Latest News
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PPF reveals £105m fall in estimated 2022/23 levy
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PLSA calls for AE reform in upcoming Budget
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RPMI rebrands as Railpen
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DB scheme sponsors urged to follow 5 ‘crucial’ steps in wake of new TPR powers
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Atkinson Northern pension scheme secures £8m buy-in with L&G
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DB trustees' investment risk appetite 'hampered' by knowledge and regulation concerns
Archive News
The Pensions and Lifetime Savings Association (PLSA) has published a list of pension policy recommendations it believes the government should consider in its upcoming Budget and Spending Review
Posted: 28/9/21
Around 47 per cent of defined benefit (DB) trustees believe that their appetite for investment risk has increased since pre-pandemic, but a lack of knowledge and "onerous regulation" could be hampering investment decisions, according to industry research
Posted: 28/9/21
Defined benefit (DB) pension scheme sponsors have been encouraged to factor the new risks presented by The Pensions Regulator’s (TPR) extended powers into business decision making
Posted: 28/9/21
The Pension Protection Fund (PPF) has launched a consultation on levy rules for 2022/23, with a strong funding position and stable levy rules resulting in a £105m fall in the levy estimate to £415m.
The consultation, which is open until 9 November, revealed that 82 per cent of schemes that pay a risk-based levy are expected to see a reduction, as the PPF's funding position will allow the levy rules to remain stable and the levy methodology to remain unchanged
The consultation, which is open until 9 November, revealed that 82 per cent of schemes that pay a risk-based levy are expected to see a reduction, as the PPF's funding position will allow the levy rules to remain stable and the levy methodology to remain unchanged
Posted: 28/9/21
The Atkinson Northern Limited Retirement Benefits Scheme has completed an £8m buy-in with Legal & General (L&G), covering the benefits of 45 pension scheme members
Posted: 28/9/21
RPMI, the investment manager for the UK's Railways Pension Scheme, has rebranded to Railpen following several years of transition
Posted: 28/9/21
The upcoming end of the government’s furlough scheme and a potential rise in unemployment as a result has prompted concern from the pensions industry
Posted: 27/9/21
The cross-industry GMP Equalisation Working Group (GMPEWG) has published follow-up guidance on member communications, stressing that whilst GMP equalisation can be “very complicated", communications "don’t have to be”
Posted: 27/9/21
FTSE 350 defined benefit (DB) pension schemes have made an estimated £45bn worth of additional benefit payments since the introduction of pension freedoms in 2015, according to analysis from Barnett Waddingham (BW)
Posted: 27/9/21
PensionBee has called on the government to legislate for a 10-day pension provider transfer guarantee, after finding that switching pension provider took longer than other ‘essential’ services
Posted: 27/9/21
The Productive Finance Working Group has outlined a series of recommendations to facilitate greater investment in longer-term, less liquid assets by defined contribution (DC) pension schemes, urging trustees to shift their focus to long-term value
Posted: 27/9/21
Defined benefit (DB) pension transfer values hit a record high of £264,300 on 24 August, before falling back to the £259,000 at the end of the month, whilst scam red flags continued to fall, according to XPS Pensions Group’s Transfer Watch
Posted: 27/9/21
Royal Mail has launched a consultation on the Royal Mail Collective Pension Plan, seeking views from CWU, Unite, employees of Royal Mail Group and employees of RM Property and Facilities Solutions Limited currently in the Royal Mail Pension Plan (RMPP)
Posted: 24/9/21
The latest news in brief and mandates from the past seven days
Posted: 24/9/21
Nearly half (46 per cent) of furloughed workers have changed their retirement plans, according to research from Canada Life
Posted: 24/9/21
Uber has announced roll-out plans for the first ever pension scheme for flexible workers in the private hire vehicle industry, urging other operators, such as Bolt, Addison Lee and Ola, to work with them to create a cross-industry pension scheme
Posted: 24/9/21
The market value of occupational UK pension schemes decreased slightly from £2.39trn to £2.36trn in the first quarter of 2021, according to quarterly estimates from the Office for National Statistics (ONS)
Posted: 24/9/21
Isio Group has acquired Premier Pensions Management, subject to Financial Conduct Authority (FCA) approval
Posted: 24/9/21
Gallagher has urged the pensions industry to fundamentally rethink member engagement, encouraging trustees to push forwards with digitisation
Posted: 23/9/21
Positive trends in the UK defined contribution (DC) pension market have continued despite the volatility seen in the markets amid the Covid-19 pandemic, with aggregate DC assets growing from £471bn in 2020 to £490bn in 2021, according to industry research
Posted: 23/9/21
The Department for Work and Pensions (DWP) has launched a consultation on the proposed move from 3.5 per cent per annum (pa) to 3.25 per cent pa in the rate of revaluation applied to fixed rate revaluation of Guaranteed Minimum Pension (GMP) for early leavers
Posted: 23/9/21
Smaller defined contribution (DC) pension schemes have been reminded by The Pensions Regulator (TPR) to prepare for a more rigorous value for money (VFM) assessments in line with regulations coming into force with effect from October
Posted: 23/9/21
Nearly half (47 per cent) of people in work do not know how to plan for their retirement, according to Aviva, leading the company to call on employers to do more to help their employees
Posted: 23/9/21
Transfer quotations have reached the lowest take-up rate since 2015, falling to 15 per cent in Q4 2020, the month in which the Financial Conduct Authority's (FCA) ban on contingent charging came into effect, according to analysis by LCP
Posted: 23/9/21
London Pensions Fund Authority (LPFA) has committed to bring carbon emissions across the LPFA Fund to a target-based net zero goal by 2050 and to set up an interim target for 2030
Posted: 22/9/21
Pensions Minister, Guy Opperman, has reaffirmed the government’s commitment to implementing the 2017 Automatic Enrolment Review recommendations in the “mid-2020s” to expand coverage of the auto-enrolment initiative
Posted: 22/9/21
Age UK has urged the government to set out a clear reform programme to end later-life poverty and ensure the state pension covers basic needs, after analysis revealed that progress made in reducing pensioner poverty over the past decade is being reversed
Posted: 22/9/21
Years of human error led the Department for Work & Pensions (DWP) to underpay over £1bn in state pension payments to around 134,000 pensioners, according to the National Audit Office (NAO)
Posted: 22/9/21
The Pensions Regulator (TPR) has observed drawdown products being developed by master trusts and plans to “look at” their development over the course of next year
Posted: 22/9/21
The Selecta UK Pension Plan has completed a £250m full scheme buy-in with Legal & General (L&G), covering liabilities for around 1,000 deferred members and around 1,000 pensioner members
Posted: 22/9/21
The University and College Union (UCU) has confirmed that strike ballots will open at UK universities on 18 October in response to proposed changes to the Universities Superannuation Scheme (USS), with industrial action expected "before the end of the year"
Posted: 22/9/21
The Ashwal Garage section of the Motor Industry Pension Plan has completed a bulk annuity deal with Aviva
Posted: 21/9/21
The proportion of defined benefit (DB) pension trustees who believe that digital communications should be used to engage with members' needs has risen to 59 per cent amid the pandemic, up from just 5 per cent in 2020, according to Hymans Robertson
Posted: 21/9/21
Median annual earnings for individuals saving into a workplace pension have dropped from around £30,600 to £19,600 between 2011 and 2021, according to a report published by Nest Insight
Posted: 21/9/21
Keysight Technologies UK Limited Retirement Benefits Plan has completed a £250m buy-in transaction with Just Group, securing pension benefits for over 750 members of the scheme
Posted: 21/9/21
Defined benefit (DB) pension schemes' liabilities are estimated to have increased by around £46bn between 1 September to 15 September 2021 due to a fall in net interest rates, according to XPS’s DB:UK Funding Tracker
Posted: 21/9/21
The Taskforce on Pension Scheme Voting Implementation has published a report outlining its recommended changes to help tackle issues faced by trustees implementing their own voting policies
Posted: 21/9/21
Guy Opperman has been reappointed as the Pensions and Financial Inclusion Minister following the government's cabinet reshuffle, which also saw Thérèse Coffey remain as Secretary of State for Work and Pensions
Posted: 20/9/21
The increasing focus on net zero is "changing the game completely" for investors, with "massive" demand from pension schemes for integration of net zero within investment portfolios, according to BlackRock global head of alternative specialists, David Lomas
Posted: 20/9/21
The proposed statement season for defined contribution (DC) pensions should be rolled out in a measured fashion and developed alongside the Pensions Dashboards Programme to avoid a capacity crunch, according to Premier Pensions
Posted: 20/9/21
The Paris Aligned Investment Initiative Net Zero Asset Owner Commitment has welcomed 12 new asset owners to the group, bringing the total number of signatories to 40
Posted: 20/9/21
The use of carbon offsetting as a climate strategy for pension schemes is typically “smoke and mirrors” that does little to contribute towards the transition to net zero, according to B&CE chief investment officer, Nico Aspinall
Posted: 20/9/21
Twelve investment consulting firms, representing assets of around USD 10trn, have launched the Net Zero Investment Consultants Initiative (NZICI), committing to support a global goal to reach net-zero greenhouse gas emissions by 2050 or sooner
Posted: 20/9/21
The latest news in brief and mandates from the past seven days
Posted: 17/9/21
LCP has announced it will become operationally net zero this year, with the firm utilising carbon offsets to achieve the goal in the short term
Posted: 17/9/21
Bulk annuity transactions could reach record highs in 2022 if the right conditions are in place and depending on how quickly companies settle down to a normal operating environment, according to Aon’s latest UK Risk Settlement Market Update
Posted: 17/9/21
The John Laing Pension Fund has completed a £320m buy-in with Aviva, its second bulk annuity transaction with the insurer
Posted: 17/9/21
The Pension Protection Fund (PPF) is planning to launch a consultation on its 2022/23 levy rules “shortly”, according to its chief finance officer, Lisa McCrory
Posted: 17/9/21
Regulations introduced to combat scams should not present a resource issue for pension schemes but more work is required, particularly on information sharing and online scams, according to Pension Scams Industry Group (PSIG) chair, Margaret Snowdon
Posted: 17/9/21
