Latest News
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Only 'everlasting hangover' from Covid-19 would significantly reduce DB liabilities
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DC pension charge cap changes 'may prohibit' access to private markets and illiquids
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Industry research prompts concern over 'mismatched' retirement planning
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Pensions industry cautioned against giving 'dangerous illusion' of member vote
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Advisers urged to review clients' pensions following LTA freeze
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Nest to increase infrastructure portfolio allocation to 5%
Archive News
Pension professionals need to consider the pension Lifetime Allowance's (LTA) potential impact for any client who has a pension pot valued greater than £500,000, according to Quilter
Posted: 19/4/21
Pension scheme trustees and sponsors have been urged to understand the make-up of their members and how they could be impacted by the pandemic when reviewing their mortality assumptions, following scenario analysis from LCP.
The firm's longevity report stated that only an “everlasting hangover” from Covid-19, seeing substantial additional deaths for many years, would lead to a significant reduction in UK defined benefit (DB) pension scheme liabilities
The firm's longevity report stated that only an “everlasting hangover” from Covid-19, seeing substantial additional deaths for many years, would lead to a significant reduction in UK defined benefit (DB) pension scheme liabilities
Posted: 19/4/21
The pensions industry has been urged to “proceed with caution” when it comes to giving members’ the perception that they have voting rights on the shares in their pension schemes, with PTL warning that this could be a “dangerous illusion”
Posted: 19/4/21
Nest has announced plans to invest more than £3bn in infrastructure by the end of the decade, increasing its portfolio allocation to at least 5 per cent
Posted: 19/4/21
The pensions industry has issued a mixed response to the Department for Work and Pensions’ (DWP) proposals for changes to the defined contribution (DC) charge cap, raising concerns that they could prohibit access to value-enhancing markets
Posted: 19/4/21
Just over a quarter (26 per cent) of women are confident they will be able to afford to retire, compared to almost half (46 per cent) of men, prompting concerns that couples could have mismatched retirement plans
Posted: 19/4/21
ITM has acquired the products and assets of Profund Solutions, part of Mercer, for an undisclosed sum
Posted: 16/4/21
Teachers at St Christopher School in Letchworth Garden City have begun the first of six planned days of strike action over plans by their employer to withdraw from the Teachers’ Pension Scheme (TPS)
Posted: 16/4/21
The government has revised its answer to a parliamentary written question to correct the amount of money it has received as its share of surpluses from the Mineworkers’ Pension Scheme
Posted: 16/4/21
The latest news in brief and mandates from the past seven days
Posted: 16/4/21
A temperature scoring framework, which could tell pension funds instantly how well they align with the Paris Agreement, is being championed by Cambridge Institute for Sustainability Leadership's (CISL) Investment Leaders Group (ILG)
Posted: 16/4/21
Quilter has written to Prime Minister, Boris Johnson, and Minister for Digital and Culture, Caroline Dinenage, calling on the government to include scams and other financial harms in the upcoming Online Safety Bill
Posted: 16/4/21
There is an increasing focus on providing member support within the pensions industry, according to research from Aon, which found that 10 per cent of schemes are now providing defined contribution (DC) members with fully funded or subsidised independent financial advice (IFA)
Posted: 16/4/21
Willis Towers Watson (WTW) is targeting net-zero greenhouse gas emissions by 2050 at the latest, with at least a 50 per cent reduction by 2030, in its fully discretionary delegated investment portfolios
Posted: 15/4/21
Pension fund members of the Climate Action 100+ (CA100+) initiative have had some success as Royal Dutch Shell commits to achieving net-zero emissions by 2050 or sooner
Posted: 15/4/21
Growth in the number of non-enrolled workers has outpaced that of auto-enrolled (AE) workers for the eighth consecutive month in March, with an increase of 31,000 unenrolled workers, more than double the growth seen amongst AE workers in the month
Posted: 15/4/21
The Wales Pension Partnership (WPP) has launched a new decarbonisation initiative across the £2.5bn of its global equity assets managed by Russell Investments
Posted: 15/4/21
Pension schemes can use synthetic credit to keep assets in line with insurer pricing and help maintain liquidity to ensure an efficient and cost-effective transition to an insurer, according to a paper from Aon
Posted: 15/4/21
Convicted investment fraudster, Bernie Madoff, has died in prison in the United States at the age of 82
Posted: 15/4/21
Changes designed to simplify the processes of the pensions tax system must not result in a "disproportionate administrative burden" for employers and pension scheme providers, the Association of Consulting Actuaries (ACA) has warned
Posted: 15/4/21
The Rolls Royce Retirement Savings Trust’s net assets rose from £422.6m to £451.1m in the year ended 5 April 2020, despite investment losses
Posted: 14/4/21
The deficit of Tesco’s UK defined benefit (DB) pension schemes has been cut by nearly two thirds, falling from £3,085m in 2019/20 to £1,222m in 2020/21, primarily thanks to a £2.5bn deficit reduction contribution made by the supermarket group
Posted: 14/4/21
Aegon has called on the pensions industry to improve communications with members as to how environmental, social and governance (ESG) investing works, and to highlight its potential benefits
Posted: 14/4/21
A third (33 per cent) of pension savers would prefer to completely divest from companies that fail to pay their employees a living wage, according to PensionBee
Posted: 14/4/21
Defined benefit (DB) pension transfer values have recovered around one third of the “sharp fall” seen in February, increasing to £246,000, largely thanks to rising expectations of future inflation increasing the expected value of members' pensions, according to the XPS Transfer Watch
Posted: 14/4/21
Broadstone Group has acquired Midlands-based actuarial and scheme administration services provider, Quattro Pensions, for an undisclosed sum
Posted: 14/4/21
The majority (80 per cent) of Brits are unsure on the basics of pensions, increasing to 81 per cent for those aged 55 and over and approaching retirement, according to a survey from Freetrade, with many relying on internet resources, such as Google, to improve this
Posted: 13/4/2021
The Pensions Regulator’s investigation into a multi-million-pound pension fraud has continued today, as the defendants, Alan Barratt, Susan Dalton, and Julian Hanson, appeared before Westminster Magistrates’ Court
Posted: 13/4/2021
Just one in 20 (5 per cent) of people who saved money due to Covid-19 restrictions plan to pay the money into their pensions, according to research from LV=
Posted: 13/4/21
The Northern Ireland (NI) Executive Office (EO) has confirmed that it will ensure that necessary funding is made available to guarantee victims of the Troubles receive compensation under the Troubles Permanent Disablement Payment Scheme
Posted: 13/4/2021
The combined surplus of UK defined benefit (DB) pension schemes in the Pension Protection Fund (PPF) 7800 index is estimated to have more than doubled to £34.2bn in March
Posted: 13/4/21
The Pensions Dashboard Programme (PDP) has issued an invitation to tender for a supplier to provide the digital architecture that will allow people to view their pensions through their chosen dashboard, in what the group has highlighted as a “significant milestone”
Posted: 13/4/2021
The Covid-19 pandemic has “fuelled a rise in all-or-nothing retirement plans” as more people hope to leave employment early, according to research from Hargreaves Lansdown
Posted: 12/4/21
PensionBee has published the pricing details for its initial public offering (IPO), confirming that the price range for the offer has been set at 155 pence to 175 pence per share, in turn implying an estimated market capitalisation at admission of between £346m and £384m
Posted: 12/4/2021
Efforts to encourage greater gender diversity in the adviser profession should be accelerated in order to close the gender retirement income gap, according to speakers at a virtual policy debate hosted by the Equity Release Council (ERC) and financial advice firm Key
Posted: 12/4/21
Industry experts have raised concerns that carers may be at risk of losing valuable pension credits, after a freedom of information request by Quilter revealed an almost 20 per cent fall in the number of people claiming a carer's credit, from 6,489 in 2019 to 5,209 in 2020
Posted: 12/4/2021
The Pensions Regulator has published a Q&A document in response to queries around its role in the 2020 Universities Superannuation Scheme (USS) valuation process, providing further details on a number of key issues around the scheme.
