to divest from fossil fuels as they claim the fund is “out of touch” with public mood
Posted: 17/07/19
The number of self-employed workers in the UK has increased by 17 per cent to 5 million since the introduction of auto-enrolment (AE), according to the Office for National Statistics (ONS), leading to further calls for the government to amend AE legislation
Posted: 17/07/19
More than half (52 per cent) of people reach state pension age (SPA) with at least one physical limitation, the Pensions Policy Institute (PPI) has revealed
Posted: 17/07/19
Defined contribution master trusts are the most suitable DC schemes for nearly 60 per cent of UK employers, research from Buck has suggested
Posted: 17/07/19
The Pensions Regulator has announced it has launched investigations into ‘shape-shifting’ employers that try to evade their pension duties by changing their identity
Posted: 17/07/19
The Consumer Prices Index rate of inflation remained at the Bank of England’s 2 per cent target in the 12 months to June 2019, the Office for National Statistics has revealed
Posted: 17/07/19
The Pensions Regulator (TPR) has launched an online tool to make it easier for employers to re-enrol their staff into workplace pension schemes
Posted: 17/07/19
Support for trustees from investment consultants is “generally poor” when it comes to the topic of environmental, social and governance (ESG) issues, according to Dalriada Trustees senior trustee representative Vassos Vassou
Posted: 16/07/19
The Guaranteed Minimum Pension Equalisation Working Group (GMPEWG) has published guidelines for scheme managers, trustees and sponsors on how to traverse equalising benefits, urging schemes to take action
Posted: 16/07/19
The government has confirmed that the Court of Appeal ruling that changes it made to judges and firefighter’s pensions were discriminatory on the grounds of age, applies to all public sector pension schemes
Posted: 16/07/19
Arcadia Group has received applications from legal entities of US property firm Vornado, challenging two of its seven planned company voluntary arrangements (CVA)
Posted: 16/07/19
The average FTSE 250 employer contribution rate into defined contribution pension schemes has risen by 40 per cent year-on-year, from 4.3 per cent to 6.1 per cent
Posted: 16/07/19
Jack Gray argues that the industry needs to be more realistic in its estimates of how much young people can save into their pensions
Posted: 16/07/19
Society of Pension Professionals president Paul McGlone expresses his concerns about having a professional trustee on every board
Posted: 15/07/19
The Financial Conduct Authority’s (FCA) proposed changes to the role Independent Governance Committees (IGC) have in investment advice could cross the line into ‘executive’ responsibilities, Aegon has warned
Posted: 15/07/19
Several asset managers have been criticised for investing in companies that have provided surveillance tools to China, exposing pension savers and other investors to investments that “contribute” to “violations of human rights”
Posted: 15/07/19
Scottish Widows has announced its support of a proposal which would see young people being able to use some of their pension savings towards a deposit for their first home
Posted: 15/07/19
South East Water’s defined benefit pension scheme surplus increased to £25.5m, as of 31 March 2019, its annual financial report has revealed
Posted: 15/07/19
The Financial Conduct Authority’s acknowledgement of the limitations of its data on defined benefit pension transfers has been welcomed by the Personal Finance Society
Posted: 15/07/19
Jack Gray questions whether educating savers is the right path to take, or if building trust to delegate responsibilities is a better way forward
Posted: 12/07/19
The deadline to enter the Irish Pensions Awards is drawing close, but there is still time to enter your pension scheme or firm into these prestigious awards which are now in their eighth successful year
Posted: 12/07/19
The Pensions Regulator (TPR) has defended how it dealt with whistleblower concerns over the way the Universities Superannuation Scheme's (USS) retirement rates were calculated
Posted: 12/07/19
Pensions Insurance Corporation (PIC) has roughly £40bn of pensions liabilities waiting to transact, it has revealed
Posted: 12/07/19
Collective defined contribution (CDC) pension schemes are “the most intergenerationally fair” type of pension if buffers are not used, Royal mail has said
Posted: 12/07/19
News in brief from the past seven days...