Pensions Minister, Guy Opperman, has said that he is “broadly disappointed” by the low levels of action on stewardship by pension schemes, emphasising that there is still more for the industry to do to combat climate change
Posted: 17/9/21
The Pensions Administration Standards Association (Pasa) says it supports the introduction of a statement season, which would see defined contribution (DC) schemes used for auto-enrolment (AE) sending annual benefit statements within a time-limited window
Posted: 16/9/21
Smaller pension scheme buy-in and buyout deals are being crowded out of the market, according to LCP, whose research showed the number of deals worth less than £100m had fallen by 30 per cent in the past five years
Posted: 16/9/21
The Society of Pension Professionals (SPP) has developed a framework for trustees to monitor their obligations as part of a new environmental, social and governance (ESG) guide
Posted: 16/9/2021
A total of 587 investors representing over USD 46trn in assets have signed a statement calling on governments around the world to raise ambition and accelerate action to tackle the climate crisis
Posted: 16/9/21
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have launched a joint discussion paper on developing the framework for measuring value for money (VFM) in defined contribution (DC) pension schemes
Posted: 16/9/21
Almost two-thirds (63 per cent) of UK workers are thinking about leaving or are in the process of leaving their jobs, putting an estimated £113bn of pension savings at risk, according to PensionBee
Posted: 16/9/21
The average adult aged 20-40 wants to retire at 59 with an annual retirement income of £26,000 from all income sources, according to research from Moneybox
Posted: 15/9/21
The Pensions and Lifetime Savings Association (PLSA) has published guidance to help pension schemes and employers start a conversation with savers about their workplace pension
Posted: 15/9/21
Sophie Smith discusses the industry's efforts on Pension Awareness Day and the impact it is having on UK pension savers
Posted: 15/9/21
More than three-quarters (76 per cent) of defined contribution (DC) pension savers do not intend to use their tax-free cash for retirement income, according to Legal & General Investment Management (LGIM)
Posted: 15/9/21
The majority (84 per cent) of Brits do not believe dashboards will change the way they manage their pension, research from MyPensionExpert has found
Posted: 15/9/21
Workers over the age of 50 could have lost out on £5.3bn in collective retirement savings due to cuts in pension saving during the Covid-19 pandemic, according to research by Legal & General Retail Retirement (LGRR)
Posted: 15/9/21
The Oxfordshire Local Government Pension Fund has announced plans to exclude fossil fuel investments, with the full value of the fund’s passive equity investment, worth around £530m, to be moved into a newly launched Paris Aligned Benchmark Fund
Posted: 14/9/21
Pooling of local government pension scheme (LGPS) funds in the UK can drive further value in the future, according to research from NMG Group
Posted: 14/9/21
The government has again been urged to adopt a simplified approach to reducing the normal minimum pension age (NMPA) rather than a “hot mess of complexity”, to avoid inadvertently opening the door to would-be scammers
Posted: 14/9/21
The government’s temporary state pension triple lock adjustment could save it £5bn, after growth in average total pay increased to an “inflation busting” 8.3 per cent in the three months to July
Posted: 14/9/21
The aggregate surplus of UK defined benefit (DB) pension schemes increased by £20.8bn during August to reach £83.2bn, according to the Pension Protection Fund (PPF)
Posted: 14/9/21
The UK has fallen one place to rank 18 out of 44 nations in terms of retirement security, according to the Natixis Investment Management 2021 Global Retirement Index, while Iceland maintained its ranking as number one for the second consecutive year
Posted: 14/9/21
Morrisons' pension trustees have agreed a support package for the firm's schemes should Clayton Dubilier & Rice (CD&R) be successful in its proposed takeover of the supermarket
Posted: 14/9/21
Wholesale change is needed to grant defined contribution (DC) pension savers access to private market investments, according to the DC Investment Forum (DCIF)
Posted: 13/9/21
As many as 900,000 retirees will be at risk of annual flooding by 2050 and 175,500 will have inadequate or no insurance, according to analysis by PensionBee
Posted: 13/9/21
Nearly two-fifths (37 per cent) of people retiring this year are concerned they will not have enough money to fund their retirement, although 39 per cent of those planning to retire feel “very confident” that they are financially ready, according to research from Abrdn
Posted: 13/9/21
Make My Money Matter (MMMM) co-founder and film maker, Richard Curtis, has directed a new video series highlighting the role pensions can play in addressing climate change
Posted: 13/9/21
The number of workers delaying retirement as a result of the pandemic has increased by over a quarter in the past year, with 29 per cent of workers changing their retirement plans, compared to the 23 per cent in October 2020, research from Fidelity International has found
Posted: 13/9/21
The Pensions Dashboards Programme (PDP) must improve clarity on its plans for the method, accuracy and scope of producing estimated retirement income (ERI) for dashboards, according to the Society of Pension Professionals (SPP)
Posted: 13/9/21
A fifth (20 per cent) of non-retired workers in the UK say that they are not currently paying into a pension, according to research from the Pensions and Lifetime Savings Association (PLSA)
Posted: 13/9/21
More than £1trn held by UK institutional investors is exposed to significant climate risk, according to a report from LCP
Posted: 10/9/21
The Pensions Ombudsman (TPO) has upheld a complaint against Standard Life, after the firm incorrectly deducted fees from the complainant's Fundsnetwork self-invested personal pension (SIPP) before the benefits were transferred to a Fidelity SIPP
Posted: 10/9/21
The Department for Work and Pensions (DWP) will clear the state pension payment backlog by the end of October 2021, according to Pensions Minister, Guy Opperman
Posted: 10/9/21
Charities have been urged to engage with The Pensions Regulator (TPR) on its upcoming defined benefit (DB) funding code to address the “potential pitfalls” of the rules and avoid being “overwhelmed by pension costs”
Posted: 10/9/21
The latest news in brief and mandates from the past seven days
Posted: 10/9/21
The employment rate of people between 50 and 64 has fallen from 72.1 per cent to 71.2 per cent in 2021, according to the Department for Work and Pensions (DWP), igniting concerns over damage to retirement prospects
Posted: 9/9/21
The Public Service Pensions and Judicial Offices Bill has been committed to a Grand Committee after undergoing a second reading in the House of Lords (HoL), with the bill expected to receive Royal Assent in early 2022
Posted: 9/9/21
The Pensions Regulator’s (TPR) use of its auto-enrolment (AE) enforcement powers returned to pre-pandemic levels following the easements introduced to support employers through the early months of Covid-19.
The regulator’s latest Compliance and Enforcement Bulletin showed that the total use of its enforcement powers between January and June 2021 increased to 77,032
The regulator’s latest Compliance and Enforcement Bulletin showed that the total use of its enforcement powers between January and June 2021 increased to 77,032
Posted: 9/9/21
Morrisons’ net defined benefit (DB) pension scheme accounting surplus increased by £181m to £897m in the first half of 2021, its interim results report has revealed
Posted: 9/9/21
The Pensions Ombudsman (TPO) has upheld a complaint against Cherry Tree Care Limited (CTC) after finding that it failed to pay contributions into a pension scheme
Posted: 9/9/21
The Pensions Management Institute (PMI) has announced the launch of its Diploma in Pension Trusteeship, an optional qualification for those who have already completed the association’s full professional trustee accreditation, APTitude
Posted: 9/9/21
UK pension market participants must work to understand and address the catalysts driving short–term retirement market change, according to a report from PwC
Posted: 8/9/21
The government has launched a consultation on draft regulations regarding The Pensions Regulator's (TPR) increased powers that extend the type of events that trustees and sponsoring employers are required to notify the regulator about
Posted: 8/9/21
Industry experts have labelled the government’s decision to suspend the triple lock as the "the right balance” amid the impact of the pandemic, although concerns have emerged around the need for long-term reforms and the potential precedent set
Posted: 8/9/21
Almost four in five (78 per cent) married people yet to retire, equivalent to just over 15 million individuals, have no idea about the value of their spouse’s pension savings, according to LV
Posted: 8/9/21
The recently announced 1.25 per cent rise in national insurance contributions (NIC), which will be used to fund social care costs and take effect from April 2022, could see changes to auto-enrolment (AE) “kicked into the long grass”, Aegon has warned
Posted: 8/9/21
Pension scheme trustees should challenge their investment consultants to ensure the environmental, social and governance (ESG) practices of their fund managers are aligned to their schemes' objectives, according to XPS Pensions Group
Posted: 8/9/21
The government has confirmed plans to remove the earnings link element from the state pension triple lock for 2022/23, after the impact of Covid-19 resulted in the measure becoming “skewed and distorted”
Posted: 7/9/21
Almost half (46 per cent) of retirees across the UK do not have enough money in emergency savings, according to research by Focaldata
Posted: 7/9/21
More than two-fifths (42 per cent) of savers who have tried to change pension providers found it so difficult that they would not attempt another transfer, according to PensionBee
Posted: 7/9/21
Wedlake Bell partner, Alison Hills, discusses the recent trustee statement on the potential Morrisons takeover and what it could mean for its pension schemes
Posted: 7/9/21
Time is running out to book your place for Pensions Age’s upcoming Autumn Conference on 16 September, featuring Pensions Minister, Guy Opperman, as a keynote speaker
Posted: 7/9/21
Public sector pension schemes have been encouraged to act “swiftly” in preparation for new measures outlined in The Pensions Regulator’s (TPR) consolidated Code of Practice
Posted: 7/9/21
UK defined benefit (DB) pension schemes' approaches to securing inflation-linked returns on assets could be exposing them to losses of around £200bn, according to research from PwC
Posted: 7/9/21
The majority (85 per cent) of UK pension scheme investors expect the schemes they work for to increase their allocations to illiquid assets over the next three years, with 7 per cent expecting a significant rise, research from Alpha Real Capital has found
Posted: 6/9/21
UK defined benefit (DB) pension schemes could take over a decade to reach full funding under new regulatory rules, despite scheme deficits against long-term funding targets falling by £40bn over the year to 31 August 2021, analysis from XPS Pensions has found
Posted: 6/9/21
The Financial Reporting Council (FRC) has published a list of successful signatories to the UK Stewardship Code, with a third of applicants missing out.
