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Latest News
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Schemes urged not to overreact as DB deficit rises £120bn in Q1 2020
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TPP introduces annual £2.50 charge to 'futureproof' scheme
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FTSE 350 DB pension deficit swings into surplus amid volatility
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Pension investment advisor handed 8 year ban
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Guest comment: Navigating the challenges facing DB schemes
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L&G completes 8 pension risk transfers in March
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Archive News
PLSA head of DB, LGPS, and standards, Joe Dabrowski, outlines what DB scheme trustees should be focusing on in these uncertain times
Posted: 2/4/20
Legal & General (L&G) announced that its global pension risk transfer business has secured £261m of pensioners’ benefits across eight transactions in March
Posted: 2/4/20
The deficit of UK defined benefit (DB) pension schemes has increased by over £100bn since the start of the year, rising to £290bn at the end of March, according to the latest PwC Skyval Index.
The index noted however, that whilst this was a “significant increase” from the £170bn recorded at the start of the year, it had still not reached levels seen in late summer of 2019, having reached £340bn at the end of August 2019
The index noted however, that whilst this was a “significant increase” from the £170bn recorded at the start of the year, it had still not reached levels seen in late summer of 2019, having reached £340bn at the end of August 2019
Posted: 02/04/2020
The People’s Pension (TPP) will introduce a combination charge structure, which it says will make it “fairer and futureproof” against the impact of the Covid-19 pandemic
Posted: 2/4/20
Wolverhampton financial advisor, Gerard Blakemore, has been banned for eight years after he provided “poor” pension investment advice that saw his clients lose £7m
Posted: 02/4/20
The accounting position of defined benefit (DB) pension schemes in the FTSE 350 swung from a £68bn deficit at the end of February 2020 to a surplus of £10bn on 31 March, Mercer has revealed
Posted: 2/4/20
Salvus Master Trust has been acquired by fintech firm Smarterly for an undisclosed sum in the first master trust acquisition since the introduction of The Pensions Regulator’s (TPR) authorisation regime
Posted: 1/4/20
The industry has welcomed today’s joint statement from the Financial Conduct Authority (FCA), The Pensions Regulator (TPR) and the Money and Pensions Service (Maps) on raising member awareness of pension scams
Posted: 1/4/20
Castings’ two final salary pension schemes have completed a £72m bulk annuity insurance buy-in with Aviva Life and Pensions UK
Posted: 1/4/20
Wedlake Bell partner, Clive Weber, and Wedlake Bell solicitor, Paul Ashcroft, analyse the Norton Motorcycles pensions liberation scam and what could be done to avoid similar cases in the future
Posted: 1/4/20
Government plans to align the Retail Prices Index (RPI) with the Consumer Prices Index and housing costs (CPIH) are likely to cause an increase to defined benefit (DB) scheme deficits, according to the Pensions Policy Institute (PPI)
Posted: 1/4/20
The Royal Bank of Scotland (RBS) has cancelled a dividend-linked contribution to its main UK pension scheme in light of the Covid-19 pandemic
Posted: 1/4/20
The Financial Conduct Authority (FCA), Money and Pensions Service (Maps) and The Pensions Regulator (TPR) have warned savers against the rising threat of pension scams amid the current coronavirus crisis
Posted: 1/04/2020
The Financial Conduct Authority (FCA) should delay the implementation of its investment pathways initiative in light of the Covid-19 pandemic, AJ Bell chief executive Andy Bell has said
Posted: 1/4/20
Drawdown investors should consider delaying their retirement following recent volatility in capital markets, according to Quilter head of retirement policy, Jon Greer
Posted: 31/3/20
Environmental, social and governance (ESG) and terminal value/re-letting risk are the top factors for institutional pension fund investors in assessing the attractiveness of long income strategies, according to new research
Posted: 31/03/2020
AA claims its consultation on changes to its defined benefit (DB) pension scheme has resulted in a planned “enhancement” to the defined contribution (DC) scheme for affected employees
Posted: 31/3/20
The Pensions Ombudsman (TPO) has upheld a complaint against employer, Nantcwmrhys Ltd, over it's failure to pay pension contributions
Posted: 31/3/20
Two WPP sponsored pension schemes have completed a further combined £250m buy-in with the Pension Insurance Corporation (PIC)
Posted: 31/3/20
The University Superannuation Scheme (USS) has confirmed it will proceed with its 31 March 2020 valuation as planned, despite recently triggering a funding measure breach
Posted: 31/03/2020
The Pensions Administration Standards Association (Pasa) has today (30 March) published COVID-19 guidance for pension scheme administrators
Posted: 30/03/2020
The government is “urgently” examining how to provide cash state pension payments to retirees who are self-isolating, according to Pensions Minister Guy Opperman
Posted: 30/3/20
Trustees could be in “a challenging position” following new defined benefit (DB) scheme guidance from The Pensions Regulator (TPR), Lane Clark and Peacock (LCP) has warned
Posted: 30/3/2020
Arcadia Group intends to suspend monthly contributions to its pension scheme in an effort to retain cash during the coronavirus crisis
Posted: 30/3/20
Annual withdrawals through pension freedoms have fallen for the fourth year in a row, to an average of 4.4 per cent of all private retirement pots, analysis from AJ Bell has revealed
Posted: 30/3/20
The Pensions Regulator (TPR) has confirmed easements for employers to suspend deficit repair contributions (DRCs) as part of its updated guidance on COVID-19
Posted: 30/03/2020
The government will not go ahead with the planned increase in the general levy on pension schemes, which was due to rise by 10 per cent on 1 April 2020
Posted: 30/3/20
The Pensions Regulator (TPR) will be extending the late payment reporting deadline, giving employers more time to pay pension contributions amid the COVID-19 pandemic
Posted: 27/3/20
Trustees must work closely with administrators to ensure pension payments continue during the COVID-19 pandemic, according to Dalriada Trustees professional trustee, Judith Fish
Posted: 27/3/20
Defined contribution (DC) scheme trustees and members must avoid “knee-jerk reactions” to the coronavirus pandemic, according to XPS Pensions
Posted: 27/3/20
The latest news in brief and mandates from the past seven days
Posted: 27/3/20
The government has confirmed that the coronavirus job retention scheme will include provisions for pension contributions
Posted: 27/03/2020
The Department for Work and Pensions (DWP) has issued further guidance on changes to pensions processes being introduced as a result of COVID-19
Posted: 27/03/2020
Stevens & Bolton partner, Gabrielle Holgate, considers the pension cost cutting options available to employers and employees amid the ongoing market volatility
Posted: 26/3/20
Single men and women in retirement have seen their average income fall over the past nine years, Department for Work and Pensions (DWP) data has revealed
Posted: 26/3/20
The Financial Ombudsman Service (FOS) has ruled against self-invested personal pension (Sipp) provider, Liberty, in a “landmark pensions decision”
Posted: 26/03/2020
Average weekly pensioner income after housing costs increased by just £6 between the 2009/10 and 2018/2019 tax years, according to new data
Posted: 26/3/20
The Financial Conduct Authority (FCA) has delayed the implementation of its proposed changes to defined benefit (DB) pension transfers by up to six months
Posted: 26/03/2020
Rolls-Royce has announced it will be reducing the pension contributions for newly appointed executive directors from a maximum of 25 per cent to 12 per cent, in line with its broader new hire rate
Posted: 26/3/20
Aviva has paid out £21m to customers affected by historic unsuitable defined benefit transfer advice in 2019, its annual accounts have confirmed
Posted: 25/3/20
The government is “developing proposals” to address the age discrimination identified in public sector pension schemes following the Court of Appeal’s ruling in the McCloud case
Posted: 25/3/20
The increase in state pension age (SPA) has seen shifts in retirement patterns according to new research, with the number of women retiring before they reach SPA falling
Posted: 25/03/2020
The government has confirmed that it has “no plans” to reinstate war widows’ pensions for those who remarried or cohabited between 1973 and 2015
Posted: 25/03/2020
More than nine out of 10 (94 per cent) employers are facing pension challenges, according to new research from Smarterly
Posted: 25/3/20
Bulk annuity pricing has fallen as current market volatility is causing rapid shifts in all asset pricing, new research from XPS Pensions has shown
Posted: 25/3/20
The Financial Conduct Authority (FCA) has fined a former advisory firm director £23,400 after customers transferred £112m of pension funds into potentially unsuitable investments via self-invested personal pensions (Sipps)
Posted: 25/3/20
DLA Piper has urged trustees to take action in the face of the COVID-19 pandemic, outlining 11 areas of concern that trustees and sponsors should pay particular attention to
Posted: 24/03/2020
The government has launched an open consultation on the proposed merger of the Northumberland Pension Fund and the Tyne and Wear Pension Fund
Posted: 24/3/20
The government should scrap the money purchase annual allowance (MPAA) as part of its response to the COVID-19 pandemic, according to AJ Bell
Posted: 24/03/2020
The Parliamentary Contributory Pension Fund (PCPF) has announced that it is reducing its investment in fossil fuels and increasing its exposure to renewable energy
Posted: 24/3/20
The Department for Work and Pensions (DWP) has begun a dialogue with the Isle of Man government about protection for Flybe pension scheme members
Posted: 24/3/20
Recently retired NHS staff who return to work to help in the fight against COVID-19 will not have their pension reduced, the government has confirmed
Posted: 24/03/2020
Former Pensions Minister Ros Altmann has called for pension transfers to be put on hold for six months to combat the growing risk of scams and to help stabilise schemes
Posted: 23/3/20
British Airways Pension Trustees Limited has purchased The Ugly Brown Building from high street fashion retailer Ted Baker for £78.75m
Posted: 23/3/20
The Treasury must relax rules which could act as a barrier to people seeking to rebuild their pensions after the current crisis is over, LCP partner Steve Webb has said
Posted: 23/03/2020
Mandatory pension scheme contributions should be scrapped immediately amid continued stock market decline, according to Tax Research UK director, Richard Murphy
Posted: 23/3/20
The Pensions Regulator has confirmed plans to postpone its ongoing regulatory initiatives, including its Corporate Plan and long-term strategy
Posted: 23/03/2020
