Latest News
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TPR considers notifiable events system to improve LDI data
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FCA 'urgently' investigating misleading BSPS redress offers
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PLSA to maintain pensions adequacy focus in 2023
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Lack of attention given to climate change in TPR’s funding code a ‘glaring omission’
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FCA urged to explore different SDR approach for pensions
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News in brief - 27 January 2023
Archive News
The Pensions Regulator (TPR) has said that its ongoing collaboration with its regulatory partners will "stretch beyond monitoring resilience", highlighting the collection of more data around liability-driven investments (LDI) arrangements as a "significant workstream".
Responding to a letter from the Work and Pensions Committee (WPC), TPR CEO, Charles Counsell, and executive director of regulatory policy, analysis and advice, David Fairs, reflected on the regulatory action taken since the market volatility in autumn 2022
Responding to a letter from the Work and Pensions Committee (WPC), TPR CEO, Charles Counsell, and executive director of regulatory policy, analysis and advice, David Fairs, reflected on the regulatory action taken since the market volatility in autumn 2022
Posted: 27/1/23
Pensions Age takes a look back at the top stories of the week, including the industry's action against climate change, the fall in time to buyout for defined benefit (DB) schemes, and the government's response to the Work and Pensions Committee
Posted: 27/1/23
The Financial Conduct Authority's (FCA) proposed sustainable investment product labels "don't look ideal for workplace pensions", Aegon has said, emphasising the need to consider the specific aspects of the pensions landscape
Posted: 27/1/23
The Pensions and Lifetime Savings Association (PLSA) has said that expanding the scope and level of automatic enrolment will be its top strategic policy objective in 2023, alongside six additional regulatory policy areas of focus
Posted: 27/1/23
The issue of climate change received “virtually no attention” in The Pension Regulator’s (TPR) new Defined Benefit (DB) Funding Code, LCP has stated, arguing that this is a "glaring omission"
Posted: 27/1/23
The latest news in brief and mandates from the past seven days
Posted: 27/1/23
The Financial Conduct Authority (FCA) is looking into reports of firms making unsolicited offers to former British Steel Pension Scheme (BSPS) members, warning that this could be a “deliberate attempt” to exclude former members from participating in its redress scheme
Posted: 27/1/23
All automatic enrolment (AE) thresholds will be maintained at their 2022/23 levels for 2023/24, Pensions Minister, Laura Trott, has confirmed
Posted: 26/1/23
Defined benefit (DB) de-risking sales saw Just Group’s retirement income sales increase 17 per cent to £3.1bn in 2022, although the market for guaranteed income for life solutions was “more challenging” amid market volatility, according to the group's latest business update
Posted: 26/1/23
The Greater Manchester Pension Fund (GMPF) has committed a further £100m into Gresham House’s Sustainable Infrastructure (BSIF) strategy to help accelerate the deployment of profitable, new solutions to address key environmental and societal challenges in the North West
Posted: 26/1/23
The defined contribution (DC) market has been subject to further concentration over the past year, data from The Pensions Regulator (TPR) has suggested, revealing that the total number of non-micro schemes, including hybrid schemes, has declined by 11 per cent
Posted: 26/1/23
Master trusts should use digital financial journeys to support members amid the cost-of-living crisis, Wealth Wizards has said, highlighting master trusts as being "ideally positioned" to help members in a recession
Posted: 26/1/23
With the first ever pensions engagement season coming to a close, the Pensions and Lifetime Savings Association (PLSA) head of media relations and member of the campaign team, Mark Smith, examines what the industry can learn from the unique campaign
Posted: 26/1/23
Six digital tools to help providers meet their Consumer Duty requirements have been outlined in a report from Dunstan Thomas, including a potential value for money assessment tool
Posted: 25/1/23
The Wales Pension Partnership (WPP), a collaboration of the eight Local Government Pension Scheme (LGPS) funds in Wales, has awarded Schroders Capital a £500m private equity mandate
Posted: 25/1/23
Total assets under management and administration (AuMA) for Quilter fell by £11.2bn over 2022, a trading statement from the company has revealed
Posted: 25/1/23
Education is the only industry expected to see an increase in employer contributions over the next five years, while six industries are expected to see a decrease in employer pension contributions, according to analysis by Money.co.uk
Posted: 25/01/23
Nest and Cushon have invited fund managers to share views on ways in which the two pension schemes can invest in natural capital, taking an initial focus on forestry, with a market warming exercise already underway
Posted: 25/1/23
Nearly one third (32 per cent) of women are reducing their hours for an extended period of time during their working life, industry research has found, prompting calls for the government to expand on employers’ workplace pension legal requirements
Posted: 25/1/23
Industry experts have branded the government's response to the Work and Pensions Committee's (WPC) recommendations around pension adequacy as "bleak", "disappointing", and potentially "dangerous"
Posted: 24/1/23
Defined benefit (DB) pension transfer values fell by 4 per cent over the month of December, XPS Pension Group’s Transfer Value Index has found, revealing that transfer values fell a total of 36 per cent over the year as a result of significant rises in gilt yields
Posted: 24/1/23
Altus Business Systems has rebranded as Equisoft, confirming that its delivery system for pensions dashboards will now be operated under Equisoft
Posted: 24/1/23
The ability to consolidate and transfer pensions is expected to be the most important feature when dashboards are implemented next year, according to research commissioned by Bravura
Posted: 24/1/23
Railpen has announced the acquisition of a Cambridgeshire solar project, Bracks solar farm, expanding its UK renewable assets portfolio
Posted: 24/1/24
The Tioxide Pension Fund has agreed a £430m buy-in with Legal & General (L&G) Assurance Society, securing the benefits of around 2,700 retirees and deferred members
Posted: 24/1/23
The government has said it “remains committed” to implementing the 2017 auto enrolment (AE) reforms in the “mid-2020s”, although it has rejected calls to share a timetable for the implementation of such reforms
Posted: 23/1/23
Time to buyout for FTSE 350 defined benefit (DB) halved over 2022, falling from 10.5 years in January to 5.1 years in December, analysis from Barnett Waddingham has found
Posted: 23/1/23
Three new fully sustainable lifestyle strategies with different fund options have been launched by Smart Pension
Posted: 23/1/23
Bidco has confirmed that existing pension rights are to be safeguarded as part of its proposed acquisition of funeral services provider Dignity, with no changes to be made to the group's defined benefit (DB) pension scheme
Posted: 23/1/23
New funding rules for defined benefit (DB) pension schemes could cost British industry up to £34bn, based on official estimates included in The Pensions Regulator's (TPR) consultation documents, LCP analysis has suggested
Posted: 23/1/23
The Financial Conduct Authority (FCA) has defended its British Steel Pension Scheme (BSPS) redress scheme, after a legal challenge was made by a number of pension advisory firms who are members of the British Steel Action Group
Posted: 23/1/23
Regulatory reforms following the liquidity issues faced by defined benefit (DB) pension schemes amid the market volatility in autumn 2022 could have a wide-ranging impact on UK assets, according to a report from Bloomberg Intelligence
Posted: 20/1/23
Concerns around a potential state pension controversy in the UK have grown, with industry experts suggesting that there is a "strong likelihood" that the state pension age will be increased beyond age 67, earlier than currently planned
Posted: 20/1/23
Invested customers in PensionBee Group increased by 56 per cent over 2022, a trading update for the company has revealed
Posted: 20/1/23
Pensions industry organisations have welcomed the Financial Conduct Authority’s plans for a thematic review of retirement income advice, suggesting that it could act as a "bellwether" for the implementation of the FCA's new Consumer Duty rules
Posted: 20/1/23
Pensions Age takes a look back at the top stories of the week, including bulk annuity market predictions, adequacy concerns, and the FCA's plans for a thematic review of retirement income advice
Posted: 20/1/23
The latest news in brief and mandates from the past seven days
Posted: 20/1/23
The Pensions Minister, Laura Trott, has said that there are no plans to change the Financial Assistance Scheme (FAS) indexation legislation, also confirming that the review of the state pension age will be published “in due course”
Posted: 19/1/23
A thematic review assessing the advice consumers are receiving on meeting their income needs in retirement has been announced by the Financial Conduct Authority (FCA)
Posted: 19/1/23
Employers have been urged to proactively review their defined contribution (DC) pension offering, after research from Mercer revealed that 87 per cent are not completely confident that they would pass The Pensions Regulator’s (TPR) auto-enrolment (AE) spot check
Posted: 19/1/23
The Transparency Task Force (TTF) has announced that it will be focusing its efforts on a range of campaign activities that are all a part of an overarching theme: “Fixing the Financial Conduct Authority”
Posted: 19/1/23
More than three-quarters (77 per cent) of working adults in the UK do not know how much the state pension is, research from LV= has revealed
Posted: 19/1/23
The defined benefit (DB) pensions de-risking market is expected to see one of its biggest years on record, according to analysis from WTW, with at least £40bn in bulk annuity transactions and £20bn in longevity hedges predicted to be completed
Posted: 19/1/23
Liability-driven investment (LDI) funds sold around £23bn of gilts during the Bank of England’s (BofE) 2022 gilt market interventions, BofE governor, Andrew Bailey, has confirmed, highlighting pooled funds in particular as "forced sellers".
Speaking to the Treasury Committee, Bailey confirmed LDI funds sold "something like £23bn of gilts" during the period from the last week of September through to the middle of October, after the mini-Budget prompted market volatility
Speaking to the Treasury Committee, Bailey confirmed LDI funds sold "something like £23bn of gilts" during the period from the last week of September through to the middle of October, after the mini-Budget prompted market volatility
Posted: 18/1/23
Concerns over the impact of rising inflation on retirement planning have persisited, despite UK inflation levels seemingly beginning to stabilise, with the Consumer Prices Index (CPI) falling from 10.7 per cent in November to 10.5 per cent in December 2022
Posted: 18/1/23
Over 70,000 staff at 150 universities will strike on Wednesday 1 February in an ongoing dispute over pensions, the University and College Union (UCU) has announced
Posted: 18/1/23
Local Government Pension Scheme (LGPS) knowledge in non-traditional areas has improved in recent years, although understanding of 'traditional' topics, such as investment, has fallen, according to the LGPS National Knowledge Assessment 2022
Posted: 18/1/23
Pensions have topped the list of employee benefits HR teams say people value the most, having regained the position two years after flexible working took the top spot in Punter Southall Aspire’s annual survey, although concerns around the advice gap remain
Posted: 18/1/23
Rising wage growth is expected to have a positive impact on pension contributions, although industry experts have raised broader concerns around potential pension opt outs and the impact of changing working patterns
Posted: 17/1/23
The latest National Local Government Pension Scheme (LGPS) Procurement Framework has been launched, with a total of 12 legal firms appointed to the new Legal Services Framework
Posted: 17/1/23
LifeSight has been appointed as master trust provider for science, technology and engineering solutions company, KBR, for its 6,400 UK defined contribution (DC) pension scheme members
Posted: 17/1/23
Professional trustee (PT) firms generally appear more diverse than typical pension trustee boards, research commissioned by Cardano has found, suggesting that PT firms are playing a “critical catalysing role” in improving diversity, equality, and inclusion (DEI).