The document included information as to how TPR approached the assessment of employer covenant, after stakeholders, including Universities UK (UUK), previously raised concerns that this was being underappreciated by trustees
The document included information as to how TPR approached the assessment of employer covenant, after stakeholders, including Universities UK (UUK), previously raised concerns that this was being underappreciated by trustees
Posted: 12/4/2021
Freezing the Money Purchase Annual Allowance (MPAA) will increase the number of basic rate taxpayers aged 55 and over who face a squeeze on tax relief on their future pension contributions, according to Just Group
Posted: 12/4/21
The Co-operative Group pension scheme surplus has remained "largely unchanged" over the past year, falling from £1.973 in 2020 to £1.931bn in 2021, according to the group's annual financial results
Posted: 9/4/2021
The Pensions Ombudsman (TPO) has upheld a complaint about delayed pension payments against Aviva Life and Pensions UK Limited
Posted: 9/4/21
Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH)
Posted: 9/4/2021
The government should reverse its “ill thought through” decision to change the normal minimum pension age (NMPA) to 57, according to Quilter
Posted: 9/4/21
The Transparency Task Force (TTF) has called for a cross-party effort to be made to “clean up” the UK’s financial services sector, highlighting evidence of current “malpractice, malfeasance, misconduct and mis-selling on a range of matters".
In an open letter addressed to the Prime Minister, TTF founder, Andy Agathangelou, called on the government to publicly share thoughts on what must be done, pointing to a range evidence in relation to the issue, given by speakers at a recent TTF symposium
In an open letter addressed to the Prime Minister, TTF founder, Andy Agathangelou, called on the government to publicly share thoughts on what must be done, pointing to a range evidence in relation to the issue, given by speakers at a recent TTF symposium
Posted: 9/4/2021
The latest news in brief and mandates from the past seven days
Posted: 9/4/2021
Using digital solutions with pension members can increase their engagement to between 30 and 40 per cent, according to analysis by Buck
Posted: 8/4/21
The Investment Consultants Sustainability Working Group (ICSWG) has endorsed the Impact Investing Principles for Pensions, published by the Impact Investing Institute in partnership with Pensions for Purpose
Posted: 8/4/21
The pensions industry has welcomed The Pensions Regulator’s (TPR) recently published Climate Change Strategy, praising its integration of covenant, actuarial and investment risk
Posted: 8/4/21
The University and College Union (UCU) has accused Universities UK (UUK) of proposing “unnecessary and damaging cuts” to the Universities Superannuation Scheme (USS), arguing that a more progressive approach could be taken
Posted: 8/4/21
The government has published a consultation to seek views on the draft amendments to the Teachers’ Pension Scheme (TPS) regarding survivor benefits and phased withdrawal of independent schools
Posted: 8/4/21
Universities UK (UUK) has launched a consultation with participating employers of the Universities Superannuation Scheme (USS), proposing an alternative path to the 2020 USS valuation which it has argued could help bring headline costs down.
Posted: 7/4/21
Pensions Minister, Guy Opperman, has issued a warning to savers reviewing their retirement plans in the new tax year to be wary of “unscrupulous” pension scammers operating online
Posted: 7/4/21
The Pensions Regulator (TPR) has set out its plans to support trustees through upcoming changes in climate change-related regulations and how it will enforce new requirements
Posted: 7/4/21
The Association of British Insurers (ABI) Pension & Assurance Scheme has completed a £26m bulk purchase annuity buy-in with Aviva, insuring the defined benefit (DB) pensioner liabilities for 191 members
Posted: 7/4/21
The pensions industry should take advantage of increased connectivity within society to improve member engagement and fiduciary/provider decision making, according to PTL MD, Richard Butcher
Posted: 7/4/21
The trustees of Saga Group’s defined benefit (DB) pension scheme have proposed a seven-year deficit recovery plan totalling £39m to the company
Posted: 7/4/21
Option one of Investment Pathways, for savers who have no plans to touch their money in the next five years, has been the "runaway" most popular choice, Interactive Investor (II) has revealed, although overall take-up of pathways remains low amongst its customers
Posted: 7/4/21
Industrial action is "likely" to be needed to resolve the ongoing issues surrounding the Universities Superannuation Scheme (USS), with further potential for legal action, according to recent motions passed by the Heriot-Watt and University College London (UCL) branches of University and College Union (UCU)
Posted: 7/4/21
The Pensions Ombudsman (TPO) is celebrating its anniversary this month, marking 30 years since its establishment on 1 April 1991
Posted: 6/4/21
Just over a quarter (27 per cent) of defined benefit (DB) pension members feel very confident about making retirement decisions, whilst over a third admitted that they do not feel knowledgeable about their DB pension, according to industry research
Posted: 6/4/21
Shepherd Foods (London) Limited’s defined benefit (DB) pension scheme has completed a £3m buyout deal with Aviva
Posted: 6/4/21
Women are less than half as likely to be engaged with their pension under the current approach to communications, with analysis of Financial Conduct Authority data revealing that 12 per cent of women are "highly engaged" compared to 26 per cent of men
Posted: 6/4/21
The Pension Protection Fund (PPF) has increased the 2021/22 fraud compensation levy on pension schemes to 75 pence per member, the maximum level allowed under current regulations
Posted: 6/4/21
The accounting deficit of FTSE 350 companies’ defined benefit (DB) pension schemes increased by £1bn during March to £80bn, according to Mercer’s latest Pensions Risk Survey
Posted: 1/4/21
New statistics from the Office for National Statistics (ONS) on workplace pensions have prompted calls for further action on minimum contribution levels and widening auto-enrolment (AE)
Posted: 1/4/21
The aggregate funding deficit of the UK’s defined benefit (DB) pension schemes has remained “neutralised” at zero for a second month running, according to analysis from PwC
Posted: 1/4/21
The Pensions Scams Industry Group (PSIG) has announced the publication of version 2.2 of its Code of Good Practice on Combating Pension Scams
Posted: 1/4/21
The latest news in brief and mandates from the past seven days
Posted: 1/4/21
The Pension Protection Fund (PPF) has published its 2021/22 Business Plan, with its goals including online completion for 70 per cent of member services transactions
Posted: 1/4/21
Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates
Posted: 1/4/21
The Supreme Court has refused the Backto60 campaign permission to appeal the decision that rejected its claim that rises to the state pension age for women born in the 1950s were discriminatory
Posted: 1/4/21
The Association of Professional Pension Trustees (APPT) has announced the launch of a new responsible investment and climate change committee
Posted: 31/3/21
The Universities Superannuation Scheme (USS) has rejected a request from Universities UK (UUK) for a review of the assumptions for the recent scheme valuation
Posted: 31/3/21
PensionBee has confirmed that it will be proceeding with plans to float on the London Stock Exchange, in an offer which could see the firm raise up to £60m through the issuance of new and existing shares
Posted: 31/3/21
The Pensions Management Institute (PMI) will expand a range of educational products and services under a single umbrella with the launch of the PMI academy
Posted: 31/3/21
Legal and General Investment Management's (LGIM) Workplace Defined Contribution (DC) business and the L&G Master Trust have unveiled a roadmap to achieve net zero by 2050 across all of their auto-enrolment default investment options
Posted: 31/3/21
Mercer has targeted net-zero carbon emissions by 2050 for UK, European and Asian clients with discretionary portfolios and the majority of its multi-client, multi asset funds domiciled in Ireland
Posted: 31/3/21
Self-employed workers are “missing out” on an estimated £4bn worth of pension contributions every year as they do not receive employer contributions, according to analysis from Interactive Investor (II)
Posted: 31/3/21
The Cardano Group has joined the Net Zero Managers Initiative, following its pledge to reach net-zero carbon emissions by 2050
Posted: 30/3/21
Consolidation in the defined contribution (DC) pension market has continued over the past year, whilst growth in DC scheme membership has slowed, according to data from The Pensions Regulator (TPR)
Posted: 30/3/21