Posted: 12/07/19
Nest’s government loan liability increased by £91m year-on-year reaching £714m, up from £623m in March 2018, it has revealed
Posted: 11/07/19
Falling life expectancy has resulted in a 1-2 per cent reduction in liabilities for the FTSE 350, new analysis from Hymans Robertson has revealed
Posted: 11/07/19
Companies with defined benefit pensions are paying out nearly five times more in dividends than in DB scheme contributions, research from the University of Bath has shown
Posted: 11/07/19
The Financial Conduct Authority (FCA) has reduced its pension deficit by £32.3m, taking its total deficit to £83.7m, its annual report has revealed
Posted: 11/07/19
The Pensions Management Institute (PMI) has revealed several changes to its advisory council and presidential team, which were agreed at the AGM held yesterday, 10 July.
Posted: 11/07/19
Women could be over £100,000 worse off than men by the time they reach retirement as they seek to balance caring responsibilities by working part time, new research has found
Posted: 11/07/19
The highest-emitting companies’ failure to meet climate goals ‘undermines’ pension funds’ ability to manage financial risks, a member of the Church of England Pensions Board has said
Posted: 11/07/19
The number of savers who have sought guidance from Pension Wise in 2018/19 increased by more than 55,000 year-on-year, to 167,726
Posted: 10/07/19
BT has lost its most recent attempt to change the indexation arrangements of part of its pension scheme, after the Supreme Court denied it permission to escalate the case
Posted: 10/07/19
Defined benefit transfer values fell slightly over June 2019, according to XPS Transfer Watch
Posted: 10/07/19
The majority (62 per cent) of UK business have not reviewed their pensions strategy to prepare for the challenge of an ageing workforce, Capita has revealed
Posted: 10/07/19
The deficit of schemes eligible for the Pension Protection Fund (PPF) decreased by £18.2bn to £51.7bn over June, as total scheme assets increased by 1.6 per cent over the month
Posted: 10/07/19
The amount of people in the UK saving enough for a comfortable retirement has reached a record 59 per cent, research from Scottish Widows has revealed
Posted: 10/07/19
A transgender woman from Londonderry has settled a case against the Department for Communities to back date her state pension payments
Posted: 09/07/19
Labour Shadow Pension Minister, Jack Dromey, has said having a member-nominated trustee (MNT) on all pension boards is “of the highest importance”
Posted: 09/07/19
An insurance boss has been banned from company management for seven years following his firm’s misadministration of the Optimum Retirement Benefits Plan (ORBP)
Posted: 09/07/19
Boris Johnson has pledged to find a solution to the NHS pension crisis resulting in staff reducing their shifts, increasing waiting times by 50 per cent
Posted: 09/07/19
Chief Secretary to the Treasury Liz Truss has said that any changes to the pension taxation system will need to apply to all professions and not just NHS employees, as she branded Britain’s tax system “complex”
Posted: 09/07/19
Aon has assessed the benefits and shortcomings of transferring into defined benefit commercial consolidators, following the government consultation in December last year
Posted: 09/07/19
The Mercer Master Trust has been granted authorisation by The Pensions Regulator (TPR), becoming the 11th master trust to gain approval
Posted: 09/07/19
Association of British Insurers policy adviser, Matt Burrell, on how the right data can be used to engage members
Posted: 08/07/19
The Pensions Administration Standards Association (Pasa) launched its Defined Benefit Transfer Guidance today (8 July), developing a good practice framework for member protection
Posted: 08/07/19
Unite union members employed at Aberdeen Airport have voted to accept the latest pension offer from AGS Airports Limited, ending the dispute and any further strike action
Posted: 08/07/19
Waiting times for routine surgery on the NHS have increased by up to 50 per cent as senior doctors are refusing extra shifts due to tax issues facing the NHS pension scheme
Posted: 08/07/19
The Pensions Regulator (TPR) could pursue Arcadia owner Philip and Lady Green’s overseas assets if they fail to provide the pension contributions promised in the agreed company voluntary arrangement (CVA)
Posted: 08/07/19
The income gap between pensioner couples in the top and bottom income bands has widened over the past ten years, analysis from Aegon has revealed
Posted: 08/07/19
The Pensions Regulator (TPR) has said that it hopes to have completed its assessment of the two emerging superfunds “by the end of the year”
Posted: 05/07/19
Wedlake Bell LLP Solicitors pensions partner Clive Weber, considers why HMRC have withdrawn their appeal in 'Hymanson', the future for similar "mistake" cases and the status of HMRC's guidance on payments made in error
Posted: 05/07/19
The government has been accused of “dragging its heels” on rectifying gender inequality in the pensions system by Royal London director of policy, Steve Webb
Posted: 05/07/19
News and mandates from the past seven days...
