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Latest News
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NHS Scotland to allow staff to receive pension contributions as pay
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Poor administration could cost schemes 2-4% of liabilities
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Govt plan to relieve NHS pension crisis to be announced
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Trustees urged to share transaction pricing when seeking bulk annuity quotes
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UCU accuses university leaders of ‘playing games’ following calls to forego strikes
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Women could face income 'shock' in retirement
Archive News
The University and College Union (UCU) have accused university leaders of ‘playing games’, following an open letter published by the University and Colleges Employers’ Association (UCEA) and Universities UK (UUK) which appealed to staff at the 60 institutions where industrial action is scheduled to start next Monday
Posted: 19/11/19
The government plans to announce an emergency plan to allow pension tax bills incurred by doctors to be paid by the government through the scheme pays option
Posted: 19/11/19
The Carter & Parker staff retirement benefits plan has completed a buy-in for £9.3m with Canada Life
Posted: 19/11/19
Poor administration could cost schemes 2-4 per cent of their total liabilities when undertaking a bulk annuity transaction, according to Premier head of trustee secretarial services, Jay Solanki
Posted: 19/11/19
The Scottish government has introduced an interim policy that will give highly-paid NHS staff the option to get their employer pension contributions paid to them as part of their basic pay.
It hopes that the new pension measures — which will come in from 1 December 2019 and run until the end of the current financial year on 31 March 2020 — will help NHS Scotland retain highly experienced staff
It hopes that the new pension measures — which will come in from 1 December 2019 and run until the end of the current financial year on 31 March 2020 — will help NHS Scotland retain highly experienced staff
Posted: 19/11/19
Canada Life has warned that many women could face an income “shock” in retirement due to their low levels of retirement saving
Posted: 19/11/19
Trustees should be more open and honest about their criteria when seeking transaction quotes, according to Just director of DB solutions, Tim Coulson
Posted: 19/11/19
PPI head of policy research, Daniela Silcock, discusses how concerns about contributions, investments and fees could be addressed
Posted: 18/11/19
The Pension Protection Fund (PPF) will complete its assessment of the Mothercare pension schemes "on or around" 11 December as the firm aims to avoid entering the pension lifeboat
Posted: 18/11/19
Diploma has reported that two of its pension schemes have seen a sharp increase in their deficit levels
Posted: 18/11/19
The Investment Association (IA) has published a set of definitions for responsible investment aimed at creating a common language that describes and categorises ESG investment approaches and products
Posted: 18/11/19
Phoenix Group has completed a £144m buy-in with the Aegon UK Staff Retirement and Death Benefit Scheme
Posted: 18/11/19
Hymans Robertson has recommended that Local Government Pension Schemes (LGPS) publish an enhanced governance compliance statement each year, which sets out how each fund complies with its governance responsibilities
Posted: 15/11/19
Urgent action is needed to address the possibility of a global pensions crisis as life expectancy increases have not been matched by pension policy, according to Group of Thirty (G30)
Posted: 15/11/19
The Defined Contribution Investment Forum (DCIF) has found that a large minority of pension providers believe that pension freedom rights should be subject to greater controls
Posted: 15/11/19
Meditor Holdings Limited (MHL) has confirmed that no changes will be made to the Carpetright pension schemes if its acquisition of the company is confirmed
Posted: 15/11/19
The chief executive of national financial planners LEBC has written to the UK’s main political parties, urging them to address the issue of “retirement poverty” among the self-employed
Posted: 15/11/19
The Pensions Regulator (TPR) has updated its trustee requirements when transferring a member's defined benefit pension pot to a defined contribution arrangement
Posted: 15/11/19
Two pensions organisations have called on the UK’s political parties to include commitments to increase pensions coverage and minimum auto-enrolment contribution rates in their election manifestos
Posted: 14/11/19
APJ Solicitors solicitor, Glyn Taylor, discusses the timeline of the Carey Pensions case so far and what they expect to happen from the court ruling when it does arrive
Posted: 14/11/19
A recruitment agency and nursery operator, along with two of their directors, have admitted lying to The Pensions Regulator (TPR) by falsely claiming staff had been auto-enrolled into workplace pension schemes
Posted: 14/11/19
The National Grid pension deficit increased by £980m in six months to total £1.2bn, as of 30 September, its half-year results have revealed
Posted: 14/11/19
Couples should think beyond the “honeymoon period” of early retirement and have plans in place to manage the probability that one partner may outlive the other by a significant period of time
Posted: 14/11/19
Society of Pension Professionals legislation committee member, John Wilson, calls for the industry to get ready for GMP equalisation
Posted: 13/11/19
The consumer price index (CPI) has fallen to 1.5 per cent, the lowest level since November 2016, according to the Office for National Statistics (ONS)
Posted: 13/11/19
Less people are receiving the full amount for the new state pension than they did under the old system, the Department for Work and Pensions has revealed
Posted: 13/11/19
The gender savings gap remains “unacceptable” according to Scottish Widows, despite its survey finding that women in the UK are saving more for their retirement than ever before
Posted: 13/11/19
The Pension Insurance Corporation (PIC) has converted an existing longevity swap for the Scottish Hydro Electric Pension Scheme into a £750m buy-in
Posted: 13/11/19
The combined deficit of the schemes in the PPF 7800 Index fell by £45.4bn over the course of October to £103.6bn, compared to £149bn at the end of September
Posted: 12/11/19
The number of workers newly auto-enrolled into a workplace pension scheme continues to be outweighed by the number of those not enrolled, according to the latest statistics from The Pensions Regulator (TPR)
Posted: 12/11/19
The Bank of England (BoE) Monetary Policy Committee (MPC) vote, which saw members voting to cut interest rates, could mean a difficult 12 months for pension schemes
Posted: 12/11/19
Industry professionals have called for reform in the way people save for retirement as the latest Office for National Statistics (ONS) showed an increase in self-employed and older workers
Posted: 12/11/19
Defined contribution pension schemes moving to master trusts could see cost savings of up to 20 per cent, according to analysis by Hymans Robertson
Posted: 12/11/19
The head of a charity and trustee of its pension scheme has admitted defrauding the scheme out of more than £250,000
Posted: 11/11/19
TPR chief executive. Charles Counsell, discusses the positive responses from schemes as the regulator increases its engagement
Posted: 11/11/19
More than half (54 per cent) of workers aged under 25 are unaware whether or not they have a workplace pension, according to research from Zippen
Posted: 11/11/19
There is a growing demand for greater flexibility around savings and pension products, specifically amongst younger employees and those within the gig economy, the Association for Consulting Actuaries (ACA) has said
Posted: 11/11/19
The major political parties are expected to adopt pension policies that do not take major risks and avoid ‘radical reform’, according to Royal London
Posted: 11/11/19
The Association of Consulting Actuaries (ACA) supports the pension dashboard initiative as a great advance in helping individuals to ultimately see their total pension savings in one place
Posted: 8/11/19
Standard Charted chief executive, Bill Winters, has agreed to take a cut of 50 per cent, or £237,000, to his annual pension allowance following shareholder pressure
Posted: 8/11/19
The latest news in brief and mandates from the past seven days
Posted: 8/11/19
The NHS regulator has written to UK hospitals instructing them to pay doctors additional salary in lieu of pension contributions to stifle the ongoing pension crisis
Posted: 8/11/19
The average amount of money a pension scam victim loses is the equivalent to losing 22 years’ worth of savings in 24 hours
Posted: 8/11/19
The Pensions and Lifetime Savings Association (PLSA) has urged the next government to help everyone reach a better income in retirement, emphasising that pensions cannot be allowed to become a back-burner issue
Posted: 7/11/19
The Sainsbury’s defined benefit pension surplus increased by £423m in the six months preceding September 2019 to £1,382m
Posted: 7/11/19
Defined benefit transfer values dropped from £254,300 at the end of September to £244,200 at the end of October, according to the latest XPS Pensions Group’s Transfer Value Index, representing the largest drop in the index since it was created
Posted: 7/11/19
Collective action from the pensions industry, employers and the government has been urged to help ‘generation X’ ensure that they have an adequate income in retirement
Posted: 7/11/19
Independent schools opting out of the Teachers' Pension Scheme (TPS) have been urged to “shop around” and take advice before choosing a new pension arrangement
Posted: 7/11/19
The London Collective Investment Vehicle (LCIV) has launched a new infrastructure fund which focuses on responsible and sustainable investments
Posted: 6/11/19
The Marks and Spencer (M&S) pension surplus increased by £77m to £991.3m in the six months up to September 2019, following two buy-ins in April
Posted: 6/11/19
Employees who become self-employed could lose out on over £100,000 in retirement if they do not increase their contributions, Aegon has warned
Posted: 6/11/19
The Pensions and Lifetime Savings Association (PLSA) has urged the Pension Protection Fund (PPF) to provide greater flexibility around its levy payments
Posted: 6/11/19
The Pensions Climate Risk Industry Group (PCRIG) will draft guidance for trustees on climate risk using recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD).