The Financial Conduct Authority (FCA) has published finalised guidance on advising defined benefit (DB) pension transfers
Posted: 30/3/21
The bulk annuity market is expected to remain “firm”, with total deals in 2021 expected to hit around £30bn, in line with 2020's result, according to a new report from Bloomberg Intelligence
Posted: 30/3/21
Over a third (35 per cent) of trustees and employers say their pension schemes have suffered a data breach in the past year, according to research from Sackers
Posted: 30/3/21
The Pensions Regulator (TPR) has confirmed plans to develop a longer-term Diversity and Inclusion Strategy and Action Plan, after its latest data on pay gaps revealed mixed progress on addressing pay gap issues
Posted: 30/3/21
The timing for new climate-related disclosure requirements “will be tight”, Sackers partner, Stuart O’Brien, has warned, urging pension scheme trustees to get prepared as soon as possible
Posted: 29/3/21
Member contributions to private sector defined contribution (DC) schemes grew by 12 per cent between Q2 and Q3 2020, rising from £1.6bn in June to £1.8bn as of September 2020, according to figures from the Office for National Statistics (ONS)
Posted: 29/3/21
The pensions industry has welcomed the publication of the Work and Pensions Committee’s (WPC) report on pension scams and praised its “breadth, depth, clarity and potency”
Posted: 29/3/21
Middle-aged women should be better informed of the extent to which full-time work could boost their pensions, according to The People’s Pension (TPP)
Posted: 29/3/21
Women retire with 25 per cent to 45 per cent less in their pension pots than men due to an "intrinsically biased UK pension system", according to analysis from Barnett Waddingham
Posted: 29/3/21
International technology firms should be held responsible for their role in allowing pension scams adverts to appear on their platforms, the Work and Pensions Committee (WPC) has said
Posted: 29/3/21
The International Organisation of Pension Supervisors (IOPS) has launched a consultation on its draft of good practices for designing, presenting and supervising pension projections
Posted: 26/3/21
Pensions Policy Institute (PPI) research associate, Anna Brain, discusses how the coronavirus pandemic may have exacerbated digital exclusion
Posted: 26/3/21
The Pensions Regulator (TPR) has published its settlement policy, outlining its approach to negotiation and concluding statements of regulatory or civil enforcement action, and in turn providing further "clarity" for pension scheme trustees
Posted: 26/3/21
Auto-enrolment pensions are “more important than ever” and it is "imperative" that the policy is expanded in the wake of new pensioner income figures, according to Royal London
Posted: 26/3/21
Work and Pensions Committee chair, Stephen Timms, has written to Pensions Minster, Guy Opperman, seeking a more detailed update on the underpayment of state pensions by 8 April
Posted: 26/3/2021
The latest news in brief and mandates from the past seven days
Posted: 26/3/21
Over a fifth (22 per cent) of 45 to 65-year-olds think the government has performed “terribly” in its attempt to make using Pension Wise the norm, according to research from Just Group
Posted: 26/3/21
The Church of England (CofE) Pensions Board has published its first annual Stewardship Report, highlighting a number of industry collaborations, as well as progress on climate issues
Posted: 25/3/21
The Pensions Regulator (TPR) has called on pension schemes to report suspected scams following a “concerning” long-term drop in reporting
Posted: 25/3/21
The Pensions Regulator’s (TPR) draft guidance on new criminal offences could make it harder for schemes to be rescued and is “inherently vague and subjective” when it comes to explaining what a reasonable excuse is, according to Freshfields Bruckhaus Deringer
Posted: 25/3/21
The General Motors Vauxhall Associated Companies Pension Fund (VACPF) has completed a £53m bulk purchase annuity deal with Aviva, securing the defined benefit pension liabilities of 1,392 members
Posted: 25/2/2021
The Investing and Saving Alliance (Tisa) has called for an increase in automatic enrolment (AE) contributions to 12 per cent of full salary, after research revealed that the UK’s mandatory pension provision is nearly half the OECD’s average
Posted: 25/3/21
A new pensions industry small pots working group has been established by the Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI)
Posted: 24/3/21
The Pension Protection Fund (PPF) has confirmed that its compensation cap at age 65 will remain at its current level of £41,461.07 per annum from 1 April
Posted: 24/3/21
The government has announced plans for a consultation on regulatory amendments to ensure that a surviving opposite-sex spouse or civil partner of a female member is treated in the same way as a surviving same-sex spouse or civil partner of a female member in public sector pension schemes
Posted: 24/3/21
The government has launched a consultation scrutinising the effectiveness of occupational pension scheme trustees’ current policies and practices in relation to social factors
Posted: 24/3/21
Defined benefit (DB) pension scheme sponsors and trustees must be aware that their Pension Protection Fund (PPF) levy could undergo a “very large increase in the future", according to Barnett Waddingham (BW)
Posted: 24/3/21
Aon has emphasised the importance of being well prepared and agile when considering a buyout, as part of broader guidance on how UK pension schemes can reach the right state for a successful deal
Posted: 24/3/21
The coronavirus pandemic has forced nearly a fifth (19 per cent) of workers aged between 65 and 74 to delay their retirement, research by Close Brothers has found
Posted: 24/3/21
The government has said it will be reviewing the appropriate taxation framework for defined benefit (DB) pension superfunds, and making “technical updates” to McCloud tax rules
Posted: 23/3/21
The government has confirmed plans to discount guaranteed minimum pension (GMP) conversion as a long-term policy solution for public service pension schemes, and make full GMP indexation the permanent solution
Posted: 23/3/21
PensionBee has confirmed that it is considering an initial public offering (IPO) and intends to publish its registration document, with plans for a targeted offering to both institutional investors and eligible customers
Posted: 23/3/21
Rothesay has completed a £6m follow-on buyout transaction with an unnamed pension scheme from the UK’s aviation sector
Posted: 23/3/21
More than 1,000 pension savers became subject to the Money Purchase Annual Allowance (MPAA) every working day last year, according to analysis of recent HMRC figures by Just Group
Posted: 23/3/21
Research from Aegon has revealed a "worrying and very sharp" reduction in the number of adviser firms offering defined benefit (DB) transfer advice, with 22 per cent of firms currently offering this service, compared to 41 per cent in 2020
Posted: 23/3/21
Contingent funding arrangements are set to become “far more” mainstream amongst defined benefit (DB) pension schemes, LCP has predicted
Posted: 23/3/21
The Pensions Administration Standards Association (Pasa) has launched its Data Management Plan Guidance in conjunction with Pasa expert knowledge provider for data, Deloitte
Posted: 23/3/21
The government has been urged to "rethink" raising the state pension age after figures from the Office for National Statistics (ONS) showed a 19-year healthy life expectancy gap between the UK’s most and least deprived areas
Posted: 22/3/21
PensionBee has reduced its median hourly gender pay gap to 4 per cent, in line with its aim of achieving equality with a variance of 5 per cent permitted due to the overall size of the employee base
Posted: 22/3/21
Nearly half (43 per cent) of working single mums, around 400,000 women, are currently "locked out" of auto-enrolment (AE), according to research from Now Pensions and the Pensions Policy Institute (PPI)
Posted: 22/3/21
A government consultation on scrapping higher-rate pension tax relief is rumoured to be being launched tomorrow (23 March), as it seeks to find a way to balance the books
Posted: 22/3/21
Pension schemes could be overestimating pension liabilities by up to 3.5 per cent by not fully considering the pandemic's impact on longevity, according to XPS Pensions Group
Posted: 22/3/21
Language in The Pension Regulator’s (TPR's) latest consultation could raise questions as to the retrospectivity of new criminal sanction powers, prompting “considerable uncertainty” for pension schemes, industry experts have warned
Posted: 22/3/2021
A 61-year-old man has been extradited from Spain to the UK in connection with a £13.7m pension fraud case, brought about by The Pensions Regulator (TPR)
Posted: 22/3/21
The latest news in brief and mandates from the past seven days
Posted: 19/3/21
The Society of Pension Professionals (SPP) has written an open letter to the Pensions Dashboards Programme (PDP), outlining seven “priority areas” where its members feel further clarity is needed