The analysis found that trustee boards remain "overwhelmingly male" and over the age of 45, as 75 per cent of respondents sit on boards where over 60 per cent of members are male, while two out of five sit on boards where half the board are 46-60 years old
The analysis found that trustee boards remain "overwhelmingly male" and over the age of 45, as 75 per cent of respondents sit on boards where over 60 per cent of members are male, while two out of five sit on boards where half the board are 46-60 years old
Posted: 17/01/23
Just over two in five (41.7 per cent) households are on track for a moderate retirement, analysis from Hargreaves Lansdown has revealed
Posted: 17/1/23
Less than one in eight couples in England and Wales have shared their pensions in divorce over the past 6 years, research from St. James’s Place (SJP) has revealed
Posted: 16/1/23
The British Steel Pension Scheme (BSPS) has transacted a third pension buy-in policy with Legal & General (L&G) for £2bn
Posted: 16/1/23
The Amey OS Pension Scheme has completed a partial buy-in with PIC, insuring approximately £400m of pension liabilities
Posted: 16/1/23
The Pensions Age Spring Conference 2023 is now open for registration, offering pension funds and those working in the industry the opportunity to both learn and network alongside their peers
Posted: 16/1/23
Merseyside Pension Fund has announced the appointment of investment consultancy firm Redington as its strategic investment adviser
Posted: 16/1/23
Four out of five pension professionals expect the new defined benefit (DB) funding code to have some impact on their pension schemes, with a quarter expecting this to be a significant impact, according to research from LCP
Posted: 13/1/23
Defined benefit (DB) pension scheme liabilities could be reduced by up to 4 per cent based on the latest death registration data from the Office for National Statistics, according to analysis from WTW
Posted: 13/1/23
Legal experts have suggested that pension trustees should focus their energy and legal costs on the operational issues that the liability-driven investment (LDI) liquidity crisis exposed, rather than concerns around the legality of some aspects of LDI
Posted: 13/1/23
A single person hoping to achieve a comfortable lifestyle in retirement would need a pension pot of £645,000, following the inflationary update to the Pensions and Lifetime Savings Association (PLSA) Retirement Living Standards, analysis from Quilter has found
Posted: 13/1/23
Pensions Age takes a look back at the top stories of the week, including the impact of the cost-of-living crisis on pension savings, the ongoing inquiries around liability-driven investment, and an increased interest in annuities
Posted: 13/1/23
The Bank of England (BofE) has completed the sale of the £19.3bn portfolio of temporary holdings of UK government bonds previously purchased on financial stability grounds in autumn 2022
Posted: 13/1/23
The latest news in brief and mandates from the past seven days
Posted: 13/1/23
The Department for Work and Pensions (DWP) has been urged to consider introducing a requirement for pension schemes to provide savers information on pension transfer amber flags, in an effort to provide greater clarity and address ongoing delays
Posted: 12/1/23
The Government Actuary’s Department (GAD) has called for increased visibility of the operational and governance risks associated with strategies such as liability-driven investment (LDI), following liquidity issues faced by defined benefit (DB) schemes in 2022
Posted: 12/1/23
The cost of income tax relief on pension contributions in 2022/23 is estimated at £27bn, having passed the £50bn mark for the first time in 2021/22, according to the latest figures from the Office for National Statistics (ONS)
Posted: 12/1/23
Savers must be supported during current economic volatility amid concerns the value of some defined contribution (DC) pots has fallen, The Pensions Regulator (TPR) has stated
Posted: 12/1/23
Rising food and fuel prices have seen the Pensions and Lifetime Savings Association's (PLSA) minimum living standard increase by 19 per cent, compounding industry calls for the government to implement auto-enrolment reforms
Posted: 12/1/23
The Interserve Pension Scheme has completed a £400m buy-in with Aviva, securing the benefits of more than 7,000 of its members
Posted: 12/1/23
Isio has signed an agreement to acquire the UK pensions advisory business of Deloitte, Deloitte Total Reward and Benefits Limited (DTRB), for an undisclosed amount, subject to approval from the Financial Conduct Authority (FCA)
Posted: 11/1/23
The Pensions Ombudsman (TPO) has partially upheld a complaint against Aviva and directed it to pay £500 to the complainant to “put matters right”
Posted: 11/1/23
The Office for National Statistics (ONS) has confirmed plans to publish estimates on the proportion of pooled investment vehicles (PIV) invested in liability-driven investment (LDI) pooled funds by defined benefit and hybrid (DBH) pension schemes
Posted: 11/1/23
Half a million British pensioners abroad are set to miss out on the financial boost from the return of the state pension triple lock, analysis from the deVere Group has revealed
Posted: 11/1/23
The Pensions Administration Standards Association (Pasa) has published additional guidance on pensions dashboards, aimed specifically at master trusts
Posted: 11/1/23
A suite of model buyout communications to help defined benefit (DB) schemes communicate effectively with their members has been launched by Quietroom
Posted: 11/1/23
The trustees of two pension schemes in the Gates group, the Tomkins Schemes, have agreed a £132m buy-in with the Pension Insurance Corporation (PIC)
Posted: 10/1/23
Legal experts have said that claims relating to liability-driven investment (LDI) are likely to become a reality following the liquidity issues faced by defined benefit (DB) schemes after the 2022 mini-Budget, although this is expected to take "a long time to play out".
Inquiries around the use of LDI in DB schemes have been ongoing since the market volatility seen in September 2022, as regulators and industry experts remain divided on the root causes behind the issues faced
Inquiries around the use of LDI in DB schemes have been ongoing since the market volatility seen in September 2022, as regulators and industry experts remain divided on the root causes behind the issues faced
Posted: 10/1/23
National Insurance contributions are typically outstripped by state pension pay-outs, according to analysis from the Pension Payment institute (PPI)
Posted: 10/1/23
Industry experts have predicted increased demand in the insurance market in 2023, after the Pension Protection Fund’s (PPF) 7800 Index revealed that the aggregate surplus of defined benefit (DB) pension schemes rose to £376.7bn at the end of December 2022
Posted: 10/1/23
Almost four in 10 (39 per cent) people say they are not confident they could afford to retire, research from Hargreaves Lansdown has revealed, prompting concerns over a dip in retirement confidence
Posted: 10/1/23
A well-designed UK collective defined contribution (CDC) scheme would have weathered the market disruption of 2021 and 2022 without the need to cut member’s benefits, Aon has said
Posted: 10/1/23
The aggregate surplus of FTSE 350 companies’ defined benefit (DB) pension schemes stood at £35bn at the end of December 2022, representing a £111bn improvement year-on-year improvement, according to Mercer’s Pensions Risk Survey
Posted: 10/1/23
Nearly one million (990,000) pre-retirees aged over 55 are considering annuities for the first time in preparation for their retirement, research from Legal & General Retail has revealed
Posted: 9/1/23
UK equities could “fit the bill” for investors as 2023 is expected to favour dividend-yielding stocks, according to Evelyn Partners
Posted: 9/1/23
The Pensions Ombudsman (TPO) has upheld a missing contributions complaint against Smart Dough Limited and directed it to pay the missing contributions into the scheme and £1,000 to the complainant for “serious distress and inconvenience”
Posted: 9/1/23
The Pension Protection Fund (PPF) has launched a consultation on its proposed changes to the assumptions it uses for certain valuations that provide an estimated price for bulk annuity providers in the buyout market
Posted: 9/1/23
The shortlist for the 10th annual Pensions Age Awards has been announced, with the awards set to take place on 21 March 2023
Posted: 9/1/23
Married couples have been encouraged to consider their retirement savings if going through a divorce, after research from Hargreaves Lansdown found that over a quarter (27 per cent) of people could not cope in retirement without their partner’s pension
Posted: 9/1/23
Pensions Age takes a look back at the top stories of the week, including the impact of the cost-of-living crisis on pension contributions, DB scheme funding improvements, and industry predictions for the year ahead
Posted: 6/1/23
Nucleus Group has announced the recommended cash acquisition of Curtis Banks Group plc for a total equity value of approximately £242m on a fully diluted basis
Posted: 6/1/23
The latest news in brief and mandates from the past seven days
Posted: 6/1/23
Market stability through November and December saw both hedged and unhedged schemes’ funding levels steadily improve and reduce deficits after prior months of significant volatility, according to the latest update from the Broadstone Sirius Index
Posted: 6/1/23
The Pensions Regulator (TPR) has announced that executive director of regulatory policy, analysis and advice, David Fairs, will be leaving his position at the regulator in 2023 to pursue new challenges
Posted: 6/1/23
Natwest Group Pension Fund has announced the appointment of Robert Chestnutt as chief executive officer and Nic Barnes as sole chief investment officer, following the news that current CEO and co-CIO, Robert Waugh, is set to retire from 31 March 2023
Posted: 5/1/23
Just under half of retirement investors (49.6 per cent) have rethought their retirement plans or strategy in response to the challenging economic climate, research from AJ Bell has revealed
Posted: 5/1/23
The Financial Services Compensation Scheme (FSCS) has welcomed the review of the compensation limits for pension claims, warning that “far too many customers” are losing more money from their pensions than the FSCS is able to return
Posted: 5/1/23
New research on the use of artificial intelligence (AI) and machine learning (ML) in actuarial modelling across pensions, life insurance, and wider fields in the UK has been announced by the Financial Reporting Council (FRC)
Posted: 5/1/23
Market factors are set to drive a surge in UK pension risk settlement in 2023, Aon has said, with scheme preparation, including plans to deal with asset transition within an insurance transaction, expected to be "vital" in 2023
Posted: 5/1/23
The aggregate funding level of UK defined benefit (DB) pension schemes improved by around £400bn over the course of 2022, representing an around 20 per cent improvement on a long-term target basis, analysis from XPS Pensions Group has revealed
Posted: 4/1/22
Association of British Insurers (ABI) assistant director, head of long-term savings policy, Rob Yuille, takes a closer look at the pensions dashboards impact assessment, and the need for the industry to engage with ongoing consultations
Posted: 4/1/23
Collateral sufficiency, including creating or revisiting a liquidity waterfall, is expected to be a “key priority” for pension schemes in 2023, following the liquidity issues faced by defined benefit (DB) schemes in 2022, Hymans Robertson has said
Posted: 4/1/23
The High Court has granted Royal London approval to consolidate the Royal Liver Sub-Fund and the Phoenix Life Assurance (PLAL) Sub-Fund into the Royal London Open Fund
Posted: 4/1/23
Scheme sponsors have been urged to take proactive action, after the latest analysis from LCP's Pensions Explorer revealed that the combined IAS19 surplus of FTSE 100 defined benefit (DB) pension schemes remained "robust" at £130bn as of 31 December 2022.
The firm noted that although scheme funding levels have fallen from the record highs recorded over the past two quarters, they are still standing at strong levels and have more than doubled over 2022
The firm noted that although scheme funding levels have fallen from the record highs recorded over the past two quarters, they are still standing at strong levels and have more than doubled over 2022
Posted: 4/1/23
The Pensions Ombudsman (TPO) has upheld a complaint against Town Wall Tavern Ltd and directed that it should pay £1,000 for the “serious distress and inconvenience” it caused
Posted: 4/1/23
The Pensions Ombudsman (TPO) has issued directions to recover a total of nearly £13m, after an investigation revealed multiple breaches of trust and acts of maladministration, including facilitating a form of pension liberation
Posted: 3/1/23
Tom Dunstan reflects on his first year in the pensions industry and the experiences he has gained from it
Posted: 3/01/23
Buy-in and buyout volumes are expected to reach a record high in 2023, with attractive pricing and continued innovation, although pension schemes may need to work harder to prepare amid the increased demand, LCP has said.