PCRIG is formed of the Department for Work and Pensions (DWP) and the Department for Business, Energy and Industrial Strategy, alongside trustees, consultants, investment managers, civil society groups and representative bodies
PCRIG is formed of the Department for Work and Pensions (DWP) and the Department for Business, Energy and Industrial Strategy, alongside trustees, consultants, investment managers, civil society groups and representative bodies
Posted: 6/11/19
The Pensions Regulator (TPR) has authorised the 37th and final DC master trust – Salvus Master Trust
Posted: 5/11/19
Universities Superannuation Scheme (USS) members from 60 universities will take strike action between 25 November and 4 December over proposed changes to the scheme
Posted: 5/11/19
The Academy of Medical Royal Colleges (AMRC) has branded the government's proposals to improve the NHS Pension Scheme as “insufficient” in its consultation response
Posted: 5/11/19
The Society of Pension Professionals (SPP) has argued that early engagement with the pensions industry is key to overcoming data challenges facing the pensions dashboard
Posted: 5/11/19
Mothercare and its pension trustees are holding talks in an attempt to save the schemes from entering the Pension Protection Fund as the company nears collapse
Posted: 5/11/19
The focus of Parliamentarians is now on the first December general election in most people’s living memory, one that is sure to be dominated by Brexit
Posted: 5/11/19
Three quarters of employers believe that the current pension tax structure is too complicated and needs simplification, according to the Association of Consulting Actuaries (ACA)
Posted: 4/11/19
The deficit of UK defined benefit pension schemes decreased by £70bn in a volatile October to £340bn, according to PwC’s latest Skyval Index
Posted: 4/11/19
The Work and Pensions Committee has labelled the government’s decision not to commit to a published timetable for the rollout of the pensions dashboard as “extremely disappointing”
Posted: 4/11/19
Pensions savers should think twice before they raid their pension savings to fund the purchase of a second property, Royal London has said
Posted: 4/11/19
The pension deficit for FTSE 350 firms decreased by £9bn in October to £41bn in a volatile month, Mercer has revealed
Posted: 4/11/19
Master trusts are trailblazers in terms of the standard and quality of governance, The Pensions Regulator (TPR) executive director David Fairs has said, and that the regulator would like to see master trusts ‘go further’ and lead the way with implementing ESG, at-retirement product innovation and trustee board diversity
Posted: 01/11/2019
The funding code will still appear independently of the Pensions Bill, The Pensions Regulator executive director David Fairs has confirmed
Posted: 01/11/2019
The latest news in brief and mandates from the past seven days
Posted: 01/11/19
The government should immediately cut the current £10,000 auto-enrolment earnings trigger, according to the Nest members' panel
Posted: 01/11/19
Pensions Minister Guy Opperman has said that the government will introduce legislation designed to force schemes and providers to issue short and simple pension statements if they do not take on its recommendations on a voluntary basis
Posted: 01/11/19
New retirement trends research from Fidelity International suggests that more than half of UK adults are planning to keep working in some capacity during their retirement
Posted: 31/10/19
Pension providers are calling on the government to urgently review its approach to the taxation of pension freedoms withdrawals in light of news that a record £54 million was repaid to savers who were overtaxed on withdrawals in the three months to September 2019
Posted: 31/10/19
Taking 10 years out of work to raise a child could mean losing around a third of a private pension, the equivalent of about £2,500 a year, according to Canada Life
Posted: 31/10/19
Total global retirement assets declined in 2018, according to the OECD, on the back of weak equity markets in the fourth quarter of the year
Posted: 30/10/19
An individual hoping to achieve a moderate level of retirement income will need to save around a quarter of their earnings each month, according to the Institute and Faculty of Actuaries (IFoA)
Posted: 30/10/19
The upcoming General Election puts planned pension reforms in jeopardy, as the current Pension Schemes Bill will go no further with parliament set to be dissolved
Posted: 29/10/19
Over £30bn has been flexibly withdrawn from pensions since the introduction of pension freedoms in 2015
Posted: 30/10/19
Forty-five per cent of doctors have decided to retire earlier than planned, with 86 per cent of those citing pensions taxation as their reason why, according to the Royal College of Physicians (RCP)
Posted: 30/10/19
The Pensions and Lifetime Savings Association (PLSA) has found that pension professionals strongly support DB consolidation — as long as they can be confident that member outcomes would be improved by the process
Posted: 30/10/19
Pension schemes adopting the latest mortality figures from the Institute and Faculty of Actuaries could see their liabilities increase by more than 1 per cent
Posted: 29/10/19
The government will continue to uprate the state pension in five countries in Europe beyond 2023 if there is a no-deal Brexit
Posted: 29/10/19
The Financial Conduct Authority (FCA) has been ordered to address a complaint made by The Association of Member Nominated Trustees’ (AMNT) over investment managers’ treatment of pension fund ESG stewardship policies
Posted: 29/10/19
There will be a marked increase in the use of alternative methods of de-risking among DB schemes within the next ten years, according to the Pensions Policy Institute (PPI)
Posted: 29/10/19
Institute of Development Studies, director of finance and operations, Tim Catherall, responds to a guest comment by Overseas Development Institute (ODI) director of professional services, Christopher Williams on smaller organisations' involvement with USS negotiations
Posted: 29/10/19
PMI technical consultant Tim Middleton discusses why The Pensions Regulator should be congratulated for its success at enforcing automatic enrolment
Posted: 28/10/19
PLSA policy lead lifetime savings George Currie discusses how the pensions sector could benefit from the introduction of digital IDs
Posted: 28/10/19
The Financial Conduct Authority (FCA) has been told that it needs to provide more evidence to justify its plans to ban contingent charging on defined benefit to defined contribution pension transfers
Posted: 28/10/19
The new pension wake-up packs that will come into effect on 1 November are “still not enough” in the battle to improve retirement income provision,according to Wealth at Work
Posted: 28/10/19
A think tank has suggested that the government should subsidise the pensions of women who take time out of work to care for children or elderly relatives
Posted: 28/10/19
Behavioural trials designed to work out the best way to persuade people to use Pension Wise have begun
Posted: 25/10/19
Told by his parents to get a job that was pensionable, President of BESTrustees Alan Pickering has worked at the interface of pensions, business and politics for more than 40 years. He was born with an inherited and progressive sight condition and lost the majority of his sight by the age of 30. Never one to let his sight or the attitudes of others towards it become a barrier to success, Alan has become one of the biggest influencers in the world of pensions.
Here he shares his views on living with sight loss in London today and his thoughts on the Vision Foundation’s ambitions for the future
Here he shares his views on living with sight loss in London today and his thoughts on the Vision Foundation’s ambitions for the future
Posted: 25/10/19
The Pensions Regulator (TPR) has claimed that the London Borough of Barnet Superannuation Fund is now being run more effectively after it was forced to issue the local authority pension scheme with an improvement notice earlier this year
Posted: 25/10/19
The Heathrow Airport Holdings Limited’s defined benefit pension schemes have swung from a £30m surplus to a £28m deficit in the past year
Posted: 25/10/19
The latest news in brief and mandates from the past seven days
Posted: 25/10/19
Insurers are focusing on large bulk annuity deals at the expense of smaller schemes, according to LCP
Posted: 25/10/19
Employee benefits and pensions consulting company, Broadstone, has announced the acquisition of Bristol-based firm, BBS Consultants and Actuaries
Posted: 24/10/19
The amount of young people and women saving into an auto-enrolment workplace pension scheme has increased, shrinking the gender and age gap, according to The Pensions Regulator’s (TPR) latest figures
Posted: 24/10/19
Aviva Life & Pensions UK has completed a £1.7bn bulk annuity buy-in transaction with its parent company’s DB pension fund
Posted: 24/10/19
Trustees have stepped up their engagement with environmental, social and governance (ESG) issues, but few are going beyond the minimum requirements, research from KPMG has found
Posted: 24/10/19
The government’s proposed flexibilities to the NHS Pension Scheme are a “sticking plaster” solution that will not solve the crisis over working hours that is engulfing the UK’s healthcare system
Posted: 24/10/19
The updated UK Stewardship Code will require pension schemes to declare whether they have taken environmental, social and governance (ESG) factors into account when investing member funds
Posted: 24/10/19
The Pensions Regulator (TPR) is prosecuting a nursery and its main director for failing to comply with auto-enrolment regulations
Posted: 24/10/19
Victims of ‘The Troubles’ in Northern Ireland in the second half of the 20th century could be in line for a pension of £10,000 per year
Posted: 23/10/19
Hargreaves Lansdown has been named as the provider with the slowest pension transfers that uses the Origo Transfer Service for the third time
Posted: 23/10/19
KPMG is in advanced negotiations about a sale of its pensions advisory unit division to Exponent Private Equity
Posted: 23/10/19
The Whitbread defined benefit pension scheme funding level swung into a surplus of £222m after a one-off contribution of £381m following the sale of Costa Coffee
Posted: 23/10/19
A new study looking at UK household’s financial health has found that the rising cost of living is leaving many over-55s unable to put aside extra savings
Posted: 23/10/19
A housing provider has called for the government to set up an affordable housing fund financed by pension scheme money
Posted: 23/10/19
Plans to change the way inflation is calculated could alter pension scheme funding positions by up to 10 per cent either way, according to LCP
Posted: 22/10/19
Employers are concerned about the complexity and cost associated with the equalisation of guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA)
Posted: 22/10/19
The Pensions Regulator (TPR) has granted defined contribution master trust authorisation to the Combined Nuclear Pension Plan (CNPP)
Posted: 22/10/19
A total of 330 current and former MPs have signed a petition calling on the trustees of the Parliamentary Pension Fund to end its investments in fossil fuel companies.