Posted: 19/3/21
More than two-fifths (41 per cent) of people oppose the investment of Local Government Pension Scheme (LGPS) funds in fossil fuel companies, according to YouGov research
Posted: 19/3/21
HM Treasury is focusing too much on affordability and failing to consider how public pensions could be used for “recruitment and retention of staff”, according to a report from the National Audit Office (NAO)
Posted: 19/3/21
The government has launched a consultation on proposed measures to allow occupational defined contribution (DC) schemes to smooth performance fees within the charge cap, alongside a call for evidence on issues relating to look-through
Posted: 19/3/21
The Department of Work and Pensions (DWP) has announced plans to award a £400,000 funding boost for schemes that help savers take stock of their health, skills and wealth for later life planning, as part of a government trial
Posted: 19/3/21
The Department for Work and Pensions (DWP) has launched a consultation on regulations around The Pensions Regulator’s (TPR) Contribution Notice and information gathering powers, following changes introduced by the Pension Schemes Act 2021
Posted: 19/3/21
The Money and Pensions Service (Maps) has announced plans to consolidate its existing financial and pension advice brands into a single offering, MoneyHelper
Posted: 18/3/21
There is “real potential” for collective defined contribution (CDC) schemes to take off in the UK through master trusts, according to Willis Towers Watson (WTW) director and senior consulting actuary, Shriti Jadav
Posted: 18/3/21
The Business, Energy and Industrial Strategy (BEIS) Committee has launched an inquiry into the Mineworkers’ Pension Scheme’s (MPS) surplus-sharing arrangements
Posted: 18/3/21
The AXA UK Group Pension Scheme has secured a £3bn longevity swap with Hannover Re, covering 16,000 members of the defined benefit (DB) pension scheme
Posted: 18/3/21
Hackney Council pension fund has published a timeline to review further decarbonisation of its investments, following a meeting of the council’s pension committee, with plans to consider how it can implement its climate commitments "over the next year"
Posted: 18/3/21
Longevity risk transfers by UK pension schemes reached a record level of £55.8bn in 2020, rising above the £51.6bn completed the year before, analysis from LCP and Mercer has shown
Posted: 18/3/21
Aviva has announced the launch of an investor opinion tool pilot, after research revealed that 63 per cent of savers believe pension companies need to be more environmentally transparent in where they invest savers' pensions
Posted: 18/3/21
The Pensions Regulator (TPR) has launched a consultation on its first steps towards creating a single code of practice for pension scheme governing bodies
Posted: 17/3/21
More than a third (38 per cent) of people aged between 35 and 44 have updated their retirement plans as a direct result of the Covid-19 pandemic, according to research by Netwealth
Posted: 17/3/21
Further automatic enrolment (AE) reforms, including the removal of the earnings trigger and a "rebalancing" of contributions, should be considered to ensure at-risk savers are not excluded from pension saving, industry experts have said
Posted: 17/3/21
Those reaching retirement should “look under the bonnet” at the charges and investment mixes of the retirement products they are being offered, according to LCP
Posted: 17/3/21
Uber has confirmed that it will give its workers pensions following a recent Supreme Court decision that ruled its employees were not self-employed
Posted: 17/3/21
Covid-19 could be increasing the level of retirement inequality in the UK, Legal & General (L&G) Retail Retirement has warned, after research found that whilst 1.3 million savers are planning to retire early as a result of Covid-19, a further 1.45 million savers have had to delay retirement
Posted: 17/3/21
Aberdeen City Council is seeking damages from US sportswear brand, Under Armour, after the North East Scotland Pension Fund (NESPF) lost more than £6m, according to a report from the BBC
Posted: 16/3/21
UK defined benefit (DB) schemes had an overall deficit of £203.4bn at 31 March 2020, compared to £159.2bn 12 months earlier, according to The Pensions Regulator (TPR)
Posted: 16/3/21
Royal London has acquired a 30 per cent stake in Responsible Life and Responsible Lending (Responsible Group), predicting that later life lending will become a "core part of financial planning"
Posted: 16/3/21
Lothian Pension Fund's (LPF) funding level is now above 100 per cent after completion of its triennial actuarial valuation, with the fund also having achieved 96.8 per cent customer satisfaction in 2020.
Posted: 16/3/21
AJ Bell has announced its intention to appoint Dame Helena Morrissey as its new chair, replacing outgoing chair Les Platts
Posted: 16/3/21
The Pension Protection Fund (PPF) has reported a 23 per cent median ethnicity pay gap, and a 11 per cent bonus pay gap, whilst its gender pay gap has also widened to 15.7 per cent, according to its Diversity Pay Gap report
Posted: 16/3/21
Pensions Minister, Guy Opperman, has revealed plans to launch a public call for evidence to understand to what extent financially-material social factors are currently integrated into pension schemes’ investment and stewardship activities
Posted: 15/3/21
Growth in the number of non-enrolled workers has outpaced growth in the number of auto-enrolled employees for the seventh consecutive month, amid a 49,000 increase in the number of non-enrolled employees, according to data from The Pensions Regulator (TPR)
Posted: 15/3/21
Average defined benefit (DB) pension transfer values increased by around 25 per cent in 2020 despite a “significant fall off” in transfer activity over the year, according to LCP
Posted: 15/3/21
The UK has ranked sixth for the transparency of its pension schemes’ disclosures in an assessment of 15 countries, highlighting that there is “plenty of room for improvement”, according to CEM Benchmarking
Posted: 15/3/21
Nest has appointed Octopus Renewables to boost its investment in clean energy infrastructure, with £250m expected to be committed this year in the UK and Europe as part of a potential £1.4bn investment by the end of the decade
Posted: 15/3/21
Just one third (33 per cent) of asset managers were able to provide pension scheme trustees with details of how they had used their influence in voting as investors, according to Dalriada Trustees
Posted: 15/3/21
The pensions industry has welcomed the draft policy on The Pensions Regulator’s (TPR) new criminal sanction powers introduced by the Pension Schemes Act 2021, although concerns were raised around the amount of detail included
Posted: 12/3/21
Pension schemes and their members have appetite for illiquid investments, such as infrastructure, but practical challenges continue to prevent further investment in these areas, according to industry experts
Posted: 12/3/21
February saw the largest monthly drop in defined benefit (DB) pension transfer values since 2014 as they fell by almost 5 per cent from January’s average, according to the XPS Transfer Watch
Posted: 12/3/21
HSBC has tabled a resolution that commits to phasing out financing of coal-fired power and thermal coal mining by 2030 in the EU and Organisation for Economic Co-operation and Development (OECD) countries, and elsewhere by 2040
Posted: 12/3/2021
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Posted: 12/3/21
Defined benefit (DB) pension scheme trustees have been advised to view cashflow-driven investment (CDI) as the “toolkit” to address challenges posed by turning cashflow negative due to a maturing membership
Posted: 12/3/21
“Not much has changed” in the way in which people approach freedom and choice over the past five years, despite "confusion" among defined contribution (DC) pension savers, according to State Street Global Investors head of retirement strategy, Alistair Byrne
Posted: 11/3/21
Pension savers need to receive greater guidance and advice before accessing their retirement pots, according to Just Group communications director, Stephen Lowe
Posted: 11/3/21
Pensions Minister, Guy Opperman, has written to around 90 pension schemes, stating that they must begin sharing data with the Pension Scams Industry Group (PSIG) in an effort to create a clearer picture of the scale of the issue of pension scams
Posted: 11/3/21
Defined contribution (DC) schemes are “really restricted” by the lack of choice in property fund investments, with a requirement for daily dealings particularly limiting options, Aegon Asset Management indirect property fund manager, Tony Yu has said
Posted: 11/3/21
Work and Pensions Committee (WPC) chair, Stephen Timms, has called for economic harm to be included in the government’s upcoming Online Safety Bill
Posted: 11/3/21
Preparation is the “secret ingredient” to ensuring a smooth journey to and through the defined benefit (DB) pension endgame, Legal & General Investment Management (LGIM) has stated
