Latest News
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City of London Police calls for ‘wider reaching’ legislation on online pension scams
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Aviva partners with WWF to push for mandated net-zero planning
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Pension trustees urged to widen communication amid regulatory challenges
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'Granfluencers' on the rise as pensioners look for alternative income
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Phoenix Group joins Partnership for Carbon Accounting Financials
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AE worker growth outpaced by non-enrolled workers for 10th consecutive month
Archive News
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.
In a letter to the Work and Pensions Committee, City of London Police Fraud and Cyber Crime Reporting Analytics service delivery director, Chris Bell, said that the current scope of the Online Safety Bill leaves a gap in saver protection
In a letter to the Work and Pensions Committee, City of London Police Fraud and Cyber Crime Reporting Analytics service delivery director, Chris Bell, said that the current scope of the Online Safety Bill leaves a gap in saver protection
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
Industry experts have called for the boundary between advice and guidance to be better defined to allow pension providers to provide greater support to members in their retirement journey
Posted: 16/6/21
University and College Union (UCU) has threatened industrial action in response to proposed changes to the Universities Superannuation Scheme (USS), branding Universities UK's (UUK) consultation as “merely a PR exercise to justify slashing pensions”
Posted: 16/6/21
Industry experts have raised concerns that savers are not receiving enough support with pension withdrawals, with a report from the Association of British Insurers (ABI) revealing that 33 per cent of providers cited withdrawal behaviours as one of their top concerns
Posted: 16/6/21
The Pensions Regulator (TPR) has said Universities UK’s (UUK) proposal for a maintained contribution rate of 30.7 per cent for the Universities Superannuation Scheme (USS) is “not acceptable”.
The regulator also stated that the proposed covenant support measures were not likely to be compliant with Part Three of the Pensions Act 2004, which details regulations for scheme funding, although it did welcome some of the proposed measures
The regulator also stated that the proposed covenant support measures were not likely to be compliant with Part Three of the Pensions Act 2004, which details regulations for scheme funding, although it did welcome some of the proposed measures
Posted: 16/6/21
UK pension schemes “unanimously” expect to have fully integrated climate risk into their decisions by 2026, according to a poll from Willis Towers Watson, although the reflection of climate risk in market evaluations is lacking
Posted: 16/6/21
The opening of the pension scheme for victims of the Troubles in Northern Ireland has been delayed by a further two months
Posted: 16/6/21
Sanofi’s defined benefit (DB) pension scheme has additional insolvency protection of up to £730m for 20 years, following intervention from The Pensions Regulator (TPR)
Posted: 15/6/21
Phoenix Group has discontinued talks regarding the potential sale of its European businesses, Phoenix Europe
Posted: 15/6/21
Earnings growth of 5.6 per cent over the three months ended April 2021 has cast doubt over the affordability of the triple lock on the state pension, according to Aegon and Hargreaves Lansdown
Posted: 15/6/21
Employers in the Universities Superannuation Scheme (USS) have issued their support for proposed changes to the scheme outlined by Universities UK (UUK) in a recent consultation
Posted: 15/6/21
The government’s current cost control mechanism in public service pension schemes is not able to protect taxpayers unless it takes into account more of the factors affecting the actual cost of providing a pension, according to the Government Actuary’s Department (Gad)
Posted: 15/6/21
Defined benefit (DB) pension transfers dropped to a five-year low in the most recent complete quarter, which LCP attributed to the “sizable impact” of the ban on contingent charging
Posted: 15/6/21
Legal & General Investment Management (LGIM) has announced plans to divest from four companies due to insufficient action to address the risks posed by climate change, whilst a further nine companies will remain on the group's exclusion list
Posted: 15/6/21
Former Society of Pensions Professionals (SPP) president, Paul McGlone, explains why it could be so important that the industry walks before it runs with pensions dashboards
Posted: 15/6/21
The Pensions and Lifetime Savings Association (PLSA) and RPMI Railpen have teamed up with the Chartered Institute of Personnel and Development (CIPD) and think tank the High Pay Centre for a research project on social factors
Posted: 15/6/21
Over one in three (37 per cent) pension transfers flagged as being 'high risk' for a scam since July 2018 would have satisfied the first condition outlined in the Department for Work and Pensions’ (DWP) proposed legislation to fight scams, data from XPS’ Scam Protection Service has shown
Posted: 14/6/21
The Pensions Ombudsman (TPO) has upheld a complaint against Berics Ltd after the employer failed to pay the full pension contributions of the complainant, Mr E, into his pension scheme
Posted: 14/6/21
The Local Authority Pension Fund Forum (LAPFF) has urged the Treasury to review its current position on air tickets being VAT free and aviation fuel incurring no duty, arguing that this is in "direct opposition" of broader climate goals
Posted: 14/6/21
Some savers are better off continuing to save into a pension even after they have breached the lifetime allowance (LTA), according to analysis by LCP
Posted: 14/06/21
Around nine in 10 defined contribution (DC) savers do not understand the importance of having a net-zero aligned pension, with one in four savers never having even heard the term before, according to research from Legal & General Investment Management (LGIM)
Posted: 14/6/21
To mark the start of Citizens Advice's Scams Awareness Campaign 2021, Pensions Minister, Guy Opperman, discusses the latest steps that the government is taking to help in the fight against pension scams
Posted: 14/6/21
Email is still the most common form of communication used by workplace pension schemes when engaging with members, with 71 per cent of employers using this method , according to a survey from Aon
Posted: 14/6/21
A report from the House of Commons Public Accounts Committee (PAC) has warned that the '£17bn' public service pensions age discrimination "mistake" by HM Treasury (HMT) will take “generations to resolve”.
It stated that the discrimination identified by the McCloud ruling was only part of a “perfect storm” brewing around public service pension costs
It stated that the discrimination identified by the McCloud ruling was only part of a “perfect storm” brewing around public service pension costs
Posted: 11/6/21
Three-quarters (75 per cent) of savers were unable to recognise when guaranteed returns on offer were ‘too good to be true’, research from Hargreaves Lansdown has revealed
Posted: 11/6/21
River and Mercantile (R&M) has secured close to £2bn in new pension scheme mandates over recent months, including a fiduciary mandate from the £210m Dover Harbour Board Scheme
Posted: 11/6/21
The Court of Appeal has ruled that drinks company Britvic can switch the inflation index measure used for its defined benefit (DB) pension scheme, the Britvic Pension Plan (BPP), away from the Retail Prices Index (RPI)
Posted: 11/6/21
The Association of Member Nominated Trustees (AMNT) has updated its Red Line Voting policies to reflect industry and regulation changes, with tougher policies on climate change highlighted as the biggest change to the campaign since its introduction in 2016
Posted: 11/6/21
The latest news in brief and mandates from the past seven days
Posted: 11/6/21
Barnett Waddingham policy and strategy lead, Amanda Latham, has called for an “overhaul” of the UK pensions system, arguing that it is “intrinsically biased towards men” after research from the group revealed that women are far more likely to be reliant on the state pension in retirement than men
Posted: 10/6/21
Pension advisers are now favouring modelling tools over a fixed rate method as the means to determine ‘safe’ drawdown withdrawal rates, according to research from Aegon
Posted: 10/6/21
Continued testing and optimisation should take place once pensions dashboards are live to ensure their continued effectiveness, according to a report from the Behavioural Insights Team, commissioned by the Pensions Dashboards Programme (PDP)
Posted: 10/6/21
Clara Pensions has appointed Kempen Capital Management as its fiduciary manager, with the trustee of the Clara Pension Trust and Clara Pensions selecting the provider following an "extensive selection process"
Posted: 10/6/21
Pension schemes in the UK could be overestimating how long it will take to reach their endgame and miss opportunities as a result, according to Aon
Posted: 10/6/21
John Good & Sons Limited Pension Scheme has agreed a £17m full scheme buy-in with Legal & General (L&G) Assurance Society Limited, securing the benefits for over 80 pension scheme members
Posted: 10/6/21
UK pension schemes should be subject to mandatory net-zero plans and will miss an opportunity if they wait until any such plan is implemented, according to COP26 High Level Climate Action Champion, Nigel Topping
Posted: 9/6/21
The pensions industry has welcomed the government’s decision to push forward with climate reporting and assessment legislation, branding it a “major milestone”
Posted: 9/6/21
The number of defined benefit (DB) pension schemes using a professional trustee has increased by around 60 per cent over the past five years, with one in three now using a professional trustee compared to one in five in 2015, according to LCP
Posted: 9/6/21
An independent expert group has been established to advise on standards for green investment and clamp down on greenwashing
Posted: 9/6/21
Around 90 per cent of defined contribution (DC) pension savers, including 5 million people aged between 50 and state pension age (SPA), are at risk of not achieving an adequate income replacement rate in retirement, according to research from the Pensions Policy Institute (PPI)
Posted: 9/6/21
The Department for Work and Pensions (DWP) has been urged to ensure that incoming regulations regarding pension transfers are balanced and that further guidance is provided to help trustees
Posted: 9/6/21
The government is pushing forward with legislation that will require pension scheme trustees to assess and report on the risks of climate change to their investments, making the UK the 'first major economy' to have such requirements on the statute books
Posted: 8/6/21
Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson
Posted: 8/6/21
UK pension funds are amongst the new signatories to the Paris-Aligned Investment Initiative's Net-Zero Asset Owner Commitment