The Pensions Regulator (TPR) has published updated guidance in response to the COVID-19 pandemic, emphasising that “employers need to continue contributing” throughout the outbreak
Posted: 23/3/2020
In the build up to Mother's Day, Pensions Age reporter Duncan Ferris discusses the impact of motherhood on pension savings
Posted: 20/3/20
AJ Bell has urged savers to be "on their guard" to the threat of pension scams, as Action Fraud reports a 400 per cent increase in scams linked to the coronavirus in March
Posted: 20/3/20
The Pensions Ombudsman (TPO) has upheld a complaint against the trustee of the Transport Friendly Society Pension Scheme (TFS scheme), the Cabinet Office and MyCSP
Posted: 20/3/20
The latest news in brief and mandates from the past seven days
Posted: 20/3/20
Pension schemes and their sponsoring employers must work together to tackle the ongoing economic crisis caused by the coronavirus pandemic, industry figures have said
Posted: 20/3/20
The Work and Pensions Committee (WPC) has written to the Department for Work and Pensions (DWP), calling for more information on its response to the COVID-19 pandemic
Posted: 20/3/20
Next’s defined benefit (DB) pension schemes' surplus increased from £125m to £133.4m in the 12 months ended January 2020
Posted: 19/3/20
The Pension Protection Fund (PPF) will "go live" with new insolvency risk scores calculated by Dun and Bradstreet (D&B) as of April, with the scores set to be used for levy invoices from 2021/22
Posted: 19/03/2020
The University Superannuation Scheme (USS) has reported itself to The Pensions Regulator (TPR) after breaching a funding measure from its monitoring and action framework
Posted: 19/03/2020
Plumbing Pensions has submitted a petition to Court of Session in Edinburgh, querying whether it can use scheme funding to cover expenses for recovering section 75 employer debt
Posted: 19/3/20
Only around a fifth (22 per cent) of savers think their state and private pensions will provide enough to live off in retirement, according to new research
Posted: 19/3/20
The Pensions Regulator (TPR) has said that it expected employers to “continue to meet” their automatic enrolment (AE) duties amid the ongoing coronavirus pandemic
Posted: 19/3/20
Pension schemes and trustees will face difficult 2020 funding valuations amid market volatility, and should begin reviewing their options now, Aon has warned
Posted: 19/03/2020
Recent market volatility caused by coronavirus has highlighted shortcomings in The Financial Conduct Authority’s (FCA) Retirement Outcomes Review (ROR), according to Barnett Waddingham
Posted: 18/3/20
An increase in house renting could see future pensioners struggle to achieve an adequate standard of living, as the number of pensioners renting looks set to double by 2046, the Pensions Policy Institute (PPI) has warned
Posted: 18/3/20
The Department for Work and Pensions (DWP) has suspended medical examinations for those entitled to membership of the War Pension Scheme and Armed Forced Compensation Scheme
Posted: 18/3/20
Member communication will be key to defined contribution (DC) schemes’ resilience during the coronavirus crisis, according to Aon
Posted: 18/3/20
The Financial Conduct Authority’s Open Finance initiative could unlock 80 per cent of hidden data on defined contribution pensions, according to new research
Posted: 17/3/20
The coronavirus pandemic has created the “perfect conditions” for pension scammers to operate, Aegon has warned
Posted: 18/3/20
The Morrisons Group pension schemes reported £256m worth of growth in its net accounting surplus over the past year, up to £944m (£688m in 2018/19)
Posted: 18/03/2020
The Financial Conduct Authority’s (FCA) Open Finance Initiative could unlock 80 per cent of 'hidden data' on defined contribution pensions, according to new research
Posted: 17/3/20
ITV has been given a six month deadline to put in place financial support for the Box Clever pension scheme, after losing its legal challenge against The Pensions Regulator (TPR)
Posted: 17/3/20
Royal London’s life and pension business suffered a drop in annual sales amid a decline in defined contribution (DC) transfers
Posted: 17/3/20
University and College Union (UCU) has confirmed plans to postpone pension strike reballots of universities in response to the COVID-19 pandemic, although broader action will continue
Posted: 17/03/2020
Trustees need to ensure that administrators can work remotely to keep pension schemes running smoothly during the coronavirus crisis, according to Buck
Posted: 17/3/20
The cross industry GMP Equalisation Working Group (GMPEWG), chaired by the Pensions Administration Standards Association (Pasa), has today issued its latest GMP guidance on ‘When to Rectify'
Posted: 17/03/2020
Motorola has confirmed that the IndigoVision pension schemes and its members' benefits will be safeguarded in its proposed acquisition of the video security solution firm
Posted: 17/3/20
A national assessment to measure levels of knowledge and understanding in the Local Government Pension Scheme (LGPS) space has been launched by Hymans Robertson
Posted: 17/3/20
The Pensions Regulator (TPR) said it expected trustees to have contingency plans in place and be “alive to risks” in response to the coronavirus
Posted: 16/3/20
The impact of the coronavirus outbreak could see scheme liabilities increase by as much as 15-20 per cent, as the industry is hit by the “perfect storm…in terms of funding”, according to the River and Mercantile Group
Posted: 12/03/2020
Trustees must embrace virtual meetings to ensure that pension schemes don’t suffer during the coronavirus outbreak, according to Aon
Posted: 16/3/20
PensionBee has announced the launch of the UK’s "first mainstream" fossil fuel free fund, in partnership with Legal & General Investment Management (LGIM)
Posted: 16/3/20
The number of households with claimants aged over 75 claiming pension credit continued to fall in 2019, following the trend seen since 2015
Posted: 16/3/20
Ten of 2019’s 153 bulk annuity transactions were worth more than £1bn, according to analysis by Willis Towers Watson
Posted: 13/3/2020
Industry experts have raised concerns over the role of legislation and government in the future of investing in infrastructure, warning that trustees must focus on returns
Posted: 13/03/2020
Trustees have been urged to take action in response to the threats posed by the coronavirus, which has now been categorised as a pandemic by the World Health Organisation
Posted: 13/3/20
The Chancellor’s decision to raise the earnings threshold for the tapered annual allowance means higher earners will no longer be forced into risky investments, according to Citimark Partnership
Posted: 13/3/2020
The latest news in brief and mandates from the past seven days
Posted: 13/3/2020
Boards looking at and reforming their member-nominated trustee (MNT) recruitment process is the “obvious starting point” to improving diversity, Travers Smith head of pensions, Daniel Gerring has said
Posted: 13/3/20
Industry experts have urged the industry to respond to the government consultation on reforms to Retail Prices Index (RPI), emphasising the importance of engaging with members
Posted: 12/03/2020
Pensions Minister Guy Opperman explains why he is to impose requirements on trustees to ensure they implement effective governance in relation to the financial risks of climate change
Posted: 12/3/2020
Industry experts have called for greater standardisation of both disclosures and metrics in climate related investing, emphasising the importance of “seeing through” the greenwashing of funds
Posted: 12/03/2020
Open schemes may have issues with the price of future accrual under the proposals set out in The Pensions Regulator's (TPR) DB funding code consultation, according to SAUL Trustee Company head of technical and communications, Rob Orr
Posted: 12/3/20
RPMI Railpen has acquired a 90 per cent stake in the 46-megawatt Carraig Gheal Wind Farm on the west coast of Scotland
Posted: 12/3/20
The Department for Work and Pensions (DWP) “has some catching up to do” on whether occupational DC schemes that offer drawdown should be required use investment pathways
Posted: 12/3/20
Scams that persuade savers to move their pension savings into risky investments leave savers losing an average of £155,000, according to new research
Posted: 12/3/20
Trustees are “failing in their duty” if they do not take “serious action” to address climate-related financial risks, Pensions Minister Guy Opperman has warned
Posted: 12/3/2020
The rate at which savers are using pension freedoms to access their pension funds has continued to surpass expectations, according to the Office for Budget Responsibility (OBR)
Posted: 12/3/20
The Department for Work and Pensions has today (12 March) clarified details around the new criminal sanction powers included within the Pension Schemes Bill
Posted: 12/03/2020
The Pensions Climate Risk Industry Group (PCRIG) has launched a public consultation on its guidance for pension fund trustees to assess, manage and report on climate-related risks
Posted: 12/03/2020
Pensions Minister Guy Opperman has said that it is “astonishing” that the pensions industry is not doing more to help self-employed workers save for retirement
Posted: 12/3/20
The Department for Work and Pensions (DWP) has today confirmed two further consultations for spring 2020, expected to collect industry views on both performance fees and further regulations on DC consolidation
Posted: 12/03/2020
Pension schemes with liabilities linked to the consumer price index (CPI) could take a 10 per cent hit to funding levels because of new government plans
Posted: 12/3/20
The government has today (12 March) confirmed plans to launch a consultation on Climate-related Financial Disclosures in early summer 2020
Posted: 12/03/2020
Pensions Minister Guy Opperman has warned that schemes that do not have their data ready for the pensions dashboard will face “draconian penalties”
Posted: 12/3/20
The government has announced a review into the net pay anomaly, which has left around 1.7 million low-earners in net pay pension schemes missing out on pensions tax relief
Posted: 11/3/20
The government has launched its consultation on aligning RPI with CPIH as part of today's (11 March) Spring Budget
Posted: 11/3/20
The government has announced that it is increasing the earnings threshold for the tapered annual allowance from £110,000 to £200,000
Posted: 11/3/20
The Pensions and Lifetime Savings Association (PLSA) has urged the pensions industry to “go beyond minimum compliance” in an effort to tackle climate risk
Posted: 11/03/2020
The Pensions Ombudsman (TPO) has upheld a complaint against Police Scotland over its failure to inform an employee of changes to late retirement factors
Posted: 11/3/20
The Bank of England’s (BoE) emergency decision to cut the base interest rate from 0.75 per cent to 0.25 per cent means annuity rates are "likely" to also be reduced, Aegon has warned
Posted: 11/3/20
Sacker and Partners has published its fourth environmental, social and corporate governance (ESG) guide, with the aim of helping scheme trustees keep up with shifting regulations
Posted: 11/3/20
The state pension will be included in the pensions dashboard when it is launched, Money and Pensions Service (Maps) Pensions Dashboards Industry Delivery Group principal, Chris Curry, has confirmed.