The Divest Parliament Pledge has been signed by 300 current MPs, including Labour leader Jeremy Corbyn; Liberal Democrat leader Jo Swinson; SNP Westminster leader Ian Blackford and Conservative Culture Secretary Nicky Morgan
The Divest Parliament Pledge has been signed by 300 current MPs, including Labour leader Jeremy Corbyn; Liberal Democrat leader Jo Swinson; SNP Westminster leader Ian Blackford and Conservative Culture Secretary Nicky Morgan
Posted: 22/10/19
Nearly double the number of new equity release plans were taken out by single women as single men in the first half of this year, as increasing numbers of lone homeowners use their homes to supplement their retirement income
Posted: 22/10/19
The BackTo60 campaign, which represents women born in the 1950s and affected by state pension age equalisation, has lodged its application for permission to appeal at the High Court
Posted: 22/10/19
Pension scheme providers have been encouraged to “seize the moment” to rebuild member trust in advance of the Financial Conduct Authority’s (FCA) new investment pathways
Posted: 21/10/19
Little improvement has been made in strengthening the adequacy of the UK retirement system, meaning that employers may have to play a bigger role in helping to close the retirement savings gap.
Mercer, which has ranked the UK in 14th position in its latest annual Melbourne Mercer Global Pension Index, has said that the UK needs to improve by raising the minimum pension for low-income, increasing contributions to workplace pension schemes and enabling better coverage for the self-employed
Mercer, which has ranked the UK in 14th position in its latest annual Melbourne Mercer Global Pension Index, has said that the UK needs to improve by raising the minimum pension for low-income, increasing contributions to workplace pension schemes and enabling better coverage for the self-employed
Posted: 21/10/19
The pensions dashboard cannot come quickly enough, according to Portafina, with the pension advice specialist saying that one in 10 workers do not know if they have a pension from a previous job
Posted: 21/10/19
The Financial Conduct Authority (FCA) has called on pensions policy to be simplified for consumers due to the overly complex nature of defined contribution schemes
Posted: 21/10/19
Up to 40 million people could be “rolling the dice” on their retirement as they have not set savings targets for their pensions
Posted: 21/10/19
MPs have asked what role The Pensions Regulator (TPR) plays in the involuntary removal of trustees after a Universities Superannuation Scheme (USS) trustee and whistleblower was fired earlier this month
Posted: 21/10/19
Former BBC political editor and The Today Programme presenter Nick Robinson has described Boris Johnson's Brexit deal as a 'win-win' for the Prime Minister
Posted: 18/10/19
The PLSA has launched a new paper, Building an environment of trust in pensions, highlighting actions the industry can take to win back trust in sector
Posted: 18/10/19
The Asda Group Pension Scheme has entered into a £3.8bn buy-in with Rothesay Life
Posted: 18/10/19
Auto-enrolment is “anti women” and the policy is a “non-starter” for the self-employed, according to a panel of pensions experts
Posted: 18/10/19
Nest has appointed BNP Paribas Asset Management (BNPP AM) to manage diversified private credit portfolio
Posted: 18/10/19
The Pensions Regulator (TPR) has proposed introducing two ways for defined benefit schemes to comply with funding regulations – 'fast track' and 'bespoke'
Posted: 18/10/19
Pensions Minister Guy Opperman has called on pension schemes to act now on equalising guaranteed minimum pensions (GMP) payments
Posted: 18/10/19
The Department for Work and Pensions (DWP) has yet to find the ‘sweet spot’ between balancing out the need for member security, employer affordability and investor profitability in order to legislate DB superfunds, it has informed the PLSA Annual Conference
Posted: 17/10/19
Fintech solutions such as online platforms and calculators could play an imperative role in helping mitigate savers' risks in the decumulation stage of their pension saving
Posted: 17/10/19
There is a growing bank of evidence of increased complexity being generated by the attempts to resolve the annual allowance (AA) and lifetime allowance (LTA) challenges, West Midlands Pension Fund director of pensions Rachel Brothwood has warned
Posted: 17/10/19
Pensions dashboards will only be as good as the data that’s in them, Money and Pensions Service (MAS) Pensions Dashboards Industry Delivery Group, principal, Chris Curry has said
Posted: 17/10/19
One in six (16 per cent) of 'Generation AE' savers were unaware that they were saving into a pension, even though the communication was through their pension provider, according to new research
Posted: 17/10/19
The Department for Work and Pensions (DWP) is looking to consult on further regulations to DC consolidation and performance fees verification in the New Year, with the aim to bring in further regulation by October 2020
Posted: 17/10/19
It would be ‘perverse’ and ‘bizarre’ to consider the charge cap to be the main barrier to DC schemes investing in illiquid assets, the Department for Work and Pensions (DWP) has claimed
Posted: 17/10/19
It would be "perverse" and "bizarre" to consider the charge cap to be the main barrier to DC schemes investing in illiquid assets, the Department for Work and Pensions (DWP) has claimed
Posted: 17/10/19
Pensions schemes must understand that “mass communications are not member communications”, Carillion DC pension schemes trustee Dianne Day has said
Posted: 17/10/19
Just over half of employees, 56 per cent, have re-opted out of their auto-enrolled pension scheme at re-enrolment, research by Nest Insight has found
Posted: 17/10/19
Defined benefit pension schemes are considerably behind their defined contribution counterparts in harnessing technology to inform members and improve trustee governance, it has been said
Posted: 17/10/19
An escalation in conflicts between superpowers is considered the greatest risk to the global economy over the next five years, according to a poll of PLSA Annual Conference attendees
Posted: 17/10/19
Nearly three-quarters (71 per cent) of UK DB pension schemes are targetting self-sufficiency within the next 10 years
Posted: 17/10/19
Pensions Minister Guy Opperman has said the government is taking forward the Pensions Scheme Bill "with cross-party support”
Posted: 17/10/19
The Pensions and Lifetime Savings Association has launched its Retirement Living Standards to tackle the engagement challenge and help to build a nation of active savers
Posted: 17/10/19
The pensions industry has welcomed the arrival of the Pensions and Lifetime Savings Association's (PLSA) new Retirement Living Standards and praised it for its clarity and tangibility
Posted: 17/10/19
Humour and tangibility are the most important tools to improving pension engagement, according to BBC business broadcaster, Steph McGovern
Posted: 16/10/19
Pensions data needs around £25m invested in it over a four-year period to “get it up to scratch”, and it is not currently good enough for pensions dashboards, according to Pensions Administration Standards Association (Pasa) president Margaret Snowdon
Posted: 16/10/19
Making environmentally responsible investments will increase yield on pension savings and increase engagement, Legal & General group chief executive Nigel Wilson has said
Posted: 16/10/19
The DNA of significant financial institutions, which are being created through consolidation, will set the tone and culture of the whole pensions industry, according to Universities Superannuation Scheme chief executive Bill Galvin
Posted: 16/10/19
State Street’s latest Brexometer research has found that 71 per cent of global institutional investors expect a Brexit deal to have a positive impact on global markets
Posted: 16/10/19
The Pensions and Lifetime Savings Association (PLSA) must act as the “captain” of the industry to help create a “world class pension system”, PLSA chief executive Julian Mund has said
Posted: 16/10/19
The Association of Consulting Actuaries (ACA) has claimed that the government missed an opportunity to boost DC contributions in its Pensions Bill, which was announced in the Queen’s Speech on Monday, 14 October
Posted: 16/10/19
The new state pension will rise to £175.35 a week from April 2020, after it was confirmed that CPI inflation grew by 1.7 per cent in September 2019
Posted: 16/10/19
The Pensions Ombudsman (TPO) has upheld a complaint against the NHS Pension Scheme over its members retaining special class status (SCS) if they retire early
Posted: 15/10/19
The Thomas Cook Pension Plan is not expected to enter the Pension Protection Fund (PPF) as it is estimated that it has enough assets to provide benefits to its members in excess of PPF levels
Posted: 15/10/19
The latest news in brief and mandates from the past seven days
Posted: 15/10/19
A Welsh local authority has voted to divest its local government pension scheme (LGPS) from fossil fuels as it moves towards more sustainable investments
Posted: 15/10/19
Atlas Master Trust has released a manifesto which calls for changes in the UK pensions culture to empower pension scheme members
Posted: 15/10/19
New Office for National Statistics (ONS) figures have revealed that there are 4.2 million self-employed UK workers that are not saving into a pension scheme
Posted: 15/10/19
A third generation of DC schemes could emerge within the next five years that better address adequacy, coverage, engagement and technology, according The Thinking Ahead Institute (TAI)
Posted: 14/10/19
Global institutional investors will nearly triple their divestments from fossil fuels in the next decade, according to Octopus Group
Posted: 14/10/19
The newly announced Pensions Bill proposes that The Pensions Regulator (TPR) has its powers strengthened to help tackle irresponsible employers and protect savers
Posted: 14/10/19
Royal London director of policy and former Pensions Minister, Steve Webb, has accused the Treasury of blocking “vital” pension measures in the Pension Schemes Bill, which was formally announced today