Posted: 8/6/21
Less than a third (29 per cent) of pension trustee boards currently use some form of external validation to independently review their effectiveness, despite concerns over the increasing risks facing trustees, according to research from Willis Towers Watson
Posted: 8/6/21
Women are only half as likely as men to be able to afford to retire early, but poor health is the most common reason for their leaving work before 65, according to Just Group
Posted: 8/6/21
The aggregate surplus of the UK's defined benefit (DB) pension schemes increased to £94.6bn as at the end of May, compared to a surplus of £53.7bn at the end of April, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 8/6/21
The union Unite has warned that a ballot for industrial action is “very much on the cards” this summer over GE’s proposed pension changes
Posted: 7/6/21
Young workers delaying making contributions to their pension could see them lose out on upwards of £21,000 at retirement, with Purely Pensions raising concerns that younger generations could skip long-term saving due to the Covid-19 crisis
Posted: 7/6/21
Nest will now be able to offer a "robust and efficient" bulk transfers solution for UK employers, following an update to its employer proposition
Posted: 7/6/21
The Make My Money Matter (MMMM) campaign has written to the CEOs of 20 of the UK's leading defined contribution (DC) pension providers to urge them to agree to “robust, ambitious, and front-loaded” net-zero targets ahead of COP26
Posted: 7/6/21
Almost a fifth (17 per cent) of women leave their retirement planning in the hands of their partner, compared to 8 per cent of men, according to Hargreaves Lansdown
Posted: 7/6/21
A new market-led global initiative seeking to “build upon the success" of the Taskforce on Climate-related Financial Disclosures (TCFD) has been launched, with a specific focus on nature-related risks
Posted: 7/6/21
Aon has agreed to sell its US retirement business to Aquiline and its Retiree Health Exchange business to Alight for a combined total of $1.4bn (£986.8m)
Posted: 4/6/21
Just under half of employers and pension trustees are offering or considering offering some form of financial guidance or advice, according to Sackers
Posted: 4/6/21
Generation Xers with caring responsibilities are "considerably disadvantaged" when it comes to pension saving, according to research from the International Longevity Centre (ILC), with more than half (56 per cent) worried about their lifestyle in retirement
Posted: 4/6/21
The Local Authority Pension Fund Forum (LAPFF) has asked the UK Accounting Standards Endorsement Board (UKEB) to justify its approval of British accounting standards
Posted: 4/6/21
The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer
Posted: 4/6/21
The latest news in brief and mandates from the past seven days
Posted: 4/6/21
Mercer has reached a new high of $380bn (£268.8bn) of global assets under management (AUM) and noted that its Investment Solutions business had moved away from reliance on defined benefit (DB) pension assets
Posted: 3/6/21
Pensions Management Institute (PMI) director of qualifications and lifelong learning, Dr Keith Hoodless, analyses how the pensions industry can attract and retain top-performing talent
Posted: 3/6/21
Pennon’s defined benefit (DB) pension schemes swung from a deficit of £8.5m in March 2020 to an £8.8m surplus in March 2021, the water supplier’s full-year results report has revealed
Posted: 3/6/21
Strathclyde Pension Fund (SPF) will seek to end investment in fossil fuel companies that fail to meet its standards for reducing greenhouse gas emissions
Posted: 3/6/21
The Pensions Ombudsman (TPO) has upheld a complaint against NHS Business Services Authority (BSA) over its failure to allow a member to retire at age 55 without penalisation
Posted: 3/6/21
Changes to pensions tax relief could have “profound and far-reaching” implications and would require “careful consideration”, the government has said
Posted: 3/6/21
The Pensions Regulator's (TPR) activity suggests that progress on primary legislation for defined benefit (DB) superfunds could be made sooner than expected, according to LCP
Posted: 2/6/21
British Airways (BA) Pensions has appointed BlackRock as its outsourced chief investment officer (OCIO) for around £21.5bn of its pension schemes’ assets
Posted: 2/6/21
Cushon has acquired Construction First Limited, scheme sponsor of the Workers Pension Trust (WPT), an auto-enrolment master trust in Northern Ireland that supports over 5,000 employers and around 110,000 employees, with investments totalling more than £330m
Posted: 2/6/21
The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased by £5bn to £81bn in May, according to Mercer
Posted: 2/6/21
Two pension trustees have been charged with making illegal loans from a company pension scheme to the scheme employer, following an investigation by The Pensions Regulator (TPR)
Posted: 2/6/21
The Taskforce for Climate-related Financial Disclosures (TCFD) will be launching a consultation on the best practice for portfolio alignment metrics later this month, UN Special Envoy for Climate Action and Finance, Mark Carney, has confirmed
Posted: 2/6/21
Pension schemes around the world have been urged to take action now to address climate change and sustainability issues, with industry experts stressing that they have an "essential" role to play in supporting the transition to net zero amid a "decisive decade"
Posted: 2/6/21
The Star initiative has agreed on core management information (MI) to measure transfer performance, including for occupational defined contribution (DC) pensions
Posted: 1/6/21
The Pensions Ombudsman (TPO) has upheld a complaint against a post office in Blackpool after it failed to auto-enrol one of its employees into a workplace pension scheme
Posted: 1/6/21
The Pensions Regulator (TPR) has said its call for input with the Financial Conduct Authority (FCA) was prompted by a desire to change the system to suit the shifting landscape of pension savers in the UK
Posted: 1/6/21
The aggregate funding position of the UK’s defined benefit (DB) pension schemes remained in surplus in April, with the PwC Pension Funding Index showing that schemes are, on average, in a “clear surplus position”
Posted: 1/6/21
The volume of cash equivalent transfer value (CETV) requests fell by around 10 per cent in the year ended 31 March 2021, but there is “pent up demand” for transfers, according to analysis by Barnett Waddingham (BW)
Posted: 1/6/21
The Tui Group UK Pension Trust has agreed two pension risk transfer deals with Legal & General (L&G) Assurance Society, comprising a £610m partial buy-in for the BAL section and a £184m full buy-in for the TAPS section of the scheme
Posted: 1/6/21
The Money and Pensions Service (Maps) has announced the launch of the ‘Maps Standards’, setting out the core principles for the effective delivery, quality and performance requirements of Maps’ debt advice, pensions guidance and money guidance functions
Posted: 1/6/21
Fiduciary managers mostly outperformed the relative return of low governance options between 2018 and 2020, according to Isio, but the 12 managers it analysed failed to achieve client return objectives of 2.5 per cent annual return
Posted: 28/5/21
The Pensions Regulator (TPR) has urged trustees to improve their understanding of the liquidity risks their schemes are exposed to, and to monitor and mitigate those risks
Posted: 28/5/21
Industry experts have welcomed The Pensions Regulator’s (TPR) consultation on the Single Code of Practice, although concerns have emerged over the level of clarity as to what requirements have been changed, with some calling for a longer consultation period
Posted: 28/5/21
The UK’s gender pensions gap reaches as high as 57 per cent in some parts of the country, with the greatest disparity seen in Northern Ireland, according to PensionBee
Posted: 28/5/21
The latest news in brief and mandates from the past seven days
Posted: 28/5/21
A typical Universities Superannuation Scheme (USS) member could face a 35 per cent cut to the defined benefits (DB) that will be accrued in the future under proposals from Universities UK (UUK), according to a new modelling tool from University and College Union (UCU)
Posted: 28/5/21
Almost a quarter (23 per cent) of pension scheme trustees that need to re-tender their fiduciary management services had not started less than two months before the Competition and Markets Authority's (CMA) deadline, research from XPS Pensions has revealed
Posted: 28/5/21
The Wyeth Group Pension and Life Assurance Scheme (1997) has completed a £190m buy-in transaction with Aviva
Posted: 27/5/21
The Pensions Regulator (TPR) has given trustees a “strong call to action” on climate change in its Annual Funding Statement, although some in the industry were concerned about its increased size and scope
Posted: 27/5/21
Over £63m was lost nationally to investment fraud across 5,039 reports that referred to a social media platform in 2020/21, according to Action Fraud
Posted: 27/5/21
The Pensions Regulator (TPR) has launched a consultation on changes to its Code of Practice 12, following the introduction of new tests in relation to its Contribution Notice (CN) powers by the Pension Schemes Act 2021
Posted: 27/5/21
The Allied Irish Banks (AIB) Group UK Pension Scheme has agreed a £61m deal with Legal & General (L&G) Assurance Society, converting around 20 per cent of its existing assured payment policy (APP) into a buy-in policy
Posted: 27/5/21
Three UK pension asset owners have signed up to the UN-convened Net-Zero Asset Owner Alliance
Posted: 27/5/21
The Pensions Dashboards Programme (PDP) has launched a call for input on the order and timings for the staged compulsory connection of pension providers to the dashboards ecosystem, in what has been highlighted as a "huge milestone" by the industry
Posted: 27/5/21
Society of Pension Professionals president, James Riley, analyses the current state of DC pensions in the UK and what the direction of travel should be
Posted: 26/5/21
Defined benefit (DB) scheme trustees should develop integrated risk management frameworks that consider factors such as climate change and long-term funding targets, according to The Pensions Regulator’s (TPR) new Annual Funding Statement
Posted: 26/5/21
Over two-thirds (67 per cent) of UK adults have not logged into their pension online over the last 12 months, research from Canada Life has revealed, with this figure increasing to over three-quarters (78 per cent) for those over 55
Posted: 26/5/21
The Good Economy, Impact Investing Institute and Pensions for Purpose have announced the launch of the Place-Based Impact Investing Project, highlighting place-based impact investing (PBII) as a potential "new paradigm or lens" for investors
Posted: 26/5/21
A quarter (25 per cent) of people are more likely to increase pension contributions after learning about how pensions tax relief actually works, according to Royal London
Posted: 26/5/21
Work and Pensions Committee (WPC) chair, Stephen Timms, has written to the Department for Work and Pensions (DWP) seeking answers to the way it communicated guaranteed minimum pension (GMP) indexation changes
Posted: 26/5/21