Speaking to the Work and Pensions Select Committee, Curry also stated that the group is cooperating with the government as to how the state pension data will be delivered
Speaking to the Work and Pensions Select Committee, Curry also stated that the group is cooperating with the government as to how the state pension data will be delivered
Posted: 11/3/20
The Pensions Ombudmsan (TPO) has upheld a complaint against the Royal Mail Statutory Pension Scheme (RMSPS) over a refusal to pay complaint
Posted: 10/3/20
Growth in auto-enrolled employees dropped marginally in February after a slight decrease in the number of employers completing their declaration of compliance, according to new data
Posted: 10/3/20
The pensions industry is awaiting tomorrow’s (11 March) Budget with bated breath, with some predicting the biggest system shake-up since the introduction of pension freedoms in 2015
Posted: 10/3/20
The combined deficit of UK defined benefit (DB) pension schemes in the PPF 7800 Index has risen to £124.6bn, as industry experts warn of market volatility amid COVID-19 uncertainty
Posted: 10/03/2020
Women face entering retirement with pension pots 39 per cent lower than their male counterparts, according to new research
Posted: 10/3/20
The number of employees saving above 7 per cent of salary into their workplace pension has doubled from 744,000 to 1.6 million over the past seven years, new analysis has revealed
Posted: 10/03/2020
The Universities Superannuation Scheme (USS) has issued a technical discussion document to sponsoring employers, seeking opinions on proposed changes to its 2020 valuation methodology
Posted: 9/3/20
The Smart Pension Master Trust has been confirmed as Welplan Pensions Master Trust’s default receiving scheme following last year’s decision to close Welplan
Posted: 9/3/20
BT has become the latest firm to announce plans to cut its top executives’ pension allowances to be in line with the rest of its workforces’
Posted: 9/3/20
Nest has launched a post-retirement fund, the Nest Guided Retirement Fund, to keep members’ money invested if they choose not to withdraw it immediately
Posted: 9/3/20
Aon has agreed to purchase Willis Towers Watson for $30bn (£22.9bn) in an all-share deal to create a combined equity value of around $80bn (£61bn)
Posted: 9/3/20
Government plans to align RPI with CPIH could negatively affect more than 10 million defined benefit (DB) pension scheme members, Insight Investment has warned
Posted: 9/3/20
The Work and Pensions Committee (WPC) has written to The Pensions Regulator (TPR), seeking answers on its handling of a pensions liberation scam
Posted: 9/3/20
More than half (57 per cent) of those approaching retirement don’t know how much income their pension and savings will generate, according to new research
Posted: 9/3/20
Coronavirus fears caused defined benefit (DB) transfer values to rise to £249,700 at the end of February, according to XPS Pension Group
Posted: 9/3/20
Pensions Age reporter Sophie Smith explores the pensions gender gap ahead of international women's day on 8 March
Posted: 06/03/2020
University and College Union (UCU) has claimed that progress is being made in talks with Universities UK (UUK) and the University Superannuation Scheme (USS) amid ongoing strike action
Posted: 06/03/2020
Millennials expect 36 per cent of their retirement income to be made up by the state pension, potentially exposing themselves to a £75,000 shortfall, research by Portafina has shown
Posted: 06/03/2020
Pensions schemes should be avoiding speculative risks and ensuring that strategies are in line with target allocations due to uncertain markets caused by the coronavirus outbreak, according to XPS Pensions Group
Posted: 6/3/20
Income inequality amongst retired households increased by 2.4 percentage points in 2019 to 31.6 per cent, statistics from the Office for National Statistics (ONS) have revealed
Posted: 06/03/2020
The government's rumoured solution to pension tax issues facing the NHS is “a sticking plaster” and “half-baked”, industry figures have warned
Posted: 6/3/20
The latest news in brief and mandates from the past seven days
Posted: 6/3/20
The Financial Ombudsman Service has upheld a complaint against Portafina, after delays in the transfer of defined benefit (DB) pension scheme benefits to an annuity provider
Posted: 05/03/2020
The net pension deficit for ITV’s defined benefit (DB) pension schemes increased by £49m to £87m the 12 months ending 31 December 2019
Posted: 5/3/20
The government has announced that it is amending regulations to “smooth the transition” from universal credit (UC) to state pension benefits
Posted: 5/3/20
More than half (53 per cent) of people are confident their retirement income will provide their desired standard of life, according to new research
Posted: 5/3/20
Flybe pension scheme members will not be entitled to compensation from the Pension Protection Fund (PPF), following the airline’s collapse this morning (5 March)
Posted: 5/3/20
Over half (58 per cent) of pension professionals think that RPI reform should go further than simply switching to CPIH with no compensation, new research has revealed
Posted: 05/03/2020
A company director has been fined £10,000 and ordered to pay £2,800 costs for failing to supply information and documents relating to an investigation by The Pensions Regulator (TPR)
Posted: 4/3/20
Homeowners aged over 55 anticipate that they will need an annual retirement income of £35,196, more than double the current average of £17,212, according to new research
Posted: 4/3/20
The government has faced industry criticism after confirming plans for a "moderate increase" to the general levy, in its response to a Department for Work and Pensions (DWP) consultation
Posted: 4/3/20
Occupational defined contribution (DC) scheme membership has overtaken defined benefit (DB) participation for the first time
Posted: 4/3/20
The Fujitsu Pension Scheme has moved its defined contribution (DC) members into the LifeSight Master Trust, increasing the trust’s membership by 17,000 and assets under management (AUM) by £730m
Posted: 04/03/2020
Women’s annual private pension income is 55 per cent lower than that of men, despite record levels of women in employment (72 per cent), according to a new study
Posted: 4/3/20
Pension fraud is costing the sector around £6bn a year, research from Crowe and the University of Portsmouth has estimated
Posted: 4/3/20
The number of independent schools opting out of the Teachers’ Pension Scheme (TPS) increased by more than a third (34 per cent) in the past six months
Posted: 3/3/20
The Santander defined benefit (DB) pension scheme surplus has fallen by approximately £339m, to £389m in 2019 (£728m in 2018)
Posted: 3/3/20
The Court of Appeal has upheld its ruling that a taxpayer must pay a 40 per cent charge after transferring funds from his pension into residential property funds
Posted: 3/3/20
The pensions industry has said that the proposed overhaul of The Pensions Regulator’s (TPR) defined benefit (DB) funding code could have “significant implications” for schemes
Posted: 3/3/20
The accounting deficit of defined benefit (DB) pension schemes for FTSE 350 companies increased from £57bn to £68bn in February, according to Mercer
Posted: 3/3/20
Defined benefit (DB) pension scheme deficits rose by around £100bn in the last week of February due to the impact of the coronavirus outbreak, new analysis by Hymans Robertson has revealed
Posted: 03/03/2020
The Pensions Regulator (TPR) has launched a consultation to seek views on changes to the defined benefit (DB) funding code to better manage risks on long-term scheme funding and investment strategy planning
Posted: 3/3/20
The government "should not rush” increasing the age at which private pensions can be accessed, former Pensions Minister Steve Webb has said
Posted: 2/3/20
The Strathclyde Pension Fund (SPF) has concluded that divesting from oil and gas firms is not an “effective or satisfactory solution” to climate change in a review of it’s fossil fuel investments
Posted: 02/03/2020
London mayor Sadiq Khan and New York City mayor Bill de Blasio have urged the mayors of other major cities to follow their lead and divest their cities’ pension schemes from fossil fuel assets
Posted: 2/3/20
The Pensions Regulator (TPR) has announced the appointment of three non-executive directors to its board by the Secretary of State for Work and Pensions, Therese Coffey
Posted: 2/3/20
The Xylem UK Pension Plan has completed a £255m bulk annuity transaction with Rothesay Life, protecting the benefits of over 2,500 final salary section members
Posted: 2/3/20
Mortality rates in England and Wales have fallen 3.8 per cent lower in 2019 than 2018, the largest drop since 2011, new statistics from the Continuous Mortality Investigation (CMI) have shown
Posted: 2/3/20
The Pensions Regulator (TPR) has committed to assessing how savers transferring into defined benefit (DB) superfunds are protected
Posted: 28/2/20
AMNT member, Stephen Fallowell, explains why consumer definitions are important for pension engagement
Posted: 28/2/20
The Rolls Royce defined benefit (DB) pension scheme deficit has fallen by £849m to £208m, the group's financial report has shown
Posted: 28/02/2020
The winners of the annual Pensions Age Awards were announced last night at a sellout, glittering gala ceremony in London, attended by almost 600 people
Posted: 28/2/20
The latest news in brief and mandates from the past seven days
Posted: 28/2/20
Four fifths (80 per cent) of pension professionals favour removing the auto-enrolment minimum age criteria, according to new research
Posted: 27/2/20
Over a third (40 per cent) of those entitled to pension credit have failed to claim the benefit, with up to £2.5bn worth of pension credit unclaimed, new government statistics have revealed
Posted: 27/02/2020
Burges Salmon director, Catrin Young, and associate, Charlotte Osmond, discuss the legal hurdles trustees should be aware of in DC scheme consolidation
Posted: 27/2/20
More than three quarters of people are keen to use a pensions dashboard to learn more about their retirement savings, according to research from Which?