The code is designed to improve stewardship on behalf of UK savers and pensioners by setting a ‘high bar’ for investors to meet
The code is designed to improve stewardship on behalf of UK savers and pensioners by setting a ‘high bar’ for investors to meet
Posted: 6/9/21
The world’s top 300 pension funds saw the value of their collective assets under management increase by 11.5 per cent to $21.7trn (£15.7trn) in 2020, according to Willis Towers Watson's Thinking Ahead Institute
Posted: 6/9/21
Over 325,000 people have taken advantage of rules to ‘protect’ themselves against cuts in the lifetime allowance (LTA) for pensions tax relief since its introduction in 2006, although recent applications have slowed, according to a freedom of information request obtained by LCP
Posted: 6/9/21
The Pensions Dashboards Programme (PDP) has appointed Capgemini to deliver its central technical architecture, ending the project’s first phase
Posted: 6/9/21
Celebrating excellence within the pensions industry for another year, the Pensions Age Awards 2022 is now open to entries for all UK pension schemes and provider firms serving pension schemes in the UK
Posted: 3/9/21
Industry experts have welcomed the intention behind recent government plans to encourage more savers to take financial advice or guidance, but concerns have emerged over the resources that will be required from both Pension Wise and administrators
Posted: 3/9/21
The latest news in brief and mandates from the past seven days
Posted: 3/9/21
The average funding levels for tranche 15 schemes with valuation dates between September 2019 and June 2020 were higher than for any previous tranche, although the impact of Covid-19 on schemes was "evident", research from Aon has found
Posted: 3/9/21
The government’s most recent workplace pension saving statistics have shown the “huge progress” auto-enrolment (AE) policy has brought, while also highlighting that inequalities in the UK pension system remain, according to industry experts
Posted: 3/9/21
The trustee of the Fujitsu General (UK) Co. Limited Pension and Life Assurance Plan has agreed a full buy-in transaction with Aviva
Posted: 3/9/21
More than three-quarters (78 per cent) of pension professionals are not confident that the pensions dashboards will be completed on target in two years' time, according to research from the Pensions Management Institute (PMI)
Posted: 2/9/21
Almost a fifth (17 per cent) of UK adults are prioritising spending every penny of their retirement savings without running out, according to Canada Life
Posted: 2/9/21
Phoenix Group has purchased a portfolio of equity release mortgages with a value of around £300m from Just Retirement Limited
Posted: 2/9/21
The number of eligible employees participating in a workplace pension remained stable year-on-year in 2020 at 88 per cent, equal to around 19.4 million savers, the latest government figures have shown
Posted: 2/9/21
The aggregate funding position of the UK’s defined benefit (DB) pension schemes remained “relatively stable” over August, with PwC’s Pension Funding Index recording an aggregate surplus of £20bn
Posted: 2/9/21
The accounting deficit of FTSE 350 defined benefit (DB) pension schemes rose by £2bn over the course of August, standing at £87bn at the end of the month, according to Mercer
Posted: 2/9/21
The Financial Conduct Authority (FCA) will conduct a review before the end of the year regarding its guidance for how firms calculate redress for unsuitable defined benefit (DB) pension transfers
Posted: 1/9/21
Half (50 per cent) of UK over-50s who planned to retire abroad are reconsidering due to Brexit concerns, up from 46 per cent in 2020, according to research from Canada Life
Posted: 1/9/21
The Universities Superannuation Scheme (USS) Joint Negotiating Committee (JNC) has agreed to consult on Universities UK’s (UUK) proposed changes to the scheme with affected members, prompting threats of strike action from University and College Union (UCU)
Posted: 1/9/21
Nearly one fifth (17.3 per cent) of furloughed workers in the UK have increased their pension contributions since the onset of the Covid-19 pandemic, according to GlobalData’s 2021 UK Life & Pensions Survey
Posted: 1/9/21
The Pension Protection Fund (PPF) has confirmed that pension schemes and employers can continue to apply for a 90-day extension for the payment of their 2021/22 levy bill
Posted: 1/9/21
Pay is the most voted-on issue among the shareholder resolutions put to scheme members via Legal & General Investment Management’s (LGIM) partnership with Tumelo, while climate held a “strong second place” despite featuring in fewer resolutions
Posted: 1/9/21
Britax Childcare Group has completed a buy-in involving three of its defined benefit (DB) pension schemes with Just Group
Posted: 31/8/21
Collective defined contribution (CDC) scheme regulations require key changes if they are to be a success, according to the Association of Consulting Actuaries (ACA)
Posted: 31/8/21
The proportion of over-50s in work is set to reach a record high of 47 per cent by 2030, according to Legal & General (L&G) Retail Retirement and the Centre for Economics and Business Research (CEBR), with a similar trend expected for those working past state pension age
Posted: 31/8/21
The average retired pensioner couple spends income equivalent to two annual state pensions by 31 August, leaving them with a four-month shortfall, according to Just Group
Posted: 31/8/21
Industry experts have welcomed The Pensions Regulator’s (TPR) guidance on governance and reporting of climate-related risks and opportunities, although concerns have been raised over the need for further clarification in some key areas
Posted: 31/8/21
The pace of recovery in dividends could be slowed as a result of increased powers for The Pensions Regulator (TPR), which are due to come into force from 1 October 2021, with analysis from LCP suggesting that the 'dividend bubble' could burst "in weeks"
Posted: 31/8/21
Association of Consulting Actuaries (ACA) chair, Patrick Bloomfield, discusses the organisation's views on HMRC's consultation on the tax advice market, published earlier this year
Posted: 27/8/21
The latest news in brief and mandates from the past seven days
Posted: 27/8/21
Pension schemes have been urged to use the extra time created by the delay to The Pensions Regulator’s (TPR) consolidated Code of Practice to prepare for any changes that it may bring
Posted: 27/8/21
The government should make the framework for collective defined contribution (CDC) schemes more flexible to encourage take-up and make it fairer for younger members, according to LCP.
The firm’s response to the government consultation on CDC regulations said further flexibility was needed due to the framework having been drafted with the Royal Mail scheme in mind, leaving sponsors who may wish to explore different benefit structures facing limited options
The firm’s response to the government consultation on CDC regulations said further flexibility was needed due to the framework having been drafted with the Royal Mail scheme in mind, leaving sponsors who may wish to explore different benefit structures facing limited options
Posted: 27/8/21
Nest has launched a new procurement inviting fund managers to provide solutions for investing in private equity
Posted: 27/8/21
The Pensions Regulator (TPR) has warned employers that they must not neglect their workplace pension duties as they adjust to the ‘new normal’ in the fallout of the coronavirus pandemic
Posted: 26/8/21
FTSE 350 defined benefit (DB) schemes could see their time to buyout fall by over a third under worst-case scenarios for life expectancy, putting them on track to reach their endgame in March 2026, according to Barnett Waddingham (BW)
Posted: 26/8/21
Arc Pensions Law partner, Kate Payne, analyses the challenges trustees face in meeting top-up requirements for equalising GMPs
Posted: 26/8/21
More than four-fifths (83 per cent) of savers agree that all workers should be automatically enrolled, regardless of annual earnings or age, according to research from PensionBee
Posted: 26/8/21
The number of pension scheme members requesting cash equivalent transfer values (CETVs) increased by 50 per cent in Q2 2021, analysis from Barnett Waddingham has revealed
Posted: 26/8/21
The proposed basic structure of the pensions dashboards is “ill-conceived” and the infrastructural concept is “questionable” on a technical level, according to Premier Pensions head of administration, Girish Menezes
Posted: 25/8/21
Ernst & Young LLP (EY) has been fined £3.5m and received a severe reprimand from the Financial Reporting Council (FRC) after it ruled that there were failings in the firm’s audit of Stagecoach
Posted: 25/8/21
The Office for National Statistics (ONS) has warned that the exit of workers aged between 50 and 65 from the workforce could negatively impact both individuals’ finances and the wider economy
Posted: 25/8/21
More than 2.1 million pensioners receive less than £100 a week from their state pension, Hargreaves Lansdown analysis of government figures has shown
Posted: 25/8/21
The Pensions Regulator (TPR) has confirmed that it will not be proceeding with plans to limit pension schemes’ investments in unregulated assets to 20 per cent
Posted: 25/8/21
The trustees of the Morrisons Retirement Saver Plan and the Safeway Pension Scheme have warned that the proposed Morrisons acquisition deal, in its current form, would “materially weaken” the existing sponsor covenant supporting the schemes.
In a statement, the trustees warned that the offer Morrisons’ board of directors intends to recommend from Clayton, Dubilier and Rice (CD&R) could weaken the sponsor covenant if no agreement is reached to provide additional protection for the schemes
In a statement, the trustees warned that the offer Morrisons’ board of directors intends to recommend from Clayton, Dubilier and Rice (CD&R) could weaken the sponsor covenant if no agreement is reached to provide additional protection for the schemes
Posted: 24/8/21
The Pensions Ombudsman (TPO) has stated that it will “need to do more with less” as it faces financial pressures and a likely increase in the volume and complexity of cases
Posted: 24/8/21
Only half (50 per cent) of part-time employees say they have a workplace pension, despite average earnings of £13,803 being above the automatic enrolment threshold, according to Fidelity International
Posted: 24/8/21
The government should extend the protection offered in its Online Safety Bill by including financial scams promoted by paid-for adverts, according to Aviva
Posted: 24/8/21
Almost a third (31 per cent) of people born between 1965 and 1980 do not feel confident that they will able to work for as long as they need to fund their retirement needs, research has shown
Posted: 24/8/21
The Money Purchase Annual Allowance (MPAA) limit should increase from £4,000 to £10,000 to stop middle income earners from falling victim to the charge in the wake of the pandemic, according to Aegon
Posted: 24/8/21
More than two-fifths (43 per cent) of pension savers feel that they are not saving enough for retirement and that their provider could do more in supporting them in their savings journey, PensionBee has found
Posted: 24/8/21
The Association of Member Nominated Trustees (AMNT) has announced the election of Maggie Rodger to the the role of co-chair, effective immediately
Posted: 23/8/21
Association of British Insurers (ABI) head of long-term savings, Rob Yuille, discusses how pension savers can be supported at retirement and what changes are needed to ensure greater support in future
Posted: 23/8/21
‘Generation Rent’ are in danger of not being able to afford retirement due to dealing with higher costs than those who own their homes, Hargreaves Lansdown has warned
Posted: 23/8/21
Defined benefit (DB) scheme members are often unaware of the increasing flexibility offered by their schemes, according to a report from LCP
Posted: 23/8/21
More than a third (35 per cent) of pension holders, equal to 10 million savers, know nothing about product options at retirement and the pros and cons of each option, research from LV= has revealed
Posted: 23/8/21
HM Treasury has been urged to consider a new way of flexing the rate of public service pension increases to reflect economic growth, following its consultation on proposed changes to the public service cost control mechanism and discount rate methodology.
Posted: 23/8/21
Former owner of Norton Motorcycles, Stuart James Garner, is to be prosecuted for illegally investing money into the business from three pension schemes for which he was the sole trustee, The Pensions Regulator (TPR) has confirmed.