Posted: 14/10/19
The government has confirmed it is introducing legislation to compel schemes to provide data for pensions dashboards
Posted: 14/10/19
The newly introduced Pensions Bill will include a legislative framework for the implementation of collective defined contribution (CDC) pension schemes, it has been confirmed
Posted: 14/10/19
Changes to the pensions system to help tackle issues within the industry have been confirmed in the Queen’s Speech ahead of the expected introduction of the Pensions Bill
Posted: 14/10/19
The number of DB schemes within the FTSE 350 able to buyout within the next five years could increase by a third — if further pension transfer exercises are carried out
Posted: 14/10/19
Nearly a quarter (23 per cent) of UK pension schemes are unprepared for the risks posed by cyber crime, Aon has found
Posted: 14/10/19
Universities Superannuation Scheme (USS) whistleblower Jane Hutton has been fired from her role as non-executive director of the scheme’s trustee board
Posted: 11/10/19
Around 85 per cent of DB schemes are likely to implement a flexible retirement option, according to Aon’s 2019 Global Pension Risk Survey
Posted: 11/10/19
The latest news in brief and mandates from the past seven days
Posted: 11/10/19
Aviva has said that it has noticed a 60 per cent increase in enquiries from employers and advisers looking to switch pension provider during the first half of 2019, compared to the same period last year
Posted: 11/10/19
The Office of Tax Simplification (OTS) has recommended that the government reviews a series of complex pension tax measures, which it says are so complicated that they are creating unfair “distortions” for savers
Posted: 11/10/19
The industry does not expect any surprise inclusions in the Pensions Bill, which is due to be announced in the Queen’s Speech on Monday (14 October)
Posted: 11/10/19
Nest has begun testing attitudes among the self-employed to understand which messages are most effective in encouraging them to increase their retirement saving
Posted: 10/10/19
HMRC has estimated that the total income tax relief on pension contributions will be £21.2bn in 2019/20
Posted: 10/10/19
The UK’s poorest single pensioners are receiving up to £4,000 less in state benefit income each year than those better off than them
Posted: 10/10/19
Over a third of DB pension schemes have either appointed an IFA or are considering appointing one, according to XPS Pensions Group
Posted: 10/10/19
The number of workers newly auto-enrolled into a workplace pension scheme continues to be outweighed by the number of new workers not auto-enrolled
Posted: 10/10/19
The government may once again be turning its attention towards pensions, but Laura Blows warns of the need for a long-term viewpoint
Posted: 10/10/19
The Church of England (CoE) has raised concerns over proxy voting advisers ISS and Glass Lewis’ decision to not recommend support to the pension board’s co-filed shareholder resolution against BHP
Posted: 09/10/19
Risk settlement deals completed by firms in the FTSE 100 has hit £70bn, Aon has revealed
Posted: 09/10/19
The University and College Union (UCU) has called on university employers to “stop spinning and start talking” on pay and pensions
Posted: 09/10/19
An independent body to provide accreditation and quality assurance for covenant advice could be a “potential solution” for shortcomings in regulations to protect savers, Pensions Minister Guy Opperman has said
Posted: 09/10/19
Jack Gray calls for an end to the delays in implementing many much-needed changes within the pensions sector
Posted: 09/10/19
Newly retired women have been urged to check their state pension entitlements as thousands could be in line for a savings boost if they paid the ‘married woman’s stamp’ in the last 35 years
Posted: 09/10/19
The government has been urged to support auto-enrolment default pension schemes that focus on sustainable investments by the UK Sustainable Investment and Finance Association (UKSIF)
Posted: 09/10/19
The Financial Ombudsman Service (FOS) has seen complaints relating to defined benefit transfers rise by 44 per cent in the year 2018/19
Posted: 09/10/19
The number of people transferring their defined benefit pension schemes has fallen in September, according the XPS Pensions Group’s Transfer Value Index
Posted: 08/10/19
The Shadow Education Secretary, Angela Rayner, has called for urgent talks between the University and College Union (UCU) and Universities UK (UUK) to settle the ongoing pay and pensions disputes
Posted: 08/10/19
The combined deficit of schemes in the PPF 7800 index fell by £13.9bn during September to £149bn, according to monthly figures released by the Pension Protection Fund (PPF)
Posted: 08/10/19
The National Grid UK Pension Scheme has concluded a £2.8bn buy-in transaction with Rothesay Life covering just over 8,000 members
Posted: 08/10/19
The University of Oxford Staff Pension Scheme (OSPS) has become the latest defined contribution scheme to be granted master trust authorisation by The Pensions Regulator (TPR)
Posted: 08/10/19
The Institute of Economic Affairs (IEA) has urged the government to scrap the tax-free cash available on pensions to help pay for the abolition of inheritance tax.
Posted: 08/10/19
Pensions Minister Guy Opperman has fired warning shots at the UK’s largest pension schemes, over failures to meet new ESG legislation
Posted: 07/10/19
With a Queen’s Speech scheduled to take place next Monday 14 October, speculation is rising about whether a pensions bill will be included and what it might contain
Posted: 07/10/19
The Association of Consulting Actuaries (ACA) is calling for five key measures to be included in the upcoming Pension Bill, which is thought likely to appear in the Queen’s Speech on 14 October
Posted: 07/10/19
Work and Pensions Committee chair Frank Field has called for the government to include defined benefit superfund legislation in the upcoming Pensions Bill
Posted: 07/10/19
The Financial Conduct Authority (FCA) has urged Self-Invested Pension Plan (Sipp) providers to contact the regulator if they feel unable to meet their financial commitments
Posted: 07/10/19
David Adams looks at how the three main UK-wide political parties approached the subject of pensions during conference season
Posted: 07/10/19
ODI director of professional services, Christopher Williams, explains why the increased employer contribution levels for the USS would put smaller organisations under serious financial pressure
Posted: 07/10/19
Sixty per cent of pension schemes have moved away from a traditional investment approach to a responsible or sustainable approach, according to XPS
Posted: 04/10/19
Self-invested personal pensions (Sipp) provider Berkeley Burke Sipp Administration Limited has decided not to appeal the court ruling which ordered it to pay £1m to people affected by unregulated investments
Posted: 04/10/19
Trade union Unison has expressed concerns about the Department of Health and Social Care (DHSC) consultation which sets out proposals to introduce pension flexibilities to help rectify issues with the NHS pension scheme
Posted: 04/10/19
Pension scheme sponsors in the UK are less concerned with whether their scheme is doing the right thing for its members than their international counterparts, State Street Global Advisors (SSGA) has revealed
Posted: 04/10/19
The Information Commissioner’s Office (ICO) has raided a business in Chichester suspected of making illegal cold calls in relation to pensions
Posted: 04/10/19
The regulatory joint DB scheme transfer protocol is working well, according to the Financial Conduct Authority (FCA)
Posted: 04/10/19
The latest mandates and news in brief from the past week
Posted: 04/10/19
In honour of National Poetry Day on 3 October, Pensions Age showcases poems written about pensions
Posted: 03/10/19
Pensions Minister Guy Opperman has issued his support for the creation of a new Pensions Commission and said that it is something that the Department for Work and Pensions is looking at
Posted: 03/10/19
The pensions industry has warned that there are lessons to be learned from the High Court ruling which found that a change to the female state pension age for women born in the 1950s was not discriminatory
Posted: 03/10/19
Corporate pensions are leading the way for policy development on responsible investment (RI) globally, as the number of pensions with policies reached 46 per cent in 2019, according to Aon
Posted: 03/10/19
Pension schemes have stepped up their Brexit preparations significantly over the last 12 months and are well-prepared for its potential impact, says the Pensions and Lifetime Savings Association (PLSA)
Posted: 03/10/19
The majority of UK savers want their pension investments to consider the impact they have on vulnerable people and the environment
Posted: 03/10/19
The number of boys aged 15 or under who have money paid into a pension for them far outstrips the number of girls in the same age bracket, suggesting that the gender pensions gap starts at birth
Posted: 03/10/19
The High Court has sided with the government and dismissed the Backto60 claim which stipulated that rises to the state pension age for women born in the 1950s were discriminatory
Posted: 03/10/19
The Pensions Regulator (TPR) has ordered 400 schemes to conduct a data review within six months as part of a crackdown on poor record-keeping
Posted: 02/10/19
Gallagher Group has aquired Anthony Hodges Consulting (AHC) for an undisclosed sum to form part of its UK based communications business
Posted: 02/10/19
Squire Patton Boggs (SPB) has urged trustees to be wary of the risks involved in investment governance and documentation, after it was surveyed as the lowest ranking risk by trustees and corporate sponsors
Posted: 02/10/19
An independent financial adviser has urged high earning parents to increase their pension contributions to avoid being taxed on their child benefits
Posted: 02/10/19
The FTSE 350’s collective pension deficit decreased by £17bn in September in a volatile month for pension valuations.