Posted: 27/2/20
The combined deficit for the National Express defined benefit pension schemes has fallen by over £20m, from £116.8m in 2018 to £90m at 31 December 2019
Posted: 27/02/2020
A former pension scheme administrator has been sentenced to two years in prison for stealing £70,000 from Barnet Council’s pension scheme
Posted: 27/2/10
Almost one fifth of savers don’t access information on their pensions, new analysis from the Association of British Insurers (ABI) has shown
Posted: 27/02/2020
The House of Lords is debating a Pensions Schemes Bill amendment which proposes requiring UK pension schemes to outline how they will align investment strategies with the Paris Climate Change Agreement
Posted: 26/2/20
Three quarters of the low-earners who missed out on government tax relief for their pension contributions in 2016/17 were women, government statistics have shown
Posted: 26/02/2020
The Money and Pensions Service (Maps) has announced 11 sector leaders to assist with its ten-year government-backed UK Strategy for Financial Wellbeing
Posted: 26/2/20
HMRC has updated scheme guidance on claiming relief at source tax relief for member contributions, in order to emphasise the role of member playback
Posted: 26/02/2020
The Pensions Ombudsman (TPO) has upheld a misinformation complaint against the Aviva Staff Pension Scheme
Posted: 26/02/2020
Over two thirds (67 per cent) of pension professionals expect The Pension Regulator’s (TPR) new defined benefit (DB) funding code to positively impact their schemes, research has revealed
Posted: 26/2/20
The annual increase level to career average public sector pension schemes in 2020 have been announced, with fire service and armed forces’ schemes seeing the largest rise
Posted: 26/2/20
Fiduciary managers believe that ESG considerations can improve risk-adjusted returns, yet 30 per cent still don’t score managers for ESG across all classes, new research by XPS has shown
Posted: 25/02/2020
The Industry Delivery Group (IDG) is consulting on the challenges faced by pension providers and schemes to meet data compulsion laws
Posted: 25/2/20
The launch of two professional pension trustee accreditation frameworks could cause confusion and undermine the qualification, Dalriada Trustees has warned
Posted: 25/02/2020
The University Superannuation Scheme (USS) has confirmed plans to publish a discussion paper on potential changes to its valuation methodology in March this year
Posted: 25/02/2020
Almost a third (32 per cent) of people in their 60s and 16 per cent of over 70s have not touched their pension, according to LV= research
Posted: 25/2/20
Further reforms are needed to 'future proof' the success of pension freedoms the Association of British Insurers (ABI) has said, with new research revealing a "black hole" on guidance and advice
Posted: 25/02/2020
The amount of tax relief provided to pension schemes has declined since 2015/16, according to figures released by HMRC
Posted: 24/2/20
Women born in the 1950s that were affected by state pension age changes and their communication will bring their case to the Court of Appeal (CoA) on 21 July 2020
Posted: 24/2/20
Self-employed men are more likely to be saving than self-employed women, with an approximate seven percentage point difference in their propensity to save
Posted: 24/02/2020
More than a quarter (26 per cent) of people in their 50s don’t understand the retirement options available to them from age 55, according to Fidelity research
Posted: 24/2/20
The government will scrap plans to cut pension tax relief for higher earners to avoid alienating back bench MPs, according to reports
Posted: 24/2/20
Workplace pension membership for those aged 22 to 29 saw a 50 percentage point jump, up to 85 per cent between 2012 and 2018, according to the Department for Work and Pensions (DWP)
Posted: 24/02/2020
The government has proposed excluding pensions from the dormant asset scheme in a consultation on its expansion into new asset classes
Posted: 21/2/20
Members of the BTRSS and BT Hybrid pension schemes are now accruing additional benefits as agreed in a 2018 pension review, following approximately 10 months' of delays
Posted: 21/2/2020
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Posted: 21/2/20
More than two fifths (43 per cent) of trustees and pension managers don’t feel equipped to monitor and report on environmental, social and governance (ESG) policy to a high standard, according to new research
Posted: 21/2/20
Defined contribution (DC) members between the ages of 40 and 60 should be offered a single default fund then helped to choose from a small range of investment options, according to new research
Posted: 21/2/20
Pension fund investors must hold the directors of companies in which they invest individually accountable for the management of climate change risks, new industry guidance has said
Posted: 21/02/2020
HMRC has released a statement issuing guidance on the tax issues brought about by guaranteed minimum pension (GMP) equalisation
Posted: 20/2/20
The Pensions Regulator (TPR) has claimed its increased communications are ensuring that more trustees are negotiating higher employer pension contributions
Posted: 20/2/20
BAE Systems has agreed to a deficit recovery plan with The Pensions Regulator after its 31 October 2019 funding valuation revealed a pension deficit of £1.9bn
Posted: 20/2/20
The most common question asked to financial advisers by clients close to retirement is how much money they need to retire early, according to Standard Life
Posted: 20/2/20
Generation X must build retirement savings of £375,676 in order to live comfortably after retirement, according to Blacktower Financial Management Group
Posted: 20/2/20
The government should be wary of potential plans to cut higher rate pension tax relief, which would be a “lose-lose” situation, former Pensions Minister Ros Altmann has said
Posted: 20/2/20
The Pension Protection Fund (PPF) has announced the procurement of nine specialist firms to a new framework agreement that will provide services to its board
Posted: 19/02/2020
One in three trust-based, and one in five contract-based DC schemes, expect to move to a master trust in the next five years amid governance and review concerns, new research has revealed
Posted: 19/02/2020
Just 21 per cent of women workers believe they are on course to achieve their retirement income needs, according to an international survey from Aegon
Posted: 19/02/2020
The Consumer Price Index (CPI) rate of inflation has increased to 1.8 per cent over January, after hitting its lowest level in over three years in December 2019
Posted: 19/02/2020
The number of zero-hour contract employees has hit a record high of 974,000, or 3 per cent of the workforce, according to the Office for National Statistics (ONS)
Posted: 19/02/2020
Over a quarter (26 per cent) of savers think £11,000 a year is sufficient to live on at retirement, research from Portafina has revealed
Posted: 19/02/2020
The Co-operative Pension Scheme (Pace) has completed a £1bn buy-in with the Pensions Insurance Corporation, securing benefits for approximately 7,000 scheme members
Posted: 19/02/2020
Universities UK (UUK) and the University and College Union (UCU) have reached “stalemate”, after 84 per cent of employers voted to not fully cover planned increases to Universities Superannuation Scheme (USS) contributions
Posted: 18/02/2020
Defined contribution (DC) schemes are more likely to be aiming to benchmark their contribution rates against their competitors' than against the delivery of sufficient retirement outcomes to members, according to Aon
Posted: 18/2/20
Unsuitable transfers from defined benefit (DB) schemes could result in collective losses of up to £20bn over five years for consumers, the Financial Conduct Authority (FCA) has revealed.