Garner is accused of breaching Employer Related Investment (ERI) rules by investing more than five percent of assets from each scheme into his business, Norton Motorcycle Holdings Ltd
Garner is accused of breaching Employer Related Investment (ERI) rules by investing more than five percent of assets from each scheme into his business, Norton Motorcycle Holdings Ltd
Posted: 20/8/21
Clayton, Dubilier & Rice (CD&R) has stated it intends for employer contributions to Morrisons’ UK defined benefit pension (DB) schemes to continue in line with current arrangements if its £7bn takeover bid is successful
Posted: 20/8/21
The Information Commissioner’s Office (ICO) has fined Halifax-based Parkin Beacher Ltd (PBL), which also operates under the trading name Your Pension Options, £50,000 for making illegal marketing calls to people about their pensions
Posted: 20/8/21
The Social Housing Pension Scheme (SHPS) has reached a recovery plan agreement after it registered an improvement in funding level from 75 per cent to 77 per cent in its 2020 actuarial valuation, according to TPT Retirement Solutions
Posted: 20/8/21
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Posted: 20/8/21
The Pensions Policy Institute (PPI) has argued that now is the right time to introduce a long-term UK specific pensions framework, confirming that a methodology report for the PPI framework will be published at the end of the year
Posted: 20/8/21
The Pensions Ombudsman (TPO) has partially upheld a complaint against Aon, GE Pension Trustees Limited and Willis Towers Watson (WTW) following a complaint concerning the communication of incorrect information
Posted: 19/8/21
BT Pension Scheme (BTPS) has agreed to sell its its remaining 29.5 per cent interest in Hermes Fund Managers Limited (HFML) to Federated Hermes for £116.5m
Posted: 19/8/21
Marshalls’ defined benefit (DB) pension scheme surplus narrowed from £10.4m in June 2020 to £9.5m over the year ended 30 June 2021 after a strong recovery in H1, according to the company’s half year results
Posted: 19/8/21
Defined benefit (DB) transfer values rose “sharply” over July to end the month at £260,000, according to XPS Pensions Group’s latest Transfer Watch figures, just short of the record high of £261,500 recorded in July 2020
Posted: 19/8/21
More than three quarters (78 per cent) of advisers go beyond strict ‘money matters’ with their retirement clients by asking about what gives them meaning, purpose and happiness, according to Aegon
Posted: 19/8/21
Around 14 per cent of retired and semi-retired people aged over 55 took regulated advice before retiring, with the “vast majority” instead taking a DIY approach or undertaking no planning at all, research from Just Group has found
Posted: 19/8/21
Pension schemes could see “endless potential” for allocation to venture capital and growth equity if they can shift their focus from the US to look at homegrown opportunities in the UK, Octopus Group co-founder, Chris Hulatt, has said
Posted: 18/8/21
Industry experts have warned that dropping the triple lock earnings limit link could set a “dangerous precedent” that pensioners are a target for cost savings, stating that a comprehensive review of pensioner support is needed, rather than a "knee-jerk reaction”
Posted: 18/8/21
Defined contribution (DC) pension providers must continue working on the risk management of their default funds in the wake of the pandemic, according to an annual survey from Punter Southall Aspire
Posted: 18/8/21
The Pensions Ombudsman (TPO) has partially upheld a complaint against The Railways Pension Trustee and RPMI following the suspension of a member’s pension
Posted: 18/8/21
Concerns over the long-term purchasing power and financial resilience of retirees have emerged, despite the latest figures from the Office for National Statistics showing a fall in Consumer Price Inflation to 2 per cent in the year to July 2021
Posted: 18/8/21
Over half (51 per cent) of UK adults have become conscious of the need to save more amid the pandemic, with 14 per cent stating that it has made them think they need to save more into their pension, research from Wealth at Work has found
Posted: 17/8/21
The Department for Work and Pensions (DWP) has published a factsheet on the impact of guaranteed minimum pension (GMP) indexation changes, with user testing of the updated communications so far “in the main, positive”
Posted: 17/8/21
Just over a quarter (26 per cent) of savers in the East Midlands and North East of England are confident that they will be able to afford to retire, research from Hargreaves Lansdown has shown
Posted: 17/8/21
Companies could cut the cash cost of their defined benefit (DB) pension scheme by up to 30 per cent if they implement a bespoke endgame strategy instead of "following the herd" down The Pensions Regulator’s (TPR) fast track route, according to analysis by Hymans Robertson
Posted: 17/8/21
Average earnings excluding bonuses increased by 7.4 per cent in the three months to June 2021, the Office for National Statistics (ONS) has revealed, leading to further questions about the affordability of the state pension triple lock
Posted: 17/8/21
Pensions Policy Institute (PPI) head of modelling, Tim Pike, discusses the importance of defined benefit (DB) pension savings for households approaching retirement
Posted: 16/8/21
A competition has been launched to help develop solutions that bring together and harness the best in technology, architecture, finance, health and care provision, to create financially, socially and environmentally sustainable elderly care
Posted: 16/8/21
Around four million workers under 40 could be losing out on investment returns as they are in low-risk pensions that do not have potential for higher growth, according to research from Interactive Investor (II)
Posted: 16/8/21
The Pensions Administration Standards Association (Pasa) has created the Benefit Statements Working Group to advise the government's working group on the development of the annual benefit statement season.
The Department for Work and Pensions (DWP) has previously announced plans for mandatory simpler annual benefits statements, including the introduction of a ‘statement season’, with Pensions Minister, Guy Opperman, establishing a working group to help develop an approach
The Department for Work and Pensions (DWP) has previously announced plans for mandatory simpler annual benefits statements, including the introduction of a ‘statement season’, with Pensions Minister, Guy Opperman, establishing a working group to help develop an approach
Posted: 16/8/21
Phoenix Group has completed a further £998m buy-in with the Pearl Pension Scheme
Posted: 16/8/21
Nearly half (46 per cent) of UK adults agree that the government should maintain the triple lock promise and raise the state pension by whichever measurement is higher, although this view was much more prominent amongst over-50s, according to research from Canada Life
Posted: 16/8/21
Trafalgar House has been appointed to provide pension administration services to the NFU Mutual Retirement Benefit Scheme, a hybrid scheme covering over £1.1bn in assets and more than 9,000 members
Posted: 13/8/21
Willis Towers Watson (WTW) has agreed to sell its reinsurance arm, Willis Re, to Arthur J. Gallagher & Co for $3.25bn (£2.35bn), subject to regulatory approvals and clearances
Posted: 13/8/21
Society of Pension Professionals (SPP) Legislation Committee member, Chris Stiles, discusses why the industry and regulators need to work together on efficient innovation
Posted: 13/8/21
Two solicitors have been struck off due to professional misconduct after the Solicitors Disciplinary Tribunal found they had failed to give proper advice to investors who sunk their pensions into a 'dubious' investment scheme
Posted: 13/8/21
Santander's defined benefit (DB) pension scheme surplus increased by around £839m over the first six months of 2021 to £932m, up from £93m in December 2020
Posted: 13/8/21
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Posted: 13/8/21
Finland's pension system has ranked number one in the world in 2021 while the UK has fallen “short of the mark”, ranking 25th out of 33 countries included in analysis by Blacktower Financial Management
Posted: 12/8/21
Growth in the number of non-enrolled workers continued to outpace growth of the automatically enrolled (AE) in July, rising by 31,000 to 10,092,000, according to The Pensions Regulator (TPR)
Posted: 12/8/21
Total volumes of pension scheme buy-ins and buyouts are expected to reach over £8bn in the first half of 2021, according to analysis by Hymans Robertson
Posted: 12/8/21
Trustees have been urged not to underestimate the challenges of climate change regulation, after a survey from LCP revealed that over a quarter (29 per cent) of defined benefit (DB) schemes are only aiming to achieve minimum compliance with the new rules
Posted: 12/8/21
Aviva has seen a “strong start” to bulk purchase annuity business in H2 2021 following a “subdued” first half of the year, according to its interim results report
Posted: 12/8/21
Monthly pension contributions of both self-employed and employed workers rose in the first half of 2021, with the former group’s contributions increasing from £543 in H1 2020 to £690 in H1 2021, according to PensionBee
Posted: 12/8/21
Gross inflows in Phoenix Group’s workplace pension product increased by £100m year-on-year to £2.5bn in H1 2021, according to its half year report
Posted: 11/8/21
Pension funds and other institutional investors are more likely to start developing their own index strategies in-house over the next few years, according to a report from SIGTech
Posted: 11/8/21
The cross-industry GMP Equalisation Working Group (GMPEWG), chaired by the Pensions Administration Standards Association (Pasa), has published supplemental guidance on transfer payments
Posted: 11/8/21
Strathclyde Pension Fund has reported a "significant potential fraud that had occurred over a lengthy timeframe" to Police Scotland, after discovering that around £300,000 had been paid to a deceased pensioner
Posted: 11/8/21
The Pensions Ombudsman (TPO) has upheld a failure to pay into scheme complaint against IVI Metallics Ltd, with the applicants awarded £1,000 each for the serious distress and inconvenience caused
Posted: 11/8/21
Almost half (46 per cent) of those approaching retirement say the Covid-19 pandemic has impacted their attitude to retirement, according to Wealth at Work’s Retirement Survey 2021
Posted: 11/8/21
Abrdn has achieved a 52 per cent increase in H1 adjusted operating profit to £160m, according to its results for the first six months of 2021, after fee-based revenue increased by 7 per cent to £755m
Posted: 10/8/21
Pension schemes “can and must make a difference” in the transition to a net-zero economy, The Pensions Regulator (TPR) executive director of regulatory policy, analysis and advice, David Fairs, has said
Posted: 10/8/21
The gender pensions gap for over 55s has widened to more than £180,000, despite women on average contributing more into their pension pots than men, according to analysis from the Centre for Economics and Business Research (Cebr) and More2life
Posted: 10/8/21
Brent Group’s defined benefit (DB) pension scheme has completed a £3m buy-in with Just Group, securing the benefits of 15 members
Posted: 10/8/21
The Signet Group Pension Scheme has agreed a £236m full scheme buy-in with pension insurance specialist Rothesay, protecting the retirement savings of its 1,909 members
Posted: 10/8/21
The aggregate surplus of schemes protected by the Pension Protection Fund (PPF) has decreased by £36.6bn to £62.4bn in July, according to the PPF 7800 Index
Posted: 10/8/21
The Financial Conduct Authority (FCA) has provisionally fined a financial adviser nearly £1.3m (£1,284,523) over "seriously incompetent" defined benefit (DB) transfer advice given to around 422 clients, including 183 steelworkers
Posted: 10/8/21
Institutional investors, including pension funds, have been given a “stark reminder” that action on climate change must be taken sooner rather than later, after international research warned of "unprecedented" and "irreversible" changes to the climate
Posted: 9/8/21
Target Source Media Limited former director, Philip James Hopkinson, has signed an eight-year disqualification undertaking as a result of pension scheme negligence, which saw over £200,000 of people’s pensions placed at risk in an unregistered pension scheme
Posted: 9/8/21
Defined contribution (DC) schemes will have a more challenging time increasing their levels of investment in UK growth projects than their defined benefit (DB) counterparts, according to Baroness Ros Altmann
Posted: 9/8/21
Recent changes to state pensions and trends in private pension provision may make the financial shock of widowhood greater than many couples realise, analysis from LCP has suggested, with widows facing a 24 per cent fall in their standard of living upon bereavement.