The firm predicted that buy-in and buyout volumes will this year break the £44m record set in 2019, with high demand following an average around 15 per cent improvement in the buyout funding positions of defined benefit (DB) schemes over 2022
The firm predicted that buy-in and buyout volumes will this year break the £44m record set in 2019, with high demand following an average around 15 per cent improvement in the buyout funding positions of defined benefit (DB) schemes over 2022
Posted: 3/01/23
The pensions industry should focus on positive messaging and look to explain the advantages of pension savings to prevent individuals from opting out amid the cost-of-living crisis, former Pensions Minister, Baroness Ros Altmann, has said
Posted: 3/1/23
The pensions ombudsman and pension protection fund (PPF) ombudsman, Anthony Arter, has been recognised in the King’s first New Year Honours List 2023, alongside Redington co-founder, Dawid Konotey-Ahulu, and other industry figures
Posted: 3/1/23
Nearly three quarters (70 per cent) of people getting a divorce didn’t or won't receive any of their partner’s pension as part of the settlement, a report from M&G Wealth has revealed
Posted: 3/01/23
One fifth of savers have reduced or stopped their pension contributions over the past 12 months, while a further 20 per cent are considering doing so over the coming months, according to research from the Pensions Management Institute (PMI)
Posted: 3/1/23
The past year has been another busy one for the pensions industry, with progress on pensions dashboards, liquidity issues following the mini-Budget, and many (many) consultations
Posted: 22/12/22
The latest news in brief and mandates from the past seven days
Posted: 22/12/22
With momentum on pensions dashboards gathering pace, ongoing work around guaranteed minimum pensions (GMP) rectification and equalisation, Pensions Age considers the key priorities for the administration space in the year ahead
Posted: 22/12/22
Digital communications agency Landscape has merged with creative agency Making Giants, after following “several years” on parallel paths in the financial wellbeing, pensions and benefit communications world
Posted: 22/12/22
Nausicaa Delfas has been announced as the new chief executive of The Pensions Regulator (TPR), taking over from Charles Counsell who previously announced he would not be seeking a second term
Posted: 21/12/22
The Department for Work and Pensions (DWP) should reassess how its working relationship with the Pension Protection Fund (PPF) operates to ensure emerging issues are handled quickly, a departmental review of the lifeboat has said
Posted: 21/12/22
The Pensions Minister, Laura Trott, has highlighted giving savers the tools they need to spot online scammers as a “key priority”, as Pensions Age prepares to launch its campaign to shine a spotlight on pension scam concerns
Posted: 21/12/22
Following the Pensions Dashboard regulations coming into force last week and the first staging dates now less than 9 months away LCP has urged pension schemes to get prepared
Posted: 21/12/22
With a busy agenda ready and waiting for the New Year, Pensions Age takes a closer look at the legal priorities for trustees in the year ahead, and the work that could face further delays
Posted: 21/12/22
The holidays are fast approaching, and as the nights get longer and the days get colder and the industry eagerly awaits some well well earnt time off, now is time to reflect on what has been a very busy year for pensions
Posted: 21/12/22
Arthur J. Gallagher & Co has agreed to acquire the partnership interests of BCHR Holdings, Buck, for a gross consideration of $660m (£543m), subject to regulatory approval
Posted: 21/12/22
The past year has been a turbulent time, with unprecedented surges in the gilt yield markets following the mini-Budget, increases in inflation, and an uncertain horizon prompting many pension scheme trustees to review their investment strategies.
Indeed, recent research revealed that nearly half (44 per cent) of global investors are not satisfied with their overall performance in 2022 so far, with particular concerns raised around rising rates, as well as the looming threat of recession
Indeed, recent research revealed that nearly half (44 per cent) of global investors are not satisfied with their overall performance in 2022 so far, with particular concerns raised around rising rates, as well as the looming threat of recession
Posted: 20/12/22
The Pensions Ombudsman (TPO) has upheld a complaint against Teachers’ Pensions (TP), in what has been highlighted as a "significant decision" by legal experts, providing clarification over the ombudsman's expectations in this area
Posted: 20/12/22
British Airways (BA) has confirmed that it is not expecting to make contributions to the New Airways Pension Scheme (NAPS) for the foreseeable future, following considerable improvements in the scheme's funding level
Posted: 20/12/22
Defined benefit (DB) pension transfer activity reached its highest level since July 2020, with an annualised rate of 87 members per 100,000 transferring pensions to another provider during the month of November, XPS Pensions Group has announced
Posted: 20/12/22
The formal authorisation for professional trustees would represent a “sea-change” in managing governance standards, the Pensions Management Institute (PMI) has stated
Posted: 20/12/22
Smart Pension has announced its first green bonds investment with the Mirova Global Green Bond Fund
Posted: 19/12/22
The number of people asking for defined benefit (DB) pension transfer quotations and following through with them has fallen to its lowest level since 2015, research from LCP has revealed
Posted: 19/12/22
The Pensions Ombudsman (TPO) has announced that pensions ombudsman, Anthony Arter, will remain at the ombudsman as deputy pensions ombudsman once his term ends on 15 January 2023
Posted: 19/12/22
Nearly three quarters (72 per cent) of defined benefit (DB) pension schemes are now closed to future accrual, representing a 4-percentage point increase on 2020, research from Aon has revealed.
According to the survey, nearly all (94 per cent) DB schemes are closed to new entrants and, when excluding regulated industries where employee benefits may be protected, the proportion of respondents that have closed DB schemes to accrual rises to 77 per cent
According to the survey, nearly all (94 per cent) DB schemes are closed to new entrants and, when excluding regulated industries where employee benefits may be protected, the proportion of respondents that have closed DB schemes to accrual rises to 77 per cent
Posted: 19/12/22
Moneyhub has announced that it has secured a further £15m in funding from savings and retirement business Phoenix Group
Posted: 19/12/22
The Financial Reporting Council (FRC) has announced its areas of supervisory focus for 2023/24, including priority sectors for corporate reporting reviews and audit quality inspections
Posted: 19/12/22
A new report on what constitutes good workforce reporting and best practice has been published by several industry leaders
Posted: 19/12/22
The pensions industry has broadly welcomed the publication of The Pensions Regulator’s (TPR) draft DB Funding Code, but some have questioned whether the level of regulation is proportionate amid healthy DB funding levels
Posted: 16/12/22
The latest news in brief and mandates from the past seven days
Posted: 16/12/22
The Pensions Regulator (TPR) has published its draft Funding Code of Practice for defined benefit (DB) pensions schemes, alongside consultations on the code and its proposed fast-track and twin-track regulatory approach
Posted: 16/12/22
More than 60 people who transferred over £10m from occupational pensions into “inappropriate” Qualifying Recognised Overseas Pension Scheme (QROPS) investment funds have won a High Court appeal to have their case heard in the UK
Posted: 16/12/22
Pension saving has remained a priority for savers despite cost-of-living pressures, according to research from People’s Partnership, which revealed that only 2 per cent of pension savers have stopped paying into a pension in the past six months
Posted: 16/12/22
Retirees wanting a 'comfortable' retirement and enough money for care would need to build up an estimated £470,000 in retirement wealth, new analysis from Quilter has revealed
Posted: 16/12/22
The Bank of England (BofE) has raised UK interest rates to 3.5 per cent, the highest level for 14 years, after the Monetary Policy Committee (MPC) voted six to three to increase the rate by 0.5 percentage points
Posted: 15/12/22
HM Treasury has shared the Treasury Directions for the Public Service Pensions and Judicial Offices Act 2022, which will allow the government to consult stakeholders ahead of the 1 October 2023 'go live' date for the McCloud remedy
Posted: 15/12/22
The Pensions Minister, Laura Trott, has responded to the Work and Pensions Committee’s (WPC) recent queries around liability-driven investment (LDI) in defined benefit (DB) schemes, as concerns over the legality of some aspects of LDI continue
Posted: 15/12/22
The trustee of the Barclays Bank UK Retirement Fund (UKRF) has insured £7bn of liability against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial, Inc. (PFI)
Posted: 15/12/22
Workplace pension contributions seem to have been unaffected by peoples’ budget adjustments, research from Barnett Waddingham has suggested, after revealing that the number of those looking to reduce contributions has remained unchanged since September
Posted: 15/12/22
Recent developments in defined benefit (DB) pension scheme funding have heightened the need for schemes to have an up-to-the-minute picture of their scheme funding position rather than rely too heavily on a potentially out-of-date triennial valuation, LCP has claimed
Posted: 15/12/22
The government has been urged to take swift action to address the "overly generous" tax treatment of pension pots at death, in an effort to make the system fairer and remove the “perverse incentive” to avoid using a pension to fund retirement
Posted: 15/12/22
The Financial Conduct Authority (FCA) has announced that it is planning to review the Financial Services Compensation Scheme’s (FSCS) compensation limits for pension claims
Posted: 14/12/22
The Pensions Regulator (TPR) chief executive, Charles Counsell, has rejected claims that the regulator put pressure on defined benefit (DB) pension schemes to adopt liability-driven investments (LDI) when they didn’t feel it was appropriate.
Speaking at a session at the Work and Pensions Committee (WPC) on DB schemes with LDI, WPC chair, Stephen Timms, said to Counsell that some schemes had told the committee that they felt TPR had placed huge pressure on them to adopt LDI when they felt it was not appropriate
Speaking at a session at the Work and Pensions Committee (WPC) on DB schemes with LDI, WPC chair, Stephen Timms, said to Counsell that some schemes had told the committee that they felt TPR had placed huge pressure on them to adopt LDI when they felt it was not appropriate
Posted: 14/12/22
Around 2.5 million pre-retirees believe they will have to delay their retirement as a result of the cost-of-living crisis, according to research from Legal & General Retail
Posted: 14/12/22
The Bank of England (BoE) has recommended that The Pensions Regulator (TPR), in co-ordination with the Financial Conduct Authority (FCA) and overseas regulators, takes regulatory action to ensure liability-driven investment (LDI) funds remain resilient
Posted: 14/12/22
Pension scheme bulk annuity transactions can be impacted by challenges brought from company accounting without careful planning, Hymans Robertson has warned
Posted: 14/12/22
The Co-operative Bank Pension Scheme has completed a £1.2bn full scheme buy-in with Rothesay, insuring the liabilities of more than 9,000 members
Posted: 13/12/22
The Pensions Regulator (TPR) has announced that it will launch its second draft DB Funding Code consultation before Christmas so the code can be laid in the summer for its introduction in October 2023
Posted: 13/12/22
Women are set for “pension saving parity” with men by 2028, analysis of a freedom of information (FOI) request by Broadstone has found
Posted: 13/12/22
The Pension Protection Fund (PPF) has confirmed a “significant reduction” in its levy for 2023/24 after receiving broad support for its proposed changes to the 2023/24 levy rules, with 80 per cent or more of responses supporting each proposal
Posted: 13/12/22
The aggregate surplus of defined benefit (DB) pension schemes fell from £379.1bn to £371.5bn in November, the Pension Protection Fund’s (PPF) 7800 Index has revealed
Posted: 13/12/22
The Pensions Ombudsman (TPO) has upheld a complaint against Staylists Ltd for failing to pay pension contributions into the complainant's pension scheme and directed it to pay the missing contributions
Posted: 13/12/22
World leaders have been urged by 150 financial institutions representing more than US $24trn in assets to adopt a post-2020 Global Biodiversity Framework at the UN Biodiversity Conference COP15
Posted: 13/12/22
Large employers could face a pensions management skills gap, Ross Trustees has warned, after research revealed that nearly one third (30 per cent) of large employers have reported challenges when recruiting staff with specialist pensions management skills and expertise
Posted: 12/12/22
The Robinson & Sons’ Limited Pension Fund has agreed a £44m buy-in with Legal and General Assurance Society Limited (L&G), securing all of the group’s defined benefit (DB) pension scheme liabilities
Posted: 12/12/22
Trustees should take advantage of available support and guidance to increase their skills in relation to investment decisions, The Pensions Regulator (TPR) executive director of policy, analysis and advice, David Fairs, has said
Posted: 12/12/22
The government has published guidance on applying for a deferral of the pensions dashboards staging deadline, amid the Pensions Dashboards Regulations 2022 officially coming into force from today
Posted: 12/12/22
The Treasury has unveiled a raft of financial service reforms, including plans to lay regulations to reform the defined contribution (DC) pensions charge cap in early 2023, and plans to increase the pace of DC pension consolidation
Posted: 12/12/22
The Pensions Ombudsman (TPO) has upheld a complaint against Boardworks Limited and ruled it should £1,000 to the complainant for the “serious distress and inconvenience” caused
Posted: 12/12/22
TPT Retirement Solutions has shared its Climate Action Plan, including interim targets to reduce the carbon intensity of its investment portfolio by at least 25 per cent by 2025
Posted: 12/12/22
With the holidays in full swing, Sophie Smith takes a look at what is at the top of the pensions wish list this year
Posted: 9/12/22
The latest news in brief and mandates from the past seven days
Posted: 9/12/22
Three directors have been disqualified from acting as directors of any company for their role in pension mis-selling, which took over £44 million from would-be investors.