The average woman over 50 has around half as much in their pension pot (£43,014) as their male counterpart (£82,311), according to Legal & General (L&G) Retail Retirement
Posted: 26/5/21
Fiduciary managers maintained their investment strategies in 2020 despite facing market volatility and big losses in the first quarter, according to XPS Pensions Group
Posted: 25/5/21
Young savers should increase their pension contributions by an initial £40 per month above auto-enrolment (AE) minimum rates to maintain their lifestyle in retirement, according to Aegon
Posted: 25/5/21
Local Government Pension Scheme (LGPS) trustees have been urged to proactively prepare for the expected Taskforce for Climate-related Financial Disclosure (TCFD) reporting requirements, after research from Mercer revealed that 30 per cent were “not at all” prepared for the changes
Posted: 25/5/21
The pensions industry has welcomed the Department for Work and Pensions’ (DWP) consultation on implementing the ban on flat fees for pension pots worth less than £100, while warning that the wider proposals around charges could have “serious consequences” on master trusts used for auto-enrolment (AE) and will need further assessment
Posted: 25/5/21
More than half (55 per cent) of trustees and employers expect to be paying pensions in payment on an equalised basis by the end of 2022 as optimism about guaranteed minimum pension (GMP) equalisation builds, according to Sackers
Posted: 25/5/21
The strategic engineering and environmental consultancy, Ricardo Plc, has moved its 2,500 defined contribution (DC) pension scheme members to the LifeSight master trust
Posted: 25/5/21
The Department for Work and Pensions (DWP) has proposed moving to a single, universal charging structure for use within default funds of defined contribution (DC) pension schemes used for auto-enrolment (AE)
Posted: 24/5/21
FTSE 350 companies’ defined benefit (DB) pension schemes have been in surplus, on aggregate, almost every day in 2021, representing the longest sustained period of accounting surpluses for over a decade, according to analysis from Willis Towers Watson
Posted: 24/5/21
Industry experts have called for the voluntary NHS scheme pays deadline to be extended to allow members to make a scheme pays election within a four-year timeframe, amid concerns that some savers may not be aware of their annual allowance liability until after the deadline
Posted: 24/5/21
Jack Gray discusses how the pensions industry, government and regulators can capitalise on the 'new normal' to create a better retirement saving environment
Posted: 24/5/21
FSTE 100 companies have spent £200bn in defined benefit (DB) pension contributions since 2007, but most of this had been used to counter adverse market movements, according to analysis by LCP
Posted: 24/5/21
The Russell Group of Universities has urged the sector to "urgently" explore options for the Universities Superannuation Scheme (USS), arguing that reform is needed to put the pension scheme on a “stable, long-term footing"
Posted: 24/5/21
One in five savers in the UK have three or more pension pots, while almost half (47 per cent) have two or more, according to research commissioned by Hargreaves Lansdown
Posted: 24/5/21
Pinsent Masons pensions associate, Melina Carydias, discusses the importance of widening auto-enrolment to include gig workers
Posted: 21/5/21
Nationwide Building Society’s defined benefit (DB) pension surplus declined by £122m year-on-year to £172m, as of 4 April 2021
Posted: 21/5/21
The latest news in brief and mandates from the past seven days
Posted: 21/5/21
Wandsworth Council’s pension fund has begun its process of reducing its investments in fossil fuels
Posted: 21/5/21
Companies in the FTSE 250 have been encouraged to take control of strategy and capitalise on opportunities in 2021 to help their pension schemes recover from the funding level decline in 2020
Posted: 21/5/21
The Co-op has partnered with Make My Money Matter (MMMM) as part of its 10-point plan to achieve net zero by 2040, with plans to report on the carbon footprint of its largest pension scheme annually as of next year
Posted: 21/5/21
The Pensions Regulator (TPR) should reconsider creating a separate Code of Practice for the Local Government Pension Scheme (LGPS) due to its scale and different governance structures, Norfolk City Council project and development manager, Jo Quarterman, has argued
Posted: 20/5/21
The majority (86 per cent) of trustees think they will need to make significant changes to comply with The Pension Regulator’s (TPR) proposed new Code of Practice, according to research from Barnett Waddingham
Posted: 20/5/21
Offering NHS workers provisions to mitigate against the effect of the pension lifetime allowance (LTA) freeze would not benefit the vast majority of them, according to Economic Secretary to the Treasury, John Glen
Posted: 20/5/21
Local Government Pension Scheme (LGPS) administrators see addressing McCloud as their biggest worry from a resourcing perspective, according to a poll
Posted: 20/5/21
The Chartered Insurance Institute Pension Scheme 1993 has completed a £55m full scheme buy-in with Legal & General Assurance Society, securing the benefits of around 330 scheme members, including 150 current pensioners
Posted: 20/5/21
Transfer activity dropped by almost a quarter in April, falling to a rate of 55 in every 10,000 members transferring per year, the lowest level since September last year, according to the XPS Transfer Watch Transfer Activity Index
Posted: 20/5/21
Industry experts have emphasised the need for action as well as ambition on net-zero issues, stressing the need for a balance between the costs of a net-zero transition and the potential opportunities this might present, particularly amid a Covid-19 recovery
Posted: 19/5/21
The Local Government Pension Scheme (LGPS) should consider whether its current position is sustainable as more employers are added to its different funds, according to Greater Manchester Pension Fund assistant director, Euan Miller
Posted: 19/5/21
The government is getting “close to the point” of being able to consult on Taskforce for Climate-related Financial Disclosure (TCFD) requirements for the Local Government Pension Scheme (LGPS)
Posted: 19/5/21
The Pensions Regulator (TPR) has published its 2021-24 Corporate Plan, identifying the implementation of the Pension Schemes Act (PSA), combatting scams, and developing a framework for measuring value for money as three priorities following a Covid-19 recovery
Posted: 19/5/21
There is likely to be strong buy-in and buyout pricing competition in 2021 due to low volumes since the start of the year, according to Hymans Robertson
Posted: 19/5/21
The Pensions Regulator (TPR) chief executive, Charles Counsell, has urged companies in the gig economy to proactively begin work on enrolling their employees into pension schemes, rather than dealing with the issue on a “case by case basis”
Posted: 19/5/21
The Pensions Age Autumn Conference will be taking place in London on 16 September 2021 and is open for registration
Posted: 19/5/21
Around £900m in cost savings is expected to be achieved from Local Government Pension Scheme (LGPS) pooling by 2023, Ministry of Housing, Communities & Local Government head of local government pensions, Teresa Clay, has revealed
Posted: 18/5/21
The Association of Consulting Actuaries (ACA) has stated there is strong potential in the UK’s “disjointed” defined contribution (DC) system, but warned of a “black hole” in the guidance and advice arena
Posted: 18/5/21
Industry experts have emphasised the importance of remaining cognisant of the subjectivity of environmental, social and governance (ESG) ratings, also highlighting issues around the scope, consistency and reliability of the ESG data behind metrics
Posted: 18/5/21
The impact of the Covid-19 pandemic on Local Government Pension Scheme (LGPS) funds has not been as bad as initially feared, according to Aon
Posted: 18/5/21
The Local Government Association (LGA) has said it is expecting a consultation on the reintroduction of the cap on payments public sector bodies make in relation to employees’ exits from the Local Government Pension Scheme (LGPS)
Posted: 18/5/21
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint call for input to seek views on how the consumer pensions journey can be improved, and how savers make pension decisions at key points throughout their working lives
Posted: 18/5/21
Make My Money Matter (MMMM) has teamed up with Count Us In and announced the launch of the Green Pensions Charter, which will campaign to ensure pensions are invested more sustainably
Posted: 18/5/21
The Pensions and Lifetime Savings Association (PLSA) has launched a research project to assess the Local Government Pension Scheme’s (LGPS) best practices and future challenges
Posted: 18/5/21
Phoenix Group Holdings has confirmed that it is in "advanced discussions" in respect of a potential sale of its European businesses, following rumours and press speculation
Posted: 18/5/21
The Pensions Policy Institute (PPI) has announced that it is developing a UK Pensions Framework, with the aim of supporting future policy analysis and decision making
Posted: 17/5/21
LCP has signed a definitive agreement to acquire Aon’s pensions consulting, pension insurance broking, pensions administration and investment consulting business in Germany
Posted: 17/5/21
The Pensions and Lifetime Savings Association (PLSA) has called on the government to introduce legislation for a new set of product, communication and governance standards to support pension freedoms
Posted: 17/5/21
Growth in the number of non-enrolled workers has continued to outpace progress amongst auto-enrolled (AE) workers during April 2021, with figures from The Pension Regulator (TPR) confirming an increase of 27,000 in non-enrolled workers
Posted: 17/5/21
The government has launched a consultation on the regulations to underpin simpler annual benefit statement requirements, which will see key information, such as the size of the saver's pension pot and a forecast for their retirement, highlighted in simple terms
Posted: 17/5/21
The Department for Work and Pensions’ (DWP) proposals for tackling pension scheme fraud have been branded as “ill conceived” by AJ Bell, although some industry reaction has been more positive
Posted: 17/5/21
MPs have been urged to change pension tax rules to allow savers to access tax-free cash from their pot at the normal minimum pension age whilst leaving the rest of the balance behind, in an effort to reduce “consumer harm” and ensure the "best of both worlds"
Posted: 17/5/21
The Southampton University and College Union (UCU) Executive Committee has raised concerns over the use of a Universities UK (UUK) survey when consulting employees on the proposed changes to the Universities Superannuation Scheme (USS)
Posted: 14/5/21
The NHS Business Services Authority (NHS BSA) has confirmed plans to extend the 2019/20 voluntary scheme pays deadline for NHS Pension Scheme members with an annual allowance charge until 31 March 2022
Posted: 14/5/21
Trustees and scheme managers would have the power to halt pension transfers or seek further information from transferring members under new proposals from the Department for Work and Pensions (DWP).