Posted: 9/8/21
Just over two-thirds (67 per cent) of pension savers think information about fees is complex and difficult to locate, according to research from PensionBee
Posted: 9/8/21
UK defined benefit (DB) pension scheme funding levels failed to improve over the past quarter for the time since the onset of the pandemic, although they still remain “far stronger" than pre-Covid levels, according to Legal & General Investment Management (LGIM)
Posted: 9/8/21
The Financial Conduct Authority (FCA) has approved James Hay’s £145m acquisition of financial adviser platform, Nucleus
Posted: 6/8/21
Capita has reached an agreement with its defined benefit (DB) pension scheme trustees for further deficit repair contributions after its triennial valuation identified a deficit of £182.2m
Posted: 6/8/21
Industry experts have welcomed the government's challenge for pension schemes to support Britain's post-Covid recovery by investing in UK long-term assets, although some expressed concerns about the ongoing barriers and issues around diversification
Posted: 6/8/21
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Posted: 6/8/21
Both the US and UK pension risk transfer (PRT) markets have a “robust deal pipeline” for H2 2021, analysis from Legal & General (L&G) Retirement Institutional has found, with UK markets expected to hit an annual market volume of £25bn
Posted: 6/8/21
More than two-fifths (42 per cent) of Brits do not know the value of their accumulated pension pots, research from Aviva has found
Posted: 5/8/21
Phoenix Group has announced the establishment of Phoenix Insights, a centre of research with the aim of driving improved public engagement and better quality of life
Posted: 5/8/21
Rolls Royce made £94m in cash contributions in H1 2021 in order to make up deferred payments from 2020, and has also increased the non-underlying past service credit recognised following the closure of its defined benefit (DB) scheme
Posted: 5/8/21
The Financial Reporting Council (FRC) has levied a £13m fine and further sanctions against KPMG following a referral from The Pensions Regulator (TPR)
Posted: 5/8/21
The Court of Appeal has upheld a High Court ruling that ordered five parties to pay over £10m in restitution to savers who were induced to transfer pension savings into self-invested personal pensions (Sipp)
Posted: 5/8/21
Prime Minister, Boris Johnson, and Chancellor, Rishi Sunak, have challenged UK institutional investors, including pension funds, to make further investments in long-term assets to allow savers to benefit “from the fruits of UK ingenuity and enterprise"
Posted: 5/8/21
Around 10,500 people were ordered to share their pensions with a former spouse as part of a divorce settlement in 2020, according to research from Salisbury House Wealth (SHW), with the recent bull run in equities making pension pots an “increasingly covetable asset”
Posted: 4/8/21
The Financial Conduct Authority (FCA) and Department for Work and Pensions (DWP) must link up their approaches to improving member use of pensions guidance, according to Aegon
Posted: 4/8/21
The University of Cambridge and the University of Oxford, and their respective University College Union (UCU) branches, have called for the consideration of a new scheme design for the Universities Superannuation Scheme (USS) "as quickly as possible"
Posted: 4/8/21
The government should review the entire auto-enrolment system to help young people and low earners save for a pension, and to incentivise greater saving amongst the population as a whole, according to Cushon
Posted: 4/8/21
A group of academic staff is seeking to bring claims against Universities Superannuation Scheme (USS) trustees and managers for negligence and discrimination
Posted: 3/8/21
The National Union of Rail, Maritime and Transport Workers (RMT) has launched a campaign to “defend” the Transport for London (TfL) pension scheme, declaring no confidence in an upcoming scheme review
Posted: 3/8/21
Growth in the number of non-auto-enrolled workers has continued to outpace that of auto-enrolled employees in June, with The Pensions Regulator’s latest Automatic enrolment declaration of compliance revealing a 32,000 increase in non-enrolled workers
Posted: 3/8/21
Around two-fifths (43 per cent) of people expect to receive an inheritance or lifetime gift of wealth from family and friends at some point, with 32 per cent planning to direct these funds towards their savings or pension, according to research from Fidelity International
Posted: 3/8/21
The funding position of BP’s defined benefit (DB) schemes swung from a deficit of £935m at the end of 2020 to a surplus of £1.4bn, as of 30 June 2021, its second quarter results report has revealed
Posted: 3/8/21
All audiences have a “high likelihood” of using a pensions dashboards, according to qualitative research from the Money and Pensions Service (Maps)
Posted: 2/8/21
The combined accounting deficit of FTSE 350 firms' defined benefit (DB) pension schemes increased by £13bn over the past month, reaching £85bn as of the end of July, according to Mercer’s Pensions Risk Survey
Posted: 2/8/21
Hymans Robertson has called on trustees to identify and effectively manage climate risk across their pension schemes to ensure compliance ahead of the introduction of Task Force on Climate-related Financial Disclosures (TCFD) requirements
Posted: 2/8/21
Chancellor Rishi Sunak is again reportedly considering modifying the triple lock to address concerns that a rise in earnings figures could drive a sharp increase in the state pension
Posted: 2/8/21
The Asset Owner Diversity Working Group, representing £125bn in assets under management (AUM), has announced the launch of a new Diversity Charter, which aims to increase the level of diversity and inclusion information shared by fund managers
Posted: 2/8/21
Nearly one in five (17 per cent) Britons in Generation Z (those aged 18-24) are opting out of all pension contributions, according to research from money.co.uk
Posted: 2/8/21
Nest Insight will launch an ‘opt out’ payroll saving research programme after confirming it will receive expanded support from the Money and Pensions Service (Maps) and The BlackRock Foundation
Posted: 30/7/21
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Posted: 30/7/21
More than 3.6 million Britons have no idea how many pensions they have and risk paying more in fees than they need to, according to research by Scottish Widows
Posted: 30/7/21
The Pensions Management Institute (PMI) has reappointed Lesley Alexander as its president with effect from its 45th Annual General Meeting on 29 July
Posted: 30/7/21
Proposals outlined in the latest government consultation to drive further consolidation in the defined contribution (DC) pension market have received a mixed response from the industry
Posted: 30/7/21
The funding surplus of the UK’s 5,300 corporate defined benefit pension schemes dropped from £50bn to £10bn in July, according to PricewaterhouseCoopers (PwC)
Posted: 29/7/21
The Pensions Administration Standards Association (Pasa) will lead the development of conventions for matching pensions dashboards users with their pensions, alongside the Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI).
The organisations will work to devise solutions in producing data matching conventions that will be adoptable for the entire pensions sector
The organisations will work to devise solutions in producing data matching conventions that will be adoptable for the entire pensions sector
Posted: 29/7/21
UK pension schemes should act now on climate change by taking advantage on good prices for the integration of climate factors into their portfolios, according to AXA IM
Posted: 29/7/21
The average monthly pension contribution in the first half of 2021 was 32 per cent higher than in the same period last year, according to PensionBee, with this growth being primarily driven by women savers
Posted: 29/7/21
Lloyds Banking Group has announced that is intends to acquire UK investment and retirement platform business, Embark Group, for around £390m
Posted: 29/7/21
The British American Tobacco UK Pension Fund has completed a second buy-in with Pension Insurance Corporation (PIC), insuring a further £400m of pension liabilities
Posted: 29/7/21
Just under a third (32 per cent) of people who retire in 2021 will be in debt when they do so, with the average amount owed standing at £20,650, according to research from Key
Posted: 28/7/21
Proposals outlined in the Department for Work and Pensions’ (DWP) most recent consultation on further consolidation in the defined contribution (DC) pension market risks taking consolidation “too far, too fast”, according to Hymans Robertson
Posted: 28/7/21
The amount of Aegon’s workplace default fund assets in environmental, social and governance (ESG) strategies has passed £10bn, with the firm stating that its commitment to net zero has “strengthened”
Posted: 28/7/21
Reach Plc, the publishing house for the Daily Mirror, Daily Express and Daily Star, has seen its IAS 19 defined benefit (DB) pension deficit more than halve in H1 2021, from £255.5m to £118.7m
Posted: 28/7/21
The gender pensions gap stands at 56 per cent at retirement, according to analysis of approximately 4 million Legal & General (L&G) pension scheme members
Posted: 28/7/21
Seven companies from the pensions industry have been signed up to take part in the initial alpha test phase of pensions dashboards
Posted: 28/7/21
Scottish Widows has launched a revamped version of its Environmental Fund, which it says will be 100 per cent free of fossil fuels and have the widest fossil fuel exclusions of any major pension provider
Posted: 27/7/21
There are around 350 professional trustees looking after a total of £400bn in pension scheme money, analysis from LCP has found
Posted: 27/7/21
Almost three-fifths (58 per cent) of people have no idea how much is in their pension pot, according to research from Penfold, leading the firm to warn that people are “in the dark” over retirement
Posted: 27/7/21
Nearly a third (31 per cent) of defined benefit (DB) and hybrid schemes with an effective valuation date for tranche 14 were in surplus on a technical provisions (TP) basis, according to The Pensions Regulator (TPR)
Posted: 27/7/21
Trustees are essentially necessary for pension schemes to make claims from the Fraud Compensation Fund (FCF), according to The Pensions Regulator (TPR) and Pension Protection Fund (PPF)
Posted: 27/7/21
Legal & General (L&G) has completed a £925m Assured Payment Policy (APP) deal with the L&G Group UK Pension and Assurance Fund
Posted: 27/7/21
Aon and Willis Towers Watson (WTW) have agreed to terminate their proposed $30bn (£21.5bn) merger following an “impasse” with the US Department of Justice (DoJ)
Posted: 26/7/21
The Financial Conduct Authority (FCA) has not yet seen sufficient evidence to use its section 404 consumer redress powers in the case of the British Steel Pension Scheme (BSPS)
Posted: 26/7/21
The number of convictions secured under the Fraud Act 2006 fell to its lowest since 2007 in 2019, with just one in 700 incidents of fraud resulting in a conviction, Quilter has found
Posted: 26/7/21
Local Government Pension Scheme (LGPS) funds are switching their focus towards reviewing their business and operation strategies after trying to maintain ‘business as usual’ during the pandemic, research from Mercer has found
Posted: 26/7/21
Defined benefit (DB) pension schemes should consider offering members the choice to replace inflation protections with a pension increase exchange (PIE), according to LCP
Posted: 26/7/21
The government has published a consultation seeking views on the draft regulations for the Judicial Pension Scheme (JPS) 2022 following the McCloud ruling
Posted: 26/7/21
The Pensions Regulator executive director of regulatory risk, David Fairs, discusses the need for pension schemes to pay more attention to climate-related risks
Posted: 23/7/21
The Treasury Committee and the Work and Pensions Committee (WPC) have written to Prime Minister, Boris Johnson, again calling for the government to include financial fraud through paid-for advertising in the Online Safety Bill
Posted: 23/7/21
The Pensions Ombudsman (TPO) closed 4,853 overall pension complaints in 2020/21 despite the impact of Covid-19, representing a 6 per cent year-on-year increase, according to its Annual Reports and Accounts 2020/21
Posted: 23/7/21
Border to Coast Pensions Partnership is on track to deliver over £110m of cumulative net savings to Local Government Pension Scheme (LGPS) partner funds within its first decade, and over £250m in its first 15 years, according to its third annual report
Posted: 23/7/21
Just 2 per cent of schemes currently have a fully documented member journey plan but the majority (52 per cent) plan to address this in the next two years, according to Aon
Posted: 23/7/21
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Posted: 23/7/21
Pension scheme trustees and sponsors should take risks such as groupthink and behavioural biases seriously to ensure effective decision making and good member outcomes, according to LCP
Posted: 22/7/21
The Kingfisher Pension Scheme has completed a £900m bulk purchase annuity transaction with Aviva, insuring the defined benefit (DB) pension liabilities for over 8,000 members
Posted: 22/7/21
Make My Money Matter (MMMM) has called on the UK’s largest defined benefit (DB) schemes to commit to “robust net zero targets” in a letter that is the latest step in its industry-wide push for climate action
Posted: 22/7/21
Employers in the Universities Superannuation Scheme (USS) have committed to providing even stronger levels of covenant support to the scheme in an effort to continue to deliver defined benefit (DB) pensions at affordable levels for scheme members and employers.