Posted: 11/3/21
The Pensions Regulator (TPR) has launched a consultation on its draft policy outlining how it will use its new criminal sanction powers introduced by the Pension Schemes Act 2021
Posted: 11/3/21
The year 2021 represents a “turning point” for the UK economy, according to Confederation of British Industry (CBI) president, Lord Karan Bilimoria
Posted: 11/3/21
Arc Pensions Law partner, Anne-Marie Winton, discusses the Pension Protection Fund's (PPF's) new guidance on the Corporate Insolvency and Governance Act
Posted: 11/3/21
Environmental, social and governance (ESG) regulation is needed alongside the consideration of values and beliefs in order to “keep pension schemes honest” and avoid issues around greenwashing, according to industry experts
Posted: 10/3/21
Universities UK (UUK) has written to both the trustee of the Universities Superannuation Scheme (USS) and The Pensions Regulator (TPR), calling for a review of the scheme's recent valuation amid concerns there may be an "unjustified" level of reform
Posted: 10/3/21
The Covid-19 pandemic has added uncertainty to the funding levels of defined benefit (DB) pension schemes and affected what long-term objectives trustees can “realistically” set, according to Phoenix Group head of corporate investment services and relationships, Jess Williams
Posted: 10/3/21
The lack of a long-term plan for auto-enrolment (AE) in the Spring Budget was “disappointing”, as progress needs to be made to ensure future generations do not retire into poverty, according to the Pensions and Lifetime Savings Association (PLSA)
Posted: 10/3/21
The Pensions and Lifetime Savings Association (PLSA) has updated its Stewardship and Voting Guidelines to reflect changes resulting from the Covid-19 pandemic and new climate-related regulations
Posted: 10/3/21
Pension scheme trustees should focus more on building robust and resilient strategies amid radical uncertainty, rather than relying on “unjustified” probabilities and actuarial modelling, according to author and economist, John Kay
Posted: 10/3/21
UK and European pension schemes are "ahead of the rest of the world" at incorporating the risk and opportunities of climate change within their investment portfolios, PGIM chief operating officer, Taimur Hyat, has stated
Posted: 10/3/21
Asset owners have a huge amount of power when it comes to influencing gender equality on fund management teams, Diversity Project chair, Baroness Helena Morrissey, has told the industry
Posted: 10/3/21
The Pensions Regulator (TPR) has published a revised 15-year Corporate Strategy that sets out its blueprint of future pensions regulation, aiming to “make workplace pensions work” for savers
Posted: 10/3/21
Pension schemes should use a term sheet to lay out their priorities when seeking a longevity risk transaction, according to Linklaters
Posted: 10/3/21
The overall cost burden pension schemes will experience when new climate risk reporting requirements come into force later this year has been “underestimated”, according to Redington
Posted: 10/3/21
The financial services industry should be a “part of the solution” following the Covid-19 pandemic, CityUK CEO, Miles Celic, has said, highlighting the pensions industry in particular as an “unparalleled national asset”
Posted: 10/3/2021
The Institutional Investors Group on Climate Change (IIGCC) has launched its new Net Zero Investment Framework, with several pensions schemes in the UK adopting the framework and committing to net zero by 2050
Posted: 10/3/21
Pensions Minister, Guy Opperman, has confirmed that the government is working on the details of regulations relating to simpler annual pension statements and they will be consulted on "shortly"
Posted: 9/3/21
The Pensions Regulator's (TPR's) defined benefit (DB) funding code is expected to be in place and operational in late 2022 or early 2023, with the second consultation on track to take place in H2 of 2021
Posted: 9/3/21
Default defined contribution (DC) savers need greater access to private market opportunities, according to Scottish Widows head of pension investments, Maria Nazarova-Doyle
Posted: 9/3/21
The pensions industry needs to support the transition to a net-zero economy through investments in clean electricity, industrial practices and transport, Energy Transitions Commission chair, Lord Adair Turner has said
Posted: 9/3/21
The Sydney Packett & Sons defined benefit (DB) pension scheme has completed a £5m buyout with Aviva, securing the benefits of all eight members of the scheme
Posted: 9/3/21
The UK’s defined benefit (DB) pension schemes registered a surplus of £14.6bn at the end of February, flipping from a deficit of £65bn one month prior, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 9/3/21
The Civil Aviation Authority (CAA) Pension Scheme has agreed a £110m buy-in with Legal & General (L&G) Assurance Society for the CAA section of the scheme
Posted: 9/3/2021
Pensions and Lifetime Savings Association (PLSA) chief executive, Julian Mund, has called for the pensions industry to retain the positive aspects of digital working in the future
Posted: 9/3/21
Amid International Women's Day, Sophie Smith considers the issues still facing women and their pensions, and the importance of providing continued support all year round
Posted: 8/3/21
More than two-thirds (67 per cent) of investors want policymakers to improve tax incentives for pension funds and insurance companies to invest in small and mid-cap companies, according to research from Peel Hunt
Posted: 8/3/21
More than a third (38 per cent) of pension scheme trustees with fiduciary managers are planning to review their manager or test the market before mid-June, a poll from Hymans Robertson has revealed, prompting concerns over a potential capacity crunch.
The company warned that these schemes could be “running worryingly close to deadline” to comply with the Competition and Market Authority's (CMA’s) retendering ruling, which requires trustees to run a competitive tender process to recruit fiduciary managers
The company warned that these schemes could be “running worryingly close to deadline” to comply with the Competition and Market Authority's (CMA’s) retendering ruling, which requires trustees to run a competitive tender process to recruit fiduciary managers
Posted: 8/3/21
The government could “boost" pension funds by switching its borrowing policy to include the issuance of more index-linked gilts, according to LCP
Posted: 8/3/21
The average women would need to increase their pension contributions at the start of their career by 5 per cent in order to close the pensions gender gap "almost completely", according to analysis from Scottish Widows
Posted: 8/3/21
The Pearl Scheme has entered into an agreement with its principal employer Pearl Group Holdings No. 2 Limited, a Phoenix Group company, to complete a series of pension buy-ins
Posted: 8/3/21
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Posted: 5/3/21
Association of Consulting Actuaries (ACA) chair, Patrick Bloomfield, discusses why the implementation of new climate reporting requirements needs to be flexible and evolve over time
Posted: 5/3/21
The Pensions Dashboards Programme (PDP) has launched a call for input into its identity approach, targeting pension providers, schemes, trustees and software suppliers, having received a "broad consensus" of support from identity providers
Posted: 5/3/21
Pension scheme trustees will need to be aware of any scheme contracts transitioning from Libor to replacement rates after the Financial Conduct Authority (FCA) confirmed that Libor would end at the close of 2021
Posted: 5/3/21
The government has confirmed that it plans to proceed with an increase in the general levy rate in April, whilst simultaneously introducing four separate sets of rates for defined benefit (DB), defined contribution (DC), master trust and personal pension schemes
Posted: 5/3/21
KPMG has signed an "unconditional agreement" to sell its UK restructuring practice to Interpath Advisory, a newly-formed company backed by H.I.G Europe
Posted: 4/3/2021
The pensions industry has expressed concern that measures announced in the Spring Budget send “the wrong signal” to retirement savers and will make it “painfully difficult” to plan for later life
Posted: 4/3/21
Aviva has estimated that bulk annuity transactions will total £30bn to £50bn per annum across the market over the next five years, having reported 'record sales' of bulk annuities amid the pandemic
Posted: 4/3/21
The government is facing a “mind-numbing” £3bn bill over the six years to 2025-26 in order to address the "systematic underpayment of state pensions", figures from the Office for Budget Responsibility (OBR) have revealed
Posted: 4/3/21
Legal & General Investment Management (LGIM) aims to “significantly reduce” its exposure to carbon emissions in alignment with 2050 net-zero goals by formulating a climate-tilted index equity strategy with LCP.