Posted: 05/07/19
The government has asked for more time to plan and introduce defined benefit consolidation legislation as it feels there is a lot more to be done before it is ready.

Speaking at the AMNT Summer Conference, Department for Work and Pensions (DWP) private pensions DB policy lead, Des Healy, said that the DWP would need “a bit more time” as DB consolidation was “a really technical and difficult area”
Posted: 05/07/19
Nearly half (46 per cent) of people aged 55 and over do not feel prepared for retirement, research from Close Brothers has found
Posted: 04/07/19
The Pension Protection Fund (PPF) recorded investment returns of 5.2 per cent in the year to 31 March 2019, with assets under management growing from £30bn to £32bn
Posted: 04/07/19
The pension deficit for defined benefit schemes in the FTSE 350 decreased by £9bn over June to £48bn, Mercer has revealed
Posted: 04/07/19
The Pensions Regulator (TPR) chief executive, Charles Counsell, has referred the Work and Pensions Select Committee to the Arcadia pension scheme trustees for details of the company voluntary arrangement (CVA)
Posted: 04/07/19
Pension schemes across the UK could be facing as much as a £260bn accounting gap, a new survey from XPS Pensions Group has found
Posted: 04/07/19
Shadow Pensions Minister, Jack Dromey, has urged the government to accelerate the introduction of the long-awaited Pensions Bill
Posted: 04/07/19
Savers have been facing a more challenging investment market in a period where they have had to take more individual responsibility of their savings, Financial Conduct Authority (FCA) chief executive, Andrew Bailey, has warned
Posted: 03/07/19
The largest pension fund in the world has said that green bonds could be a “passing fad” unless the asset class undergoes fundamental changes
Posted: 03/07/19
The deficit of defined benefit pension schemes fell by £20bn in June to £220bn, according to PwC’s latest Skyval Index
Posted: 03/07/19
The government has published a roadmap aimed at reducing financial instability for women in later life, including pensions wealth
Posted: 03/07/19
British Medical Association (BMA) doctors are planning to sue the government as they feel they were forced to join a pension scheme which discriminated against their age.

The legal action has been planned in light of the government being refused leave to appeal by the Court of Appeal, which found that changes made to firefighters’ and judge’s pension schemes were discriminatory
Posted: 03/07/19
The Smiths Industries Pension Scheme has completed a £176m bulk annuity buy-in with Canada Life
Posted: 03/07/19
The Pensions Regulator (TPR) will be responsible for co-establishing an industry working group on climate change guidance for pension schemes, the government’s Green Financing Report has revealed
Posted: 02/07/19
The value of aggregate funding liabilities for UK defined benefit pension schemes has increased by £55bn over the past eight weeks, analysis from Buck has revealed
Posted: 02/07/19
Proposals to reduce the number of badly run schemes and improve the trustee model have been outlined by The Pensions Regulator (TPR) in a consultation today (2 July)
Posted: 02/07/19
The capacity of the insurance buyout market has come under question following reports that the British Steel Pension Scheme (BSPS) trustees are looking to buyout the £10.5bn scheme
Posted: 02/07/19
KPMG is considering the sale of its UK pensions advisory service after reports that it had drawn up secret plans to offload the business
Posted: 02/07/19
The Pensions Regulator (TPR) has authorised a further four DC master trusts, bringing the total number up to 10
Posted: 02/07/19
Aviva has launched a workplace pension default investment strategy incorporating ethical and environmental, social and governance (ESG) considerations
Posted: 01/07/19
The Money and Pension Service (Maps) should be given “greater scope” to be able to provide stronger financial guidance, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 01/07/19
Pensions freedoms are failing to meet the needs of consumers and could lead to a scandal in the next few years, a new paper by Age UK has said.