Data from Mercer’s Pensions Risk Survey showed that the overall accounting deficit for DB schemes run by companies in the FTSE 350 decreased from £67bn at the end of August to £50bn at the end of September
Data from Mercer’s Pensions Risk Survey showed that the overall accounting deficit for DB schemes run by companies in the FTSE 350 decreased from £67bn at the end of August to £50bn at the end of September
Posted: 02/10/19
The overall pension deficit of Tesco's UK pension schemes has fallen by £240m to £2,098m in the six months preceding August 2019, its interim results report has revealed
Posted: 02/10/19
PMI vice president, Tim Phillips, analyses the changes that DC master trusts have undergone following the regulator's authorisation process
Posted: 01/10/19
Now Pensions has said that it is now time to iron out the “wrinkles” that exist in the UK’s pension saving landscape — seven years on from the introduction of auto-enrolment
Posted: 01/10/19
The Pensions Regulator (TPR) has authorised two further defined contribution master trusts, bringing the total number of approved schemes up to 33
Posted: 01/10/19
DB pensions could overtake property in value due to the economic uncertainty caused by Brexit
Posted: 01/10/19
The Pensions Ombudsman (TPO) has upheld a complaint against the Hampshire County Council pension scheme over its failure to carry out due diligence before transferring a member’s benefits to a scam pension arrangement
Posted: 01/10/19
Royal London and LCP have published a new report calling for the introduction of wider access to partial DB transfers
Posted: 01/10/19
The Cardano Group has completed its acquisition of Now Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension (ATP)
Posted: 30/09/19
Punter Southall Aspire has announced that it is purchasing accountancy and business firm BDO’s employee benefits business
Posted: 30/09/19
GMB has told a language learning company that it must halt plans to force some of its employees to leave the Teachers’ Pension Scheme (TPS) for a DC contract-based scheme
Posted: 30/09/19
The Pensions Administration Standards Association (Pasa) has published its guidance note on how schemes should deal with common issues that could arise from implementing guaranteed minimum pensions (GMP) equalisation
Posted: 30/09/19
The deficit of UK defined benefit pension schemes decreased by £50bn in September to £290bn, according to PwC’s latest Skyval Index
Posted: 30/09/19
State pension payments are expected to rise by four per cent from April 2020, due to an increase in earnings growth
Posted: 30/09/19
The Financial Conduct Authority (FCA) has fined Prudential Assurance Company nearly £24m for failures relating to non-advised annuity sales
Posted: 30/09/19
The Investment Association (IA) has told companies that they must pay all executive directors the same pension contribution levels as the majority of their workforce by the end of 2022, or risk shareholder action
Posted: 27/09/19
Rothesay Life has confirmed that it is appealing the decision from the High Court which blocked the transfer of a £12bn portfolio of annuities from Prudential to Rothesay Life
Posted: 27/09/19
The chair of the Association of Consulting Actuaries (ACA) has said that the pension dashboard could end up giving some savers a “big shock” when they realise how little money they have to retire on
Posted: 27/09/19
Rothesay Life has insured the DB liabilities for the Allied Domecq pension scheme in the largest ever buy-in to include deferred members
Posted: 27/09/19
The government has issued letters to more than 363,000 UK pensioners living in the EU “reassuring” them that their state pension will continue to be uprated for three years in the event of a no-deal Brexit
Posted: 27/09/19
The latest mandates and news in brief from the past week
Posted: 27/09/19
Women are three times less likely to meet the auto-enrolment eligibility threshold of £10,000 per year, research from Nest Insight and Vanguard has revealed
Posted: 27/09/19
Trustees are being urged to take advice on how new ESG risk reporting regulations will change the way that they disclose their investment strategies
Posted: 26/09/19
Just under a third (31 per cent) of independent financial advisers believe that consumers failing to save for retirement and lack of understanding about the risks of under-saving are the biggest threats to comfortable retirements
Posted: 26/09/19
The Ministry of Justice (MOJ) has set out its proposed remedy to part-time judges’ pensions, after the Court of Justice of the European Union (CJEU) ruled that the way they were calculated was discriminatory
Posted: 26/09/19
The Work and Pensions Select Committee has written to the Thomas Cook pension scheme seeking answers about its future, following the collapse of its sponsoring employer
Posted: 26/09/19
The number of pension savers that were hit with annual allowance (AA) charges in 2017/18 increased year-on-year from 23,800 to 37,300, the latest HMRC figures have revealed
Posted: 26/09/19
Telent and the trustees of the GEC 1972 defined benefit pension scheme have completed a full buyout with Rothesay Life worth a record £4.7bn
Posted: 26/09/19
Life expectancy in the UK has continued to increase at birth and for those at the age of 65, according to the latest statistics from the Office for National Statistics
Posted: 25/09/19
The Pension Protection Fund (PPF) has increased its levy estimate for 2020/21 by 8 per cent to £620m due to projected increases in scheme liabilities and underfunding
Posted: 25/09/19
More than half (54 per cent) of all pension schemes that were accessed in 2018/19 were completely emptied of all savings, the Financial Conduct Authority (FCA) has revealed
Posted: 25/09/19
The Personal Finance Society (PFS) and Technical Connection have warned advisers and schemes to prepare for the pensions savings statement deadline on 6 October and the subsequent advice requests
Posted: 25/09/19
Savers in their 40s are the most prepared for retirement, with the largest expected pension pot in retirement of all age groups, research from PensionBee has revealed
Posted: 25/09/19
The Money and Pensions Service (Maps) has named the 10 members of the pensions dashboard steering group that will work on the practicalities of establishing the product
Posted: 25/09/19
Defined contribution pension scheme savers are missing out on higher returns due to a lack of investment in venture capital and growth equity funds, Oliver Wyman has said
Posted: 25/09/19
The gap between male and female pension savings is largest in Northern Ireland, where men have on average more than double in their pension pot than women, PensionBee has found
Posted: 24/09/19
As many as one in four retirees are missing out on the pension credit that they are entitled to, new research from Turn2us has shown
Posted: 24/09/19
The trustee of the AA UK Pension Scheme (AAUK) has completed a £250m bulk annuity transaction, insuring all the benefits of 1,790 members, its half-year report has revealed
Posted: 24/09/19
Nearly half (44 per cent) of UK pension trustee boards are not assessing their performance, research from Punter Southall has revealed
Posted: 24/09/19
The Pensions Regulator (TPR) has authorised a further four master trust pension schemes, bringing the total number authorised so far to 31
Posted: 24/09/19
Professional trustees should be held to “much higher standards” and legislative changes are needed to ensure they are fulfilling their responsibilities, Smart Pension has said
Posted: 24/09/19
Employees close to retirement are making five major mistakes when taking at-retirement financial decisions, which could end up seeing them losing thousands of pounds from their pension pots
Posted: 23/09/19
Thomas Cook's pension schemes are set to undergo funding assessments to establish whether they will enter the Pension Protection Fund (PPF)
Posted: 23/09/19
The Pensions Ombudsman (TPO) has upheld a complaint against Torfaen County Borough Council for its delay in processing an ill health retirement pension (IHRP) request
Posted: 23/09/19
The proportion of workers who believe that Brexit will have a negative impact on the value of their pension savings has remained almost unchanged compared to two years ago, increasing slightly to 42 per cent
Posted: 23/09/19
Dalriada Trustees has become the first professional trustee firm in the UK to sign up to United Nations’ Principles for Responsible Investment (PRI) network
Posted: 23/09/19
Smiths Group’s UK pension schemes’ total deficit fell by £59m year-on-year to £408m, as of July 2019, its annual results report has revealed
Posted: 20/09/19
Legal & General is to begin offering annuities to Prudential pension savers from 1 November as part of a new “introducer” deal it has struck with its insurance rival
Posted: 20/09/19
The latest mandates and news in brief from the past week
Posted: 20/09/19
The Pensions Management Institute (PMI) has said that mandatory accreditation for professional trustees should be introduced within the next five years
Posted: 20/09/19
Two government select committees have written to The Insolvency Service (TIS), requesting an update on the liquidation of Carillion and the amount owed to the Pension Protection Fund (PPF)
Posted: 20/09/19
Addison Lee has been accused of “pulling the wool” over The Pensions Regulator’s (TPR) eyes regarding outstanding pension contributions it owes to its employees
Posted: 19/09/19
Construction company Kier’s defined benefit pension schemes posted a £19.5m surplus at 30 June, a £11.6m increase year-on-year, its FY2019 results have revealed
Posted: 19/09/19
Leicester-based Sipp provider Berkeley Burke has been sold to Hartley Pensions in a pre-pack administration deal
Posted: 19/09/19
Defined contribution scheme members could save 8 per cent more of their total expected pension pots if scheme charges were to drop by some 30 basis points
Posted: 19/09/19
Legal & General has completed a £930m full buy-in for members of the Tate & Lyle pension scheme
Posted: 19/09/19
Public service pension schemes could be doing more to improve their engagement levels and key person risk management, The Pensions Regulator (TPR) has said
Posted: 19/09/19
The quality and availability of pension scheme data is critical to schemes that are looking to complete bulk annuity deals, Willis Towers Watson senior director, Shelly Beard, has said
Posted: 18/09/19
The Kingfisher Group’s UK defined benefit scheme's net surplus increased by £93m in six months to £413m, according to the company’s half-year report for 2019
Posted: 18/09/19
The Consumer Prices Index rate (CPI) of inflation has declined to 1.7 per cent over August, slipping below the Bank of England’s 2 per cent target and hitting the lowest level since December 2016
Posted: 18/09/19
Defined contribution schemes could see a boost in annual member pension contributions of £1.2bn by better integrating responsible investment (RI) into their funds, according to Franklin Templeton. The investment manager has used an emotion artificial intelligence tool called Adoreboard to measure the emotional responses of more than 2,500 DC members in relation to workplace pensions and RI
Posted: 18/09/19
Trustee governance gaps and reliance on key individuals is the highest risk for schemes with more than £10bn of assets, Squire Patton Boggs has revealed
Posted: 18/09/19
PPI senior policy researcher, Lauren Wilkinson, discusses the link between ill-health early in life and lower wealth in retirement
Posted: 17/09/19
Optimum Capital has been referred to The Pensions Regulator (TPR) and ordered to pay the complainant £2,000 by The Pensions Ombudsman (TPO), after it breached its fiduciary duties
Posted: 17/09/19
More than eight out of 10 trustees are estimated to have faced challenges when implementing new responsible investment (RI) regulations
Posted: 17/09/19
The pension industry needs greater stability in the position of Work and Pensions (W&P) Secretary to drive initiative and investment, Altus principal consultant, Will Watling has said
Posted: 17/09/19
Nest is introducing a new death benefit option that will allow its members to remove their pension pots from inheritance tax consideration
Posted: 17/09/19
The Strathclyde local government pension scheme (LGPS) has once again being urged to liquidate its oil and gas investments
Posted: 17/09/19
Aviva is in line to take control of the Wyevale Garden Centre pension scheme, worth around £50m, after its owner announced plans to break up the firm
Posted: 16/09/19
Residents in Edinburgh and Southampton have the highest levels of pensions knowledge in the UK, according to new research from Portafina
Posted: 16/09/19
The number of people making lump sum withdrawals from their pension schemes aged 65 or over has jumped by 38 per cent to a record high in the last year, Salisbury House Wealth has revealed
Posted: 16/09/19
The majority of DC savers who want to retain their current lifestyle in retirement will need to increase their pension contributions, according to Aegon
Posted: 16/09/19
The Local Government Pension Scheme (LGPS) has said that it is facing pressure from the government to stop using active fund managers, following the Woodford scandal.