The FCA’s Sector Views report said that consumers could lose a further £20bn collectively due to unsuitable product choices or investment strategies, which it stated could cause “significant consumer harm”
The FCA’s Sector Views report said that consumers could lose a further £20bn collectively due to unsuitable product choices or investment strategies, which it stated could cause “significant consumer harm”
Posted: 18/02/2020
HSBC’s defined pension benefit (DB) schemes' deficit stood at £179m as of 31 December 2019, down from a shortfall of £227m 12 months prior
Posted: 18/2/20
The Pensions Regulator (TPR) found “no evidence” of wrongdoing in House of Fraser's insolvency, following its investigation
Posted: 18/2/20
Employees and employers need to keep stepping up auto-enrolment (AE) contributions in April to boost retirement outcomes, according to Aegon
Posted: 18/2/20
The British Medical Association (BMA) has repeated its calls for “urgent action” to resolve the ongoing NHS pensions crisis, stating that “GPs are being left in the dark”
Posted: 18/02/2020
TPR chief executive, Charles Counsell, discusses potential changes to the regulator's powers and DB funding code in 2020
Posted: 17/2/20
The Public and Commercial Services Union (PCS) will seek a judicial review on civil servants' pensions after it accused the government of “robbing” its members
Posted: 17/2/20
Universities UK (UUK) has launched a fresh consultation amongst employers on whether they should cover increases to Universities Superannuation Scheme (USS) pension contributions
Posted: 17/02/2020
Advisers believe social care funding should be prioritised over pension tax reform in the upcoming Budget, according to Aegon
Posted: 17/2/20
A senior DUP MP has said he is “hopeful” that the Treasury will be “forthcoming” in funding the pension scheme for victims of the Troubles
Posted: 17/02/2020
The upcoming budget, scheduled for 11 March, may be delayed following ex-Chancellor Sajid Javid’s resignation, according to the Transport Secretary
Posted: 17/2/20
PLSA director of policy and research, Nigel Peaple, discusses whether the new government's pensions vision matches the organisation's
Posted: 14/2/20
The House of Lords’ Constitution Committee has said it regretted the inclusion of “such a skeletal provision” of pensions dashboard powers in the Pension Schemes Bill
Posted: 14/2/20
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Posted: 14/2/2020
The government plans to launch a consultation on addressing age discrimination identified in the McCloud court case while ensuring members keep all their benefits
Posted: 14/2/20
Work and Pensions Secretary Therese Coffey and Pensions Minister Guy Opperman have been reappointed to their positions in Prime Minister Boris Johnson’s reshuffle
Posted: 14/2/20
Defined benefit (DB) transfer values increased by almost three per cent in January after declining in the final quarter of 2019, according to data from XPS Pensions
Posted: 13/2/20
The Pensions Regulator (TPR) has confirmed the creation of an industry working group focused on diversity, revealing the starter ‘products’ or initiatives to be led by the working group
Posted: 13/02/2020
The Pensions Management Institute (PMI) has launched an accreditation programme for professional trustees which aims to drive up standards
Posted: 13/2/20
Sajid Javid has resigned from his position as Chancellor in the midst of Prime Minister Boris Johnson's post-Brexit cabinet reshuffle
Posted: 13/2/20
The government has confirmed that the auto-enrolment (AE) earnings trigger threshold will remain at £10,000 in 2020/21
Posted: 13/2/20
The AIB Group UK Pension Scheme has completed a de-risking transaction with Legal & General (L&G), protecting the benefits of over 1,300 members
Posted: 13/2/20
The Barclays Group's IAS 19 pension surplus across all its schemes increased by £300m during 2019 to £1.8bn, as of 31 December 2019
Posted: 13/2/20
The inclusion of an actual annual income at retirement within annual pensions statements is the most popular suggestion for innovation in the industry, new research has revealed
Posted: 13/02/2020
The Pensions Regulator (TPR) has confirmed plans to review and update a consolidated Trustee Knowledge and Understanding code, with a consultation expected in early 2021
Posted: 12/02/2020
Barnet Council will vote on whether to appoint West Yorkshire Pension Fund (WYPF) to administer its local government pension scheme (LGPS) at a meeting next week
Posted: 12/2/20
Monthly growth in the number of workers auto-enrolled in workplace pension schemes more than doubled in January, according to The Pensions Regulator (TPR)
Posted: 12/2/20
Complaints about self-invested personal pensions (Sipp) and occupational pension transfers and opt outs to the Financial Ombudsman Service (FOS) increased between Q2 and Q3 2019/20
Posted: 12/2/20
Members of Parliament have tabled Pension Schemes Bill amendments that include requiring schemes report their climate change strategies and to introduce a Pension Schemes Commission
Posted: 12/2/20
The government should consider making state pension withdrawals more flexible, according to Aegon and Aviva
Posted: 12/2/20
The Pensions Administration Standards Association (Pasa) has launched a consultation on its Defined Benefit (DB) Transfers Code of Good Practice
Posted: 11/2/20
The Pensions Regulator (TPR) has outlined plans to work one-on-one with large administration firms to “refocus” scheme administration
Posted: 11/2/20
The combined deficit of UK defined benefit pension schemes in the PPF 7800 Index is estimated to have increased almost seven-fold, to £74.7bn at the end of January 2020
Posted: 11/02/2020
The Association of Professional Pension Trustees (APPT) has confirmed that its professional pension trustee accreditation process will open to applicants in April
Posted: 11/02/2020
People who defer their state pension for the first year may not see the income benefit from their deferral for 15 years, new analysis has revealed
Posted: 11/2/20
Defined benefit (DB) schemes have benefited from strong asset performance following the dissipation of hard Brexit fears and a fall in global recession risks, Legal and General Investment Management (LGIM) has said
Posted: 11/02/2020
Lifetime renters are expected to deplete their pension savings 12 years before homeowners, assuming current levels of auto-enrolment (AE) contributions continue, new research has revealed
Posted: 11/02/2020
The newly appointed chief financial officer (CFO) of Marks and Spencer (M&S) will receive pension contributions in line with the rest of the company’s workforce
Posted: 11/2/20
The former chief executive of a charity and trustee of its pension scheme has been sentenced to five years in jail for defrauding the scheme out of over £250,000
Posted: 10/2/20
AXA UK is to launch a consultation with members of its defined contribution pension scheme on a proposal to close the scheme and transfer to Willis Towers Watson’s Lifesight master trust
Posted: 10/2/20
The industry has welcomed news that The Pensions Regulator (TPR) has dropped plans for mandatory professional trustees in its response to its Future of Trusteeship and Governance consultation
Posted: 10/02/2020
Nearly 4 in ten (39 per cent) pensions would not be fully located by savers on the pensions dashboard and “drastic” data cleansing is needed, according to PensionBee
Posted: 10/2/20
Global pension assets have seen a “bounce back”, rising by 15 per cent in 2019 to USD 46.7trn (£36.1trn), according to Willis Towers Watson’s Thinking Ahead Institute
Posted: 10/2/20
The Pensions Regulator (TPR) has dropped plans for mandatory professional trustees in its consultation response on new measures to protect member outcomes
Posted: 10/02/2020
The Merchant Navy Officers Pension Fund (MNOPF) has converted its pensioner longevity swap into a £1.6bn buy-in with the Pension Insurance Corporation (PIC)
Posted: 10/2/20
The government is reportedly planning to cut the pension tax relief rate available to high-earning pension savers in its 11 March Budget
Posted: 10/2/20
Society of Pension Professionals DC committee member, Ian Neale, explains why the growing complexity of regulations is setting pensions back
Posted: 7/2/20
The Wiltshire Council Pension Fund has moved around 20 per cent of its assets from passive equities to a low carbon passive equity portfolio
Posted: 7/2/20
Pensions Age reporter Duncan Ferris discusses his first few weeks as a pensions journalist and why he's nothing like Jake Gyllenhaal
Posted: 7/2/20
Pensioner poverty has once again begun to increase following a five year decline, the JRF's annual report on UK poverty has revealed.