The proposals, which are expected to be implemented in the autumn and are being analysed as part of the DWP’s consultation on dealing with pension scams, also outlined the circumstances in which transfers would be permitted to proceed without incident
The proposals, which are expected to be implemented in the autumn and are being analysed as part of the DWP’s consultation on dealing with pension scams, also outlined the circumstances in which transfers would be permitted to proceed without incident
Posted: 14/5/21
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Posted: 14/5/21
Aon has highlighted the events of 2020 as demonstration of the resilience of UK pension schemes, with recent polling during the group’s conference series revealing that many have succeeded in keeping their schemes on an "even keel" despite the uncertainty
Posted: 14/5/21
LCP has called for a “focused campaign” to raise awareness of the Category D state pension among people over the age of 80, after finding that 107,000 eligible people do not claim the benefit
Posted: 13/5/21
Nest has argued that protecting unengaged savers in retirement should be a statutory obligation, urging the pensions industry to use the lessons learned from auto-enrolment about the power of inertia to support pension savers through the decumulation phase
Posted: 13/5/21
The ICL Group Pension Plan has insured longevity risk in respect of £3.7bn of its liabilities, with Swiss Re providing the reinsurance coverage
Posted: 13/5/21
The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill
Posted: 13/5/21
Pension saving behaviours have remained "largely unchanged" despite severe disruption to the economy and labour market amid the pandemic, analysis from Nest Insight has found
Posted: 13/5/21
Pensions dashboards are “on track” to meet the target of being available to savers from 2023, according to the Pensions Dashboards Programme’s (PDP) third progress update report
Posted: 13/5/21
The Pensions Regulator (TPR) executive director of frontline regulation, Nicola Parish, details how victims of pension-related crimes can reach out for support from the regulator
Posted: 12/5/21
The pensions industry should be more open to different recruitment approaches, self-evaluation and listening to new voices in order to increase diversity, according to a report from NextGen
Posted: 12/5/21
The proportion of pension schemes using the Cost Transparency Initiative (CTI) framework increased from 56 per cent to 79 per cent between May and November last year, according to the Pensions and Lifetime Savings Association (PLSA)
Posted: 12/5/21
Buck has announced the acquisition of employee communications firm Caburn Hope, which will form part of its existing UK communications company, Concert, following a transition period
Posted: 12/5/21
The health of the UK’s defined benefit (DB) pension schemes has continued to improve since the sharp decline seen at the start of the pandemic, with analysis from Legal & General Investment Management (LGIM) suggesting that it is “far stronger” than pre-Covid-19 levels
Posted: 12/5/21
The three defendants in The Pensions Regulator's (TPR's) investigation into a 'multi-million-pound' pension fraud have appeared in court again this week, with a trial date now confirmed for June 2022
Posted: 12/5/21
A Public Service Pensions and Judicial Offices Bill has been announced by the government in the Queen’s Speech, as the government looks to address discrimination found by the McCloud ruling
Posted: 11/5/21
The Institute for Fiscal Studies (IFS) has emphasised the need to explore the drivers behind big-picture trends when considering potential new pension policies, highlighting concerns around the pensions gender gap and impact of auto-enrolment (AE) in particular
Posted: 11/5/21
Some defined benefit (DB) schemes could be overpaying transfer values by up to 10 per cent by not updating transfer terms to reflect the impact of Retail Price Index (RPI) reforms, Hymans Robertson has warned
Posted: 11/5/21
Greater clarity over governance boundaries is needed, Sackers has warned, after its recent webinar poll revealed that 59 per cent of pension scheme trustees are frustrated by the lack of clarity between a legal obligation, The Pension Regulator's expectation, and a “nice to have"
Posted: 11/5/21
A quarter (25 per cent) of people aged between 55 and 64 are not aware of pension freedoms, according to research from Fidelity International
Posted: 11/5/21
The Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, providing additional benefits to around 8,200 retirees and 4,300 deferred members
Posted: 11/5/21
The aggregate surplus of the UK's defined benefit (DB) pension schemes increased by £19.5bn over April to reach £53.7bn at the end of the month, the Pension Protection Fund (PPF) has revealed
Posted: 11/5/21
The Financial Conduct Authority's (FCA) Long-Term Asset Fund (LTAF) consultation has been welcomed by the pensions industry, although some have warned that further changes may be needed to address other barriers
Posted: 10/5/21
The proportion of UK employees that have a workplace pension rose by just 0.1 percentage point in 2019/20 to 77.6 per cent, as participation increases "levelled off", according to figures from the Office for National Statistics (ONS)
Posted: 10/5/21
Around 27 per cent of Brits, equal to 14 million people, are worried that they may fall victim to a pension scam due to their increasing sophistication, according to a survey from LV=
Posted: 10/5/21
The government should nudge people to save more into their pensions at key milestones in their lives, according to research from the Institute of Fiscal Studies (IFS)
Posted: 10/5/21
Millions of workers could face ‘life-changing’ retirement shortfalls, according to analysis from LCP and Interactive Investor (II), which has suggested that lower growth forecasts are set to wipe a third off pot values
Posted: 10/5/21
The Department for Work and Pensions (DWP) has confirmed the appointment of Sarah Smart as the new permanent chair of The Pensions Regulator (TPR)
Posted: 10/5/21
The Financial Conduct Authority (FCA) has proposed lifting the 35 per cent cap on illiquid investments that can be held in workplace pension funds where a Long-Term Asset Fund (LTAF) forms part of the default defined contribution (DC) arrangement
Posted: 7/5/21
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Posted: 7/5/21
The government’s plans to extend Taskforce for Climate-related Financial Disclosures (TFCD) to more companies will improve pension schemes’ ability to comply with reporting standards, according to the Pensions and Lifetime Savings Association (PLSA)
Posted: 7/5/21
A coalition of organisations, including B&CE, the provider of The People’s Pension, and the Association of British Insurers (ABI), has called on the government to include online scams in the Online Safety Bill
Posted: 7/5/21
Co-op has announced plans to lower its pension scheme’s carbon emissions as part of a ten-point climate plan to achieve net-zero for its direct and indirect carbon emissions by 2040
Posted: 6/5/21
Premier has announced the launch of Premier Investment Consulting Business Ltd (PICL), having taken on the clients of the investing consulting business of Ormonde Partners, the independent investment group
Posted: 6/5/21
Brunel Pension Partnership (BPP) has emphasised its commitment to investor transparency with the publication of three reports around responsible investment, highlighting “excellent progress” against its commitment to reach net-zero by 2050
Posted: 6/5/21
More than three-quarters (79 per cent) of employers say they recognise the importance of greater support for retirement savings over the next two years, according to Willis Towers Watson (WTW)
Posted: 6/5/21
Nearly three-quarters (73 per cent) of UK adults want to be involved in managing their finances in retirement, although many lack understanding or have never sought advice, a Smart Pension survey has revealed
Posted: 6/5/21
Nest has committed to closing its ethnicity and gender pay gaps, after data from the scheme revealed that despite “good progress" there is still "a long way to go", with a median ethnicity and gender pay gap of 8.6 per cent
Posted: 6/5/21
More than half (57 per cent) of savers expect companies in their pension to publish ethnicity pay gap information, according to PensionBee
Posted: 5/5/21
Pension scheme trustees rushing to meet the Competition and Market Authority's (CMA) June deadline for the retendering of fiduciary managers could risk cutting corners, resulting in poorly negotiated fees and inappropriate mandates, Hymans Robertson has warned
Posted: 5/5/21
More than half (56 per cent) of people who are retiring in 2021 do not plan on giving up work completely, according to new research from Standard Life Aberdeen
Posted: 5/5/21
The accounting deficit of defined benefit (DB) pension schemes for companies in the FTSE 350 fell by £4bn to £76bn in April 2021, according to Mercer
Posted: 5/5/21
The government has been urged to scrap auto-enrolment thresholds, after research from Scottish Widows revealed that workers on the lowest salary with more than one job are missing out on £76m a year in employer pension contributions
Posted: 5/5/21
Two pension trustees have appeared in court following allegations that they made prohibited loans from a company pension scheme to the scheme employer
Posted: 5/5/21
The Financial Conduct Authority (FCA) has launched a consultation on proposals which would require providers to ‘nudge’ members towards receiving guidance from Pension Wise before accessing defined contribution (DC) savings
Posted: 4/5/21
Nearly one in eight workers (12 per cent) aged over 50, equal to around 1.7 million workers, are saving less for retirement due to the financial pressure of Covid-19, according to research from Legal & General Retail Retirement
Posted: 4/5/21
The Pensions Administration Standards Association (Pasa) has announced the launch of a defined contribution (DC) pension Transfer Working Group, highlighting DC transfers as a "growing part" of Pasa's remit
Posted: 4/5/21
The Universities Superannuation Scheme (USS), the UK's largest pension scheme by assets, has announced its commitment to reach net-zero for greenhouse gasses by 2050
Posted: 4/5/21
Around 6.4 million working age people have lost track of one or more pension pots, although the proportion of people to have misplaced a pension has dropped in the last five years, according to Aegon
Posted: 4/5/21
Just under half (44 per cent) of UK pension holders, representing almost 18 million savers, would switch to a green pension if offered one by their provider, according to a survey from Make My Money Matter (MMMM)
Posted: 4/5/21
The PwC Pension Funding Index has reported that UK defined benefit (DB) schemes are in surplus for the first time since it was established in 2014
Posted: 4/5/21
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Posted: 30/4/21
A record 383,000 people withdrew money flexibly from their pensions in the first three months of 2021, representing a 10 per cent year-on-year and 6 per cent quarter-on-quarter increase, HMRC has revealed
Posted: 30/4/21
The Pensions Regulator (TPR) has warned that schemes planning to reduce technical provisions to reflect Covid-19 mortality projections should think about the consequences "if these things don’t play out in practice"
Posted: 30/4/21
Late financial bloomers could "change the face of retirement", Canada Life has said, after industry research suggested that whilst they currently represent just 6 per cent of the market, this is expected to grow “significantly” over the next 15 years
Posted: 30/4/21
Universities UK (UUK) has proposed placing a 20-year moratorium on employers exiting the Universities Superannuation Scheme (USS) in order to strengthen covenant support
Posted: 30/4/21
The Local Authority Pension Fund Forum (LAPFF) has recommended that member funds vote to oppose Shell’s Climate Change Strategy and vote in favour of the resolution from Follow This for climate targets to be aligned with the Paris Agreement