Whilst employers had previously backed Universities UK's (UUK's) proposed changes to the scheme, USS trustees argued that the indicative benefits would require further commitments for a covenant support package, prompting a second UUK consultation
Whilst employers had previously backed Universities UK's (UUK's) proposed changes to the scheme, USS trustees argued that the indicative benefits would require further commitments for a covenant support package, prompting a second UUK consultation
Posted: 22/7/21
PensionBee has reported 117 per cent growth in its assets under administration to £1,987m in the 12 months ended 30 June, noting that this growth has been driven by acquisition of new customers
Posted: 22/7/21
Rothesay has announced plans to cut its portfolio emissions by 20 per cent over the next five years and committed to a 20 per cent reduction in the carbon intensity of its investment portfolio by 2025
Posted: 22/7/21
Over two thirds (68 per cent) of fiduciary managers (FMs) responsible for over £200bn in assets do not have any explicit climate-related requirement for third party managers, according to research from XPS Pensions Group
Posted: 22/7/21
The Pensions Regulator (TPR) has hit "most" of its key performance indicator (KPI) targets despite the impact of Covid-19, achieving six green ratings and three amber, two of which "just missed their targets".
The regulator's Annual Report and Accounts for 2020/21 highlighted TPR's resilience amid the pandemic, showcasing positive progress in a number of areas, including key enforcement activity such as its first European arrest warrant
The regulator's Annual Report and Accounts for 2020/21 highlighted TPR's resilience amid the pandemic, showcasing positive progress in a number of areas, including key enforcement activity such as its first European arrest warrant
Posted: 21/7/21
Using collective defined contribution (CDC) schemes to improve outcomes for defined contribution (DC) savers is a “long shot”, according to LCP partner and head of DC, Laura Myers
Posted: 21/7/21
The Pensions Ombudsman (TPO) has upheld a complaint against the trustee of the Grosvenor National Ltd Retirement Benefits Scheme, Robin Kench, regarding the improper investment of the scheme’s funds
Posted: 21/7/21
RPMI Railpen has published its roadmap to a net zero portfolio, targeting a 50 per cent reduction in greenhouse gas emissions by 2030 and net zero emissions by 2050 "or sooner"
Posted: 21/7/21
Make My Money Matter’s (MMMM) Green Pensions Charter has been signed by 11 more UK companies, including household names such as Tesco and Travis Perkins
Posted: 21/7/21
The Pensions Administration Standards Association (Pasa) has published guidance to support administrators, trustees, pension managers and sponsors in benchmarking their eAdministration arrangements and planning for investment in new technology opportunities
Posted: 21/7/21
Nearly a third (31 per cent) of homeowners over 40 plan to work beyond state pension age due to concerns over affordability and financial insecurity, whilst over a quarter (27 per cent) plan to access their pensions early, according to research from Canada Life.
Posted: 21/7/21
The government has confirmed plans to legislate in the Finance Bill to increase the normal minimum pension age (NMPA) from 55 to 57 from 6 April 2028, in order to reflect increases in longevity and changing expectations around working patterns
Posted: 20/7/21
The two most discussed forms of pensions tax relief changes would hit high earners hard and not significantly improve the retirement income of lower and median earners, the Pensions and Lifetime Savings Association (PLSA) has warned
Posted: 20/7/21
HMRC have published plans to modify existing legislation to ensure that more individuals are able to benefit from the Scheme Pays initiative, in support of the government’s objective to create a system of pensions tax relief that is “fair, affordable and sustainable”
Posted: 20/7/21
The government should note that defined contribution (DC) pension schemes "significantly below the £5bn mark" are still capable of providing value for money, the Society of Pension Professionals (SPP) has advised
Posted: 20/7/21
The Parliamentary and Health Service Ombudsman (PHSO) has identified a number of “failings” in the actions taken by the Department for Work and Pensions (DWP) when communicating changes to women’s state pension age.
PHSO stated that it has received a “significant number” of complaints as to the way that the 1995 Pensions Act change, which meant women could no longer claim their state pension at 60, was communicated by DWP
PHSO stated that it has received a “significant number” of complaints as to the way that the 1995 Pensions Act change, which meant women could no longer claim their state pension at 60, was communicated by DWP
Posted: 20/7/21
The average pension transfer times have slowed over the past quarter, according to the latest data from the Origio Transfer Index (OTI), with both overall and simple transfers taking an extra day compared to Q1 2021 figures
Posted: 20/7/21
The Pension Protection Fund (PPF) has won its appeal to continue to utilise the 'Hampshire Uplift' following the Court of Appeal ruling on the Secretary of State for Work and Pensions and the Board of the PPF vs Paul Hughes and others case
Posted: 19/7/21
The pensions ombudsman, Anthony Arter, will continue in his role for another 12 months from 1 August 2021
Posted: 19/7/21
The Pensions Regulator (TPR) and Pension Protection Fund (PPF) have been asked to clarify the circumstances in which pension savers can receive compensation, in a letter from Work and Pensions Committee (WPC) chair, Stephen Timms
Posted: 19/7/21
All Border to Coast investment funds have remained materially below their respective benchmarks for carbon intensity, some by as much as 50 per cent, according to its latest environmental, social and governance (ESG) disclosure reports
Posted: 19/7/21
The Pensions Management Institute (PMI) has accredited its first lay trustee, with Derbyshire (LGPS) Pension Board employee representative, Neil Calvert, being the first to qualify
Posted: 19/7/21
The Department for Work and Pensions (DWP) has launched a consultation on the draft regulations and associated consequential changes for the implementation of a new authorisation and supervision regime for collective defined contribution (CDC) schemes.
The consultation is seeking views on draft regulations outlining what CDC schemes must do to become authorised, to operate effectively in the market under regulatory oversight and what happens if changes must be made to their schemes
The consultation is seeking views on draft regulations outlining what CDC schemes must do to become authorised, to operate effectively in the market under regulatory oversight and what happens if changes must be made to their schemes
Posted: 19/7/21
Over half (52 per cent) of financial advisers only consider environmental, social and governance (ESG) criteria at a client’s request when building retirement portfolios, according to Aegon
Posted: 19/7/21
The Financial Conduct Authority (FCA) has warned that there are legal limits to its power to combat online scams, despite the success of its recent ScamSmart campaign, which reached four out of five pension holders aged 45-64
Posted: 16/7/21
Renold has reported a £4.8m annual increase in its pension deficit to £102.4m due to a rise in liabilities from its UK scheme in its results for the year ended 31 March 2021
Posted: 16/7/21
The winners of the 2021 Pensions Age Awards were announced last night at an exceptional gala dinner on London’s Park Lane
Posted: 16/7/21
The latest news in brief and mandates from the past seven days
Posted: 16/7/21
The government has not given providers enough time to adapt to the changes proposed in its consultation on charges for defined contribution (DC) schemes, according to Premier
Posted: 16/7/21
The Pensions Ombudsman (TPO) has upheld a complaint against Zoyo and ordered the employer to pay £16,430 towards the complainant’s Aviva pension pot, in addition to £500 for distress and inconvenience
Posted: 16/7/21
Pensions Age news editor, Jack Gray, was among those to scoop honours at Willis Towers Watson’s (WTW) 2021 Virtual Media Awards, taking home the DB Pensions Journalist of the Year award for the second year in a row
Posted: 15/7/21
The Financial Conduct Authority (FCA) has committed to being a more innovative, assertive and adaptive regulator, as it publishes its Business Plan for 2021/22
Posted: 15/7/21
The London Pensions Fund Authority (LPFA) has become the latest member of the Pension Scams Industry Forum (PSIF) in an effort to share knowledge and best practice on pension scams across the industry and safeguard members’ pension savings
Posted: 15/7/21
The pensions industry has highlighted new earnings figures from the Office for National Statistics (ONS) as putting further pressure on the government to make a decision about the triple lock on the state pension
Posted: 15/7/21
Pension Insurance Corporation (PIC) has committed to net-zero emissions by 2050, including within its £50bn investment portfolio
Posted: 15/7/21
Less than half (40 per cent) of defined benefit (DB) pension scheme trustees believe that their schemes' environmental, social and governance (ESG) policies reflect their preferred approach to sustainable investment, according to research from XPS Pensions Group
Posted: 15/7/21
More than two-thirds (68 per cent) of UK adults are unaware of plans to increase the minimum pension age from 55 to 57, according to research from Aegon
Posted: 14/7/21
Arc Pensions Law senior partner, Anna Rogers, discusses how the Axminster ruling contains a logical but novel analysis of underpayment claims, with food for thought about the balance between trustee and member protection
Posted: 14/7/21
Members of the House of Lords have called for “urgent attention” on gender pensions gap issues after concerns were raised over the adequacy of pension provisions and the need to address historical issues around the underpayment of state pension
Posted: 14/7/21
Pensions Minister, Guy Opperman, has reiterated his belief that consolidated pension schemes will be better at handling new environmental, social and governance (ESG) requirements, and backed trustees’ abilities to be able to overcome challenges presented by the changes
Posted: 14/7/21
The chairs of 14 pension schemes with assets of £267.9bn have committed to set net-zero targets to align their investment portfolios with a 1.5°C pathway
Posted: 14/7/21
The Agfa UK Group Pension Plan has completed a £230m bulk purchase annuity transaction with Phoenix Group, covering 70 per cent of the scheme’s pensioner liabilities
Posted: 14/7/21
Royal Mail’s collective defined contribution (CDC) pension scheme, the Royal Mail Collective Pension Plan (CPP), has appointed Equiniti (EQ) as its pension software supplier following a selection process
Posted: 14/7/21
Almost three-quarters (73 per cent) of older farmers plan to use private pensions as a source of income, according to research from NFU Mutual
Posted: 13/7/21
Some companies may find it harder to meet their defined benefit (DB) pension obligations given the impact of Covid-19, PwC has warned, after analysis revealed that the overall strength of employer support for DB schemes dropped amid the lockdown restrictions
Posted: 13/7/21
Women will be hit the hardest if the government scraps the triple lock on the state pension, as they are almost twice as likely to rely on the benefit, according to Barnett Waddingham (BW)
Posted: 13/7/21
Defined benefit (DB) pension transfer activity increased to the highest rate seen since July 2020 last month, while scam red flags remained "very high", according to XPS Pensions Group's Transfer Activity Index
Posted: 13/7/21
The aggregate surplus of the UK’s defined benefit (DB) pension schemes increased by £4.4bn to £99bn on a section 179 basis in June, according to the Pension Protection Fund (PPF).