Posted: 4/3/21
The government has delayed the publication of the response to the consultation on trustee oversight of investment consultants and fiduciary managers until the first half of 2022
Posted: 4/3/21
Spring Budget 2021: Govt to launch pension charge cap consultation; encourages broader DC investment
Chancellor, Rishi Sunak, has confirmed plans to remove "barriers" in pension regulation that may have discouraged defined contribution (DC) pension schemes from investing in high-growth companies
Posted: 3/3/2021
Chancellor, Rishi Sunak, has announced that the pensions lifetime allowance (LTA) will be frozen at £1,073,100 until April 2026
Posted: 3/3/21
Trustees and providers may need to decide when and how to inform affected members of the proposed increase to the normal minimum pension age to ensure they have sufficient notice, according to Herbert Smith Freehills (HSF)
Posted: 3/3/21
Universities UK (UUK) has warned against "unaffordable" pension contributions for the Universities Superannuation Scheme (USS), calling for "stronger and clearer justification" for the "very high pricing decisions"
Posted: 3/3/2021
Contributions to the Universities Superannuation Scheme (USS) may need to increase to as much as 56.2 per cent of payroll in order to combat the scheme's deficit, according to an update from the scheme trustee
Posted: 3/1/21
The Financial Ombudsman Service (FOS) has upheld a complaint against Tilney Financial Planning Limited concerning advice it gave regarding a transfer from a workplace scheme to a self-invested personal pension (Sipp)
Posted: 3/3/21
Pensions Minister, Guy Opperman, has set out a timetable for the consultation and introduction of regulation in relation to legislation outlined in the Pension Schemes Act 2021
Posted: 3/3/21
New pensions dashboards guidance that prepares trustees and providers for contributing to the new technology has been released by the Pensions Administration Standards Association (Pasa)
Posted: 2/3/21
Just under half (48 per cent) of savers do not know how long their retirement savings will need to last them, including 45 per cent of those aged 55 and above, according to research from The People’s Pension
Posted: 2/3/21
The Pensions Regulator (TPR) has agreed a £25m settlement in the "long-running" anti-avoidance case against the current owners of bed manufacturer Silentnight, the HIG Group
Posted: 2/3/21
Some pension professionals have warned that the freeze on the lifetime allowance (LTA), rumoured to be included in Chancellor Rishi Sunak's Spring Budget tomorrow (3 March), could be a “kneejerk” reaction decision that leads to "unintended consequences"
Posted: 2/3/21
Nearly a third (30 per cent) of ‘Gen Xers’, those born between 1965 and 1980, risk reaching retirement with inadequate income, industry research has found, prompting calls for "urgent support" to help this group, including reforms to auto-enrolment
Posted: 2/3/21
The aggregate funding deficit of the UK’s defined benefit (DB) pension schemes was “wiped out” in February, as it fell from £120m to zero, according to PwC.
This is the first time the aggregate DB pension funding position has not been in deficit since PwC began producing its Pension Funding Index in 2014
This is the first time the aggregate DB pension funding position has not been in deficit since PwC began producing its Pension Funding Index in 2014
Posted: 2/3/21
The Treasury Committee has called for Chancellor, Rishi Sunak, to “urgently” reform the government’s “entire approach” to pension tax relief
Posted: 2/3/21
The Pension Protection Fund (PPF) has published interim guidance on the Corporate Insolvency and Governance Act 2020 around the newly-introduced concepts of moratorium and financial difficulty mitigation arrangements
Posted: 1/3/21
Former Pensions Minister, Ros Altmann, has called on the government to consider a one-year contribution holiday for employers with defined benefit (DB) pension schemes and the removal of the lifetime annual allowance, in an effort to aid in the economic recovery post-Covid-19
Posted: 1/3/21
The gender pension gap among self-employed retirement savers is smaller than for those who are employed, standing at 32 per cent and 38 per cent respectively, according to analysis from PensionBee
Posted: 1/3/21
Aviva has announced plans to become a net zero carbon emissions company by 2040, in what it said was the “most demanding target of any major insurance company in the world today”
Posted: 1/3/21
The UK pension scheme risk settlement market hit a new record-high figure of over £54bn in 2020, and 2021 could be even bigger, according to analysis from Aon
Posted: 1/3/21
The West Ferry Printers Pension Scheme has completed a £120m full buy-in transaction with Rothesay, securing the benefits of 263 members of the scheme who were not included in previous transactions
Posted: 1/3/21
Aon has cautioned against over-stating the negative impact that the pandemic could have on longevity assumptions of UK pension schemes, stating that a positive change was not impossible
Posted: 26/2/21
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Posted: 26/2/21
Reports have suggested that a freezing of the lifetime allowance (LTA) at £1,073,100 for the rest of this Parliament will be announced by Chancellor, Rishi Sunak, in the upcoming Budget on 3 March
Posted: 26/2/21
The government has been urged to scrap the money purchase annual allowance (MPAA) in the upcoming Budget on 3 March
Posted: 26/2/21
The government has published its responses to consultations on reforming the judicial pension scheme and how age discrimination, as identified in the McCloud ruling, will be addressed
Posted: 26/2/21
Legislation for the Troubles pension scheme was made public before complete calculations of the costs had been made, according to Stormont Executive Office official, Mark Browne
Posted: 25/2/21
PensionsEurope has partnered with ITN Productions Industry News to co-produce a new television programme that aims to raise awareness of the role of workplace pensions and other employment-related retirement provisions
Posted: 25/2/21
Aegon has warned that the “increasingly complex, lengthy and unwieldy” format of chair’s annual statements is making them less effective as a pension scheme member communication
Posted: 25/2/21
BAE Systems paid a total of £1.42bn in deficit recovery contributions (DRCs) into its UK pension schemes in 2020, up from £231m in 2019, its final results report has revealed
Posted: 25/2/21
Receiving defined benefit (DB) scheme trustees might wish to consider contacting transferring scheme trustees to ask what steps they are taking to pay cash equivalent transfer value (CETV) top-ups, according to Squire Patton Boggs (SPB)
Posted: 25/2/21
The High Court has reinstated the power for the scheme actuary of the Iggesund (UK) Pension Scheme to select the scheme’s inflation measure for pensions indexation, after it was unintentionally deleted from the scheme rules
Posted: 25/2/21
The Pensions Regulator (TPR) has published its full report into how Patrick McLarry, the former chief executive of Yateley Industries for the Disabled, defrauded the charity's pension scheme
Posted: 24/2/21
Seven per cent of over-50s have paused their pension contributions due to the Covid-19 pandemic, with a further 4 per cent reducing their contributions, research from SunLife has revealed
Posted: 24/2/21
Pension scheme trustee boards are "falling behind" the corporate world in terms of gender diversity, Barnett Waddingham has warned, calling on the industry to set "measurable diversity targets" to help combat the issue
Posted: 24/2/21
The Pensions & Lifetime Savings Association (PLSA) has said that none of the four "main" options for pension tax reform that are commonly discussed meet its 'Five Principles for Pension Taxation'
Posted: 24/2/21
The Work and Pensions Committee (WPC) has launched the second part of its inquiry into the impact of the pensions freedoms and protection of pension savers, focusing on decisions savers make about accessing their pensions
Posted: 24/2/21
The trustees of three major companies’ pension schemes have been granted more time to consider applying for a judicial review of the decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH)
Posted: 24/2/21
The number of people receiving the state pension was 12.4 million in August 2020, down by 1.6 per cent, or 200,000 people, on the same month a year prior, according to figures from the Office for National Statistics (ONS)
Posted: 23/2/21
Pension companies must work to understand the characteristics of vulnerability that are likely to be present in their target market or customer base, according to new guidance from the Financial Conduct Authority (FCA)
Posted: 23/2/21
Local Government Pension Scheme (LGPS) funds hold investments of £9.9bn in fossil fuels, equivalent to £1,450 for each of the 6.8 million LGPS members in the UK, and representative of 3 per cent of the total scheme value, according to industry research