Posted: 30/4/21
Trustees and sponsors of defined benefit (DB) schemes should not see Financial Conduct Authority (FCA) rules as a barrier to providing member support, according to LCP and Eversheds Sutherland
Posted: 29/4/21
The government has been urged to review the surplus sharing arrangements in the Mineworkers’ Pension Scheme to ensure that they are fair, following a review of the scheme by the Business, Energy and Industrial Strategy (BEIS) Committee
Posted: 29/4/21
The Work and Pensions Committee (WPC) has launched an inquiry into how the government’s approach to pension scheme stewardship can inform, and should be informed by, approaches taken internationally, ahead of COP26
Posted: 29/4/21
Proposals for the introduction of an Employer Resources Test from the Department for Work and Pensions (DWP) risk arriving at a “misleading picture” of employers’ abilities to support pension schemes, according to the Employer Covenant Practitioners Association (ECPA)
Posted: 29/4/21
The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) have published a joint consultation on proposals to update the way asset information is collected from defined benefit (DB) pension schemes
Posted: 29/4/21
Flexible pension payment activity has begun to recover following the dip seen amid the pandemic, with the average amount withdrawn via pension drawdown by Hargreaves Lansdown clients in Q1 2020 increasing by 43 per cent on the previous quarter, to £2,583
Posted: 29/4/21
University and College Union (UCU) has called on its members to prepare for more industrial action in response to Universities UK (UUK) consulting with employers about altering the defined benefit (DB) element of the Universities Superannuation Scheme (USS)
Posted: 29/4/21
Several pension funds and asset owners have written to Barclays to express their concerns about the bank’s exposure to fossil fuels
Posted: 29/4/21
Nearly half (44 per cent) of working aged women with a workplace or a private pension took action after hearing about the gender pensions gap, while 55 per cent were planning to take action, research from Barnett Waddingham (BW) has revealed
Posted: 29/4/21
Pension scheme governance systems can deal with troublesome situations if they are “dynamic”, according to Royal Mail Pension Trustees chief investment officer, Ian McKnight
Posted: 28/4/21
More DC savers than previously thought are heading towards a retirement with “inadequate savings” because DC adequacy models are overlooking some major factors, according to PTL
Posted: 28/4/21
Construction workers are facing a "retirement black hole" as a freedom of information (FOI) request has revealed that 64 per cent are not saving into a pension
Posted: 28/4/21
The UK Sustainable Investment and Financial Association (UKSIF) has called on the government and regulators to seek ways to “significantly upskill pension scheme trustees” in their understanding of sustainability-related risks and opportunities
Posted: 28/4/21
Aegon has acquired engagement specialist and founder of Pension Awareness Day, Pension Geeks, for an undisclosed sum
Posted: 28/4/21
The Pension Protection Fund (PPF) has confirmed changes to the actuarial assumptions used in section 143 and section 179 valuations following a consultation
Posted: 28/4/21
Renewed calls for the government to scrap or increase the Money Purchase Annual Allowance (MPAA) have emerged, after research from Canada Life revealed that two-fifths of those aged over 55 and working are unaware of MPAA restrictions
Posted: 28/4/21
One in five (20 per cent) retirees have considered riskier pension and investment products due to the prolonged low interest environment, according to research from the Financial Services Compensation Scheme (FSCS)
Posted: 28/4/21
The International Reinsurance business of The Prudential Insurance Company of America (PICA), a wholly owned subsidiary of Prudential Financial Inc (PFI), has closed its first reinsurance transaction with an unnamed UK pension scheme, with Zurich Assurance acting as an intermediary
Posted: 28/4/2021
British police officers have issued a compensation claim in the High Court against Paymaster 1836, the pensions section of Equiniti Group, in relation to a data breach which revealed their personal details
Posted: 27/4/21
Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said
Posted: 27/4/21
The Pensions Regulator (TPR) has said that it will respect the information-sharing process outlined by the Work and Pensions Committee (WPC) after it was criticised for failing to share sufficient details of Project Bloom’s strategy for combatting pension scams
Posted: 27/4/21
The professional trustee market is growing "rapidly" amid an increasing regulatory burden, with particular growth expected in relation to sole corporate trustees, research from Isio has revealed, suggesting that this may lead to further consolidation in the sector
Posted: 27/4/21
Redington has announced that all its default client advice going forward will be aligned with the target to reach net-zero carbon emissions by 2050
Posted: 27/4/21
The pensions industry should work to engage with members at key moments in their pension saving and retirement journey, according to PTL managing director, Richard Butcher
Posted: 27/4/21
Women in some areas of the country are retiring with a pension pot that is almost half (49.6 per cent) the size of men’s pension savings, research from Profile Pensions has revealed, with “significant differences” across the UK
Posted: 26/4/21
The Association of Consulting Actuaries (ACA) has called for greater clarity on the potential impact of the sponsoring employer resources test proposed in a recent government consultation
Posted: 26/4/21
Fidelity International has announced plans to halve the carbon emissions within its default investment strategy for UK-based pension schemes, FutureWise, by 2030, with a further aim to be net-zero by 2050 or before
Posted: 26/4/21
Standard Life Aberdeen has announced plans to rebrand as Abrdn will begin in the summer and continue throughout 2021
Posted: 26/4/21
The incomes of newly retired workers are expected to fall at a much more dramatic rate over the coming decades than previously anticipated, with research from LCP warning of a potential "ski slope of doom" and prompting calls for "urgent action" in light of this
Posted: 26/4/21
Just 7 per cent of employers are against offering collective defined contribution (CDC) schemes to their workforce, according to polling from Aon
Posted: 26/4/21
Pension funds’ choice of fiduciary manger (FM) can have a “significant financial impact”, with industry research revealing “clear evidence” of fiduciary managers adding value for pension funds targeting a moderate level of returns over the long term
Posted: 23/4/21
The Work and Pensions Committee (WPC) has endorsed the appointment of Sarah Smart as chair of The Pensions Regulator (TPR)
Posted: 23/4/21
Generation Z, those aged 18-23, are the most ‘clued up’ about their pension savings, research from PensionBee has suggested, with Generation X, those aged 41-54 years old, reportedly facing the most uncertainty and doubt towards their pension savings
Posted: 23/4/21
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Posted: 23/4/21
The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information
Posted: 23/4/21
The pension industry has again called for further clarity from The Pensions Regulator (TPR) regarding its new criminal sanction powers, arguing that the policy will create “very problematic consequences”
Posted: 23/4/21
Industry experts have urged the government to take a simpler approach to its proposed plans to increase the normal minimum pension age (NMPA), with a number of alternative implementation approaches suggested
Posted: 23/4/21
The Pensions Regulator (TPR) has said that it will be tough on those who flout the law whilst supporting those who are struggling following the Covid-19 pandemic, ahead of the launch of its corporate plan
Posted: 22/4/21
The Pensions Ombudsman (TPO) has emphasised that it is keen to recruit more volunteer advisers to help complainants and respondents resolve cases with their expertise
Posted: 22/4/21
The pensions industry’s 'first' dedicated professional corporate sole trustee firm, HS Sole Trustees, has been formed by Ray Martin, Kevin O’Boyle and Adrian Furnell
Posted: 22/4/21
Both data and purpose are needed to ensure progression around diversity and inclusion (D&I) issues, according to Pension Protection Fund (PPF) director of legal, compliance and ethics, Dana Grey
Posted: 22/4/21
The Pensions and Lifetime Savings Association (PLSA) is hoping that the Work and Pensions Committee (WPC) will take a “strategic longer-term interest” in its recommended defined contribution (DC) decumulation regulatory framework
Posted: 22/4/21
The government has been urged to resolve the “apparent contradiction” surrounding the integration of sustainable investments into defined contribution (DC) default funds in a report from the Treasury Select Committee, with increased reporting also suggested
Posted: 22/4/21
The government has confirmed that it will be consulting on the role advertising can play in enabling online pension scams later in 2021
Posted: 22/4/21
The Institute and Faculty of Actuaries (IFoA) has called on the government to showcase collective defined contribution (CDC) schemes to employers as part of a host of risk rebalancing measures
Posted: 22/4/21
Today marks the 51st anniversary of Earth Day, and for over fifty years the organisers have sought to broaden, diversify and mobilise society to help in the mission to 'Restore Our Earth'
Posted: 22/4/21
The pensions industry has been urged to consider social and governance considerations when shaping their investment approach, after research from the Pensions Policy Institute (PPI) suggested that a "heavy focus" on climate change has left other areas "overlooked"
Posted: 22/4/21
Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed
Posted: 21/4/21
The Pensions Regulator’s (TPR’s) draft policy on its criminal sanction powers is still too wide ranging and risks criminalising “normal corporate behaviour”, according to industry responses
Posted: 21/4/21
PensionBee's offer price upon floating on the London Stock Exchange (LSE) has been set at 165 pence per share, resulting in an estimated market value of £365m
Posted: 21/4/21
Almost a third (31 per cent) of 'major' UK defined benefit (DB) pension scheme trustees either do not know or do not understand their sponsor's views on climate change or its environmental, social and governance (ESG) strategy, according to a survey by RSM
Posted: 21/4/21
The Environment Agency Pension Fund (EAPF) has announced aims to reduce its carbon emissions to net zero by 2045, while also targeting a halving of its emissions by 2030
Posted: 21/4/21
Two-thirds (66 per cent) of 2021 retirees are at risk of not having enough pension savings to sustain their planned retirement income, according to research from Standard Life Aberdeen
Posted: 21/4/21
Conservative pressure group Tory Reform Group (TRG) has called on the government to consult on introducing a new sidecar savings mechanism and build it into the existing pension auto-enrolment policy
Posted: 20/4/21
Increased unemployment among younger workers shown in the Office for National Statistics’ (ONS) latest labour market figures could leave them with £15,500 less in their pension pots at retirement, according to Aegon
Posted: 20/4/21
UK defined benefit (DB) pension schemes may need to top up historic transfers by an estimated £1.5bn due to guaranteed minimum pension (GMP) equalisation, analysis from Buck has revealed
Posted: 20/4/21
Pensions Minister, Guy Opperman, has accepted that there is “more to do” in closing the gender pension gap, describing it as a priority for all
Posted: 20/4/21
The Pensions Regulator (TPR) has said it “won’t hesitate” to use new criminal sanction powers, gained from the Pensions Act 2021, to protect savers through enforcement “when it is the right thing to do”