Aiden Henderson, Andrew Page, and Thomas Ward have all been disqualified as directors following an investigation by the Financial Conduct Authority for their part in the mis-selling, which took place between January 2014 and July 2015
Aiden Henderson, Andrew Page, and Thomas Ward have all been disqualified as directors following an investigation by the Financial Conduct Authority for their part in the mis-selling, which took place between January 2014 and July 2015
Posted: 9/12/22
Defined benefit (DB) pension scheme members could benefit from a 5 per cent uplift in their pension benefit if the corporate sponsor defers buyout by five years, analysis from Hymans Robertson has revealed
Posted: 9/12/22
The average total charge paid by members after transferring out of defined benefit (DB) pension schemes has fallen by 0.2 per cent per annum over the last four years, a survey from XPS Pensions Group has found, although concerns around value for money remain
Posted: 9/12/22
The Pensions Administration Standards Association (Pasa) has published its new Business Plan, outlining the association's agreed strategic objectives
Posted: 8/12/22
Industry experts have suggested that trustee knowledge was a key issue during the recent liquidity issues faced by defined benefit (DB) pension schemes, as inquiries continue following the gilt market volatility
Posted: 8/12/22
The number of active members in private sector defined benefit (DB) and hybrid pension schemes has fallen 62.6 per cent in the past decade, with only 9 per cent of schemes still open to new members, according to new data from The Pensions Regulator (TPR)
Posted: 8/12/22
The Pensions Management Institute (PMI) has partnered with Nelu Solutions to provide equity, diversity and inclusion (EDI) certificate training for pension scheme trustees and administrators
Posted: 8/12/22
The expected future living standard in retirement provided by defined contribution (DC) savings continued to improve in Q3, with the Aon UK DC Pension Tracker increasing from 72.7 to 76.9 from July to September of 2022
Posted: 8/12/22
The Work and Pensions Committee (WPC) has written to the new Minister for Pensions, Laura Trott, to seek updates in a number of areas, including the state pension age review
Posted: 8/12/22
More than half (54 per cent) of women would like their employer to engage with them more on their workplace pension, a report from Phoenix Insights has revealed
Posted: 8/12/22
The aggregate surplus of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased from £29bn at the end of October to £31bn at the end of November, according to Mercer’s Pension Risk Survey
Posted: 7/12/22
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have issued an update to their joint regulatory strategy, emphasising the importance of a collaborative approach in the current environment.
The update identified eight joint workstreams: productive finance, value for money, a regulatory framework for effective stewardship, pension scams strategy, defined benefit (DB) transfer advice, DB schemes and transfer activity, pensions dashboards and supporting consumer decision-making throughout the pensions consumer journey
The update identified eight joint workstreams: productive finance, value for money, a regulatory framework for effective stewardship, pension scams strategy, defined benefit (DB) transfer advice, DB schemes and transfer activity, pensions dashboards and supporting consumer decision-making throughout the pensions consumer journey
Posted: 7/12/22
The Financial Conduct Authority's (FCA) proposed pensions dashboards regulatory framework could put pensions dashboards providers in “prime position in dash for defined contribution (DC) cash”, LCP partner, Steve Webb, has stated
Posted: 7/12/22
Over 8.6 million people from ‘under-pensioned’ groups are now missing out on workplace pension savings, with some receiving a private income that is around 64 per cent lower than the UK average, according to research from Now Pensions
Posted: 7/12/22
An environmental, social and governance (ESG) policy, which includes a climate objective and other sustainable related objectives, has been formally integrated into BlackRock's LifePath UK investment strategy’s fund prospectus.
Posted: 7/12/22
Pensions Minister, Laura Trott, has said that she is “committed” to building on the work of her predecessor, Guy Opperman, including plans to increase uptake of pension credit and build further on auto-enrolment
Posted: 7/12/22
The Thinking Ahead Institute (TAI) has been selected by the Principles for Responsible Investment (PRI) to assist it in researching and assessing the appropriate level of resources that institutional investors should be prepared to dedicate to stewardship
Posted: 7/12/22
The Pensions Regulator (TPR) director of automatic enrolment, Mel Charles, discusses the regulator's new campaign warning employers not to hide from their pension duties
Posted: 06/12/22
Phoenix Group is on track to deliver £1.2bn of incremental new business long-term cash generation in 2022, primarily through its Standard Life businesses, which contracted £4.8bn of bulk purchase annuity (BPA) premiums for the year, up from £5.6bn in 2021
Posted: 6/12/22
There is scope for greater investment in infrastructure from careful, long-term investors such as large pension schemes, according to a recent report from the Labour Party
Posted: 6/12/22
Pensioner households need a basic £20,000 a year in income for a comfortable retirement, although inflation is placing a growing pressure on pensioner finances, analysis from ISIPP has found
Posted: 6/12/22
The Coats UK Pension Scheme has completed a £350m bulk purchase annuity buy-in transaction with Aviva, securing the benefits of around 3,700 members
Posted: 6/12/22
More than one in seven (15 per cent) pensioners have 'unretired' as a response to the current cost-of-living crisis, research from Standard Life has revealed
Posted: 6/12/22
The government has launched a consultation on plans to amend NHS pension rules in an effort to retain staff and remove barriers for those returning from retirement, although it has not included any changes to the lifetime or annual allowance
Posted: 5/12/22
The aggregate funding level of UK defined benefit (DB) pension schemes worsened slightly by 1 percentage point to 105 per cent in November, although most scheme remain in a very healthy position, according to XPS Pensions Group
Posted: 5/12/22
The Pensions Ombudsman (TPO) has upheld two complaints against M&G Olympic Products Ltd and ordered it to pay £1,000 to each of the two complaints for the “serious distress and inconvenience” caused
Posted: 5/12/22
The number and value of pension fraud cases has significantly increased, with £250 in pension fraud and overpayments recorded between 2020 and 2022, according to the National Fraud Initiative’s (NFI) latest report
Posted: 5/12/22
Pensions Dashboards Programme (PDP) principal, Chris Curry, sets the record straight on common pensions dashboards misunderstandings, providing further clarification on data for dashboards
Posted: 5/12/22
New voting policies on cybersecurity, climate transition plans and biodiversity, and mental health for the 2023 annual general meeting (AGM) season have been announced by Railpen in its Voting Policy for 2023
Posted: 5/12/22
Pensions Age editor, Laura Blows, has been named Institutional Journalist of the Year at the prestigious Aegon Asset Management Journalism Awards 2022
Posted: 2/12/22
The Pension Protection Fund (PPF) has updated its actuarial factors earlier than expected due to rising interest rates
Posted: 2/12/22
The countdown to Christmas has begun and the pensions industry celebrations are in full swing, including the launch of a new Christmas pensions story
Posted: 2/12/22
Funding for a scheme with a fully hedged strategy would have fallen from 80 per cent to 69 per cent between January and October 2022, according to a new self-sufficiency index from Broadstone, the Sirius Index
Posted: 2/12/22
The Financial Conduct Authority (FCA) has fined Pembrokeshire Mortgage Centre (PMC) Limited, currently in liquidation, £2,354,331 for unsuitable advice to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes.
The firm advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to transfer out of their DB scheme. Overall, 93 per cent were advised to transfer, with PMC earning over £2m in transfer and ongoing advice fees
The firm advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to transfer out of their DB scheme. Overall, 93 per cent were advised to transfer, with PMC earning over £2m in transfer and ongoing advice fees
Posted: 2/12/22
The latest news in brief and mandates from the past seven days
Posted: 2/12/22
The Musicians’ Union Permanent Officials and Staff Pension Fund has completed a £13m full scheme buyout with Aviva, securing the defined benefit (DB) liabilities for all members of the scheme
Posted: 1/12/22
The Financial Conduct Authority (FCA) has welcomed recent regulatory statements on liability-driven investments (LDI), confirming that it will maintain a supervisory focus to ensure vulnerabilities are addressed following the issues faced by defined benefit (DB) schemes
Posted: 1/12/22
The Financial Conduct Authority (FCA) has published final rules requiring providers of non-workplace pensions to offer consumers a default investment option and to issue a warning about the risk of inflation eroding the value of cash holdings
Posted: 1/12/22
The Pensions Dashboards Programme (PDP) has published its consultation on the design standards for pensions dashboards, outlining its proposals for how information should be displayed
Posted: 1/12/22
The net funding position of defined benefit (DB) pension schemes improved to a surplus of £193bn in the year to 31 March 2022, amid the largest-ever annual fall in liabilities, the Pension Protection Fund (PPF) Purple Book has revealed
Posted: 1/12/22
The Financial Conduct Authority (FCA) has launched a consultation on the proposed regulatory framework for pension dashboards operators, confirming that firms will be able to offer additional services, provided they meet "rigorous conduct standards"
Posted: 1/12/22
The Organisation for Economic Co-operation and Development (OECD) has highlighted the growing importance of asset-backed pension systems in OECD countries and urged nations to make improvements to these systems
Posted: 1/12/22
Over a quarter (28 per cent) of those aged 45-65 haven’t given any thought at all to their retirement plans, including 25 per cent of 56- to 65-year-olds, research from Just Group has revealed
Posted: 1/12/22
The Work and Pensions Committee (WPC) has written to the Pensions Minister, Laura Trott, to request further clarification around some of the recent issues raised as part of the committee's inquiry into liability driven investment (LDI) and defined benefit (DB) pensions
Posted: 1/12/22
Universities Superannuation Scheme (USS) employers have faced further calls to reverse pension changes, after the latest trustee monitoring update revealed a surplus of £5.6bn
Posted: 30/11/22
The Pensions Regulator (TPR) has issued guidance on liability-driven investment (LDI), encouraging scheme trustees who use LDI to maintain an "appropriate level of resilience" in leveraged arrangements to better withstand a fast and significant rise in bond yields
Posted: 30/11/22
The fiduciary management (FM) market has seen positive growth over the past year, although growth has remained below pre-Covid levels, research from Isio has revealed, prompting concerns that there may be further challenges ahead
Posted: 30/11/22
There is room for improvement on climate reporting, XPS Pensions Group has said, after its analysis revealed limited disclosures against certain asset classes and on Scope 3 emissions in the first round of Taskforce for Climate-Related Financial Disclosures (TCFD)
Posted: 30/11/22
Fundamental change may be needed to build a pension system that is fit for purpose, Link Group has said, after research revealed that nearly a third of (32 per cent) of UK adults don't feel like they're in control of their pension and retirement savings
Posted: 30/11/22
The world’s 100 largest asset owners are responsible for a record US$25.7trn of assets, as of year-end 2021, according to a study by the Thinking Ahead Institute (TAI)
Posted: 30/11/22
The Balfour Beatty Pension Fund has agreed a £1.7bn longevity swap transaction with SCOR and Zurich Assurance Ltd
Posted: 30/11/22
Widespread changes to pensions have improved financial sustainability, although they have also brought new challenges around adequacy and fairness, according to the Pensions Policy Institute's (PPI) first UK Pensions Framework report.