Fixing the Freedoms, commissioned by the charity and written by consumer consultant Dominic Lindley, said that a lack of product innovation and the slow take up of advice and guidance mean that many are making risky decisions they may “come to regret”
Posted: 01/07/19
University of Sussex vice-chancellor and president, and Employers Pensions Forum chair, Adam Tickell, gives his opinion on the best course of action for the USS in light of threatened strike action
Posted: 01/07/19
Over half (55 per cent) of FTSE 100 companies with a defined benefit pension scheme will be able to buyout within the next decade, research by Barnett Waddingham has found
Posted: 01/07/19
The proportion of UK defined benefit pension schemes that are cash flow negative has increased by seven per cent year-on-year to 73 per cent, Mercer has revealed
Posted: 01/07/19
Pensions consultancy firm XPS Pensions Group share price dropped by 65 pence per share yesterday (28 June) despite a recording a 75 per cent growth in total revenue
Posted: 28/06/19
PMI technical consultant, Tim Middleton, explores the governance changes that are likely to take effect over the next few months
Posted: 28/06/19
The latest news in brief and mandates from the past seven days
Posted: 28/06/19
The Department for Work and Pensions (DWP) has estimated that it will cost £2.5bn to uprate the state pension by 2.6 per cent in 2019/20
Posted: 28/06/19
The National Union of Rail, Maritime and Transport Workers (RMT Union) is preparing to ballot for a national rail strike after failing to receive government assurances over pensions
Posted: 28/06/19
Southwark Council has been ordered to pay a complainant seven and a half months worth of pension payments after her complaint was upheld by The Pensions Ombudsman (TPO).

Mrs I, who was diagnosed with advanced cancer in September 2015, did not have any income until February 2018 once her sick pay ended in October 2016, although her pension was backdated to June 2017
Posted: 28/06/19
The government faces a £4bn bill after it lost permission to appeal a High Court ruling which found 2015 pension reforms discriminated on the grounds of age, race and equal pay.

In the landmark case, the government was today (27 June) denied leave to appeal the court decision of unlawful discrimination against a group of judges and firefighters,handed down in December 2018
Posted: 27/06/19
The Work and Pensions Select Committee (WPSC) has written to The Pensions Regulator (TPR), querying why it took the regulator so long to contact the Universities Superannuation Scheme (USS) over concerns raised by a whistleblower
Posted: 27/06/19
Pensions Age is delighted to have been named Pensions Publication of the Year 2019 at the 14th annual Willis Towers Watson Media Awards
Posted: 27/06/19
The Pensions Regulator (TPR) has published updated defined contribution investment guidance highlighting changes to the way trustees will present their statement of investment principles (SIP) in the future
Posted: 27/06/19
Just, in association with Pensions Age, is excited to announce the launch of its inaugural DB de-risking summit, designed to assist pension schemes, whatever their size or end-game, to effectively manage their DB de-risking journey
Posted: 27/06/19
Now Pensions CEO, Troy Clutterbuck, has resigned with immediate effect and been replaced by Patrick Luthi
Posted: 27/06/19
Any non-commercial pensions dashboards that are developed “must replicate” the government-backed public dashboard, The Pensions Regulator (TPR) chief executive, Charles Counsell, has said

Speaking to the Work and Pensions Select Committee today, Counsell stated that non-commercial dashboards must “present the same information” as the public version.