Posted: 20/4/21
Melrose has announced plans to contribute £100m of the net proceeds from the sale of its Nortek Air Management business to reduce the deficits of the GKN UK defined benefit pension schemes
Posted: 20/4/21
Companies have been urged to invest in pensions to free up the next generation of talent, after a report from Burness Paull suggested that businesses that fail to provide for employees’ retirement are storing up a potential staffing crisis
Posted: 20/4/21
Pension professionals need to consider the pension Lifetime Allowance's (LTA) potential impact for any client who has a pension pot valued greater than £500,000, according to Quilter
Posted: 19/4/21
Pension scheme trustees and sponsors have been urged to understand the make-up of their members and how they could be impacted by the pandemic when reviewing their mortality assumptions, following scenario analysis from LCP
Posted: 19/4/21
The pensions industry has been urged to “proceed with caution” when it comes to giving members’ the perception that they have voting rights on the shares in their pension schemes, with PTL warning that this could be a “dangerous illusion”
Posted: 19/4/21
Nest has announced plans to invest more than £3bn in infrastructure by the end of the decade, increasing its portfolio allocation to at least 5 per cent
Posted: 19/4/21
The pensions industry has issued a mixed response to the Department for Work and Pensions’ (DWP) proposals for changes to the defined contribution (DC) charge cap, raising concerns that they could prohibit access to value-enhancing markets
Posted: 19/4/21
Just over a quarter (26 per cent) of women are confident they will be able to afford to retire, compared to almost half (46 per cent) of men, prompting concerns that couples could have mismatched retirement plans
Posted: 19/4/21
ITM has acquired the products and assets of Profund Solutions, part of Mercer, for an undisclosed sum
Posted: 16/4/21
Teachers at St Christopher School in Letchworth Garden City have begun the first of six planned days of strike action over plans by their employer to withdraw from the Teachers’ Pension Scheme (TPS)
Posted: 16/4/21
The government has revised its answer to a parliamentary written question to correct the amount of money it has received as its share of surpluses from the Mineworkers’ Pension Scheme
Posted: 16/4/21
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Posted: 16/4/21
A temperature scoring framework, which could tell pension funds instantly how well they align with the Paris Agreement, is being championed by Cambridge Institute for Sustainability Leadership's (CISL) Investment Leaders Group (ILG)
Posted: 16/4/21
Quilter has written to Prime Minister, Boris Johnson, and Minister for Digital and Culture, Caroline Dinenage, calling on the government to include scams and other financial harms in the upcoming Online Safety Bill
Posted: 16/4/21
There is an increasing focus on providing member support within the pensions industry, according to research from Aon, which found that 10 per cent of schemes are now providing defined contribution (DC) members with fully funded or subsidised independent financial advice (IFA)
Posted: 16/4/21
Willis Towers Watson (WTW) is targeting net-zero greenhouse gas emissions by 2050 at the latest, with at least a 50 per cent reduction by 2030, in its fully discretionary delegated investment portfolios
Posted: 15/4/21
Pension fund members of the Climate Action 100+ (CA100+) initiative have had some success as Royal Dutch Shell commits to achieving net-zero emissions by 2050 or sooner
Posted: 15/4/21
Growth in the number of non-enrolled workers has outpaced that of auto-enrolled (AE) workers for the eighth consecutive month in March, with an increase of 31,000 unenrolled workers, more than double the growth seen amongst AE workers in the month
Posted: 15/4/21
The Wales Pension Partnership (WPP) has launched a new decarbonisation initiative across the £2.5bn of its global equity assets managed by Russell Investments
Posted: 15/4/21
Pension schemes can use synthetic credit to keep assets in line with insurer pricing and help maintain liquidity to ensure an efficient and cost-effective transition to an insurer, according to a paper from Aon
Posted: 15/4/21
Convicted investment fraudster, Bernie Madoff, has died in prison in the United States at the age of 82
Posted: 15/4/21
Changes designed to simplify the processes of the pensions tax system must not result in a "disproportionate administrative burden" for employers and pension scheme providers, the Association of Consulting Actuaries (ACA) has warned
Posted: 15/4/21
The Rolls Royce Retirement Savings Trust’s net assets rose from £422.6m to £451.1m in the year ended 5 April 2020, despite investment losses
Posted: 14/4/21
The deficit of Tesco’s UK defined benefit (DB) pension schemes has been cut by nearly two thirds, falling from £3,085m in 2019/20 to £1,222m in 2020/21, primarily thanks to a £2.5bn deficit reduction contribution made by the supermarket group
Posted: 14/4/21
Aegon has called on the pensions industry to improve communications with members as to how environmental, social and governance (ESG) investing works, and to highlight its potential benefits
Posted: 14/4/21
A third (33 per cent) of pension savers would prefer to completely divest from companies that fail to pay their employees a living wage, according to PensionBee
Posted: 14/4/21
Defined benefit (DB) pension transfer values have recovered around one third of the “sharp fall” seen in February, increasing to £246,000, largely thanks to rising expectations of future inflation increasing the expected value of members' pensions, according to the XPS Transfer Watch
Posted: 14/4/21
Broadstone Group has acquired Midlands-based actuarial and scheme administration services provider, Quattro Pensions, for an undisclosed sum
Posted: 14/4/21
The majority (80 per cent) of Brits are unsure on the basics of pensions, increasing to 81 per cent for those aged 55 and over and approaching retirement, according to a survey from Freetrade, with many relying on internet resources, such as Google, to improve this
Posted: 13/4/2021
The Pensions Regulator’s investigation into a multi-million-pound pension fraud has continued today, as the defendants, Alan Barratt, Susan Dalton, and Julian Hanson, appeared before Westminster Magistrates’ Court
Posted: 13/4/2021
Just one in 20 (5 per cent) of people who saved money due to Covid-19 restrictions plan to pay the money into their pensions, according to research from LV=
Posted: 13/4/21
The Northern Ireland (NI) Executive Office (EO) has confirmed that it will ensure that necessary funding is made available to guarantee victims of the Troubles receive compensation under the Troubles Permanent Disablement Payment Scheme
Posted: 13/4/2021
The combined surplus of UK defined benefit (DB) pension schemes in the Pension Protection Fund (PPF) 7800 index is estimated to have more than doubled to £34.2bn in March
Posted: 13/4/21
The Pensions Dashboard Programme (PDP) has issued an invitation to tender for a supplier to provide the digital architecture that will allow people to view their pensions through their chosen dashboard, in what the group has highlighted as a “significant milestone”
Posted: 13/4/2021
The Covid-19 pandemic has “fuelled a rise in all-or-nothing retirement plans” as more people hope to leave employment early, according to research from Hargreaves Lansdown
Posted: 12/4/21
PensionBee has published the pricing details for its initial public offering (IPO), confirming that the price range for the offer has been set at 155 pence to 175 pence per share, in turn implying an estimated market capitalisation at admission of between £346m and £384m
Posted: 12/4/2021
Efforts to encourage greater gender diversity in the adviser profession should be accelerated in order to close the gender retirement income gap, according to speakers at a virtual policy debate hosted by the Equity Release Council (ERC) and financial advice firm Key
Posted: 12/4/21
Industry experts have raised concerns that carers may be at risk of losing valuable pension credits, after a freedom of information request by Quilter revealed an almost 20 per cent fall in the number of people claiming a carer's credit, from 6,489 in 2019 to 5,209 in 2020
Posted: 12/4/2021
The Pensions Regulator has published a Q&A document in response to queries around its role in the 2020 Universities Superannuation Scheme (USS) valuation process, providing further details on a number of key issues around the scheme.
The document included information as to how TPR approached the assessment of employer covenant, after stakeholders, including Universities UK (UUK), previously raised concerns that this was being underappreciated by trustees
The document included information as to how TPR approached the assessment of employer covenant, after stakeholders, including Universities UK (UUK), previously raised concerns that this was being underappreciated by trustees
Posted: 12/4/2021
Freezing the Money Purchase Annual Allowance (MPAA) will increase the number of basic rate taxpayers aged 55 and over who face a squeeze on tax relief on their future pension contributions, according to Just Group
Posted: 12/4/21
The Co-operative Group pension scheme surplus has remained "largely unchanged" over the past year, falling from £1.973 in 2020 to £1.931bn in 2021, according to the group's annual financial results
Posted: 9/4/2021
The Pensions Ombudsman (TPO) has upheld a complaint about delayed pension payments against Aviva Life and Pensions UK Limited
Posted: 9/4/21
Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH)
Posted: 9/4/2021
The government should reverse its “ill thought through” decision to change the normal minimum pension age (NMPA) to 57, according to Quilter
Posted: 9/4/21
The Transparency Task Force (TTF) has called for a cross-party effort to be made to “clean up” the UK’s financial services sector, highlighting evidence of current “malpractice, malfeasance, misconduct and mis-selling on a range of matters".
In an open letter addressed to the Prime Minister, TTF founder, Andy Agathangelou, called on the government to publicly share thoughts on what must be done, pointing to a range evidence in relation to the issue, given by speakers at a recent TTF symposium
In an open letter addressed to the Prime Minister, TTF founder, Andy Agathangelou, called on the government to publicly share thoughts on what must be done, pointing to a range evidence in relation to the issue, given by speakers at a recent TTF symposium
Posted: 9/4/2021
The latest news in brief and mandates from the past seven days
Posted: 9/4/2021
Using digital solutions with pension members can increase their engagement to between 30 and 40 per cent, according to analysis by Buck
Posted: 8/4/21
The Investment Consultants Sustainability Working Group (ICSWG) has endorsed the Impact Investing Principles for Pensions, published by the Impact Investing Institute in partnership with Pensions for Purpose
Posted: 8/4/21
The pensions industry has welcomed The Pensions Regulator’s (TPR) recently published Climate Change Strategy, praising its integration of covenant, actuarial and investment risk
Posted: 8/4/21
The University and College Union (UCU) has accused Universities UK (UUK) of proposing “unnecessary and damaging cuts” to the Universities Superannuation Scheme (USS), arguing that a more progressive approach could be taken
Posted: 8/4/21
The government has published a consultation to seek views on the draft amendments to the Teachers’ Pension Scheme (TPS) regarding survivor benefits and phased withdrawal of independent schools
Posted: 8/4/21
Universities UK (UUK) has launched a consultation with participating employers of the Universities Superannuation Scheme (USS), proposing an alternative path to the 2020 USS valuation which it has argued could help bring headline costs down.