The PPI’s framework, sponsored by Aviva, found that changes in the UK pension system, including state pension reforms and the shift from defined benefit (DB) to defined contribution (DC), are having a net positive impact on sustainability
The PPI’s framework, sponsored by Aviva, found that changes in the UK pension system, including state pension reforms and the shift from defined benefit (DB) to defined contribution (DC), are having a net positive impact on sustainability
Posted: 29/11/22
Trials to encourage greater pension saving among the self-employed have delivered “promising” findings, although more substantive action and systemic intervention will likely be needed to achieve a step-change in retirement saving, Nest Insight has revealed
Posted: 29/11/22
The Department for Work and Pensions (DWP) has repaid a total of £209.3m to individuals impacted by historical state pension underpayments as of 31 October 2022, having identified 31,817 underpayments
Posted: 29/11/22
Nearly a quarter (24 per cent) of parents have already accessed, or are planning to use, retirement funds early to help cope with the rising cost of living, according to research from Killik & Co
Posted: 29/11/22
The Greater Manchester Pension Fund has called for American oil firm ConocoPhillips to ensure more transparency about its tax practices
Posted: 29/11/22
HM Revenue & Customs (HMRC) has launched a consultation on proposed tax changes to the pensions tax framework as part of the public service McCloud remedy
Posted: 28/11/22
Nearly three quarters (74 per cent) of defined benefit (DB) pension scheme trustees and sponsors cited inflation and central bank policy action as their main concern in the next six months, research from Russell Investments has revealed
Posted: 28/11/22
Almost half (45 per cent) of consumers are using a savings account to save for retirement, with a “concerning” 25 per cent using a cash ISA, according to research from Barnett Waddingham
Posted: 28/11/22
The deadline for submitting entries to the Pensions Age Awards 2023 has been extended to the 7 December 2022
Posted: 28/11/22
Two former pension scheme trustees have received suspended sentences for making illegal loans of £236,000 from a company pension scheme to the scheme’s employer, following a prosecution by The Pensions Regulator (TPR)
Posted: 28/11/22
The Financial Conduct Authority (FCA) has confirmed plans to deliver a redress scheme for former members of the British Steel Pension Scheme (BSPS) who received unsuitable advice to transfer out, with over 1,000 customers expected to receive redress.
Following an industry consultation, the FCA published the final rules on calculating redress payments for unsuitable defined benefit (DB) pension transfer advice, in an effort to put consumers back in the financial position they would have been in had they not transferred
Following an industry consultation, the FCA published the final rules on calculating redress payments for unsuitable defined benefit (DB) pension transfer advice, in an effort to put consumers back in the financial position they would have been in had they not transferred
Posted: 28/11/22
Standard Life has appointed Equiniti to carry out administration of both buy-in and buyout bulk purchase annuity (BPA) policies
Posted: 25/11/22
The Financial Reporting Council (FRC) has highlighted improvements across multiple areas of stewardship in its Review of Stewardship Reporting 2022 report
Posted: 25/11/22
The latest news in brief and mandates from the past seven days
Posted: 25/11/22
The pensions industry has broadly welcomed the government’s proposals to bring Local Government Pension Scheme (LGPS) administering authorities into the scope of the TaskForce on Climate-related Financial Disclosures (TCFD) reporting regime, although various concerns have been raised.
In response to the Department for Levelling Up, Housing and Communities' (DLUHC) consultation on requiring LGPS administering authorities to assess, manage and report on climate-related risks in line with TCFD recommendations, Redington welcomed the proposals but highlighted areas that should be clarified or reconsidered
In response to the Department for Levelling Up, Housing and Communities' (DLUHC) consultation on requiring LGPS administering authorities to assess, manage and report on climate-related risks in line with TCFD recommendations, Redington welcomed the proposals but highlighted areas that should be clarified or reconsidered
Posted: 25/11/22
The majority of pensions schemes (60 per cent) are wating for further legislation and regulation to enable them to become ready for dashboards, a survey conducted by Sackers has revealed
Posted: 25/11/22
The Productive Finance Working Group has published new guidance to help defined contribution (DC) pension schemes understand the key considerations and risks around investment in less liquid assets
Posted: 24/11/22
XPS Pension Group’s Transfer Value Index fell to a new record low in October, due to continued falls in long-dated gilt yields, the group has revealed
Posted: 24/11/22
The Pensions Regulator (TPR) has launched a consultation on its dashboards compliance and enforcement policy, which outlines the regulator’s expectations for pension schemes, and its approach to regulating dashboard obligations
Posted: 24/11/22
The formation of a group to develop a Code of Conduct for Environmental Social and Governance (ESG) data and ratings providers has been announced by the Financial Conduct Authority (FCA)
Posted: 24/11/22
The majority (80 per cent) of professional defined benefit (DB) trustees plan to step down from their role within three years, research from Charles Stanley Fiduciary Management has found, prompting fears of a potential “trustee exodus”
Posted: 24/11/22
Former trustee, David Boardman, has pleaded not guilty to six counts of making illegal investments in a prosecution brought by The Pensions Regulator (TPR)
Posted: 23/11/22
All parties involved in Local Government Pension Schemes (LGPS) should work together to accelerate the pooling of assets, Local Pensions Partnership Investors (LPPI) has said
Posted: 23/11/22
Industry experts have argued that leveraged liability driven investment (LDI), and particularly hidden LDI, were at the root of the recent liquidity issues facing defined benefit (DB) pension schemes, arguing that more data on scheme holdings is needed.
Addressing the Work and Pensions Committee, John Ralfe Consulting independent consultant, John Ralfe, explained that LDI has evolved since its inception, pointing out there is a difference between hedging and leveraged LDI, which is “pure speculation”
Addressing the Work and Pensions Committee, John Ralfe Consulting independent consultant, John Ralfe, explained that LDI has evolved since its inception, pointing out there is a difference between hedging and leveraged LDI, which is “pure speculation”
Posted: 23/11/22
People pausing their pension contributions in their 20s and 30s could stand to lose almost £6,600 by the time they reach retirement age, analysis from Money Minder has revealed
Posted: 23/11/22
Workplace pension scheme members could be losing out on around £1.7bn a year during their transition into and in retirement as a result of choosing costly pathways to access their money, research from HSBC Tomorrow Master Trust has revealed
Posted: 23/11/22
Tumelo has partnered with proxy advisers, Glass Lewis, Pensions & Investment Research Consultants Ltd (PIRC), and As You Sow, to launch a stewardship partnership programme
Posted: 23/11/22
B&CE, provider of The People’s Pension, has announced plans to rebrand as People’s Partnership
Posted: 23/11/22
The Pensions Regulator (TPR) has said that there is “a long way to go” both within TPR and across the pensions industry to improve equality, diversity and inclusion (EDI), despite some welcome progress being made
Posted: 22/11/22
Universities Superannuation Scheme (USS) employers have stood by recent reforms to the pension scheme, arguing that they were a "viable and affordable solution to a difficult situation"
Posted: 22/11/22
Industry experts have argued that “no one” could have predicted the recent gilt market volatility and subsequent issues around liability driven investment (LDI), suggesting that a balance will need to be found in future.
Addressing the Industry and Regulators Committee, Legal & General (L&G) chair, Sir John Kingman, argued that while there was “nothing unforeseen” about a market scenario that could create liquidity concerns, "nobody anticipated the government would choose to create such extraordinary instability in its own sovereign debt market"
Addressing the Industry and Regulators Committee, Legal & General (L&G) chair, Sir John Kingman, argued that while there was “nothing unforeseen” about a market scenario that could create liquidity concerns, "nobody anticipated the government would choose to create such extraordinary instability in its own sovereign debt market"
Posted: 22/11/22
A new “ambitious” blueprint, setting out a multi-year strategy to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry, has been published by the Association of British Insurers (ABI)
Posted: 22/11/22
Defined contribution (DC) pension scheme members’ 'digital journeys' must be “vastly improved” to offer savers what they need as they approach the point of making decumulation decisions, Hymans Robertson has said
Posted: 22/11/22
Defined benefit (DB) pension scheme trustees have been urged to provide more support for savers, after research from Barnett Waddingham revealed that 13 per cent of DB members are more likely to transfer out of their pension due to the rising cost of living
Posted: 22/11/22
The Pensions Dashboards Programme (PDP) has published the final pensions dashboards standards, pending approval from the Secretary of State for Work and Pensions
Posted: 21/11/22
Almost one third (30 per cent) of older workers over the age of 45 no longer have enough income to cover basic living costs, with 1 in 10 older workers having no choice but to unretire and return to work to make ends meet, according to research from Working Wise
Posted: 21/11/22
The UK pension scheme of an unnamed Fortune 500 company has completed a £1bn longevity swap, with PartnerRe as reinsurer, and Zurich as the insurer acting as the intermediary
Posted: 21/11/22
The Yorkshire and Clydesdale Bank Pension Scheme posted £335m in collateral amid volatility in the UK gilt market, more than five times the amount posted in the year prior, Virgin Money UK’s Financial Results have revealed
Posted: 21/11/22
The Star initiative has awarded its first round of accreditations, in what has been described as the "biggest piece of industry collaboration for decades".
Since its launch in 2019, a total of 76 firms have signed up to the cross-industry initiative, which is backed by the regulators and government
Since its launch in 2019, a total of 76 firms have signed up to the cross-industry initiative, which is backed by the regulators and government
Posted: 21/11/22
Shifts in life expectancy could mean a significant funding reduction for defined benefit (DB) schemes, LCP has said, although sponsors and trustees have been urged to be cautious amid concern that future trends remain "very uncertain" following the impact of Covid-19
Posted: 21/11/22
The TT Group (1993) Pension Scheme has agreed a £400m buy-in with Legal & General Assurance Society Limited, securing the benefits of around 5,000 retirees and deferred members
Posted: 21/11/22
Pensions and Lifetime Savings Association (PLSA) director policy and advocacy, Nigel Peaple, considers the potential impact of the cost-of-living crisis on savers
Posted: 18/11/22
Pensions Age takes a look back at the top stories of the week, including announcements from the Autumn Statement, and the passing of the Pensions Dashboards Regulations 2022
Posted: 18/11/22
The cost of Royal Mail’s planned Royal Mail Collective Pension Plan (RMCPP) is projected to exceed initial estimates by £30m per annum, Royal Mail has announced
Posted: 18/11/22
Industry experts are divided on the best approach to pensions tax relief reform, although numerous organisations have raised concerns over the complexity of the current tax relief system
Posted: 18/11/22
The latest news in brief and mandates from the past seven days
Posted: 18/11/22
Industry experts have welcomed proposed reforms to Solvency II, confirmed as part of the government’s Autumn Statement, with estimates that this could unlock over £100bn worth of investment in productive finance.
Following its recent consultation on Solvency II, the government confirmed plans to reduce the risk margin by 65 per cent for life insurers and 30 per cent for non-life insurers
Following its recent consultation on Solvency II, the government confirmed plans to reduce the risk margin by 65 per cent for life insurers and 30 per cent for non-life insurers
Posted: 17/11/22
The Pensions Ombudsman (TPO) has upheld a complaint against the University Hospitals of Leicester NHS Trust and directed that it should pay £1,000 for the “serious distress and inconvenience caused”
Posted: 17/11/22
The state pension is set for a record-breaking increase from April 2023, after Chancellor Jeremy Hunt confirmed that the government will retain the state pension triple lock
Posted: 17/11/22
A third (33 per cent) of those planning to retire in the next five years are changing their retirement plans due to the current cost-of-living crisis, research from Royal London has revealed
Posted: 17/11/22
Pension risk transfer market volumes could appear smaller over time as a result of the recent gilt market volatility, even if the number of members moving to the life-insurance sector remains consistent, the Pension Insurance Corporation has suggested
Posted: 17/11/22
Pension scheme sponsors may have developed a new mindset to accounting amid an era of enormous scheme surpluses, research from LCP has suggested, with a smooth audit process rather than a large surplus the key priority for most
Posted: 17/11/22
The Pensions Dashboards Regulations 2022 have been approved by MPs and peers, in what has been highlighted as a "major step" in formalising dashboard duties by Pensions Dashboards Programme (PDP)
Posted: 17/11/22
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have confirmed that work is underway following the recent issues around liability driven investment (LDI), including work to improve data gathering.