Posted: 07/02/2020
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Posted: 7/2/20
Most companies with large pension schemes have made an allowance for proposed changes to the Retail Prices Index (RPI) in their 2019 accounts, according to Willis Towers Watson (WTW)
Posted: 7/2/20
The AWH Group Pension Scheme has completed a £2.3m buyout with Aviva
Posted: 6/2/20
The deficit of UK defined benefit (DB) pension schemes has increased by £40bn in January, according to the latest PwC Skyval Index
Posted: 06/02/2020
Over 16 million people have saved £38.5bn into master trusts, an increase from 13.4 million in 2018, new data from The Pensions Regulator (TPR) has revealed
Posted: 06/02/2020
Most schemes have adopted “thin and non-committal” approaches to environmental risks or have failed to comply with legal obligations, according to the UK Sustainable Investment and Finance Association (UKSIF)
Posted: 6/2/20
The government in Guernsey has voted in favour of launching a secondary pension system similar to the auto-enrolment (AE) system in the UK
Posted: 6/2/20
Over half (54 per cent) of workers don’t know the current size of their pension pots, new research by the Pensions and Lifetime Savings Association (PLSA) has revealed
Posted: 06/02/2020
The government has been encouraged to protect pension tax relief from changes in its upcoming Budget by Curtis Banks
Posted: 5/2/20
The Pensions Regulator (TPR) is carrying out compliance spot checks on some of the UK’s largest employers that were among the first required to comply with auto-enrolment
Posted: 5/2/20
Two-fifths (40 per cent) of employers have difficulties with the issue of pensions tax relief for their higher earners, according to Smarterly
Posted: 5/2/20
Employee wellbeing, the environment and fair trade are the top concerns amongst savers when considering where their pension is invested, new research has revealed
Posted: 5/2/20
The government has estimated the additional costs to police pensions from employer contributions will total £316m in 2020/21
Posted: 5/2/20
The government has been urged to announce a full review of the UK’s pension tax rules in the upcoming Budget, with a ‘double your money’ alternative proposed by Hargreaves Lansdown
Posted: 05/02/2020
The industry has reacted positively to the Financial Conduct Authority’s (FCA) amended rules on disclosing costs and charges to workplace pension scheme members, published today, though concerns around member understanding persist
Posted: 04/02/2020
PMI head of technical, Tim Middleton, discusses the "strong possibility" of additional initiatives to the Pension Schemes Bill
Posted: 4/2/20
The Financial Conduct Authority (FCA) has diluted plans to require pension schemes to provide fee information on all funds offered to workplace pension savers, following industry feedback
Posted: 04/02/2020
The total defined benefit deficit of FTSE 350 firms increased to £57bn on 31 January from £40bn at the end of 2019, according to Mercer
Posted: 4/2/20
Universities Superannuation Scheme (USS) members at 74 universities will strike for 14 days across February and March, the University and College Union (UCU) has confirmed
Posted: 04/02/2020
Advisers remain concerned that proposed regulatory changes from the Financial Conduct Authority (FCA) will reduce the supply of defined benefit transfer advice, according to Aegon
Posted: 4/2/20
Pensions Age reporter Sophie Smith discusses how schemes with diverse trustee boards can improve member engagement
Posted: 3/2/20
Unilever’s pension liability net of assets dropped to €200m (£170m) as at 31 December 2019, down from €900m (£760m) at the same point 12 months prior
Posted: 3/2/20
The Pensions Ombudsman (TPO) has upheld a complaint against Thales UK Pension Scheme over concerns relating to the index used to calculate annual increases on scheme benefits
Posted: 3/2/20
The face-to-face assessments for new pension arrangements for those affected by the Troubles “must be handled sensitively”, according to the victims’ commissioner
Posted: 3/2/20
River and Mercantile has revealed that is has won the right to run a fiduciary client mandate of £1.16bn
Posted: 3/2/20
The Scottish Health Secretary, Jeane Freeman, has called on the UK government to find a permanent solution to the pension tax issues facing the NHS
Posted: 3/2/20
Eighty per cent of higher rate taxpayers are missing out on unclaimed personal pension tax relief amounting to over £800m a year, new research by PensionsBee has revealed
Posted: 31/1/20
APJ Solicitors compliance solicitor, Andrea Murray, discusses the key events of 2019 and what she expects to dominate the financial mis-selling market in 2020
Posted: 31/1/20
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Posted: 31/1/20
Defined benefit (DB) scheme members are expected to struggle to find a firm to advise them on their transfer options, as required by law, a new report from Barnett Waddingham has found
Posted: 31/1/20
The Institute and Faculty of Actuaries (IFoA) has launched a campaign to investigate the rising transfer of risk from institutions to consumers when planning their finances
Posted: 31/1/20
Seven multi-billion-pound transactions accounted for around two-thirds of the record-breaking bulk-annuity transfer volumes for 2019, according to new research
Posted: 30/1/20
The Co-operative Pension Scheme (Pace) has completed a £1bn buy-in with Aviva, insuring the defined benefit pension liabilities of around 7,000 members
Posted: 30/1/20
Staff at a further 14 universities are eligible to join strike action following strike ballots UCU has confirmed, bringing the total number of universities at risk of taking strike action to 74
Posted: 30/1/20
The Pension Regulator (TPR) has published a report on its Arcadia group intervention, outlining its expectations for employers in company voluntary arrangement (CVA) scenarios
Posted: 30/01/2020
Savers have withdrawn almost £33bn since the introduction of pension freedoms in April 2015, with £9.4bn worth of withdrawals in 2019 alone, new figures from HMRC have revealed
Posted: 30/01/2020
Ethnic minority pensioners are an average £3,350 a year worse off in retirement than others their age, The People’s Pension (TPP) has revealed
Posted: 30/1/20
Labour MP for East Ham, Stephen Timms, has been named as the new chair of the Work and Pensions Select Committee
Posted: 29/1/20
British savers could be losing us much as £18,000 in hidden pension charges, with 55 per cent currently in ‘expensive pensions’ where charges are greater than 1 per cent
Posted: 29/01/2020
Hundreds of workers taking early retirement due to ill health may face an unexpected tax bill over annual allowance breaches, research from Royal London has revealed
Posted: 29/01/2020
Almost three quarters (71 per cent) of financial advisers want the pensions dashboard to be a government priority in 2020, according to Standard Life research
Posted: 29/1/20
The Pensions Scheme Bill has now been committed to a Grand Committee following a four hour long debate in the House of Lords, though "serious concerns" remain
Posted: 29/01/2020
Savers who withdrew money from their pensions in Q4 2019 were repaid more than £32m in emergency pension tax by HMRC
Posted: 29/1/20
Lloyds Banking Group pension schemes have agreed a longevity swap deal which covers £10bn of pensioner liabilities
Posted: 29/1/20
The Pensions Ombudsman (TPO) has upheld a complaint against the Shropshire Fire & Rescue Service over an ill health retirement pension (IHRP)
Posted: 28/1/20
ABI policy adviser in long-term savings, Reuben Overmark, explains why focus should be switched from simpler annual benefit statements to dashboard development
Posted: 28/1/20
Over three-quarters (76 per cent) of firms with defined benefit (DB) transfer advice permission could be giving harmful advice, a Financial Conduct Authority (FCA) investigation has revealed
Posted: 28/1/20
The Money and Pensions Service (Maps) has appointed Caroline Siarkiewicz as permanent chief executive with immediate effect
Posted: 28/1/20
Almost half (44 per cent) of all trust leaders are considering, or already planning, to leave the NHS because of the ongoing pensions crisis, new research by NHS providers has revealed
Posted: 28/1/20
Over 80 per cent of savers want greater transparency about which companies their pensions are invested in, new research by PensionsBee has revealed
Posted: 28/1/20
State pension payments were suspended by 14,300 individuals during the 2018/19 tax year, Canada Life has revealed
Posted: 27/1/20
The Pensions Regulator (TPR) has issued the Financial Conduct Authority (FCA) Pension Plan with a £2,000 fine over non-compliance with Chair’s Statement regulations
Posted: 27/1/20
The Nest pension scheme has now reached £10bn assets under management (AUM) invested on behalf of its more than 8.6 million members
Posted: 27/1/20
Candidates for the Work and Pensions Select Committee chair have been announced, with the nomination deadline passing today (27 January)
Posted: 27/1/20
The Department for Work and Pensions (DWP) has confirmed that the UK state pension will be protected by the Withdrawal Agreement in new guidance examining the rights for UK nationals after the UK has left the EU
Posted: 27/1/20
The Brunel Pension Partnership has announced a new climate policy which threatens to remove asset managers who fail to perform on climate related issues
Posted: 27/1/20
PLSA policy lead for investment and stewardship, Caroline Escott, explains why ESG issues will continue to be at the forefront of the agenda in 2020
Posted: 24/1/20
Proposed changes to the AA pension scheme could see staff retirement income "slashed" by 49.8 per cent, according to the GMB union
Posted: 24/1/20
Over half of DB schemes are aiming for self-sufficiency, a recent poll by Barnett Waddingham has revealed
Posted: 24/1/20
Christopher Woolard has been appointed as interim chief executive of the Financial Conduct Authority (FCA) by the Treasury
Posted: 24/1/20
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Posted: 24/1/20
The number of people arranging appointments and using the digital service with Pension Wise increased by 49 per cent in 2018/19, according to the Money and Pensions Service (Maps)
Posted: 24/1/20
The amount of available equity to homeowners aged over 55-years-old has increased to over £381bn at the end of 2019, according to Canada Life
Posted: 23/1/20
The fastest pension provider service times for both defined contribution (DC) and defined benefit (DB) schemes have “stalled” over the last few years, according to Portafina
Posted: 23/1/20
Mothercare has agreed a revised payment schedule with its pension scheme trustees, reducing contributions over the next 15 months
Posted: 23/1/20
Fieldfisher pensions partner, Jeremy Harris, discusses the pension implications of the incoming new IR35 rules
Posted: 23/1/20
The Pensions Minister, Guy Opperman, has warned that schemes can't "just wait for legislation", urging them to ensure their data is dashboard-ready
Posted: 23/1/20
More than a fifth (22 per cent) of Generation X have no pension and a further 10 per cent don’t know what kind of retirement savings they have, a survey has revealed
Posted: 23/1/20
Universities Superannuation Scheme (USS) defined contribution members will have access to private markets assets from February 2020, the scheme has announced
Posted: 22/1/20
The Pensions Ombudsman (TPO) has upheld an ill health benefits complaint against the NHS Pension Scheme, ordering the scheme to review its decision
Posted: 22/1/20
Incoming Sainsbury’s chief executive, Simon Roberts, is set to receive a pension allowance in line with the benefits received by the supermarket chain’s workforce
Posted: 22/1/20
Local Government Pension Scheme (LGPS) pooled investment funds are estimated to have saved £155m since their creation in November 2015
Posted: 22/1/20
Executive remuneration levels have remained a key concern for pension scheme shareholders over the last year, a Pensions and Lifetime Savings Association (PLSA) report has revealed
Posted: 22/1/20
Many in the pensions industry have welcomed the new Financial Wellbeing Strategy launched by the Money and Pensions Service (Maps) today (21 January), but warned that there are challenges that must be overcome
Posted: 21/1/20
The Money and Pensions Service (Maps) has launched its 10-year financial wellbeing strategy, which includes the aim of getting five million more workers saving for later life
Posted: 21/1/2020
The Financial Conduct Authority (FCA) has announced that it will conduct a review into the retirement advice given to savers
Posted: 21/1/20
The Backto60 campaign, which represents women born in the 1950s and affected by state pension age equalisation, has been granted permission to appeal on all grounds by the High Court
Posted: 21/1/20
Stagecoach has brought the government to court, claiming that the Department for Transport (DfT) acted unlawfully in barring its rail franchise bids due to pension concerns
Posted: 21/1/20
Industry experts have called on the government to provide better pension provision support for those in self-employment, after data from the Office for National Statistics revealed the number of self-employed people has now passed 5 million
Posted: 21/1/20
An increase in the number of schemes completing de-risking deals is expected in 2020, after 2019 saw the market dominated by a small number of "mega deals", according to Willis Towers Watson
Posted: 21/1/20
Delays in changing the lower age limit for automatic enrolment (AE) will result in an £18,000 hit to young workers’ pensions, Royal London has revealed
Posted: 20/2/10
Two-thirds (66 per cent) of early retirees were pushed into leaving work by factors outside of their control, according to a Just Group survey
Posted: 20/1/20
AA, the roadside recovery provider, has announced a consultation on proposed changes to its defined benefit (DB) pension scheme, which the GMB union has described as a “nightmare” for members
Posted: 20/1/20
The UK is the 'leading European market' for environmental, social and governance (ESG)-related investments, with £6,439bn assets under management, according to joint research by Association of Luxembourg Fund Industry (ALFI) and PwC Luxembourg.