Posted: 23/2/21
Over a third (36.5 per cent) of people admit to losing track of the pensions they have taken out, according to survey data from MypensionID
Posted: 23/2/21
Phoenix Group and Standard Life Aberdeen (SLA) have entered into a new binding agreement with the aim of simplifying their strategic partnership
Posted: 23/2/21
Rothesay wrote £7bn of new pension bulk annuity business during 2020, less than half the £16.3bn completed in 2019, amid record financial performance and "significant" growth for the group
Posted: 23/2/21
The Association of Consulting Actuaries (ACA) has urged the government to make further reforms in six “key” areas of pension policy in the current parliament
Posted: 22/2/21
The Money and Pensions Service (Maps) has announced three senior appointments, including a new chief finance officer and a new Pensions Dashboards Programme (PDP) director
Posted: 22/2/21
The National Association of Retired Police Officers (NARPO) has urged the government to address "continued discrimination" by allowing retirees to access the deferred choice underpin (DCU) at the same time as those of working age
Posted: 22/2/21
The Pensions Ombudsman (TPO) has partially upheld a complaint against the trustee of the Simon Group Pension Fund and Barnett Waddingham, awarding £1,000 to the complainant for the serious distress and inconvenience caused
Posted: 22/2/221
Mitchells & Butlers (M&B) has suspended payments to its staff pension schemes amid pandemic pressure, with the restaurant company delaying contributions due between January and March
Posted: 22/2/21
Self-invested personal pension (Sipp) provider, Dentons Pension Management, has acquired small self-administered scheme (SSAS) administration business, MAB Pensions Limited, from Michael Ambrose Group
Posted: 22/2/21
British Airways (BA) has reached an agreement with the trustee of New Airways Pension Scheme (Naps) to defer £450m in pension deficit recovery contributions due between October 2020 and September 2021
Posted: 22/2/21
The government should examine how the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) work together in the regulation of workplace pensions, according to Aegon
Posted: 19/2/21
The Supreme Court ruling that Uber drivers are not self-employed could have “ripple effects” for all gig workers and move them towards being eligible for auto-enrolment (AE) pensions, according to Aegon
Posted: 19/2/21
A quarter (25 per cent) of pension schemes admit to not having an adequate cybercrime breach plan, despite trustees acknowledging it as a top threat, according to Crowe
Posted: 19/2/21
Over a quarter (29 per cent) of UK adults, equal to around 15 million people, say they do not have a pension, increasing to as much as 44 per cent in some areas amid “big regional differences”, research from Interactive Investor (II) has found
Posted: 19/2/21
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Posted: 19/2/21
The Solvency II Review could provide a "golden opportunity" to make the rules for buy-ins and buyouts better for insurers, pension schemes and members, LCP has said, calling for greater flexibilities from the Treasury
Posted: 19/2/21
The Pensions Regulator’s (TPR’s) use of statutory powers increased by nearly 50 per cent in Q4 2020 compared to the previous quarter, which the regulator described as "in line with expectations"
Posted: 18/2/21
Kingdom Services Group has confirmed that it is aware of outstanding pension contributions owed to school cleaners in Solihull and is working with the West Midlands Pension Fund (WMPF) to resolve these issues “urgently”
Posted: 18/2/21
A “major rethink” of the requirements for defined contribution (DC) pension schemes to make a chair’s statement is required from the Department for Work and Pensions (DWP), according to LCP
Posted: 18/2/21
The Barclays Group's IAS 19 pension surplus across all its schemes fell by £300m during 2020 to £1.5bn, as of 31 December 2020, according to its final results report
Posted: 18/2/21
A more collaborative approach is needed across all stakeholders in order to achieve climate change goals, the Pensions Policy Institute (PPI) has argued, with Phoenix Group calling on industry bodies to “take the lead” to ensure a "harmonised" approach
Posted: 18/2/21
Almost a third (32 per cent) of retirement advisers have seen an increase in their clients wanting to access their pension pots due to financial stress caused by Covid-19, research by LV= has revealed
Posted: 18/2/21
RPMI Railpen has published a new voting policy, in which it commits to pressuring companies in its portfolio on climate reporting and workforce treatment
Posted: 18/2/21
New funding requirements for defined benefit (DB) schemes included in the Pension Schemes Act are likely to mean sponsors will face pressure to pay more money into their schemes more quickly, according to Herbert Smith Freehills
Posted: 17/2/21
Pensions Administration Standards Association (Pasa) board director, David Pharo, details the association's structure and how it is evolving with the times
Posted: 17/2/21
Premier has published a master trust implementation guide for defined contribution (DC) schemes, outlining a suggested five-step process for the implementation of a project amid concerns of a potential "capacity crunch" in the master trust market
Posted: 17/2/21
Final volumes from the bulk annuity market in 2020 are estimated to have broken £30bn but fallen short of the £43bn achieved in 2019, according to a Q1 update on the market from Aon
Posted: 17/2/21
Nearly three-fifths (59 per cent) of workplace pension holders do not know if schemes are taking any action against climate change, whilst just one in seven (15 per cent) believe that schemes are taking action, industry research has found
Posted: 17/2/21
The Pensions Regulator (TPR) has confirmed that a second consultation on the defined benefit (DB) funding code will take place in the second half of 2021
Posted: 16/2/21
Stoneport Pensions head of covenant, Jacqui Woodward, discusses the impact a potential increase in company insolvencies will have on pension schemes
Posted: 16/2/21
Almost half (43 per cent) of pension trustees and employers said they had no concerns about The Pensions Regulator’s (TPR’s) new powers, according to a webinar survey from Sackers
Posted: 16/2/21
A “staggering” 99.5 per cent of people are “oblivious” to the scale of carbon emitted as a result of their pension investments, research from Cushon has revealed
Posted: 16/2/21
The UK is the world's third largest pension market, having been overtaken by Japan in 2020, with assets totalling $3.6trn (£2.58trn), according to Willis Towers Watson (WTW)
Posted: 16/2/21
Active wealth, global expansion and fund services specialist, Zedra, has acquired independent occupational pension scheme governance support provider, Inside Pensions, for an undisclosed sum
Posted: 16/2/21
Legal & General Assurance Society has agreed a £570m pensioner buy-in deal with a Deutsche Bank pension scheme, representing the “first step” in the scheme’s de-risking strategy
Posted: 16/2/21
Pensions Age reporter, Duncan Ferris, takes a closer look at the financial risks that could be hidden behind a whirlwind romance, and how savers are being scammed out of their savings and pensions
Posted: 15/2/21
The UK is investing £10m in a new national green finance research centre, the UK Centre for Greening Finance and Investment (CGFI), which will be funded by UK Research and Innovation (UKRI) and led by the University of Oxford
Posted: 15/2/2021
PensionBee has announced plans to give its customers the opportunity to become shareholders as part of its broader proposals to float on the London Stock Exchange
Posted: 15/2/2021
Arcadia’s defined benefit (DB) pension schemes could manage to avoid falling under the remit of the Pension Protection Fund (PPF) after trustees managed to accumulate £173m from the sale of assets
Posted: 15/2/21
The cross-industry GMP Equalisation Working Group (GMPEWG) has issued further 'good practice' guidance for UK pension schemes, highlighting potential tax issues that may arise around GMP equalisation
Posted: 15/2/2021
The government should support the retirement incomes of lower paid workers by concluding the net pay review in this year’s budget, according to Now Pensions
Posted: 15/2/21
The government has confirmed that regulations around the restriction of public sector exit payments will be revoked in light of concerns that they may have “unintended consequences"
Posted: 15/2/2021
Pensions Minister, Guy Opperman, has confirmed plans for the new climate-related reporting requirements outlined in the Pension Schemes Act to be “on the statute book” ahead of COP26, with work on other supporting regulations continuing “at pace”.