Posted: 7/4/21
Pensions Minister, Guy Opperman, has issued a warning to savers reviewing their retirement plans in the new tax year to be wary of “unscrupulous” pension scammers operating online
Posted: 7/4/21
The Pensions Regulator (TPR) has set out its plans to support trustees through upcoming changes in climate change-related regulations and how it will enforce new requirements
Posted: 7/4/21
The Association of British Insurers (ABI) Pension & Assurance Scheme has completed a £26m bulk purchase annuity buy-in with Aviva, insuring the defined benefit (DB) pensioner liabilities for 191 members
Posted: 7/4/21
The pensions industry should take advantage of increased connectivity within society to improve member engagement and fiduciary/provider decision making, according to PTL MD, Richard Butcher
Posted: 7/4/21
The trustees of Saga Group’s defined benefit (DB) pension scheme have proposed a seven-year deficit recovery plan totalling £39m to the company
Posted: 7/4/21
Option one of Investment Pathways, for savers who have no plans to touch their money in the next five years, has been the "runaway" most popular choice, Interactive Investor (II) has revealed, although overall take-up of pathways remains low amongst its customers
Posted: 7/4/21
Industrial action is "likely" to be needed to resolve the ongoing issues surrounding the Universities Superannuation Scheme (USS), with further potential for legal action, according to recent motions passed by the Heriot-Watt and University College London (UCL) branches of University and College Union (UCU)
Posted: 7/4/21
The Pensions Ombudsman (TPO) is celebrating its anniversary this month, marking 30 years since its establishment on 1 April 1991
Posted: 6/4/21
Just over a quarter (27 per cent) of defined benefit (DB) pension members feel very confident about making retirement decisions, whilst over a third admitted that they do not feel knowledgeable about their DB pension, according to industry research
Posted: 6/4/21
Shepherd Foods (London) Limited’s defined benefit (DB) pension scheme has completed a £3m buyout deal with Aviva
Posted: 6/4/21
Women are less than half as likely to be engaged with their pension under the current approach to communications, with analysis of Financial Conduct Authority data revealing that 12 per cent of women are "highly engaged" compared to 26 per cent of men
Posted: 6/4/21
The Pension Protection Fund (PPF) has increased the 2021/22 fraud compensation levy on pension schemes to 75 pence per member, the maximum level allowed under current regulations
Posted: 6/4/21
The accounting deficit of FTSE 350 companies’ defined benefit (DB) pension schemes increased by £1bn during March to £80bn, according to Mercer’s latest Pensions Risk Survey
Posted: 1/4/21
New statistics from the Office for National Statistics (ONS) on workplace pensions have prompted calls for further action on minimum contribution levels and widening auto-enrolment (AE)
Posted: 1/4/21
The aggregate funding deficit of the UK’s defined benefit (DB) pension schemes has remained “neutralised” at zero for a second month running, according to analysis from PwC
Posted: 1/4/21
The Pensions Scams Industry Group (PSIG) has announced the publication of version 2.2 of its Code of Good Practice on Combating Pension Scams
Posted: 1/4/21
The latest news in brief and mandates from the past seven days
Posted: 1/4/21
The Pension Protection Fund (PPF) has published its 2021/22 Business Plan, with its goals including online completion for 70 per cent of member services transactions
Posted: 1/4/21
Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates
Posted: 1/4/21
The Supreme Court has refused the Backto60 campaign permission to appeal the decision that rejected its claim that rises to the state pension age for women born in the 1950s were discriminatory
Posted: 1/4/21
The Association of Professional Pension Trustees (APPT) has announced the launch of a new responsible investment and climate change committee
Posted: 31/3/21
The Universities Superannuation Scheme (USS) has rejected a request from Universities UK (UUK) for a review of the assumptions for the recent scheme valuation
Posted: 31/3/21
PensionBee has confirmed that it will be proceeding with plans to float on the London Stock Exchange, in an offer which could see the firm raise up to £60m through the issuance of new and existing shares
Posted: 31/3/21
The Pensions Management Institute (PMI) will expand a range of educational products and services under a single umbrella with the launch of the PMI academy
Posted: 31/3/21
Legal and General Investment Management's (LGIM) Workplace Defined Contribution (DC) business and the L&G Master Trust have unveiled a roadmap to achieve net zero by 2050 across all of their auto-enrolment default investment options
Posted: 31/3/21
Mercer has targeted net-zero carbon emissions by 2050 for UK, European and Asian clients with discretionary portfolios and the majority of its multi-client, multi asset funds domiciled in Ireland
Posted: 31/3/21
Self-employed workers are “missing out” on an estimated £4bn worth of pension contributions every year as they do not receive employer contributions, according to analysis from Interactive Investor (II)
Posted: 31/3/21
The Cardano Group has joined the Net Zero Managers Initiative, following its pledge to reach net-zero carbon emissions by 2050
Posted: 30/3/21
Consolidation in the defined contribution (DC) pension market has continued over the past year, whilst growth in DC scheme membership has slowed, according to data from The Pensions Regulator (TPR)
Posted: 30/3/21
The Financial Conduct Authority (FCA) has published finalised guidance on advising defined benefit (DB) pension transfers
Posted: 30/3/21
The bulk annuity market is expected to remain “firm”, with total deals in 2021 expected to hit around £30bn, in line with 2020's result, according to a new report from Bloomberg Intelligence
Posted: 30/3/21
Over a third (35 per cent) of trustees and employers say their pension schemes have suffered a data breach in the past year, according to research from Sackers
Posted: 30/3/21
The Pensions Regulator (TPR) has confirmed plans to develop a longer-term Diversity and Inclusion Strategy and Action Plan, after its latest data on pay gaps revealed mixed progress on addressing pay gap issues
Posted: 30/3/21
The timing for new climate-related disclosure requirements “will be tight”, Sackers partner, Stuart O’Brien, has warned, urging pension scheme trustees to get prepared as soon as possible
Posted: 29/3/21
Member contributions to private sector defined contribution (DC) schemes grew by 12 per cent between Q2 and Q3 2020, rising from £1.6bn in June to £1.8bn as of September 2020, according to figures from the Office for National Statistics (ONS)
Posted: 29/3/21
The pensions industry has welcomed the publication of the Work and Pensions Committee’s (WPC) report on pension scams and praised its “breadth, depth, clarity and potency”
Posted: 29/3/21
Middle-aged women should be better informed of the extent to which full-time work could boost their pensions, according to The People’s Pension (TPP)
Posted: 29/3/21
Women retire with 25 per cent to 45 per cent less in their pension pots than men due to an "intrinsically biased UK pension system", according to analysis from Barnett Waddingham
Posted: 29/3/21
International technology firms should be held responsible for their role in allowing pension scams adverts to appear on their platforms, the Work and Pensions Committee (WPC) has said
Posted: 29/3/21
The International Organisation of Pension Supervisors (IOPS) has launched a consultation on its draft of good practices for designing, presenting and supervising pension projections
Posted: 26/3/21
Pensions Policy Institute (PPI) research associate, Anna Brain, discusses how the coronavirus pandemic may have exacerbated digital exclusion
Posted: 26/3/21
The Pensions Regulator (TPR) has published its settlement policy, outlining its approach to negotiation and concluding statements of regulatory or civil enforcement action, and in turn providing further "clarity" for pension scheme trustees
Posted: 26/3/21
Auto-enrolment pensions are “more important than ever” and it is "imperative" that the policy is expanded in the wake of new pensioner income figures, according to Royal London
Posted: 26/3/21
Work and Pensions Committee chair, Stephen Timms, has written to Pensions Minster, Guy Opperman, seeking a more detailed update on the underpayment of state pensions by 8 April
Posted: 26/3/2021
The latest news in brief and mandates from the past seven days
Posted: 26/3/21
Over a fifth (22 per cent) of 45 to 65-year-olds think the government has performed “terribly” in its attempt to make using Pension Wise the norm, according to research from Just Group
Posted: 26/3/21
The Church of England (CofE) Pensions Board has published its first annual Stewardship Report, highlighting a number of industry collaborations, as well as progress on climate issues
Posted: 25/3/21
The Pensions Regulator (TPR) has called on pension schemes to report suspected scams following a “concerning” long-term drop in reporting
Posted: 25/3/21
The Pensions Regulator’s (TPR) draft guidance on new criminal offences could make it harder for schemes to be rescued and is “inherently vague and subjective” when it comes to explaining what a reasonable excuse is, according to Freshfields Bruckhaus Deringer
Posted: 25/3/21
The General Motors Vauxhall Associated Companies Pension Fund (VACPF) has completed a £53m bulk purchase annuity deal with Aviva, securing the defined benefit pension liabilities of 1,392 members
Posted: 25/2/2021
The Investing and Saving Alliance (Tisa) has called for an increase in automatic enrolment (AE) contributions to 12 per cent of full salary, after research revealed that the UK’s mandatory pension provision is nearly half the OECD’s average
Posted: 25/3/21
A new pensions industry small pots working group has been established by the Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI)
Posted: 24/3/21
The Pension Protection Fund (PPF) has confirmed that its compensation cap at age 65 will remain at its current level of £41,461.07 per annum from 1 April
Posted: 24/3/21
The government has announced plans for a consultation on regulatory amendments to ensure that a surviving opposite-sex spouse or civil partner of a female member is treated in the same way as a surviving same-sex spouse or civil partner of a female member in public sector pension schemes
Posted: 24/3/21
The government has launched a consultation scrutinising the effectiveness of occupational pension scheme trustees’ current policies and practices in relation to social factors
Posted: 24/3/21
Defined benefit (DB) pension scheme sponsors and trustees must be aware that their Pension Protection Fund (PPF) levy could undergo a “very large increase in the future", according to Barnett Waddingham (BW)
Posted: 24/3/21
Aon has emphasised the importance of being well prepared and agile when considering a buyout, as part of broader guidance on how UK pension schemes can reach the right state for a successful deal
Posted: 24/3/21
The coronavirus pandemic has forced nearly a fifth (19 per cent) of workers aged between 65 and 74 to delay their retirement, research by Close Brothers has found
Posted: 24/3/21
The government has said it will be reviewing the appropriate taxation framework for defined benefit (DB) pension superfunds, and making “technical updates” to McCloud tax rules
Posted: 23/3/21
The government has confirmed plans to discount guaranteed minimum pension (GMP) conversion as a long-term policy solution for public service pension schemes, and make full GMP indexation the permanent solution
Posted: 23/3/21
PensionBee has confirmed that it is considering an initial public offering (IPO) and intends to publish its registration document, with plans for a targeted offering to both institutional investors and eligible customers
Posted: 23/3/21
Rothesay has completed a £6m follow-on buyout transaction with an unnamed pension scheme from the UK’s aviation sector
Posted: 23/3/21