The joint report, Beyond their Borders: Evolution of foreign investments by pension funds, stipulated that European managers were taking the lead in applying ESG criteria to investments, with them expecting to observe 9.3 per cent growth from 2017 to 2025
The joint report, Beyond their Borders: Evolution of foreign investments by pension funds, stipulated that European managers were taking the lead in applying ESG criteria to investments, with them expecting to observe 9.3 per cent growth from 2017 to 2025
Posted: 20/1/20
Over 30 financial advice firms have stopped offering pension transfer advice in just three months, due to issues obtaining affordable professional indemnity cover, the Personal Finance Society (PFS) has revealed
Posted: 20/1/20
Over 30 financial advice firms have stopped offering pension transfer advice in just three months due to issues obtaining affordable professional indemnity cover, the Personal Finance Society (PFS) has revealed
Posted: 20/1/20
As much as £2.85bn is ‘languishing untouched’ in dormant pension accounts in Switzerland, research by deVere group has revealed
Posted: 20/1/20
There is strong cross-party and frontbench support for a new pensions commission, according to joint research from the Fabian Society and Bright Blue
Posted: 17/1/20
The High Court has today (17 January) ruled that the ‘controversial’ changes made by Secretary of State for Health and Social Care to the NHS Pension Scheme in 2019 were unlawful
Posted: 17/1/20
The pensions dashboard could cost businesses up to £1.48bn, the Department for Work and Pensions (DWP) estimates in its Pension Schemes Bill Impact Assessment report
Posted: 17/1/20
The Pensions Ombudsman (TPO) has upheld a complaint against the Central Networks Group of the Electricity Supply Pension Scheme over ill health benefits
Posted: 17/1/20
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Posted: 17/1/20
A link between underfunding in DB schemes and investment risk has been revealed in The Pension Protection Fund's (PPF) latest The Purple Book, although the overall trend for de-risking has continued
Posted: 17/1/20
44 per cent of employers have seen high-earning employees leave their firms' pension schemes due to the current restrictions in tax relief, the Association of Consulting Actuaries (ACA) has revealed
Posted: 17/1/20
As much as £37bn could be sitting in unclaimed pensions, according to estimates from Profile Pensions
Posted: 16/1/20
The Association of Consulting Actuaries (ACA) has called on the government to set out a timetable for implementing reforms to the auto-enrolment (AE) system
Posted: 16/1/20
Property wealth has delivered over £13bn in extra income via equity release products, analysis by AJ Bell has revealed
Posted: 16/1/20
The Treasury is preparing to give tax relief to those earning more than £110,000 in an attempt to solve the NHS pensions crisis
Posted: 16/1/20
Opportunities for environmental, social and governance (ESG) investment are lacking, according to 29 per cent of pension professionals surveyed in a joint industry report
Posted: 16/1/20
Green Party MP for Brighton Pavilion, Caroline Lucas, has called for the parliamentary pension fund to divest from fossil fuels during a House of Commons debate
Posted: 16/1/20
The trustees of the Post Office section of the Royal Mail Pension Plan (RMPP) are planning on converting their buy-in policy with Rothesay Life into a buyout policy
Posted: 15/1/20
Royal London has become the latest UK-based firm to sign up to the UN-backed Principles of Responsible Investment (PRI)
Posted: 15/1/20
The number of workers being auto-enrolled in workplace pension schemes slowed in December, according to the latest figures from The Pensions Regulator (TPR)
Posted: 15/1/20
The Consumer Prices Index (CPI) rate of inflation has declined to 1.3 per cent over December, below the Bank of England’s 2 per cent target and hitting its lowest level since November 2016
Posted: 15/1/20
One in three UK savers are expecting to retire with an average debt of £17,460 this year, new research by Key has revealed
Posted: 15/1/20
Investors are expecting an increase in the level of investment from pension funds in long income property over the next two years, research from Alpha has revealed
Posted: 15/1/20
The combined deficit of UK defined benefit pension schemes in the PPF 7800 Index is estimated to have halved during December, according to the Pension Protection Fund (PPF)
Posted: 14/1/20
Defined benefit (DB) transfer values fell for the fourth consecutive month in December, falling from £241,700 at the end of November to £238,800, according to XPS Pensions
Posted: 14/1/20
Lane Clark & Peacock (LCP) has announced that it has appointed former Pensions Minister, Sir Steve Webb, as a partner
Posted: 14/1/20
Only 55 per cent of those entering drawdown have taken an income, with 45 per cent simply taking the tax-free cash sum, new analysis from Hargreaves Lansdown has revealed
Posted: 14/1/20
The Investment Association (IA) has issued a ‘red-top’ to WH Smith after it revealed its chief executive, Carl Cowling, is receiving a pension contribution of 12.5 per cent of his salary
Posted: 14/1/20
The joint consultation between the government and UK Statistics Authority (UKSA) on proposed changes to the Retail Prices Index (RPI) has been delayed until the budget on 11 March
Posted: 14/1/20
Former BHS owner, Dominic Chappell, has been ordered to pay £9.5m into the company’s two pension schemes by The Pensions Regulator (TPR)
Posted: 14/1/20
Over a third (34 per cent) of pension professionals believe that the cost of regulation is too high and are concerned about its increasing cost, The Pension Management Institute (PMI) has revealed
Posted: 14/1/20
Pension schemes have been urged not to let automation be derailed by poor quality data in a white paper by the Pensions Administration Standards Association (Pasa)
Posted: 13/1/20
Nearly two-thirds (64 per cent) of pensioners that own a home are failing to claim the full amount of state benefits that they are entitled to, according to Just Group
Posted: 13/1/20
Over 1,000 people failed to report that a pension tax charge had been paid by their scheme on their behalf on their tax return in 2016/17, a freedom of information (FOI) reply obtained by Royal London has revealed
Posted: 13/1/20
Older savers with multiple private pension pots are more than two times less likely to have considered consolidating than their younger counterparts, according to Canada Life
Posted: 13/1/20
Debenhams is rumoured to be in talks with Aviva about a potential buyout of its executive pension scheme to guarantee its members’ future benefits
Posted: 13/1/20
Pension freedom choices are causing anxiety for almost a quarter (23 per cent) of women when planning for retirement, new research from Fidelity International has revealed
Posted: 13/1/20
Just 26 per cent of trustee chairs think that professional trustees are essential for every pension scheme board, according to a joint industry report
Posted: 13/1/20
SPP administration committee member, Barry Mack, urges trustees to work with their administrator before the "tidal wave" of GMP work hits
Posted: 10/1/20
More than a quarter (28 per cent) of people aged over 55 believe they will never be financially independent, according to King Street Wealth Management (KSWM)
Posted: 10/1/20
Almost half of private pension holders approaching retirement age have no plans about how to access their savings, according to data from Canada Life
Posted: 10/1/20
The latest mandates and news in brief from the past week
Posted: 10/1/20
The British Medical Association (BMA) has confirmed that the government review of the tapered annual allowance is now "underway"
Posted: 10/1/20
Registration is now open for the 2020 Sustainable Investment Summit, a one-day conference that focuses on how return targets can be met through sustainable investing
Posted: 10/1/20
Pension schemes have called on Barclays to stop offering finances to fossil fuel companies in a shareholder resolution led by ShareAction
Posted: 9/1/20
The government has said that it is “difficult” to predict the impact of the tapered annual allowance on individual high earning doctors
Posted: 9/1/20
A former accountant has been ordered to pay £4,900 for misleading The Pensions Regulator (TPR) after he failed to enrol staff into a pension
Posted: 9/1/20
The National Grid UK Pension Scheme (NGUKPS) has agreed a UK corporate pension mandate with Octopus Renewables to invest £185m in British solar and onshore wind assets
Posted: 9/1/20
The Carillion Rail (GTRM) Pension Scheme has become the 1000th scheme to transfer to the Pension Protection Fund (PPF), securing retirement benefits for almost 4000 members
Posted: 9/1/20
Almost a third (30 per cent) of investment managers are still not considering environmental, social and governance (ESG) factors across all asset classes, LCP’s latest responsible investment survey has revealed