This represents the fifth consecutive month that the aggregate surplus has risen since the PPF 7800 Index reported a surplus for the first time in nearly two years in February
This represents the fifth consecutive month that the aggregate surplus has risen since the PPF 7800 Index reported a surplus for the first time in nearly two years in February
Posted: 13/7/21
Phoenix Group has announced that it has agreed to sell Ark Life Assurance Company to Irish Life Group for £197m
Posted: 13/7/21
More than half (58 per cent) of over-55s are not confident they will be able to retire, according to “alarming” data from Hargreaves Lansdown (HL)
Posted: 12/7/21
UK savers have been urged to make their pension green after research revealed that this was a “staggering” 21 times more effective at cutting carbon footprints than stopping flying, becoming a vegetarian and moving to a renewable energy provider combined
Posted: 12/7/21
Defined benefit (DB) pension transfer activity declined to a record low in Q4 2020 following the ban on contingent charging, analysis from LCP has revealed
Posted: 12/7/21
Nearly two-thirds (61 per cent) of employers that continue to run their own trust-based pension arrangement have suggested that a move to a master trust is under consideration in the next two years, according to a survey from Willis Towers Watson (WTW)
Posted: 12/7/21
The European Commission (EC) has approved Aon’s planned $30bn (£21.5bn) acquisition of Willis Towers Watson (WTW), conditional on compliance with divestment measures
Posted: 12/7/21
Members of the pensions industry have expressed concerns about some of the data requirements outlined in the Pensions Dashboards Project's (PDP) call for input on staging
Posted: 9/7/21
The Department for Work and Pensions (DWP) has published a consultation seeking views on proposed regulations to give defined contribution pension savers a ‘stronger nudge’ to take appropriate pension guidance
Posted: 9/7/21
The Pensions Regulator (TPR) has emphasised the need for continued trust in its approach, after industry research revealed that the majority of stakeholders supported the regulatory approach and easements adopted amid the Covid-19 pandemic.
Posted: 9/7/21
The latest news in brief and mandates from the past seven days
Posted: 9/7/21
The Pensions Administration Standards Association (Pasa) has launched guidance on guaranteed minimum pension (GMP) conversion for pension schemes
Posted: 9/7/21
The government has announced the launch of the Occupational Pensions Stewardship Council, which aims to provide a platform for sharing best practice and research to support to pension schemes wanting to make more thoughtful investments
Posted: 9/7/21
More than a quarter (28 per cent) of homeowners over 40 expect the state pension to provide the bedrock of their retirement income, according to Canada Life.
Posted: 8/7/21
Greater certainty of income in retirement is more likely attained through the state pension and defined benefit (DB) pension scheme membership as defined contribution (DC) schemes cause a far wider spread of outcomes, according to the Pensions Policy Institute (PPI)
Posted: 8/7/21
Just one in five (20 per cent) savers are confident that they can fund their retirement properly through their savings, pensions and investments, according to research from SunLife
Posted: 8/7/21
More than two-thirds (67 per cent) of savers do not know where their pension is invested, according to research from Penfold
Posted: 8/7/21
Nest Insight's latest research trials have suggested that consumers commonly overlook the pension rollover aspect of sidecar savings vehicles in favour of a greater focus on emergency savings
Posted: 8/7/21
The Commonwealth Bank of Australia (UK) Staff Benefits Scheme has agreed a £420m full scheme buy-in with Legal & General (L&G) Assurance Society, covering all of the scheme’s defined benefit members
Posted: 8/7/21
Pension freedoms could have cost savers £2bn in lost returns, according to research from LCP, leading the firm to call for changes in how people access their retirement savings
Posted: 7/7/21
Low earners who lost income during the pandemic have missed out on a combined £122m in pension savings from their employers, according to analysis from Scottish Widows, prompting calls for "urgent reforms" to support savers in periods of hardship
Posted: 7/7/21
A total of £2,241,774 has been reportedly lost to pension scammers since the start of 2021, according to figures from Action Fraud, with the average loss this year totalling £50,949, more than double the average in 2020 (£23,689)
Posted: 7/7/21
The Pensions and Lifetime Savings Association (PLSA) has announced that Emma Douglas will become its new chair on 14 October at its annual general meeting
Posted: 7/7/21
The government has rejected the Work and Pensions Committee’s (WPC) recommendation that the forthcoming Online Safety Bill should tackle fraud facilitated through paid-for advertising
Posted: 7/7/21
The Royal Society for Arts, Manufactures and Commerce (RSA) has launched a new forum that aims to promote the development of collective defined contribution (CDC) pension schemes in Britain
Posted: 7/7/21
The Association of British Insurers (ABI) has unveiled its Climate Change Roadmap for the insurance and long-term savings industry
Posted: 7/7/21
Doubt has been cast over whether The Pensions Regulator (TPR) remains the most appropriate partner to support the consumer-facing ScamSmart campaign, amid budgetary and resource constraints
Posted: 6/7/21
River & Mercantile (R&M) and Willis Towers Watson (WTW) have joined the Net Zero Asset Managers initiative, an international group of asset managers committed to backing global efforts to cut carbon emissions to net zero by 2050
Posted: 6/7/21
More than half (57 per cent) of UK adults want their pension to be invested responsibly to help tackle climate change, according to a study by Royal London
Posted: 6/7/21
Hymans Robertson has announced the launch of a new action group, The Climate Impact Initiative, which aims to encourage providers to make climate-friendly impact investment choices available to all savers regardless of scheme size
Posted: 6/7/21
Faltering investment returns mean younger workers will need to work for a decade longer or take more risks with their pensions to match previous generations’ retirement pots, according to LCP
Posted: 6/7/21
Time is running out to book your place for Pensions Age’s latest webinar, Integrating private assets into your investment strategy through fiduciary management, in association with Schroders
Posted: 6/7/21
The Russell Group of Universities has confirmed that it would back enhanced covenant support measures for the Universities Superannuation Scheme (USS), welcoming the trustees' offer of a revised package that is broadly in line with current contribution rates
Posted: 6/7/21
Asset owners should get started on net-zero targets quickly, as aligning with the Paris Agreement may not be optional forever, according to Robeco climate strategist, Lucian Peppelenbos
Posted: 5/7/21
The government has rejected the Business, Energy and Industrial Strategy (BEIS) Committee's recommended changes for the Mineworkers’ Pension Scheme, in what has been described by the committee chair as a “slap in the face” for scheme members
Posted: 5/7/21
Industry experts have emphasised the need for the UK to balance the positives and opportunities associated with sustainable investment with the inequality risks presented by the broader transition to net zero
Posted: 5/7/21
The average value of assets held in a workplace defined contribution (DC) pension pot at retirement fell by 43 per cent year-on-year to £5,500, as of January 2020, according to Salisbury House Wealth
Posted: 5/7/21
Women are significantly less confident in their retirement income than men, according to AJ Bell’s first ever Retirement Income Index
Posted: 5/7/21
Standard Life Aberdeen has completed the change of its company name to Abrdn
Posted: 5/7/21
The Pensions Regulator (TPR) has urged trustees and advisers to “help shape climate-risk guidance” amid the launch of a consultation on new guidance designed to assist trustees in meeting tougher standards of governance in relation to climate change
Posted: 5/7/21
The finance industry needs to work harder at creating an inclusive environment, rather than simply focusing on the numbers behind diversity, according to LGBT Great global managing director, Matt Cameron
Posted: 2/7/21
The Pensions Regulator (TPR) has warned that defined benefit (DB) pension schemes are “not as prepared as they should be” for the forthcoming regulations on climate-related risks and opportunities
Posted: 2/7/21
PLSA chair, Richard Butcher, has warned that aiming for pension schemes to use ‘best endeavours’ in reducing material climate risks within the forthcoming green taxonomy framework in the UK could lead trustees down a ‘dead end’
Posted: 2/7/21
FTSE 100 IAS19 pension funding positions have “fully recovered” from the fallout of the Covid-19 pandemic with a combined surplus of over £50bn, a £10bn increase compared to March 2020, according to analysis by LCP
Posted: 2/7/21
The Pensions Regulator (TPR) has announced plans to launch a consultation on draft guidance for climate reporting regulations and its revised monetary penalty policy on Monday (5 July)
Posted: 2/7/21
The latest news in brief and mandates from the past seven days
Posted: 2/7/21
The combined accounting deficit of defined benefit (DB) pension schemes for companies in the FTSE 350 fell by £9bn in June to £72bn, according to Mercer’s Pension Risk Survey
Posted: 2/7/21
The UK’s first sovereign green gilt will be issued in September, subject to market conditions, the government has revealed
Posted: 1/7/21
The pensions industry has been urged to consider environmental, social and governance (ESG) factors “equally and together”
Posted: 1/7/21
Most pension scheme trustees are still “at the beginning of the journey” when it comes to implementing Paris-aligned investment objectives, according to Mercer partner and consulting director, Brian Henderson
Posted: 1/7/21
The aggregate funding position of the UK’s defined benefit (DB) pension schemes was in surplus for the third consecutive month in June, according to the PwC Pension Funding Index
Posted: 1/7/21
New analysis by Kempen Capital Management has modelled the impact of shock increase in carbon prices globally, implemented through either a carbon tax or emissions trading scheme (ETS) with potential devaluations of a fifth
Posted: 1/7/21
The Pensions Administration Standards Association (Pasa) has published its Counter Fraud Guidance for UK pension schemes, trustees and providers, after industry research revealed that fraud is costing the pensions industry £6.2bn per year
Posted: 1/7/21
Producing Task Force on Climate-related Financial Disclosure (TCFD) reports can be a “challenging” process, partly due to the lack of data availability on certain private market assets, according to Universities Superannuation Scheme (USS) head of responsible investment, David Russell
Posted: 1/7/21
Deloitte has announced plans to introduce a new sustainably-focused default pension fund for all of its 35,000 pension scheme members in the Standard Life Master Trust, as part of its wider commitments on climate change and sustainability
Posted: 1/7/21
Google has announced it will introduce new certification requirements for UK financial service advertisers in an effort to fight financial fraud
Posted: 30/6/21
The Work and Pensions Committee (WPC) has heard mixed views as to whether a review of fiduciary duty is needed amid the climate emergency, with industry experts also highlighting the need for an international consensus on climate disclosures
Posted: 30/6/21
Almost two-fifths (38 per cent) of trustees say their trustee boards have taken steps to increase diversity in the past 12 months, according to Barnett Waddingham (BW) and Winmark
Posted: 30/6/21
Prince Charles has called for "real action" from the pensions industry to address the climate emergency, highlighting the essential role that pension schemes can play in driving the "urgent and substantial change required"
Posted: 30/6/21
The total value of pension contributions that were reported by savers as exceeding the annual allowance (AA) fell from £912m in 2017/18 to £817m in 2018/19, HMRC has revealed
Posted: 30/6/21
The Pensions and Lifetime Savings Association (PLSA) has published a consultation seeking views on its new Responsible Investment Quality Mark (RIQM)
Posted: 30/6/21