An executive of the UK’s largest public sector pension scheme told the Financial Times that analysis from Hymans Robertson in 2013 had found that the scheme could save up to £230m a year in investment fees and £190m in transaction costs if it dropped active managers
An executive of the UK’s largest public sector pension scheme told the Financial Times that analysis from Hymans Robertson in 2013 had found that the scheme could save up to £230m a year in investment fees and £190m in transaction costs if it dropped active managers
Posted: 16/09/19
Pension Insurance Corporation (PIC) has completed £6bn worth of bulk annuity deals across nine DB pension schemes in the first half of 2019, its half year results have revealed
Posted: 16/09/19
Five pension funds and providers from the UK have made it on to the Principles for Responsible Investment’ (PRI) leader’s group for 2019
Posted: 13/09/19
Couples going through a divorce should not disregard pensions in favour of trying to retain the value of the family home, as they may be missing out on a significant retirement income as a result
Posted: 13/09/19
Hargreaves Lansdown has warned that latest government figures showing an increase in people working longer could be the 'tip of the iceberg'
Posted: 13/09/19
One third of parents who have adult children living with them are using their pension savings to help them cover the cost of housing their offspring
Posted: 13/09/19
The latest mandates and news in brief from the past week
Posted: 13/09/19
The Work and Pensions Select Committee has written to The Pensions Regulator (TPR) over concerns that the plan to rescue the Arcadia Group pension scheme will fail
Posted: 13/09/19
John Lewis’ defined benefit pension scheme deficit has dropped by over £100m to £62.8m over the past year
Posted: 12/09/19
As many as 18 million adults in the UK are unsure as to whether or not they are saving enough into their pensions, the Pensions and Lifetime Savings Association (PLSA) has warned
Posted: 12/09/19
The Pensions Ombudsman (TPO) has instructed Prudential to reimburse a UK client for any investment losses incurred due to its delay in transferring their pension savings to a Canadian scheme
Posted: 12/09/19
The number of workers in auto-enrolment (AE) pension schemes has continued to steadily increase, with another 25,000 workers being auto-enrolled in August 2019
Posted: 12/09/19
Trust-based DC schemes are far more likely to be considering implementing ESG filters in their default funds than their contract-based counterparts, according to Willis Towers Watson (WTW)
Posted: 12/09/19
The Co-operative Group’s (Co-op) overall pension scheme surplus declined by £458m year-on-year to £1,644m, as of 6 July 2019, according to its interim results report
Posted: 12/09/19
Legal and General (L&G) has agreed a £35m buyout for US-owned law firm Edwards Wildman Palmer LLP’s UK pension scheme
Posted: 11/09/19
The vast majority of over 55s who have used pension freedoms to access their private pensions would prefer to draw a regular lifetime income from the state pension, rather than take the state pension as a lump sum — if the option to do so was available
Posted: 11/09/19
Workers aged 60 and over who are opting out of their workplace pension schemes could be collectively throwing away up to £1.75bn in savings, Royal London has said
Posted: 11/09/19
Pension contribution levels commonly have the “most significant” impact on retirement outcomes, the Pension Policy Institute (PPI) has said
Posted: 11/09/19
Pension savers in the UK could miss out on nearly £10,000 if they do not update their planned retirement date, Aviva has revealed
Posted: 11/09/19
Extreme longevity is one of the world’s top 30 extreme risks for investors, according to a report by the Thinking Ahead Institute
Posted: 11/09/19
Defined contribution pension scheme trustees are not doing enough to integrate environmental, social and governance (ESG) factors into their schemes’ default funds, according to Sackers
Posted: 11/09/19
The government has announced plans to overhaul the NHS pension scheme to tackle widespread opt-outs and workers cutting their hours by giving staff more flexibility in their retirement planning
Posted: 11/09/19
Thomas Cook’s pension trustees are seeking assurances and incentives over a £900m rescue deal which could see shareholders and the scheme losing out
Posted: 10/09/19
Rothesay Life has revealed that it expects to write more than £10bn in bulk annuity transactions in 2019
Posted: 10/09/19
Pension consolidation is beginning to force smaller-sized asset and fiduciary managers out of the market as competition increases, according to research from Cerulli Associates
Posted: 10/09/19
The government has launched a consultation asking whether independent schools should be able to opt out of the Teachers’ Pension Scheme while allowing existing staff to remain as active members
Posted: 10/09/19
Defined benefit pension schemes approaching buyout may be exposed to unnecessary risk due to Brexit uncertainty and the global economic slowdown, according to Barnett Waddingham
Posted: 10/09/19
The Pensions Regulator (TPR) has authorised a further five master trusts, bringing the total number of approved schemes up to 27
Posted: 10/09/19
The combined deficit of schemes in the PPF 7800 index has increased by £72.2bn during August to £162.9bn, according to the Pension Protection Fund (PPF)
Posted: 10/09/19
Employees want their employers to be more open and honest about the challenges they face in building up adequate pensions savings
Posted: 10/09/19
Support for company defined benefit schemes in the FTSE 350 remained largely unchanged in 2018, although company support is polarised, according to PwC
Posted: 09/09/19
The Financial Ombudsman Service (FOS) has ordered JLT Actuaries and Consultants to pay ‘Mr W’ around £150,000 after advising him to opt out of a final salary workplace pension scheme in 1997
Posted: 09/09/19
The Pensions Regulator (TPR) is prosecuting the director of a professional trustee firm for failing to provide information and documents during the course of an ongoing investigation into the company
Posted: 09/09/19
The role of Work and Pensions Secretary has been described as a “revolving door” and a “poisoned chalice” as the pensions industry reacts to the appointment of Thérèse Coffey
Posted: 09/09/19
Over half of the UK’s workers feel confident about their ability to retire comfortably, Aegon has found
Posted: 09/09/19
Thérèse Coffey has been appointed as Work and Pensions Secretary following the resignation of Amber Rudd on Saturday evening (7 September)
Posted: 08/09/19
Government proposals to make the NHS pension scheme more flexible for staff needs “significant further action” to sustain NHS services, according to NHS England chief executive, Simon Stevens
Posted: 06/09/19
The Pensions Regulator (TPR) has banned three professional trustees from acting as trustees for workplace pension schemes for attempting to make employer-related investments without the required legal and investment advice
Posted: 06/09/19
The amount of tax received on pension transfers from UK pension schemes to Qualifying Recognised Overseas Pension Schemes (QROPS) in 2018/19 was way below government estimates, Canada Life has revealed
Posted: 06/09/19
The latest news in brief and mandates from the past seven days
Posted: 06/09/19
Four out of every five savers underestimate how much money they will need to save for retirement, research from Scottish Widows has found
Posted: 06/09/19
East Lothian Council has been accused of hypocrisy after declaring a climate emergency despite its pension scheme investing millions of pounds into non-environmentally friendly companies
Posted: 05/09/19
Melrose Industries’ defined benefit pension schemes ended June 2019 with a total deficit of £1.33bn, its half-year report has revealed
Posted: 05/09/19
Ten of the largest pension schemes in the UK have written a joint letter announcing their support for the Cost Transparency Initiative (CTI)
Posted: 05/09/19
Pension scam victims are being caught out by fraudsters when exercising their pension freedoms when it may not be in their best interest, the Financial Conduct Authority (FCA) has warned
Posted: 05/09/19
A look at The Pensions Regulator's intention to review its codes of practice in light of the Occupational Pension Schemes (Governance) (Amendment) Regulation 2018
Posted: 05/09/19
Several industry voices have criticised the Chancellor, Sajid Javid, for not using his Spending Review to the fix the pensions tax issue that is causing staffing issues in the NHS and across the public sector
Posted: 04/09/19
The government is considering introducing regulations regarding pre-packaged administration sales, amid fears they could be abused to pass on pension liabilities to the Pension Protection Fund (PPF)
Posted: 04/09/19
The UK Statistics Authority has recommended that the government scraps the Retail Price Index (RPI), describing it as “not a good measure” of inflation
Posted: 04/09/19
Just Group’s retirement income sales fell by 30 per cent year-on-year, as of 30 June 2019, from £1,179m to £831m
Posted: 04/09/19
Annuity rates for a 65 year old have fallen by 14 per cent since the start of 2019, in what has been described as a “horror show” by Hargreaves Lansdown senior analyst Nathan Long
Posted: 04/09/19
The average Universities Superannuation Scheme (USS) member will be £240,000 worse off in retirement due to changes made to the scheme since 2011, according to analysis from First Actuarial
Posted: 04/09/19
A plan by the Labour Party to introduce inclusive ownership funds (IOF), giving 10 per cent of shares in large UK companies to employees, will cost pension funds £31bn, according to Clifford Chance
Posted: 04/09/19
A total of 211,485 NHS workers have decided to opt out of the NHS Pension Scheme since March 2014, the government has revealed