Posted: 9/1/20
Over half of UK employers aim to review their pension provider in the next six months amid concerns about a lack of innovation in the industry, according to survey data from Smarterly
Posted: 8/1/20
The Pensions Ombudsman has upheld a complaint against the NHS Pension scheme over ill health early retirement benefits, centring on regulation E2A
Posted: 8/1/20
Five January dates have now been confirmed for talks on reforming the Universities Superannuation Scheme (USS), with representatives from the University and College Union (UCU) and Universities UK (UUK) to attend
Posted: 8/1/20
The UK Mineworkers’ Pension Scheme and the British Coal Staff Superannuation Scheme have secured a $350m (£267m) settlement in a US securities fraud case
Posted: 8/1/20
Taking stronger and swifter action against pension scams should be the top priority for the government in 2020, a survey from the Society of Pension Professionals (SPP) has revealed
Posted: 8/1/20
The Pension Schemes Bill was introduced in the House of Lords today (7 January), beginning its parliamentary journey into becoming law
Posted: 7/1/20
The total defined benefit pension deficit of FTSE 350 firms remained roughly static over the calendar year, as it dropped by £1bn to £40bn, according to Mercer
Posted: 7/1/20
The Pensions Ombudsman (TPO) has upheld a complaint against the Green Coal Limited Occupational Pension Scheme after it failed to provide a member with information on his pension for over a year
Posted: 7/1/20
The amount of defined benefit and hybrid schemes and their memberships continued to decline in 2018/19, with the number of active members falling by 168,000 year-on-year
Posted: 7/1/20
Almost half (43 per cent) of NHS employees consider themselves to have a low understanding of the annual allowance, according to research by First Actuarial
Posted: 7/1/20
Chancellor Sajid Javid has announced that the next Budget will take place on 11 March 2020, with pension announcements relating to the Conservative Party election manifesto expected
Posted: 7/1/20
The National Employment Savings Trust (Nest) has announced that its subsidiary, Nest Invest, has been approved as an occupational pension scheme by the Financial Conduct Authority (FCA)
Posted: 6/1/20
PPI associate policy researcher, Anna Brain, discusses why generation X need to be proactive in saving for retirement
Posted: 6/1/20
Equity release products are now being offered at record low interest rates to "tempt" older savers, according to new analysis by Defaqto
Posted: 6/1/20
Around 11,000 people are set to face a combined cut of approximately £33m to their state pension in April 2020, a freedom of information request from Royal London has revealed
Posted: 6/1/20
Nearly all (95 per cent) scheme members have said that the majority pension schemes have made no environmental, governance and social (ESG) changes to portfolios, despite increased focus and regulations on responsible investing
Posted: 6/1/20
ABI long-term savings policy adviser, Matt Burrell, discusses why multiple dashboards are necessary to give people control over their savings
Posted: 3/1/20
ReAssure Group has agreed to acquire Quilter’s insurance and pensions operations, Old Mutual Wealth Life Assurance Limited and Old Mutual Wealth Pensions Trustees Limited, for a total of £445m
Posted: 3/1/20
New regulations expected to be published in Q1 this year by the Financial Conduct Authority (FCA) could risk “dramatically reducing” the supply of advice for defined benefit (DB) members, according to Aegon
Posted: 3/1/20
The upcoming ‘Divorce Day’ (6 January) has brought further attention to the gender pensions gap, with Interactive Investor calling for greater attention to be paid to pensions as an asset throughout divorce proceedings
Posted: 3/1/20
Institutional investor confidence fell during December 2019 by 1.3 points to 79.7, primarily driven by a sharp drop in confidence from European investors, State Street Global Markets has revealed
Posted: 3/1/20
A vegan man is taking landmark legal action in a tribunal which is expected to decide for the first time whether veganism should be protected by law
Posted: 2/1/20
The government had said that there is “no date yet available” for a second reading of the Pension Schemes Bill, reintroduced in the Queen’s Speech on 19 December 2019
Posted: 2/1/20
More than three quarters (77 per cent) of millennials cite environmental, social and governance (ESG) investing as a top priority when considering potential investment opportunities, according to the deVere Group
Posted: 2/1/20
The Financial Conduct Authority’s (FCA) new investment pathways for drawdown providers and customers could lead to a “huge drop” in pension scams, according to APJ Solicitors
Posted: 2/1/20
Pensions experts have forecast a hectic 2020 for the industry, with the expected Pension Schemes Bill and increased calls for responsible investment in the spotlight
Posted: 2/1/20
The Pensions Ombudsman (TPO) has upheld a complaint against Planning Together and James Hay Partnership for delays in earmarking, investing and transferring the complainant's pension
Posted: 2/1/20
Universities and College Union (UCU) and Universities UK (UUK) will meet with Universities Superannuation Scheme (USS) representatives for talks on the future of the scheme in the new year
Posted: 23/12/19
The existing drawdown market is set to drive growth in the retirement advice sector in 2020, as advisers look for more flexible and innovative products, Curtis Banks has predicted
Posted: 23/12/19
The insurance market is expected to see a return to ‘normal’ levels in 2020 with a capacity to accommodate around £30bn worth of deals, industry experts have said
Posted: 23/12/19
Equitable Life policyholders with a 'with-profit' plan are in line to receive an extra payout of around £9,500 in January 2020
Posted: 23/12/19
Millions could be left to rely on state benefits as the median workplace pension for 55-64 year olds has "plummeted" from £106,000 to £71,000 in the last two years, new analysis from Equiniti has revealed
Posted: 23/12/19
The Association of Consulting Actuaries (ACA) has called for the full legislative standardisation of annual benefits statements (ABS), in response to the government's consultation
Posted: 23/12/19
Royal London has expressed concerns regarding proposals for a standardised shorter annual benefits statement, warning that key details could be omitted
Posted: 20/12/19
PLSA director of policy and research, Nigel Peaple, discusses the importance of bold government pension policy in 2020
Posted: 20/12/19
The latest news in brief and mandates from the past seven days
Posted: 20/12/19
Now Pensions has committed to two Chartered Insurance Institute (CII) Insuring Women's Futures pledges - the Financial Flexible Working pledge and Inclusive Customer Financial Lives pledges
Posted: 20/12/19
Over half (54 per cent) of savers say they would be less likely to use a pensions dashboard that contained only partial information on their pension savings, according to new research from AJ Bell
Posted: 20/12/19
Self-invested personal pensions (Sipp) provider and pensions consultancy Mattioli Woods has acquired chartered financial planning firm, The Turris Partnership, for £1.6m
Posted: 20/12/19
Pension schemes should be taking action now to engage with policy makers on potential RPI/CPI changes, according to Insight Investment
Posted: 19/12/19
The "complex judgement" today issued on the Pensions-Sicherungs-Verein VVaG v Günther Bauer case has left many in the industry unsure of the consequences to UK law
Posted: 19/12/19
The Pension Schemes Bill was reintroduced in the Queen's Speech today (19 December), following the Conservative Party's victory in the General Election
Posted: 19/12/19
The European Court of Justice (ECJ) has ruled that pension lifeboats, such as the Pension Protection Fund (PPF), should ensure that ex-employees of insolvent companies do not fall below the poverty line
Posted: 19/12/19
Pension Insurance Corporation (PIC) has announced a £160m debt investment into student accommodation for the University of York
Posted: 19/12/19
The Pension Protection Fund (PPF) has announced plans to introduce new services and consulting on its approach to measuring insolvency risk
Posted: 19/12/19
Time for change: An interview with Nick Burns, CEO, Gallagher’s Employee Benefits Consulting Division, U.K
Francesca Fabrizi interviews Nick Burns, CEO, Gallagher’s Employee Benefits Consulting Division, U.K about the UK pensions industry and asks why the time for change is now
Addressing climate change risk in fixed income portfolios
Francesca Fabrizi meets Lee Clements, director of SRI research at FTSE Russell, to discuss climate change risk in investment portfolios
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