In an evidence hearing with the Industry and Regulators Committee, TPR chief executive, Charles Counsell, suggested that there is work to be done "for all of us", noting that around 60 per cent of pension schemes have invested in LDIs in one form
In an evidence hearing with the Industry and Regulators Committee, TPR chief executive, Charles Counsell, suggested that there is work to be done "for all of us", noting that around 60 per cent of pension schemes have invested in LDIs in one form
Posted: 16/11/22
More than one in seven (15 per cent) people never check their pension value, research from Opinium on behalf of Hargreaves Lansdown has revealed
Posted: 16/11/22
Liability-driven investments (LDI) remain “fit for purpose”, although changes in standard market practice in the operation of LDI arrangements will be needed following recent experiences, the Association of Consulting Actuaries (ACA) has stated
Posted: 16/11/22
AJ Bell has called for a minimum £10,000 increase to the money purchase annual allowance (MPAA) in a letter to chief secretary to the treasury, John Glen
Posted: 16/11/22
Inflation has continued to rise over the past month, with the latest figures from the Office for National Statistics revealing that the Consumer Prices Index (CPI) increased 11.1 per cent in the year to October, up from 10.1 per cent in September
Posted: 16/11/22
The Collective Enterprises Limited Retirement and Death Benefits Scheme has completed a £1.3m buy-in with Just Group, covering seven pensioners and 12 deferred members
Posted: 16/11/22
The pensions gender gap has remained "stubbornly wide", according to research from Scottish Widows, which raised particular concerns around single mothers, after revealing that they are around £246,000 worse off in retirement compared to the average couple
Posted: 16/11/22
The McCloud Remedy for the NHS Pension Scheme has been delayed, with a new 'go live' date of October 2023 confirmed following "continued delays in the production and release of a suite of Provision Definition Documents (PDD) from HM Treasury"
Posted: 15/11/22
The gap between the best and worst annuity rate has widened to a four-year high, analysis from Just Group has revealed
Posted: 15/11/22
More than two-thirds (68 per cent) of UK adults support an inflation-matching increase in the state pension next year, new data gathered by Opinium for AJ Bell has shown
Posted: 15/11/22
The Pensions Regulator (TPR) director of automatic enrolment, Mel Charles, discusses the regulator's activites in ensuring employers comply with their auto-enrolment responsibilities
Posted: 15/11/22
More than 1.8 million people still receive less than £100 per week in state pension, around 1.4 million of whom are women, figures from the Department for Work and Pensions (DWP) have revealed
Posted: 15/11/22
The Chancellor has been urged to make sure that individuals continue to be properly incentivised to save for their future, amid reports that the state pension triple lock and pension tax relief could be in jeopardy
Posted: 15/11/22
The decision to freeze the Lifetime Allowance (LTA) at the 2021 Budget could raise twice as much money for the Treasury than originally expected, according to LCP.
LCP estimated that, due to higher-than-expected inflation, the Treasury could raise in excess of £2bn in pension tax due to the freeze
LCP estimated that, due to higher-than-expected inflation, the Treasury could raise in excess of £2bn in pension tax due to the freeze
Posted: 14/11/22
Cardano Advisory has launched a new artificial intelligence (AI) based technology to evolve the way in which covenant assessments are provided to smaller schemes or scheme sections
Posted: 14/11/22
Nine in 10 (90 per cent) pension professionals believe that the pensions industry is innovative, a survey by PricewaterhouseCoopers (PwC) has revealed
Posted: 14/11/22
Assets under management (AuM) at the world’s 500 largest asset managers reached a new record of over $131trn in 2021, research from the Thinking Ahead Institute has revealed
Posted: 14/11/22
Nearly half (44 per cent) of global investors are not satisfied with their overall performance in 2022 so far, according to Bfinance’s latest global Asset Owner Survey
Posted: 14/11/22
The Pensions Regulator (TPR), Financial Conduct Authority (FCA) and the Money and Pensions Service (Maps) have issued a joint warning to pension savers amid concerns that recent headlines over strained finances could leave savers vulnerable to scams
Posted: 11/11/22
Pensions Age takes a look back at the top stories of the week, including industry efforts amid Talk Money Week, news from COP27, and the announcement of a new Pensions Minister
Posted: 11/11/22
Pension Protection Fund (PPF) chief people officer, Katherine Easter, discusses the importance of talking about money and the discussions that the industry should be having with defined benefit (DB) scheme members following recent volatility
Posted: 11/11/22
The Pensions Regulator (TPR) is hoping that its Single Code of Practice will be laid in parliament “towards the end of this year or the beginning of January”, according to TPR head of policy, Louise Davey
Posted: 11/11/22
The latest news in brief and mandates from the past seven days
Posted: 11/11/22
The Wiltshire (Bristol) Limited Retirement Benefits Scheme has completed a £15.4m buy-in with Just Retirement Limited, securing the full retirement benefits of all scheme members
Posted: 11/11/22
Zedra has announced the acquisition of two professional independent trustee firms, AAA Trustee Limited and Trustee Matters Limited (TML)
Posted: 11/11/22
The government has been called on to take "urgent action" to support more people saving for retirement, after research from Cushon revealed that nearly half (48 per cent) of savers feel ‘terrified’ about their financial future
Posted: 10/11/22
The Financial Conduct Authority (FCA) has said that there are a number of lessons for the regulatory community to learn from the recent issues around liability driven investment (LDI), highlighting a particular “gap in regulation” around investment consultants
Posted: 10/11/22
The Money and Pensions Service's (Maps) spending on pension streams increased “substantially” in 2021/22, according to its annual reports and accounts, with an in-year increase of £9.4m, 26 per cent more than the 2020/21 spend
Posted: 10/11/22
National Grid has revealed that it took “strategic action” to mitigate risks associated with further increases in UK government bond yields by providing additional liquidity support to its defined benefit (DB) pension schemes
Posted: 10/11/22
The Department for Work and Pensions (DWP) has confirmed that the government is exploring potential reforms to auto enrolment (AE), including abolishing the lower earnings limit for contributions and reducing the eligible age to 18
Posted: 10/11/22
The Essex Pension Fund has made a £100m anchor commitment to the Stafford Carbon Offset Opportunity Fund
Posted: 10/11/22
Nest Insight has partnered with financial wellbeing provider Wagestream on a new workplace savings research pilot, which will look to explore the impact of different nudges to encourage employees to get started with saving
Posted: 10/11/22
Legal & General (L&G) is ahead of schedule on its net-zero efforts, with positive progress made towards delivering net-zero alignment across the mastertrust’s default funds by 2050, according to its first Task Force on Climate-related Financial Disclosures (TCFD) report
Posted: 10/11/22
The Pensions Dashboards Programme (PDP) is set to publish its pensions dashboards standards “in the coming days”, PDP principal, Chris Curry, has said
Posted: 10/11/22
Standard Life completed the final stage of its £15bn defined contribution (DC) asset transition into sustainable multi asset solutions in October 2022, the pension provider has announced
Posted: 9/11/22
The Association of Consulting Actuaries (ACA) chair, Steven Taylor, has called on the new Pensions Minister, Laura Trott, to favour increased flexibility in the public policy approach to boosting pensions and saving amid the current economic circumstances
Posted: 9/11/22
The Financial Conduct Authority (FCA) has confirmed that it is looking into a "small number of firms" that are not including all fees and charges in their defined benefit (DB) pension advice redress calculations, in line with current guidance
Posted: 9/11/22
The government has been urged to reform Solvency II and to push for greater consolidation in the defined contribution (DC) pension market to encourage investment in alternative assets
Posted: 9/11/22
The Taskforce on Nature-related Financial Disclosures (TNFD) has added seven new members from global organisations, as well as two new knowledge partners, and a new strategic funding partner
Posted: 9/11/22
Two fifths (40 per cent) of over 55s who had anticipated gradually moving into retirement in the next five years now worry that the rising cost of living could throw this into jeopardy, research from Legal & General (L&G) has revealed
Posted: 9/11/22
UK Universities will face three days of industrial action later this month, in what has been branded the "biggest ever university strikes" by the University and College Union (UCU)
Posted: 9/11/22
The Pensions Regulator (TPR) director of regulatory policy, analysis and advice, David Fairs, considers how pension scheme trustees can improve their climate understanding
Posted: 8/11/22
The Bank of England (BofE) has emphasised the need for non-banks, as well as their counterparties such as regulators, to learn lessons from the recent gilt market volatility and subsequent liquidity issues
Posted: 8/11/22
Three quarters (75 per cent) of institutional investors believe pensions schemes will increasingly focus on structured credit products, research from Aeon Investments has revealed
Posted: 8/11/22
A video series designed to improve understanding of the transition process of a bulk annuity, has been launched by Just Group and Hymans Robertson
Posted: 8/11/22
The UK’s top 20 defined contribution (DC) workplace pension providers are “failing to keep pace” with action required on climate change, research conducted by Make My Money Matter (MMMM) has revealed
Posted: 8/11/22
Pension trustees and sponsoring employers should take steps now to protect pension schemes, RSM UK has said, amid concerns that the upcoming Autumn Budget could disrupt markets further
Posted: 8/11/22
The aggregate surplus of defined benefit (DB) pension schemes in the UK increased to £374.7bn at the end of October 2022, up from £374.5bn at the end of September 2022, the Pension Protection Fund’s (PPF) 7800 Index has revealed
Posted: 8/11/22
The UK Transition Plan Taskforce (TPT) has launched a consultation on its proposed Disclosure Framework and accompanying Implementation Guidance, also launching a sandbox for companies and financial institutions to test implementation
Posted: 8/11/22
MP for Sevenoaks Laura Trott has been appointed the new Minister for Pensions at the Department for Work and Pensions (DWP)
Posted: 7/11/22
Employers have been encouraged to better showcase their pension offering during recruitment efforts, after research from Royal London found that nearly two thirds (65 per cent) of workers view pension arrangements as a priority when looking for a new job
Posted: 7/11/22
Almost three quarters (71 per cent) of Brits are stressed about not having enough money to do the things they want to when they retire, research from Aviva has revealed
Posted: 7/11/22
The Pensions Ombudsman (TPO) has upheld a complaint against Paint Hale Ltd and directed the employer to pay £1,000 for the “serious distress and inconvenience” caused
Posted: 7/11/22
Sainsbury’s provided a £575m loan facility to the group’s defined benefit (DB) pension scheme, in an effort to further enhance the pension scheme’s resilience following recent gilt market volatility
Posted: 7/11/22
The winners of the 11th annual Irish Pensions Awards were announced on Thursday night at the highly anticipated gala dinner at 5* Shelbourne Hotel Dublin
Posted: 7/11/22
Policymakers and stakeholders have been urged to adopt a risk management approach to identify and mitigate the effects of further temperature rises, after industry analysis suggested that catastrophic outcomes from climate change are now “inevitable”
Posted: 7/11/22
Pensions schemes who adhere to the Taskforce on Nature-related Financial Disclosures (TNFD) framework will have to significantly increase their disclosure reporting under proposed new rules
Posted: 4/11/22
The Pensions Regulator has said that there is still more work to be done around auto-enrolment (AE), confirming plans for a new campaign to remind employers that it will take action if it spots non-compliance
Posted: 4/11/22
Pensions Age takes a look back at the top stories of the week, including Pensions Awareness Week efforts, and progress on pensions dashboards
Posted: 4/11/22
A study of retirement savings across five major nations has found that UK workers are lagging behind some of their European counterparts when it comes to setting aside money each month for later life
Posted: 4/11/22
The UK's 5,000-plus defined benefit (DB) pension schemes have remained in a strong solvency position, according to latest figures from PwC
Posted: 4/11/22
HMRC has announced that it will not proceed with plans for a digital interim claims service for the relief at source system, after work on this proved “more complex than originally thought”
Posted: 4/11/22
The latest news in brief and mandates from the past seven days
Posted: 4/11/22
The new Work and Pensions Secretary, Mel Stride, may take a more active interest in private pensions than his predecessors, Association of British Insurers (ABI) head of long-term savings policy, Rob Yuille, has suggested
Posted: 3/11/22
Pension schemes that have outsourced their investment decisions are being urged to revisit their arrangements with their fiduciary managers in light of the recent turmoil affecting the gilt market and the requirements contained in the Competition and Markets Authority's (CMA) investment consultancy and fiduciary management market order
Posted: 3/11/22
The Bank of England (BoE) has increased interest rates by 0.75 percentage points to 3 per cent, it has announced
Posted: 3/11/22
The funding position of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased to £29bn at the end of October, up from £5bn at the end of September
Posted: 3/11/22
The Pension Protection Fund (PPF) has published its third annual Responsible Investment Report, which outlines the pensions lifeboat’s activities and progress in 2021/2022 regarding responsible investment
Posted: 3/11/22
Profit warnings issued by UK-listed defined benefit (DB) sponsors increased by 38 per cent year-on-year in the third quarter of 2022, according to EY-Parthenon
Posted: 3/11/22
HMRC repaid a further £33,088,782 to people who overpaid tax when they flexibly accessed their pensions Q3 2022, meaning that HMRC has now repaid over £900m since Pension Freedoms were introduced in 2015.