More than 1,000 pension savers became subject to the Money Purchase Annual Allowance (MPAA) every working day last year, according to analysis of recent HMRC figures by Just Group
Posted: 23/3/21
Research from Aegon has revealed a "worrying and very sharp" reduction in the number of adviser firms offering defined benefit (DB) transfer advice, with 22 per cent of firms currently offering this service, compared to 41 per cent in 2020
Posted: 23/3/21
Contingent funding arrangements are set to become “far more” mainstream amongst defined benefit (DB) pension schemes, LCP has predicted
Posted: 23/3/21
The Pensions Administration Standards Association (Pasa) has launched its Data Management Plan Guidance in conjunction with Pasa expert knowledge provider for data, Deloitte
Posted: 23/3/21
The government has been urged to "rethink" raising the state pension age after figures from the Office for National Statistics (ONS) showed a 19-year healthy life expectancy gap between the UK’s most and least deprived areas
Posted: 22/3/21
PensionBee has reduced its median hourly gender pay gap to 4 per cent, in line with its aim of achieving equality with a variance of 5 per cent permitted due to the overall size of the employee base
Posted: 22/3/21
Nearly half (43 per cent) of working single mums, around 400,000 women, are currently "locked out" of auto-enrolment (AE), according to research from Now Pensions and the Pensions Policy Institute (PPI)
Posted: 22/3/21
A government consultation on scrapping higher-rate pension tax relief is rumoured to be being launched tomorrow (23 March), as it seeks to find a way to balance the books
Posted: 22/3/21
Pension schemes could be overestimating pension liabilities by up to 3.5 per cent by not fully considering the pandemic's impact on longevity, according to XPS Pensions Group
Posted: 22/3/21
Language in The Pension Regulator’s (TPR's) latest consultation could raise questions as to the retrospectivity of new criminal sanction powers, prompting “considerable uncertainty” for pension schemes, industry experts have warned
Posted: 22/3/2021
A 61-year-old man has been extradited from Spain to the UK in connection with a £13.7m pension fraud case, brought about by The Pensions Regulator (TPR)
Posted: 22/3/21
The latest news in brief and mandates from the past seven days
Posted: 19/3/21
The Society of Pension Professionals (SPP) has written an open letter to the Pensions Dashboards Programme (PDP), outlining seven “priority areas” where its members feel further clarity is needed
Posted: 19/3/21
More than two-fifths (41 per cent) of people oppose the investment of Local Government Pension Scheme (LGPS) funds in fossil fuel companies, according to YouGov research
Posted: 19/3/21
HM Treasury is focusing too much on affordability and failing to consider how public pensions could be used for “recruitment and retention of staff”, according to a report from the National Audit Office (NAO)
Posted: 19/3/21
The government has launched a consultation on proposed measures to allow occupational defined contribution (DC) schemes to smooth performance fees within the charge cap, alongside a call for evidence on issues relating to look-through
Posted: 19/3/21
The Department of Work and Pensions (DWP) has announced plans to award a £400,000 funding boost for schemes that help savers take stock of their health, skills and wealth for later life planning, as part of a government trial
Posted: 19/3/21
The Department for Work and Pensions (DWP) has launched a consultation on regulations around The Pensions Regulator’s (TPR) Contribution Notice and information gathering powers, following changes introduced by the Pension Schemes Act 2021
Posted: 19/3/21
The Money and Pensions Service (Maps) has announced plans to consolidate its existing financial and pension advice brands into a single offering, MoneyHelper
Posted: 18/3/21
There is “real potential” for collective defined contribution (CDC) schemes to take off in the UK through master trusts, according to Willis Towers Watson (WTW) director and senior consulting actuary, Shriti Jadav
Posted: 18/3/21
The Business, Energy and Industrial Strategy (BEIS) Committee has launched an inquiry into the Mineworkers’ Pension Scheme’s (MPS) surplus-sharing arrangements
Posted: 18/3/21
The AXA UK Group Pension Scheme has secured a £3bn longevity swap with Hannover Re, covering 16,000 members of the defined benefit (DB) pension scheme
Posted: 18/3/21
Hackney Council pension fund has published a timeline to review further decarbonisation of its investments, following a meeting of the council’s pension committee, with plans to consider how it can implement its climate commitments "over the next year"
Posted: 18/3/21
Longevity risk transfers by UK pension schemes reached a record level of £55.8bn in 2020, rising above the £51.6bn completed the year before, analysis from LCP and Mercer has shown
Posted: 18/3/21
Aviva has announced the launch of an investor opinion tool pilot, after research revealed that 63 per cent of savers believe pension companies need to be more environmentally transparent in where they invest savers' pensions
Posted: 18/3/21
The Pensions Regulator (TPR) has launched a consultation on its first steps towards creating a single code of practice for pension scheme governing bodies
Posted: 17/3/21
More than a third (38 per cent) of people aged between 35 and 44 have updated their retirement plans as a direct result of the Covid-19 pandemic, according to research by Netwealth
Posted: 17/3/21
Further automatic enrolment (AE) reforms, including the removal of the earnings trigger and a "rebalancing" of contributions, should be considered to ensure at-risk savers are not excluded from pension saving, industry experts have said
Posted: 17/3/21
Those reaching retirement should “look under the bonnet” at the charges and investment mixes of the retirement products they are being offered, according to LCP
Posted: 17/3/21
Uber has confirmed that it will give its workers pensions following a recent Supreme Court decision that ruled its employees were not self-employed
Posted: 17/3/21
Covid-19 could be increasing the level of retirement inequality in the UK, Legal & General (L&G) Retail Retirement has warned, after research found that whilst 1.3 million savers are planning to retire early as a result of Covid-19, a further 1.45 million savers have had to delay retirement
Posted: 17/3/21
Aberdeen City Council is seeking damages from US sportswear brand, Under Armour, after the North East Scotland Pension Fund (NESPF) lost more than £6m, according to a report from the BBC
Posted: 16/3/21
UK defined benefit (DB) schemes had an overall deficit of £203.4bn at 31 March 2020, compared to £159.2bn 12 months earlier, according to The Pensions Regulator (TPR)
Posted: 16/3/21
Royal London has acquired a 30 per cent stake in Responsible Life and Responsible Lending (Responsible Group), predicting that later life lending will become a "core part of financial planning"
Posted: 16/3/21
Lothian Pension Fund's (LPF) funding level is now above 100 per cent after completion of its triennial actuarial valuation, with the fund also having achieved 96.8 per cent customer satisfaction in 2020.
Posted: 16/3/21
AJ Bell has announced its intention to appoint Dame Helena Morrissey as its new chair, replacing outgoing chair Les Platts
Posted: 16/3/21
The Pension Protection Fund (PPF) has reported a 23 per cent median ethnicity pay gap, and a 11 per cent bonus pay gap, whilst its gender pay gap has also widened to 15.7 per cent, according to its Diversity Pay Gap report
Posted: 16/3/21
Pensions Minister, Guy Opperman, has revealed plans to launch a public call for evidence to understand to what extent financially-material social factors are currently integrated into pension schemes’ investment and stewardship activities
Posted: 15/3/21
Growth in the number of non-enrolled workers has outpaced growth in the number of auto-enrolled employees for the seventh consecutive month, amid a 49,000 increase in the number of non-enrolled employees, according to data from The Pensions Regulator (TPR)
Posted: 15/3/21
Average defined benefit (DB) pension transfer values increased by around 25 per cent in 2020 despite a “significant fall off” in transfer activity over the year, according to LCP
Posted: 15/3/21
The UK has ranked sixth for the transparency of its pension schemes’ disclosures in an assessment of 15 countries, highlighting that there is “plenty of room for improvement”, according to CEM Benchmarking
Posted: 15/3/21
Nest has appointed Octopus Renewables to boost its investment in clean energy infrastructure, with £250m expected to be committed this year in the UK and Europe as part of a potential £1.4bn investment by the end of the decade
Posted: 15/3/21
Just one third (33 per cent) of asset managers were able to provide pension scheme trustees with details of how they had used their influence in voting as investors, according to Dalriada Trustees
Posted: 15/3/21
The pensions industry has welcomed the draft policy on The Pensions Regulator’s (TPR) new criminal sanction powers introduced by the Pension Schemes Act 2021, although concerns were raised around the amount of detail included
Posted: 12/3/21
Pension schemes and their members have appetite for illiquid investments, such as infrastructure, but practical challenges continue to prevent further investment in these areas, according to industry experts
Posted: 12/3/21
February saw the largest monthly drop in defined benefit (DB) pension transfer values since 2014 as they fell by almost 5 per cent from January’s average, according to the XPS Transfer Watch
Posted: 12/3/21
HSBC has tabled a resolution that commits to phasing out financing of coal-fired power and thermal coal mining by 2030 in the EU and Organisation for Economic Co-operation and Development (OECD) countries, and elsewhere by 2040
Posted: 12/3/2021
The latest news in brief and mandates from the past seven days
Posted: 12/3/21
Defined benefit (DB) pension scheme trustees have been advised to view cashflow-driven investment (CDI) as the “toolkit” to address challenges posed by turning cashflow negative due to a maturing membership
Posted: 12/3/21
“Not much has changed” in the way in which people approach freedom and choice over the past five years, despite "confusion" among defined contribution (DC) pension savers, according to State Street Global Investors head of retirement strategy, Alistair Byrne
Posted: 11/3/21
Pension savers need to receive greater guidance and advice before accessing their retirement pots, according to Just Group communications director, Stephen Lowe
Posted: 11/3/21
Pensions Minister, Guy Opperman, has written to around 90 pension schemes, stating that they must begin sharing data with the Pension Scams Industry Group (PSIG) in an effort to create a clearer picture of the scale of the issue of pension scams
Posted: 11/3/21
Defined contribution (DC) schemes are “really restricted” by the lack of choice in property fund investments, with a requirement for daily dealings particularly limiting options, Aegon Asset Management indirect property fund manager, Tony Yu has said
Posted: 11/3/21
Work and Pensions Committee (WPC) chair, Stephen Timms, has called for economic harm to be included in the government’s upcoming Online Safety Bill
Posted: 11/3/21
Preparation is the “secret ingredient” to ensuring a smooth journey to and through the defined benefit (DB) pension endgame, Legal & General Investment Management (LGIM) has stated
Posted: 11/3/21
The Pensions Regulator (TPR) has launched a consultation on its draft policy outlining how it will use its new criminal sanction powers introduced by the Pension Schemes Act 2021
Posted: 11/3/21
Opportunities within asset-backed securities
Pensions Age Editor, Laura Blows, speaks to AXA Investment Managers Alts Co-Head of Securitised & Structured Assets, Christophe Fritsch, and Senior Portfolio Manager for Structured Finance, Xavier Lassau, about the opportunities within asset-backed securities
Alternative credit
Pensions Age editor, Laura Blows, is joined by Royal London Asset Management fund manager, Diversified ABS Fund, Shalin Shah, to talk about the opportunities in asset-backed securities.
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