Posted: 03/09/19
The deficit of UK defined benefit pension schemes increased by £100bn in August to £340bn, according to PwC’s latest Skyval Index
Posted: 03/09/19
Sustainable income withdrawals are the key to long-term success when opting for a income drawdown product, according to Royal London
Posted: 03/09/19
Ecroignard Trustees Limited was wound-up on Monday (2 September) after the Manchester High Court found it had mismanaged £14m worth of members’ savings across two pension schemes
Posted: 03/09/19
Industry professionals are divided on whether having a professional trustee should be a requirement for all pension schemes, the Pensions Management Institute (PMI) has found
Posted: 03/09/19
The Pensions Regulator (TPR) has granted authorisation to two further defined contribution master trusts, bringing the total number approved to 22
Posted: 03/09/2019
The 20 biggest pension schemes globally, saw their assets under management (AUM) fall by 1.6 per cent in 2018 in the first negative result since 2012, according to the Thinking Ahead Institute
Posted: 02/09/19
The pension deficit for FTSE 350 firms increased by £16bn in August to hit a two-year high of £67bn, Mercer has revealed
Posted: 02/09/19
Caroline Rookes has been appointed as interim head of The Pensions Ombudsman (TPO), the Department for Work and Pensions (DWP) has announced
Posted: 02/09/19
The government has announced that it will increase employer contributions into The Teacher’s Pension Scheme to 23.6 per cent, effectively immediately
Posted: 02/09/19
The Pensions Regulator is prosecuting a businessman for failing to give them information about the companies he owns and runs
Posted: 02/09/19
One-fifth of schemes with a long-term funding target, in addition to that used for technical provisions, are targeting a buyout, analysis from Aon has revealed
Posted: 02/09/19
British expats in EU countries will continue to have their state pensions uprated in a no-deal Brexit scenario, the government has said
Posted: 02/09/19
Universities UK (UUK) has accused the University and College Union (UCU) of “peddling misinformation” to its members on negotiations regarding changes to contribution levels for the Universities Superannuation Scheme (USS).
UUK said that it offered USS members a contribution rate of 9.1 per cent if the union agreed not to proceed with the planned ballot on industrial action, which is due to begin on 9 September
UUK said that it offered USS members a contribution rate of 9.1 per cent if the union agreed not to proceed with the planned ballot on industrial action, which is due to begin on 9 September
Posted: 30/08/19
The High Court has upped the stakes on pensions information meaning that employers and trustees need to be extra careful that information they provide to members is accurate, Trowers & Hamlins, partner, Rebecca McKay writes
Posted: 30/08/19
Pension scheme fiduciaries should be moving away from investing in government bonds due to falling gilt yields, according to Cambridge Associates
Posted: 30/08/19
The latest news in brief and mandates from the past seven days
Posted: 30/08/19
The government has still not changed the law to reflect a Supreme Court year-old ruling that found in favour of an unmarried mother, allowing her to claim a widowed parent’s pension
Posted: 30/08/19
A Queen's Speech will take place on 14 October, increasing the prospect of the long-awaited pensions bill being introduced before the UK is expected to leave the EU on 31 October
Posted: 29/08/19
Retirement planning is the largest single driver of revenue growth for advisers, with 58 per cent saying that they expect it drive their business growth over the next year
Posted: 29/08/19
Pension funds should look to diversify their growth portfolios away from equities in the current market environment, according to Cambridge Associates
Posted: 29/08/19
Recruitment firm Hays' DB pension surplus declined by £56.2m year-on-year as of June 2019, from £75.9m to £19.7m, according to its final results report
Posted: 29/08/19
Advisers are encouraging retirees to avoid investment risk by not making changes to their investment portfolios and steering clear of volatile assets, research from LV= has revealed
Posted: 28/08/19
Four months before the new year, state pension reliants are running out of cash. Jack Gray `looks at the issue of pensioner poverty
Posted: 28/08/19
The Star working group met for the first time in London last week, it has been revealed
Posted: 28/08/19
Universities Superannuation Scheme (USS) has launched an employer consultation on its proposed recovery plan and contribution schedule to tackle the scheme’s £6.6bn deficit
Posted: 28/08/19
Defined benefit transfer values hit an all time high in August reaching £258,200, according to the latest XPS Transfer Watch
Posted: 28/08/19
Three in 10 FTSE 100 companies have pledged to cut executives' pension payments in response to pressure from shareholders, according to the Investment Association (IA)
Posted: 28/08/19
Lane Clark & Peacock (LCP) is planning a £200m takeover bid for the pensions sector of KPMG, with the support of private equity firm Inflexion
Posted: 27/08/19
3,840 members of the armed forces breached the annual allowance in 2017/18, a Freedom of Information request has found
Posted: 27/08/19
The Department for Work and Pensions (DWP) has set out recommendations to improve The Pensions Ombudsman’s (TPO) services and distance it from the Financial Ombudsman Service (FOS)
Posted: 27/08/19
Prime Minister Boris Johnson’s proposal to increase the level at which people start paying high rate income tax would result in those benefiting from the change losing out on pensions tax relief, according to Aegon
Posted: 27/08/19
Aviva Master Trust and Workers Pension Trust have been named as the 19th and 20th defined contribution master trusts to be granted authorisation by The Pensions Regulator (TPR)
Posted: 27/08/19
The government could be facing legal challenges from teachers and doctors who were transferred into less beneficial pension schemes.
Law firm Leigh Day believes that teachers and doctors have grounds for a legal challenge against the government for age discrimination, in a case similar to the one won by judges and firefighters against the government in December 2018
Law firm Leigh Day believes that teachers and doctors have grounds for a legal challenge against the government for age discrimination, in a case similar to the one won by judges and firefighters against the government in December 2018
Posted: 27/08/19
Two US landlords have withdrawn their challenges to the company voluntary arrangements (CVA) agreed by Arcadia Group following “significant and constructive” talks
Posted: 27/08/19
Legal & General (L&G) is planning to launch a product aimed at rivalling pension superfunds in the defined benefit scheme consolidation market
Posted: 23/08/19
The latest news in brief and mandates from the past seven days
Posted: 23/08/19
The average value of defined benefit pension transfers increased by 50 per cent in the two years following the introduction of pensions freedoms, a freedom of information request from AJ Bell has revealed
Posted: 23/08/19
GMP equalisation is now the top priority for nearly six in 10 (58 per cent) pension professionals over the next 6-12 months, according to research from Equiniti
Posted: 23/08/19
MPs, the Backto60 campaign and Unison have written to Prime Minister Boris Johnson, urging him to reconsider the government’s decision and enact a temporary special measure to provide restitution to women born in the 1950s
Posted: 23/08/19
University and College Union (UCU) has warned that the likelihood of autumn strike action has increased after universities backed proposals to increase Universities Superannuation Scheme (USS) member contributions
Posted: 23/08/19
XPS Pensions Group has launched a competitive tendering support service for trustees, following the Competitions and Markets Authority’s (CMA) final report on investment consulting and fiduciary management
Posted: 22/08/19
Over a fifth (22 per cent) of pension trustees have been subject to or expect to receive regulatory intervention from The Pensions Regulator before their next valuation, according to research by Hymans Robertson
Posted: 22/08/19
The Pensions Regulator is reiterating its warning to employers that they need to comply with their automatic enrolment duties, otherwise they could face a fine
Posted: 22/08/19
The average saver in their twenties is in line for an average annual pension shortfall of £6,500, according to research from Scottish Widows
Posted: 22/08/19
Revenue from Lane Clark and Peacock’s (LCP) defined contribution business increased by 15.5 per cent in 2018/19, contributing to a record £115m overall income
Posted: 22/08/19
The Financial Conduct Authority (FCA) has published a 17 minute long video on its website explaining the process of defined benefit pension transfers for consumers
Posted: 21/08/19
Complacency over the risks posed by cyber attacks on pension schemes could lead to serious losses if action isn’t taken to address the issue, Squire Patton Boggs (SPB) has said
Posted: 21/08/19
UK defined benefit pension schemes with an overseas parent could “exploit” the fall in sterling and use it as an opportunity to ask for a cash injection into the scheme from the sponsor
Posted: 21/08/19
People with small self-administered schemes (SSAS) face “significant costs and delays” on transfers to other savings vehicles, such as self-invested personal pensions (SIPP), according to Talbot and Muir
Posted: 21/08/19
Work and Pensions Secretary, Amber Rudd, has ruled out raising the state pension age (SPA) to 75, as proposed by think tank The Centre for Social Justice (CSJ) earlier this week
Posted: 21/08/19
Sixty-four per cent (8.9 million) of UK employees aged 45 and over do not know how much money they need to save for a comfortable retirement, research from Aviva UK has shown