Posted: 26/06/19
Communications and Content managing director, David Butcher, discusses how active managers can wrest more control over the active versus passive debate
Posted: 26/06/19
Roughly 9.5 million people who plan to work past retirement age fear their health will make it too difficult to do so, new research has found
Posted: 26/06/19
The government’s failure to act on pension credit has led to more than one million pensioner households living in poverty in Great Britain, according to Independent Age
Posted: 26/06/19
Around one fifth of ‘zombie firms’ have a defined benefit pension scheme which may leave trustees “with no way out”, according to KPMG
Posted: 26/06/19
The government has estimated that it will spend over £120bn on pension benefits in 2019/20, including £99bn of expenditure on the state pension
Posted: 26/06/19
The average salary for a pension board chair has increased by from £41,594 in 2016 to £47,004 in 2018, reflecting the growing “complexity and demands” of the role, research has found
Posted: 25/06/19
Three-quarters of advisers believe that the defined benefit advice market is not working as effectively as it could be, with the supply of advice not meeting customer demand
Posted: 25/06/19
A failed IT project run by the Scottish Public Pensions Agency (SPPA) has left the body with a £23m funding gap for the over the next five years, according to the spending watchdog
Posted: 25/06/19
Carpetright’s pension deficit has decreased by £200,000 year-on-year to £600,000 following last year’s company voluntary arrangement (CVA) approval by the Pension Protection Fund (PPF)
Posted: 25/06/19
Unison has said it will fight the government’s plans which would allow universities and colleges to opt new non-teaching staff out of the Local Government Pension Scheme (LGPS)
Posted: 25/06/19
The Pensions Regulator (TPR) “must increase its focus on savers” in light of rising membership through auto-enrolment and increased saver risk due to pensions freedoms, according TPR chief executive Charles Counsell.

In his first speech since becoming chief executive, Counsell said that he intends to “deliver the standards savers rightly expect and deliver robust protection for them"
Posted: 25/06/19
People aged between 60 to 69 will be the fastest growing sector of the workforce over the next 50 years as almost a quarter of people will be aged 65 and over by 2050
Posted: 24/06/19
The Rail, Maritime and Transport union (RMT) has warned that any cuts to its members’ pension benefits or an increase in employee contributions could result in nationwide strike action
Posted: 26/04/19
Nearly a quarter (23 per cent) of schemes with an effective valuation date for tranche 12 were in surplus on a technical funding basis, according to The Pensions Regulator (TPR)
Posted: 24/06/19
The Pensions Insurance Corporation (PIC) has insured £7bn on longevity risk in the first half of 2019 as the market signals increased capacity, it has revealed
Posted: 24/06/19
SPP legislation committee member Peter Scott discusses the repayment of the overseas transfer charge
Posted: 24/06/19
One third (34 per cent) of women do not have a pension plan, compared to just 17 per cent of men, research from Willis Owen has revealed
Posted: 24/06/19
The University and College Union (UCU) has censured Trinity College, Cambridge today, 21 June, and is threatening to boycott the college if it does not reconsider its withdrawal from the Universities Superannuation Scheme
Posted: 21/06/19
Local Government Pension Schemes (LGPS) will no longer be exempt from the Competition and Markets Authority’s (CMA) reform on the investment consultant and fiduciary management markets following “subtle changes” to the final order
Posted: 21/06/19
The latest news in brief and mandates from the past seven days...