Nest has referred to a structure similar to collective defined contribution (CDC) as a 'potential option' for the decumulation phase of the retirement journey in its submission to the Work and Pensions Committee's inquiry into pensions freedoms
Posted: 29/6/21
The government has published its response to its consultation on extending The Pensions Regulator’s (TPR) Contribution Notice (CN) and information gathering powers
Posted: 29/6/21
Over two-fifths (42 per cent) of women in the UK do not know how much they have saved for retirement, compared to just a quarter (25 per cent) of men, research from Fidelity International has found
Posted: 29/6/21
More than half (55 per cent) of Britons do not look for pensions information from any source, according to research from Infinite Global and YouGov
Posted: 29/6/21
The Ridgeon Group Pension and Life Assurance Scheme has completed a £50m buyout transaction with Legal & General (L&G) Retirement Institutional, securing the benefits of approximately 230 pensioners and 300 deferred members
Posted: 29/6/21
Government plans to allow workplace pension funds to invest a portion of employees’ savings in the Long-term Asset Fund (LTAF) through a default investment option have been branded “complete madness” by deVere Group CEO and founder, Nigel Green
Posted: 29/6/21
The Pensions Regulator (TPR) head of enforcement investigation, John Bartlett, calls on pension trustees to ensure they report potential scams and join the regulator's Pledge to Combat Pension Scams
Posted: 28/6/21
Around one in 10 adults reduced their pension contributions amid the pandemic, whilst 6 per cent stopped them altogether, according to industry research
Posted: 28/6/21
Smart Pension has announced the raising of £165m through its series D funding round, including a £75m equity investment from Chrysalis Investments
Posted: 28/6/21
Barnett Waddingham has announced a net-zero carbon pledge for 2021 and committed to being operationally net zero by 31 May 2025
Posted: 28/6/21
Data from the Financial Conduct Authority (FCA) has shown that defined benefit (DB) pension members using advice firms that used a contingent charging structure were more likely to transfer than those using firms not using contingent charging
Posted: 28/6/21
Around 300 firms sponsoring defined benefit (DB) pension schemes could face a 25 per cent uplift in their deficit reduction contributions (DRCs), primarily to make up for failing investment returns, according to analysis by LCP
Posted: 28/6/21
Pensions tax changes that would reduce take-home pay would be detrimental to long-term retirement saving, according to the Society of Pension Professionals (SPP)
Posted: 25/6/21
Independent Age has written to Pensions Minister, Guy Opperman, calling for more to be done in addressing the 'low' take up of Pension Credit “as a matter of urgency”
Posted: 25/6/21
Pensions Management Institute (PMI) president, Lesley Alexander, calls on the government and regulator to work with one another to more evenly spread consultations out throughout the year
Posted: 25/6/21
Greater support is needed for those approaching retirement, Wealth at Work has warned, after a poll from the group revealed that the majority (84 per cent) of employers believe that employees have changed their retirement plans in light of the pandemic
Posted: 25/6/21
More than three-quarters (76 per cent) of members of The Pensions Net-Work (TPNW) would like to see a second attempt made at pensions simplification
Posted: 25/6/21
The latest news in brief and mandates from the past seven days
Posted: 25/6/21
The Treasury Committee has called for a change in the Financial Conduct Authority’s (FCA) culture and approach to fraud in its report into the watchdog’s regulation of London Capital and Finance (LCF)
Posted: 24/6/21
Over two-thirds (68 per cent) of private sector defined benefit and hybrid (DBH) employer pension contributions in Q4 2020 were deficit reduction contributions (DRCs), according to figures from the Office for National Statistics (ONS)
Posted: 24/6/21
The Pensions Regulator (TPR) has outlined plans to increase the diversity of pension scheme boards in its newly published Equality, Diversity and Inclusion Strategy
Posted: 24/06/21
FTSE 350 firms’ defined benefit (DB) pension schemes have “bounced back” from the economic impact of the Covid-19 pandemic, and are now beating pre-Covid expectations, according to research from Barnett Waddingham
Posted: 24/6/21
Royal London has become the latest financial services firm to commit to net-zero greenhouse gas emissions, with the mutual life, pensions and investment company promising to do so across its investment portfolio by 2050
Posted: 24/6/21
HM Treasury has launched a consultation on proposed changes to the government’s cost control mechanism in public sector pension schemes, alongside a second consultation on the discount rate methodology used for public service pensions
Posted: 24/6/21
The Department for Work and Pensions (DWP) has announced that Kate Jones will take over as chair of the Pension Protection Fund (PPF) when Arnold Wagner’s term ends on 1 July
Posted: 23/6/21
The Pensions Age Awards has moved to a new location following strong bookings and the need for a Covid-secure environment
Posted: 23/6/21
Relevant pension scheme trustees should start considering what changes will be needed to comply with The Pensions Regulator's (TPR) consolidated Code of Practice and begin planning a process for implementing these changes
Posted: 23/6/21
Aegon Asset Management (AM) has announced the closure of its Property Income Fund and its Feeder Funds amid material uncertainty over valuations in the UK property market and concerns over liquidity levels
Posted: 23/6/21
Cardano has published its climate plan, setting out its journey to reaching net-zero emissions in its investment portfolios by 2050
Posted: 23/6/21
The Givaudan UK Pension Plan has completed a £64m bulk annuity transaction with Aviva, insuring the defined benefit (DB) pension liabilities for 277 of its members
Posted: 23/6/21
Pensioner poverty levels have been "creeping back up" over the past decade, with analysis of recent government data revealing a 5 percentage point increase in pensioner poverty since 2012, with 18 per cent of pensioners living in poverty after housing costs in 2020
Posted: 23/6/21
Government proposals that push the defined contribution (DC) market towards consolidation have been broadly well received by the pensions industry, although some pointed out that some smaller schemes provide great value
Posted: 22/6/21
The Financial Conduct Authority (FCA) has launched a consultation on proposals to introduce the Task Force on Climate-related Financial Disclosures' (TCFD) requirements for asset managers, life insurers, and FCA-regulated pension providers
Posted: 22/6/21
Pension schemes should consider appointing an independent professional trustee to help navigate the increasing complexity and risk involved in running a pension scheme, according to Willis Towers Watson (WTW)
Posted: 22/6/21
Industry research has revealed an increase in the level of support being made available to members amid ongoing concerns from pension scheme trustees, with 94 per cent worried that members approaching retirement will be targeted by scammers
Posted: 22/6/21
Pensions Age has partnered with Schroders for a webinar on integrating private assets into investment strategies through fiduciary management, which is now open for registration
Posted: 22/6/21
Pension scheme trustee boards have placed greater importance on environmental, social and governance (ESG) issues since the government consultation on climate risks in August 2020, but many still feel unprepared
Posted: 22/6/21
Defined contribution (DC) pension schemes will be required to publish net investment returns as part of their chair's statements, the government has confirmed
Posted: 21/6/21
The government has issued a consultation seeking views on the barriers and opportunities for increased consolidation amongst defined contribution (DC) schemes with between £100m and £5bn in assets
Posted: 21/6/21
Under-35s are almost twice as likely as those aged over 65 to have not been taught about finance at school, according to research from Cushon, with a number of misconceptions amongst younger savers and the role of auto-enrolment revealed
Posted: 21/6/21
The government is reportedly planning to target pensions in order to help pay for its response to the Covid-19 pandemic, with the introduction of flat-rate tax relief believed to be under consideration
Posted: 21/6/21
Now Pensions has announced a new investment strategy with a greater focus on environmental, social and governance (ESG) issues, targeting higher growth and increased green and sustainable investments, as part of its commitment to reach net zero by 2050
Posted: 21/6/21
The number of NHS staff opting out of the organisation’s pension scheme increased by 22 per cent in 2019/20, rising to 50,399 people, according to Quilter
Posted: 21/6/21
The High Court has handed down its judgment on the Axminster Carpets Group Retirement Benefits Plan in relation to forfeiture and limitation in pension schemes, which is expected to provide clarity to pension scheme trustees
Posted: 21/6/21
Independent MP, Margaret Ferrier, has proposed a private member’s bill to amend and clarify existing guaranteed minimum pension (GMP) conversion legislation
Posted: 21/6/21
City of London Police has called for “wider reaching” legislation that would require a duty to protect savers and/or criminal liability for failure to prevent scams across all online and telecommunications enablers
Posted: 18/6/21
Aviva has entered a partnership with the World Wide Fund for Nature (WWF) to call on Westminster to require UK-regulated financial institutions to develop credible net-zero plans
Posted: 18/6/21
Pension trustees and scheme sponsors may need to achieve a new level of openness to avoid falling foul of The Pensions Regulator’s (TPR’s) new legal powers, according to Squire Patton Boggs
Posted: 18/6/21
A growing trend of influencers aged 65 or over are earning "significantly more" per year than the average UK pension income, according to research from PensionBee, which has revealed the highest earning 'Granfluencers'
Posted: 18/6/21
The latest news in brief and mandates from the past seven days
Posted: 18/6/21
Growth in the number of auto-enrolled employees has continued to be outpaced by growth in non-enrolled workers, with figures from The Pensions Regulator (TPR) revealing a 21,000 increase in the number of non-enrolled workers in May
Posted: 18/6/21
Phoenix Group has joined the Partnership for Carbon Accounting Financials (PCAF) to help it assess and report on carbon emissions for its investments
Posted: 18/6/21
The Pensions Management Institute (PMI) has announced that it is launching a new accreditation regime for lay pension trustees
Posted: 17/6/21
Charities could reduce annual cash contributions to their defined benefit (DB) pension schemes by between 35 and 65 per cent if they choose a bespoke funding plan, according to Hymans Robertson
Posted: 17/6/21
The US Department of Justice (DoJ) has filed a civil antitrust lawsuit to block Aon’s proposed $30bn (£21.5bn) acquisition of Willis Towers Watson (WTW)
Posted: 17/6/21
The QinetiQ Pension Scheme has completed a £130m buy-in with Legal & General (L&G) Assurance Society Limited, covering the benefits of over 390 new retirees
Posted: 17/6/21
The proportion of defined benefit (DB) pension transfers showing ‘red flags’ for potential scams rose to a five-month high of 61 per cent in May, according to XPS Pensions Group
Posted: 17/6/21
The pensions industry has welcomed the government’s recent consultation on pension scheme trustees' consideration of social issues, although some have raised concerns over the resources and barriers involved, and the impact on the employer covenant
Posted: 17/6/21
Aon has been appointed to provide administration services to the Centre for Agriculture and Bioscience International (CABI) pension scheme
Posted: 17/6/21
The Association of Consulting Actuaries (ACA) has raised concerns that HMRC’s initiative to improve tax advice could inadvertently damage the pension advice market
Posted: 16/6/21
Investing in Asia
Pensions Age editor, Laura Blows, discusses with CRUX Asset Management fund manager, Ewan Markson-Brown, the opportunities for investing in Asia and CRUX Asset Management's fund launch to help with this
Improving communication flows
Pensions Age editor, Laura Blows, discusses improving the communication flows between pension scheme trustees and the sponsoring employer with Baker McKenzie pension partners, Jeanette Holland and Chantal Thompson
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