The tax repayments on flexible withdrawals are necessary as HMRC applies an emergency 'month 1' tax code on the first withdrawal, which can lead to an initial over-taxation
The tax repayments on flexible withdrawals are necessary as HMRC applies an emergency 'month 1' tax code on the first withdrawal, which can lead to an initial over-taxation
Posted: 3/11/22
Liberal Democrats member of the House of Lords, Lord Sharkey, discusses the potential impact removing the state pension triple lock would have and the debate scheduled for parliament
Posted: 3/11/22
Women are expected to reach retirement with an average of just 74 per cent of the wealth accumulated by men, a global study from WTW has found
Posted: 3/11/22
The aggregate funding level of UK defined benefit (DB) pension schemes rose to 103 per cent in October, although the recent volatility is expected to have taken a "substantial toll" on some schemes, according to XPS Pensions Group
Posted: 2/11/22
Pensions Dashboards Programme (PDP) principal, Chris Curry, sets the record straight on common pensions dashboards misunderstandings, providing further clarification on the steps the industry should be taking to prepare
Posted: 2/11/22
The Agfa UK Group Pension Plan has completed a £200m buy-in with Standard Life, securing the benefits of 770 scheme members
Posted: 2/11/22
Over a quarter (28 per cent) of Brits with a pension are worried about falling victim to a pension scam, while more than one in ten (13 per cent) have already been targeted, according to research from Scottish Widows
Posted: 2/11/22
The London Pensions Fund Authority (LPFA) has published its plan to reach net zero, committing to reduce the fund’s Scope 1 and 2 emissions by 75 per cent by 2030
Posted: 2/11/22
Changes around the use of language could help people in their 50s and early 60s to start taking small but important steps to prepare for retirement and avoid making potentially damaging decisions, according to new industry research
Posted: 2/11/22
Trustees still need to be convinced of the importance of considering equality, diversity and inclusion (ED&I), The Pensions Regulator (TPR) executive director of frontline regulation, Nicola Parish, has stated
Posted: 01/11/22
Defined benefit (DB) pension scheme sponsors should be wary about the potential for surplus money to end up trapped or unproductive, LCP has said, urging scheme sponsors to work closely with trustees to agree a mutually acceptable endgame objective
Posted: 1/11/22
The Financial Conduct Authority (FCA) has published the final rules on pensions dashboards for pension providers
Posted: 1/11/22
The majority (84 per cent) of UK pension schemes expect institutional investors to increase their exposure to social care in future, while over a third (34 per cent) expect their appetite for investing in social care to increase ‘dramatically’, research from Downing has revealed
Posted: 1/11/22
More than a quarter (26 per cent) of people haven't kept the expression of wish forms for all their pensions up to date, while a further 13 per cent are unsure if they have, according to new research from Hargreaves Lansdown
Posted: 1/11/22
An "overwhelming" 74 per cent of savers couldn't identify any common pension abbreviations in new research from Aegon, which has prompted calls for more understandable communications
Posted: 1/11/22
The majority (88 per cent) of defined benefit (DB) trustees have a long-term objective (LTO) in place, although awareness in some areas, such as pensions dashboards, may be lacking, according to research from The Pensions Regulator (TPR)
Posted: 31/10/22
Universities have faced renewed calls to reverse changes to the Universities Superannuation Scheme (USS), after a monitoring update from the scheme trustee suggested that the retroactive restoration would cost around £0.5bn per year
Posted: 31/10/22
Around 148,000 people took their first flexible payment from a pension during the first six months of 2022, analysis of the latest HMRC figures by Just Group has found
Posted: 31/10/22
Successfully engaging people with their pensions could result in “unintended consequences”, particularly given the current economic environment, Aon has said
Posted: 31/10/22
A quarter (25 per cent) of adults have stopped or are planning to stop contributing to their workplace pensions in order to keep up with the rising cost of living, according to research from Charles Stanley
Posted: 31/10/22
The UK continues to face a "yawning gender pension gap", according to research from Royal London, which found that those going through the menopause could be around £126,000 worse off in retirement
Posted: 31/10/22
Only around one in seven (13 per cent) women are confident they are saving enough money for retirement, research by Cushon has found
Posted: 28/10/22
More than half (56 per cent) of adults in the UK think that the state pension is not generous enough, research from Canada Life has revealed
Posted: 28/10/22
Sophie Smith considers how Pension Awareness Week efforts can help repair the industry’s image and encourage members to make time for their pension, particularly in light of recent market volatility
Posted: 28/10/22
The latest news in brief and mandates from the past seven days
Posted: 28/10/22
The Flour Milling and Baking Research Association Pension and Assurance Scheme has agreed a £10m Assured Payment Policy (APP) transaction with Legal & General (L&G)
Posted: 28/10/22
Alex Burghart is no longer Minister for Pensions and Growth and has been moved to the Cabinet Office, where he will be a Parliamentary Secretary
Posted: 28/10/22
Former Pensions Minister Guy Opperman has confirmed his return to the Department for Work and Pensions (DWP) under Prime Minister Rishi Sunak’s government.
Writing on Twitter today, 27 October, Opperman stated that he was “delighted to be appointed by HM the King as Minister of State at DWP in the PM’s new government"
Writing on Twitter today, 27 October, Opperman stated that he was “delighted to be appointed by HM the King as Minister of State at DWP in the PM’s new government"
Posted: 27/10/22
Transport for London (TfL) has suggested that meeting the government's £100m cost saving target would result in an "unacceptable" detriment to member pension benefits, arguing that "government support is necessary" to support the scheme
Posted: 27/10/22
The Pensions Dashboards Programme (PDP) has confirmed that early partipants are expected to transition into the live pensions dashboards environment, using real data, in early 2023
Posted: 27/10/22
Nearly half (46 per cent) of pension holders have no idea how many pension pots they hold with previous employers, according to research from Scottish Widows
Posted: 27/10/22
The insurance market could face challenges in dealing with an "unprecedented" wave of demand from schemes, LCP has said, after analysis suggested that the market for UK defined benefit (DB) pension schemes to transfer their liabilities is set to “skyrocket”
Posted: 27/10/22
The total value of lost pension pots has risen 37 per cent to £26.6bn between 2018 and 2022, according to research from the Pensions Policy Institute (PPI), which has prompted renewed industry concern.
The research, sponsored by the Association of British Insurers (ABI) and Punter Southall Aspire (PS Aspire), revealed that there has also been a 73 per cent increase in the number of lost pension pots during this time, from an estimated 1.6m to over 2.8m
The research, sponsored by the Association of British Insurers (ABI) and Punter Southall Aspire (PS Aspire), revealed that there has also been a 73 per cent increase in the number of lost pension pots during this time, from an estimated 1.6m to over 2.8m
Posted: 27/10/22
Funding targets have changed "dramatically" since 2021, research from Charles Stanley Fiduciary Management has suggested, with the number of defined benefit (DB) pension scheme trustees targeting buyout on the rise even prior to recent market volatility
Posted: 27/10/22
The Cobham Pension Plan has completed a £530m buy-in with Standard Life, securing retirement benefits for around 3,000 members of the scheme
Posted: 27/10/22
Pension participation and contribution rates have surged since the introduction of auto-enrolment (AE) 10 years ago, although a slight increase in opt-out rates has prompted some industry concerns
Posted: 26/10/22
Employers rarely switch their pension provider over concerns that it may be too difficult, research from the Department for Work and Pensions has revealed, with resource burden thought to be the key consideration for employers when making pension decisions
Posted: 26/10/22
FTSE 350 companies’ defined benefit (DB) pension deficits could be “a thing of the past” with six months of dividend payments reallocated to pensions, according to analysis by Barnett Waddingham
Posted: 26/10/22
The pension scheme for the UK operations of an unnamed foreign bank has completed a £25m buy-in with Canada Life, securing retirement benefits for 93 pensioners
Posted: 26/10/22
The market value of Local Government Pension Scheme (LGPS) funds in England and Wales increased 8 per cent to £364bn as at the end of March 2022, despite a 6.6 per cent increase in expenditure, new figures have revealed
Posted: 26/10/22
Master trusts have been urged to introduce more impact investing options, after research from Hymans Robertson revealed that 42 per cent of master trusts don’t offer climate impact options to members and have no clear plans for their inclusion
Posted: 26/10/22
As auto-enrolment reaches its 10-year anniversary, Association of British Insurers (ABI) director general, Hannah Gurga, considers the challenges still facing savers and the changes needed over the next 10 years
Posted: 26/10/22
MP for Central Devon, Mel Stride, has been appointed Secretary of State for Work and Pensions as part of the new Prime Minister, Rishi Sunak's, reshuffle
Posted: 25/10/22
Over half (56 per cent) of the investments made by Now Pensions were made with an “explicit sustainability objective”, the provider’s first Task Force on Climate-Related Financial Disclosures (TCFD) report has revealed
Posted: 25/10/22
Industry experts have emphasised the need for savers to be aware of the impact divorce could have on their pension, ahead of Pensions Awareness Week
Posted: 25/10/22
The Financial Conduct Authority (FCA) has launched a consultation on new proposals designed to crack down on greenwashing, with plans for a further consultation to extend these proposals to pension products expected "in due course"
Posted: 25/10/22
Pension scheme trustees could face an “actuarial headache” as a result of new Statutory Money Purchase Illustration (SMPI) regulations, which are expected create “significant” extra actuarial calculations, CTC Pensions Technology has said
Posted: 25/10/22
The Pensions Regulator (TPR) has published an updated enforcement strategy, alongside its consolidated enforcement policy, and updated prosecution policy, in an effort to provide further clarification around enforcement action for pension scheme trustees.