Posted: 21/06/19
The winners of the twelfth annual European Pensions Awards were announced last night at the highly anticipated annual gala dinner at the prestigious London Marriott Hotel Grosvenor Square
Posted: 21/06/19
Liberal Democrat MP for Eastbourne, Stephen Lloyd, has written to Chancellor Philip Hammond urging him to fix the net pay pension tax anomaly
Posted: 21/06/19
PPI senior policy researcher Mark Baker discusses the impact of the Pension Credit changes on mixed-income couples
Posted: 21/06/19
The Court of Appeal has rejected ITV's appeal against the decision that The Pensions Regulator (TPR) was within its rights to use its anti-avoidance powers on ITV regarding the Box Clever pension scheme
Posted: 20/06/19
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has voted unanimously to maintain the bank rate at 0.75 per cent at today’s meeting
Posted: 20/06/19
A major London trust is finding it difficult to deal with a growing number of gastroenterology patients as senior consultants are unwilling to take on more hours due to the tax issues facing the NHS pension scheme
Posted: 20/06/19
Total membership of workplace pension schemes in the UK has increased by 4.5 million year-on-year to a record 45.6 million in 2018, according to the latest Office for National Statistics data
Posted: 20/06/19
MPs have accused Lloyds Banking Group of being “behind the curve” on the implementation of the Investment Associations (IA) guidelines on executive pensions
Posted: 20/06/19
Retail group Dixons Carphone's defined benefit pension scheme deficit has increased by £109m year-on-year to £579m, as of 27 April 2019
Posted: 20/06/19
There are around 70 per cent more women saving into workplace pension schemes than before the introduction of auto-enrolment (AE), Equiniti has revealed
Posted: 20/06/19
The number of people earning below the personal allowance threshold who contribute to a net pay or relief at source pension scheme steadily increased over three years, HMRC has revealed
Posted: 19/06/19
The government has been accused of sidelining detailed discussions around finding a solution to the NHS pensions crisis by launching a premature consultation on the issue
Posted: 19/06/19
Over half (52 per cent) of drawdown investors are unaware they can vary their income, according to research by Zurich
Posted: 19/06/19
The Financial Conduct Authority (FCA) has told “every active firm in the market” to expect to hear from the regulator in 2019 as “too much advice is not of an acceptable standard”
Posted: 19/06/19
The Consumer Prices Index (CPI) rate of inflation dropped to 2 per cent in May 2019, down from 2.1 per cent in April 2019, hitting the Bank of England’s target rate
Posted: 19/06/19
Universities UK (UUK) has been questioned over its response to an accusation from The Pensions Regulator (TPR) that the Universities Superannuation Scheme (USS) had incorrectly communicated the regulator’s position on discount rates
Posted: 18/06/19
The Pension Protection Fund has been talking to a number of high street brands about the options available for defined benefit pension schemes over the past 18 months
Posted: 18/06/19
Almost two thirds (63 per cent) of Scottish doctors in the NHS are facing large pensions tax bills, research by the British Medical Association (BMA) Scotland has revealed
Posted: 18/06/19
Pensions Minister Guy Opperman has praised the publication of a new guide from the Pensions and Lifetime Savings Association on environmental, social and governance (ESG) issues.
Posted: 18/06/19
The number of defined benefit schemes closing to future accrual has accelerated over the past four years following benefit reviews, according to research by Aon
Posted: 18/06/19
Three quarters (75 per cent) of UK defined benefit pension schemes are paying out higher benefit payments than they are receiving in contributions, Buck has revealed
Posted: 18/06/19
The “first steps” have been taken to drive the highest standards of safety within company tailings management, the Church of England Pensions Board has said, as 50 per cent of the mining sector has now disclosed new information following an investor call
Posted: 17/06/19
Roughly 1.75 million low earners in net pay pension schemes are missing out on up to £111m of pensions tax relief, research from Now Pensions has found
Posted: 17/06/19
A group of 88 investors, including the Environment Agency Pension Fund (EAPF), have urged 707 of some of the world’s largest companies to start disclosing their environmental information
Posted: 17/06/19
A lot of the governance issues faced by defined benefit schemes are “historic”, that have built-up and “are really hard to get out of”, according to The Pensions Regulator head of policy, Fiona Frobisher
Posted: 17/06/19
Universities Superannuation Scheme (USS) was reprimanded by The Pensions Regulator (TPR) after it distorted the view of the regulator in a document proposing higher contributions by employers and members
Posted: 17/06/19
Retirees who are not checking whether they qualify for pension credit risk losing out on more than just their free TV licence, analysis from Royal London has found
Posted: 17/06/19
Retirement savers in the UK are expected to outlive their savings by over a decade, according to new research from the World Economic Forum (WEF)
Posted: 14/06/19
ACA chair Jenny Condron discusses the impact of GMP equalisation and conversion on simplifying DB pensions and how adopting an industry-wide model could help
Posted: 14/06/19
Star Steering Group has committed to “galvanising” the industry on pension transfers after its inaugural meeting last Thursday (6 June)
Posted: 14/06/19
The latest news in brief and mandates from the past seven days
Posted: 14/06/19
Members of the union Unite employed at Aberdeen and Glasgow airports are planning further strike action over a pay and pension dispute
Posted: 14/06/19
The Pension Superfund has suggested that it would be interested in acquiring the Arcadia pension schemes following the retailer’s company voluntary arrangement (CVA) proposal approval
Posted: 13/06/19
Transfer values were recorded at £241,500 over May, close to the £251,000 peak recorded in March, XPS Pensions Group has revealed
Posted: 13/06/19
Employers will not be able to meet the demands from the University and College Union (UCU) of rejecting the three options presented by the Universities Superannuation Scheme (USS) trustee, according to Universities UK (UUK)
Posted: 13/06/19
Nest has said it will completely divest from the tobacco industry having concluded that it is a poor investment for is eight million members
Posted: 13/06/19
Arcadia had all seven of its company voluntary arrangements (CVA) approved by its creditors yesterday (12 June), saving its pension scheme from entering the Pension Protection Fund (PPF).