Posted: 21/08/19
Defined benefit pension schemes could see their liabilities rise if the mortality trend of fewer deaths in 2019 continues throughout the year, according to LCP
Posted: 20/08/19
The pension surplus of housebuilding firm Persimmon decreased by £8.9m year-on-year amid falling profits, its half-year report has revealed
Posted: 20/08/19
The trustee of the Greene King Pension Scheme has appointed XPS Pensions Group as actuarial and investment advisers
Posted: 20/08/19
Now Pensions has identified areas where further action should be taken to improve auto-enrolment, including tackling the net pay anomaly and amending ‘qualifying earnings’
Posted: 20/08/19
SPP’s Legislation Committee member Christopher Stiles writes about the issues trustees face over GMP equalisation
Posted: 20/08/19
The Pensions Regulator (TPR) has authorised three more defined contribution master trusts, bringing the total number of approved schemes to 18
Posted: 20/08/19
The UK High Court has blocked the transfer of a £12bn portfolio of annuities from Prudential to Rothesay Life
Posted: 19/08/19
The number of information requests The Pensions Regulator (TPR) has sent to pension schemes increased by 133 per cent in the five years to June 2019 compared to the previous five-year period
Posted: 19/08/19
Default pension options in the UK have “major variations” in design, investment strategy, asset allocation and performance, analysis from Punter Southall Aspire has found
Posted: 19/08/19
Pension industry members have labelled Iain Duncan-Smith's think tank's proposal to raise the state pension age (SPA) to 75 by 2035 as “shocking” and “brutal”
Posted: 19/08/19
The think tank fronted by former Conservative leader Iain Duncan-Smith, The Centre for Social Justice (CSJ), has proposed raising the state pension age (SPA) to 75 by 2035
Posted: 19/08/19
The latest news in brief and mandates from the past seven days
Posted: 16/08/19
Universities UK (UUK) has described some of the guidance offered to universities in the University and College Union (UCU) National Dispute Committee template letter as “misleading”, amid a row on pension contribution rates
Posted: 16/08/19
The government has been urged to extend its proposed solution to fix the NHS pensions taxation crisis across the public sector
Posted: 16/08/19
PPI head of membership and external engagement, Danielle Baker, looks at the origins of the pension system
Posted: 16/08/19
The National Employment Savings Trust Scheme (Nest) has joined Star, the government-backed initiative aimed at reducing DC pension transfer times, bringing 8 million pension pots with it
Posted: 15/08/19
A “handful” of NHS trusts have considered paying for services from consultants who have created a limited liability partnership (LLP) to avoid “punitive” tax bills on their pension savings
Posted: 15/08/19
Gambling operator GVC Holdings’ DB pension scheme funding swung from a £8.2m surplus to a £110m deficit in one year, its interim results report has revealed
Posted: 15/08/19
The number of pension scam reports submitted fell by 75 per cent between 2015 and 2018, from 1,353 to 345, a freedom of information request from AJ Bell has revealed
Posted: 15/08/19
The Pensions Regulator, executive director of regulatory policy, analysis and advice, David Fairs, on how the regulator is taking a new approach with trustees that don't engage
Posted: 15/08/19
The total value of UK bulk annuity deals is expected to exceed £35bn and could total £40bn by the end of 2019, according to Aon
Posted: 15/08/19
Increased funding for schools in Northern Ireland will be nearly completely offset by the increase in employer contributions to teachers’ pensions
Posted: 14/08/19
Hitachi Data Systems has completed a bulk annuity with Legal and General (L&G) for an undisclosed amount
Posted: 14/08/19
The number of workers in auto-enrolment (AE) pension schemes has continued to steadily increase, with another 17,000 workers being auto-enrolled in July 2019
Posted: 14/08/19
The funding surplus of Balfour Beatty’s pension schemes has fallen by £162m year-on-year to £22m, as of 28 June 2019, its half-year report has revealed
Posted: 14/08/19
Pension savers making use of the pension freedom reforms are being warned to choose carefully which pot they withdraw from if they only intend to withdraw under £10,000 and have a small pot
Posted: 14/08/19
The Consumer Price Index rate of inflation has increased to 2.1 per cent over July, rising above the Bank of England’s 2 per cent target for the first time since April
Posted: 14/08/19
Drinks company Britvic is seeking court approval to begin using the consumer prices index (CPI) in place of the retail prices index (RPI) to measure inflation on its final salary pension scheme
Posted: 13/08/19
The government has been urged by experts within the pensions industry to get more self-employed people to save for retirement, as numbers near five million
Posted: 13/08/19
Self-invested personal pension (sipp) provider Berkeley Burke has been ordered to pay nearly £1m to people affected by high-risk unregulated investments made and accepted into the firm’s sipp schemes
Posted: 13/08/19
Fifty-one per cent of advisers are concerned that the Financial Conduct Authority’s proposed ban on contingent charging will lead to a fall in the number of people taking up advice, according to Aegon
Posted: 13/08/19
The number of people receiving state pension benefits fell by 120,000 year-on-year to 13 million, as of February 2019, according to the latest Department for Work and Pensions (DWP) statistics
Posted: 13/08/19
The SEI Master Trust and the National Pension Trust, which is part of the XPS Pensions Group, have become the 14th and 15th DC master trusts to be granted authorisation by The Pensions Regulator (TPR)
Posted: 13/08/19
The combined deficit of schemes in the PPF 7800 deficit has increased by £39bn over the month of July, according to the Pension Protection Fund
Posted: 13/08/19
The total defined benefit pension deficit for FTSE 350 companies dropped to £39bn during 2018, according to Barnett Waddingham
Posted: 12/08/19
Aegon has called for the money purchase annual allowance (MPAA) to be increased back to at least £10,000, as it can be financially harmful to those entering retirement gradually
Posted: 12/08/19
Royal London has seen a reduction in its individual pension business as a result of the industry-wide fall in defined benefit pension transfers
Posted: 12/08/19
Legal and General Retail Retirement (LGRR) has acquired pension pot tracing and consolidation service, MyFutureNow
Posted: 12/08/19
One in five (19 per cent) general practitioners (GPs) have quit the NHS Pension Scheme to avoid tax penalties for exceeding the tapered annual allowance, according to a survey from GP Online.
Posted: 12/08/19
Pension trustees that think environmental, social and governance (ESG) issues are “purely ethical concerns” are “wrong”, Pensions Minister Guy Opperman has said
Posted: 12/08/19
The tax bill paid by civil servants who breached the annual allowance increased nearly six-fold in four years, from £0.89m to £6m
Posted: 09/08/19
The Pensions Regulator CEO Charles Counsell has accepted that his organisation can do more to prevent scams, but said the regulator is "fighting back" against scammers
Posted: 09/08/19
The latest news in brief and mandates from the past seven days
Posted: 09/08/19
The government plans to extend The Pension Ombudsman’s (TPO) powers to include a function for early resolution before a formal determination
Posted: 09/08/19
G4S’ group net pension deficit jumped to £463m at 30 June 2019, up from £364m at the end of December 2018
Posted: 09/08/19
Rothesay Life has agreed a buy-in with the Cadbury Mondelēz Pension Fund, insuring £520m of defined benefit liabilities
Posted: 09/08/19
A former Pensions Minister, Steve Webb, who served at the time the pension freedoms were introduced, has said that the thing that has “gone wrong” with the policy is “reckless caution” once savers have accessed their pots
Posted: 08/08/19
The government has confirmed that NHS staff who inadvertently exceed the tapered annual allowance (AA) on their pension scheme will not receive compensation
Posted: 08/08/19
Insurance company Aviva’s pension surplus has increased by £0.21bn in six months to total £2.78bn, as of June 2019, according to its half-year report
Posted: 08/08/19
The total buy-in and buyout volume by UK pension schemes reached £17.6bn in the first half (H1) of 2019, compared to £7.8bn in H1 2018, according to analysis by Lane, Clark and Peacock
Posted: 08/08/19
The government has been told to re-introduce a cost-control mechanism that will improve public sector pensions
Posted: 08/08/19
Defined benefit pension transfer values increased by £6,600 to £241,400 during July 2019, XPS Transfer Watch has revealed
Posted: 08/08/19
Phoenix has achieved a cash generation of £287m in the first half of 2019, down from £349m in the six months to 30 June 2018
Posted: 07/08/19
The industry has called on the government to go further with a review of pensions taxation, following the announcement that it plans to give NHS staff full flexibility over its pension accrual, and review the impact of pensions taxation on key social services
Posted: 07/08/19
Leading pensions and advice figures have added a range of suggestions to help support the joint FCA and Pensions Regulator ScamSmart campaign
Posted: 07/08/19
The modern age
Deputy editor Natalie Tuck chats to the ABI’s Yvonne Braun about her work at the ABI and her thoughts on key pension topics
Stepping into the spotlight
Laura Blows speaks to Laird R. Landmann, group managing director and co-director of fixed income at US-based TCW, about the opportunities TCW can provide for UK pension funds
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