The new enforcement policy includes new powers given to TPR in the Pensions Schemes Act 2021, replacing and consolidating three previous compliance and enforcement policies on defined benefit (DB) funding, defined contribution (DC) and public service (PSPS) schemes
The new enforcement policy includes new powers given to TPR in the Pensions Schemes Act 2021, replacing and consolidating three previous compliance and enforcement policies on defined benefit (DB) funding, defined contribution (DC) and public service (PSPS) schemes
Posted: 25/10/22
University and College Union (UCU) members at 150 universities could take strike action over changes to the Universities Superannuation Scheme (USS), after the union secured an 'unprecedented' mandate
Posted: 25/10/22
Auto-enrolment progress has remained stable despite a turbulent year for both the labour market and households due to the impact of the Covid-19 pandemic, according to research from Nest Insight
Posted: 25/10/22
The Work and Pensions Committee (WPC) has launched an inquiry into defined benefit (DB) pensions with liability driven investments (LDI), following recent volatility in the gilt markets
Posted: 24/10/22
Almost a quarter (23 per cent) of people have lost track of a pension, research conducted by Opinium on behalf of Hargreaves Lansdown has revealed
Posted: 24/10/22
Increases in the Government Actuary’s Department (GAD) rate could create an opportunity for advised clients to review their capped drawdown income levels, AJ Bell has suggested
Posted: 24/10/22
Recent market turbulence could be a “catalyst for open discussion” within the industry about whether improvements can be made to schemes’ risk management and investment approaches, the Institute and Faculty of Actuaries (IFoA) has said
Posted: 24/10/22
Defined benefit (DB) transfer values have fallen to an “unprecedented low” amid recent market volatility, falling to £181,000 at the end of September, according to XPS Pension Group’s Transfer Value Index
Posted: 24/10/22
With social issues rising up on the sustainability agenda for investors, UK Sustainable Investment and Finance Association head of policy and communications, Oscar Warwick Thompson, considers the potential of the UK's social issues taskforce
Posted: 24/10/22
The number of telephone Pension Wise appointments arranged increased by 32.6 per cent in Q2 2022/23 to 46,425, while the number of telephone appointments attended has increased 27.5 per cent to 33,374
Posted: 24/10/22
Pensions Age takes a look back at the top stories of the week, including the impact of recent market volatility, and recent speculation around the future of the state pension triple lock
Posted: 21/10/22
The vast majority (95 per cent) of pension schemes have seen their buyout position improve following recent market volatility, with 23 per cent seeing an improvement of more than 20 per cent in their position, according to research by XPS Pensions
Posted: 21/10/22
Year-on-year revenues for XPS Pensions Group grew 14 per cent, its pre-close trading update for the six months ending 30 September has revealed
Posted: 21/10/22
The Firefighters’ Pension Scheme has reported a 9 per cent increase in its scheme deficit, while in related news, nearly 9,000 firefighters are set to receive a pay out of £3,750 as compensation for anxiety and distress following a "government pensions debacle".
The Fire Brigades Union (FBU) confirmed that claimants with “additional reasons for being aggrieved” will receive £7,250 in total, after the government agreed to settle the case for firefighters, which have been represented by FBU throughout the process
The Fire Brigades Union (FBU) confirmed that claimants with “additional reasons for being aggrieved” will receive £7,250 in total, after the government agreed to settle the case for firefighters, which have been represented by FBU throughout the process
Posted: 21/10/22
The Department for Work and Pensions (DWP) has updated its statutory guidance on reporting costs, charges and other information to take account of the introduction of new collective money purchase schemes
Posted: 21/10/22
Nearly 27,000 people have signed up for the Pension Awareness live shows so far in 2022, up 50 per cent on 2021, Pension Geeks has revealed
Posted: 21/10/22
The latest news in brief and mandates from the past seven days
Posted: 21/10/22
Two former pension scheme trustees are set to appear at Preston Crown Court over allegations of making illegal loans and investments in a prosecution brought by The Pensions Regulator (TPR)
Posted: 20/10/22
The Pensions Ombudsman (TPO) has reported two trustees of the Black and White Financial Solutions (BWFS) Occupational Pension Scheme to The Pensions Regulator (TPR)
Posted: 20/10/22
The Financial Conduct Authority (FCA) has emphasised the role of the industry in developing more innovative ways to engage consumers at different stages of their journey, particularly amid the current economic environment
Posted: 20/1/22
A £13m full scheme buy-in has been agreed between Legal & General (L&G) Assurance Society Limited and the Jarvis Limited Pension Plan
Posted: 20/10/22
The Financial Conduct Authority (FCA) has provided further clarification around the proposed British Steel Pension Scheme (BSPS) redress scheme, confirming that it is exploring the possibility of a redress calculator
Posted: 20/10/22
Over half (59 per cent) of the Black community in the UK is concerned about running out of money in retirement, with a quarter (25 per cent) stating that they do not have a personal or workplace pension, according to research from Scottish Widows
Posted: 20/11/22
Several European pension funds have filed a legal case against Volkswagen (VW) after the car manufacturer vetoed the tabling of an AGM agenda item following its alleged repeated refusal to reveal information on its corporate climate lobbying
Posted: 20/10/22
The BT Pension Scheme funding position improved over the past year, despite an £11bn fall in the value of the scheme's assets amid “unprecedented” gilt market volatility
Posted: 19/10/22
The Prime Minister, Liz Truss, has reiterated the government’s commitment to maintain the state pension triple lock, after speculation that the initiative could be in jeopardy
Posted: 19/10/22
Pension scheme trustees have been encouraged to ensure that controls are in place to protect against fraud, with RSM UK warning that recent market turmoil could make pension scheme investments a potential target for fraud
Posted: 19/10/22
The latest inflationary increases could have "unexpected" consequences for defined benefit (DB) pension schemes, industry experts have warned, after the Consumer Prices Index (CPI) rose by 10.1 per cent in September 2022
Posted: 19/10/22
The state pension could be in line for a record increase under the triple lock mechanism, after rising food prices pushed inflation rates back into the double digits
Posted: 19/10/22
Liability driven investment (LDI) funds have built up enough capital to withstand “much larger increases in yields than before”, the Bank of England (BofE) has said, with the risk of LDI funds triggering a ‘fire sale’ dynamic in gilt markets “significantly reduced".
In a letter to the Treasury Committee, BofE deputy governor, financial stability, Jon Cunliffe, confirmed that recent gilt market interventions had increased liquidity in the market, revealing that the majority of the gilt purchases were from LDI managers
In a letter to the Treasury Committee, BofE deputy governor, financial stability, Jon Cunliffe, confirmed that recent gilt market interventions had increased liquidity in the market, revealing that the majority of the gilt purchases were from LDI managers
Posted: 19/10/22
Calls for the government to reconsider the draft defined benefit (DB) funding and investment regulations have grown, with industry organisations arguing that greater flexibility is needed, particularly in light of recent market volatility
Posted: 18/10/22
Total pension scheme buy-in and buyout volumes reached almost £12bn in the first half of 2022, research from Hymans Robertson has revealed
Posted: 18/10/22
The Pensions Ombudsman (TPO) has upheld a complaint against John Abbott (Flooring Contractors) Ltd and directed it to pay the complainant £1,000 for distress and inconvenience
Posted: 18/10/22
Recent comments from the new Chancellor, Jeremy Hunt, have prompted uncertainty over the future of the state pension triple lock, with industry experts suggesting that there could be a “genuine tussle” between politics and ensuring the sustainability of public finances
Posted: 18/10/22
More than a quarter (26 per cent) of UK workers do not know how much they contribute to their workplace pension each month, research from Standard Life has revealed
Posted: 18/10/22
More innovation and holistic support is needed to future proof defined contribution (DC) products and help members make decumulation decisions, Hymans Robertson has said
Posted: 18/10/22
Pension scheme trustees should take action now to facilitate discussions with auditors and smooth the accounts approval process, RSM UK has said, warning that the current market uncertainty could present a further challenge for trustee boards
Posted: 18/10/22
UK employers fear that the number of employees opting out of company pension schemes is set to rise in response to the cost of living crisis, research from Cushon has revealed
Posted: 17/10/22
Defined benefit (DB) and defined contribution (DC) pensions schemes have been highlighted by the new Minister for Pensions and Growth, Alex Burghart, as "significant institutional investors" that can “contribute to and benefit from” a growing economy
Posted: 17/10/22
Industry experts have raised concerns over the "unnecessarily restrictive" draft defined benefit (DB) funding regulations, warning that the new funding rules could make matters worse for many pension schemes and their members
Posted: 17/10/22
A quarter (25 per cent) of female savers aged 58-75 year olds viewed communications from their pension provider as “poor”, compared with 16 per cent of men, research from Dunstan Thomas has revealed
Posted: 17/10/22
The Department for Work and Pensions (DWP) has announced plans to extend the notice period for the pensions dashboards available point from 90 days, as initially proposed, to at least six months
Posted: 17/10/22
The Bank of England (BofE) has confirmed that the temporary purchase of long-dated UK government bonds ended as scheduled on 14 October, after enabling “a significant increase in the resilience of the sector"
Posted: 17/10/22
The latest news in brief and mandates from the past seven days
Posted: 14/10/22
Collective DC (CDC) is “not a magic bullet” in improving member outcomes, the Department for Work and Pensions (DWP) has warned
Posted: 14/10/2022
The draft regulations on defined benefit (DB) funding go “much further” than what was previously consulted on, Hymans Robertson has said, warning that an overly prescriptive approach could have a “far reaching and detrimental" consequences
Posted: 14/10/22
Almost nine in 10 (86 per cent) savers are not on track to achieve the standard of retirement that they currently expect, according to research from Phoenix Group
Posted: 14/9/22
Speculation over the potential impact of the end of the Bank of England’s (BofE) gilt market interventions has continued ahead of today's (14 October) deadline, with some suggestions that the central bank may extend its support in some form
Posted: 14/10/22
Savers without adequate pension savings at retirement could benefit from a framework that allows them to choose when to spend, while still maintaining a base level of pension savings, industry experts have suggested
Posted: 14/10/22
Less than a quarter (22 per cent) of pension schemes have a risk register documenting cyber risks in place, according to a survey conducted at the PLSA Annual Conference 2022
Posted: 13/10/22
Ongoing market volatility could highlight the need to think again about how pension schemes invest, according to former Institute for Fiscal Studies executive committee chair, Dame Frances Cairncross
Posted: 13/10/22
Ongoing market volatility could highlight the need to think again about how pension schemes invest, according to former Institute for Fiscal Studies executive committee chair, Dame Frances Cairncross
Posted: 13/10/22
The Pension Regulator has confirmed plans to further develop its new stakeholder panels, after the pilot phase found that there is “appetite out there to work collaboratively and to achieve good outcomes for savings"
Posted: 13/10/22
The current economic conditions have created “odd-looking pricing figures” for bulk annuity deals, “generally in the trustees’ favour”, Pension Insurance Corporation (PIC) head of pricing, Tristan Walker-Buckton, has said
Posted: 13/10/2022
The Pensions Regulator has emphasised that defined benefit (DB) pension schemes “were not and are not at risk of collapse" after recent market volatility prompted concerns, although it said that there is still much to be done before market interventions end
Posted: 13/10/22
The pensions industry believes DC schemes should offer a seamless income option as the default, a PLSA industry poll has found
Posted: 13/10/2022
The Department for Work and Pensions (DWP) is “opening to hearing about and having discussions” about the use of collective DC (CDC) at the decumulation stage
Posted: 13/10/2022
Nearly three-quarters (73 per cent) of younger workers agree that employees under the age of 22 should be eligible for automatic enrolment (AE), research by Legal & General Investment Management (LGIM) has found
Posted: 13/10/22
Defined benefit (DB) schemes are going to have to sell more assets to retain their liability-driven investment (LDI) hedge and there is no evidence that the situation is going to stabilise in the near future, industry experts have suggested
Posted: 13/10/22
Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video
ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video
Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.
Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios
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