The creditors, including pension trustees, suppliers and landlords, had opposed plans initially voted on last week, before amendments agreed with The Pensions Regulator (TPR) and PPF were added to the proposal
Posted: 13/06/19
Commercial consolidator Clara Pensions has said that it will look to take advantage of its position as a pension fund when determining its investment strategy, setting it apart from insurers
Posted: 12/06/19
The government is considering proposals to reform the current Mineworkers Pension Scheme (MPS) to protect members’ existing bonuses but will not be reviewing the current 50:50 split in surpluses.

In a parliamentary debate on Monday (10 June), Parliamentary Under-Secretary of State for State for Business, Energy and Industrial Strategy, Andrew Stephenson, said that he had written to the Treasury in “full support” of the trustees’ proposals which would see members pensions rise in line with the Retail Price Index (RPI)
Posted: 12/06/19
The amount of defined benefit pension schemes adopting cashflow driven investment (CDI) strategies could increase to 73 per cent, AXA Investment Managers (IM) has found
Posted: 12/06/19
The rising level of employment is being driven by older workers as state pension age changes, improved life expectancy and transitional retirement’s growing popularity take effect
Posted: 12/06/19
The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) have approved amendments to Arcadia’s company voluntary arrangement (CVA) ahead of the creditor vote today (12 June)
Posted: 12/06/19
So far, the contenders have managed to avoid anything remotely pensions related, however, the likelihood of a shake up in the Department for Work and Pensions is now looking increasingly probable
Posted: 11/06/19
Business leaders in the UK have been invited by the Pensions and Lifetime Savings Association (PLSA) to meet with pension schemes to discuss their reporting of employment models and working practices
Posted: 11/06/19
Defined benefit pension trustees are divided on what the best way to manage schemes and tackle the challenges thrown up once they are fully funded, research from Aon has shown
Posted: 11/06/19
The Money and Pensions Service (Maps) chief executive officer, John Govett, has resigned eight months into his four-and-a-half-year term
Posted: 11/06/19
The Pensions Regulator (TPR) has announced that trustees will be under increased scrutiny to ensure that they are meeting their legal obligations and adequately governing default arrangements
Posted: 11/06/19
After dropping to a low of £6.4bn at the end of last month, the Pension Protection Fund has revealed the aggregate deficit of schemes in the PPF 7800 Index jumped up to £69.9bn at the end of May 2019.

The position is worse that a year ago when a deficit of £53.8bn was recorded at the end of May 2018
Posted: 11/06/19
The number of pension transfers with reports of scam ‘red flags’ has increased by 21 percentage points over the past year, according to XPS Pensions Group
Posted: 11/06/19
Plans announced by Boris Johnson, who is standing to be leader of the Conservatives, to raise the higher rate income tax threshold from £50,000 to £80,000 would have a knock-on impact for pensions tax relief
Posted: 10/06/19
The Pensions Scams Industry Group (PSIG) has today (10 July) published an updated version of its guide to combating pensions scams
Posted: 10/06/19
The Competition and Market Authority (CMA) has published its final remedies into the investment consultant and fiduciary management markets, helping pension trustees to “make better decisions”
Posted: 10/06/19
Former chief executive of The Pensions Regulator (TPR), Lesley Titcomb, has been named as a Commander of the Most Excellent Order of the British Empire (CBE) in the Queen’s birthday honours list
Posted: 10/06/19
The Association of Consulting Actuaries is in favour of allowing younger pension savers the flexibility to access their pensions to use towards a deposit for a house, provided there are ‘sufficient safeguards’ it has said
Posted: 10/06/19
The household income of recently retired pensioners is on average 20 per cent higher than older pensioners, Aegon has found
Posted: 10/06/19
The British Medical Association (BMA) has said that the NHS is on the cusp of a “major workforce crisis” if the government fails to address the ongoing pensions crisis
Posted: 10/06/19
The University and College Union (UCU) has threatened further strike action if universities do not rule out benefit cuts or contribution increases for Universities Superannuation Scheme (USS) members
Posted: 10/06/19
Seventy-two per cent of defined contribution members believe that it is a good idea to include responsible or ethical investments in default funds, according to Invesco
Posted: 10/06/19
The Pensions Regulator is facing further questions with regards to the protections in place covering the Arcadia pension scheme, and in particular, its deficit
Posted: 07/06/19
All pension schemes should appoint a pensions manager to oversee their investment responsibilities, a leading chief investment officer (CIO) has suggested
Posted: 07/06/19
The latest news in brief and mandates from the past seven days
Posted: 07/06/19
The Pensions Regulator (TPR) said it has “signed off” on a draft consultation which will deliver trustee guidance on how they should run a competitive tender for fiduciary managers
Posted: 07/06/19
The government has estimated that it would cost a total of £181.4bn to reverse the state pension age (SPA) for women back to 60 between now and 2025/26
Posted: 07/06/19
Pension fraudsters are playing the long game when it comes to scamming members, The Pensions Ombudsman (TPO) has warned
Posted: 06/05/19
The Institute of Fiscal Studies (IFS) has said that the current pensions system loads “too much risk onto individuals”
Posted: 06/06/19
The trustee of the Commando 2012 Pension Scheme, Mr Garner, has been ordered to pay a scheme member £3,000, plus the losses he has incurred, and transfer his savings out of the scheme
Posted: 06/06/19
Arcadia owner Philip Green has “time to scramble” to agree a company voluntary arrangement (CVA), after it was announced that a meeting to rescue the pension scheme had been delayed
Posted: 06/06/19
Rolls-Royce has completed a record £4.6bn pension deal with Legal and General (L&G), the UK's largest buyout to date
Posted: 06/06/19
Allowing universities and colleges to opt new non-teaching staff out of the Local Government Pension Scheme (LGPS) is a “grievous attack” on its members, Unison has warned
Posted: 05/06/19
The number of master trusts to apply for authorisation has reached 39, The Pensions Regulator has revealed
Posted: 05/06/19
Eligible employees participating in a workplace pension increased to 87 per cent over 2018, a 3 per cent rise on the previous year, government stats have revealed
Posted: 05/06/19
Women born in the 1950s that have had increases to their state pension age are heading to the High Court today as a judicial review commences looking into whether they were told about the changes sufficiently
Posted: 05/06/19
Arcadia owner Philip Green has achieved the support of the Pension Protection Fund (PPF) for the latest pensions security package, ahead of the crucial vote today (5 June)
Posted: 05/06/19
The Department for Work and Pensions (DWP) has called for a “pragmatic” approach to dashboard delivery in order to get it up and running
Posted: 04/06/19
The Pensions Regulator (TPR) would welcome its own rule-making powers, particularly around encouraging “clear, digitised and complete” data for the dashboard, it has said
Posted: 04/06/19
The modern age
Deputy editor Natalie Tuck chats to the ABI’s Yvonne Braun about her work at the ABI and her thoughts on key pension topics

Stepping into the spotlight
Laura Blows speaks to Laird R. Landmann, group managing director and co-director of fixed income at US-based TCW, about the opportunities TCW can provide for UK pension funds