Opperman highlighted the Pension Schemes Act, which gained Royal Assent yesterday, as a “tremendous team effort at the Department for Work and Pensions”, while noting that further work is still needed on the supporting regulations
Opperman highlighted the Pension Schemes Act, which gained Royal Assent yesterday, as a “tremendous team effort at the Department for Work and Pensions”, while noting that further work is still needed on the supporting regulations
Posted: 12/2/21
The latest news in brief and mandates from the past seven days
Posted: 12/2/21
Industry experts have described the Pension Schemes Act, which received Royal Assent yesterday, as “ground-breaking”, but noted that this was just the first step in changing regulations and legislation
Posted: 12/2/21
Industry research has shown the “mixed state” of cyber security amongst UK pension schemes, revealing that whilst 57 per cent of schemes have a cyber strategy, over 40 per cent do not
Posted: 12/2/21
The government has published a consultation setting out its proposals to increase the age at which people can access their pension without a tax penalty from 55 to 57 in April 2028
Posted: 11/2/21
The Pensions Schemes Bill has officially been granted Royal Assent and is now the Pensions Schemes Act, in what has been highlighted as a “historic day” for the UK pensions industry
Posted: 11/2/2021
Seven in 10 (70 per cent) UK adults that are not retirees had a pension that is in accumulation as of February 2020, an 8 percentage point increase from 62 per cent in 2017, according to the Financial Conduct Authority (FCA)
Posted: 11/2/21
The Graphic Packaging International UK Pension Scheme has announced the appointment of Kempen Capital Management as fiduciary manager and has completed the onboarding stage of this process
Posted: 11/2/21
Half (50 per cent) of UK adults were unaware that certain pension funds can be harmful for the environment, research from PensionBee has found
Posted: 11/2/21
Although the gender pensions gap remains, changes are emerging, with more women aged 35-44 years old paying into a pension compared to men of the same age, research from AccuraCast has found
Posted: 11/2/21
A total of £1trn of defined benefit (DB) pension longevity risk will be insured through de-risking transactions by the end of 2031, Hymans Robertson has predicted
Posted: 11/2/21
The proportion of defined benefit (DB) pension transfers displaying at least one scam 'red flag' fell by 16 percentage points to 60 per cent in January, according to the XPS Red Flag Index
Posted: 11/2/21
The Pension Schemes Bill is expected to receive Royal Assent tomorrow (11 February) and become the Pension Schemes Act 2021
Posted: 10/2/21
Growth in the number of auto-enrolled (AE) employees was outpaced by growth in non-enrolled workers for the sixth consecutive month in January, according to data from The Pensions Regulator (TPR)
Posted: 10/1/21
The Pensions Regulator (TPR) has called on the pensions industry to “do more” in helping tackle pension scams in the first podcast of its newly launched series, TPR Talks
Posted: 10/2/21
Auto-enrolment (AE) saving has remained “resilient” amid the Covid-19 pandemic and increases to the minimum contribution level, although there are some “early signs” of changes in members’ saving habits, analysis from Nest Insight has found
Posted: 10/2/21
The transfer of defined contribution (DC) pension savers to DC master trusts is set to continue in 2021 and beyond, according to a survey by Sackers
Posted: 10/2/21
The Financial Conduct Authority (FCA) has begun civil proceedings in the High Court against Estate Matters Financial (EMF) director and co-owner, Paul Steel, and his partner, Jacqueline Foster, over unsuitable defined benefit (DB) transfer advice
Posted: 10/2/21
The Court of Appeal has ruled that the Northern Ireland (NI) Executive Office (EO) has a legal duty to fund the Troubles victims' pension scheme and has set a four week deadline to find a solution
Posted: 9/2/21
Less than half (47 per cent) of cryptocurrency holders in the UK have a pension, whilst nearly a quarter (23 per cent) do not have any traditional savings or investments, research from AJ Bell has found
Posted: 9/2/21
The Universities Superannuation Scheme (USS) has extended Capita Pension's contract to deliver pension systems and administration support for a further five years
Posted: 9/2/21
Guidance for trustees on how to prepare for the incoming Pension Scheme Act 2021 has been published by law firm, Squire Patton Boggs (SPB)
Posted: 9/2/21
The Mowlem (1993) Pension Scheme has agreed a £150m buyout transaction with Legal & General (L&G) Assurance Society, securing benefits above the level of Pension Protection Fund (PPF) compensation
Posted: 9/2/2021
The aggregate defined benefit (DB) pension scheme deficit fell by £21.4bn to £65bn in January, the Pension Protection Fund’s (PPF) latest 7800 Index has revealed
Posted: 9/2/21
Nest has appointed Atos to provide administrative services from 2023 following a competitive tender process
Posted: 8/2/21
The Investing and Saving Alliance (Tisa) has called on Chancellor, Rishi Sunak, to introduce regular reviews of the auto-enrolment (AE) framework as part of the Spring Budget in March to improve people’s long-term saving outcomes
Posted: 8/2/21
Couples have been urged to share information with their partners about how much money they have in their pension following findings that 38 per cent of Brits in relationships are unaware of their partner’s pension size
Posted: 8/2/21
Government pension liabilities increased by 21 per cent between 2015 and 2018, figures from the Office for National Statistics have revealed, prompting concerns amongst industry experts as to the future burden that these pension promises may represent
Posted: 8/2/21
Trustees are among the lowest paid roles in pension scheme management despite increasing regulation and responsibilities, figures from PwC have shown
Posted: 8/2/21
Scottish Widows urges pensions industry to 'urgently' close £2.17trn 'green gap' amid net-zero plans
Scottish Widows has announced plans to target net zero across its entire portfolio of investments by 2050, calling for an industry-wide commitment to net-zero investments in order to "urgently" close the 'green gap'
Posted: 8/2/21
Trustees of smaller pension schemes should get on the “front foot” in implementing upcoming climate risk management frameworks, in line with the accelerated review timeline established by the Department for Work and Pensions (DWP), PwC has said
Posted: 5/2/21
Former Association of British Insurers (ABI) senior policy adviser for long-term savings, Matthew Burrell, discusses the importance of the Pensions Dashboards Programme's data standards
Posted: 5/2/21
The government has published guidance on its response to the public service pension scheme consultation, which followed the Court of Appeal’s McCloud ruling in 2018
Posted: 5/2/21
Industry organisations have supported the government’s proposals for a delayed approach following the McCloud judgment, although concerns around member communications and the cost of the remedy persist
Posted: 5/2/21
The latest news in brief and mandates from the past seven days
Posted: 5/2/2021
The University and College Union (UCU) has called on employers in the Universities Superannuation Scheme (USS) to work with local UCU branches to demand a change of approach to the ongoing 2020 valuation of the pension scheme
Posted: 4/2/21
Almost a quarter (24.6 per cent) of defined contribution (DC) pension scheme members do not expect to be able to retire, according to Aon
Posted: 4/2/21
Defined benefit (DB) schemes are now healthier than in pre-Covid times following continued recovery through Q4 2020, according to Legal & General Investment Management (LGIM)
Posted: 4/2/21
The government has confirmed that it intends to proceed with the deferred choice underpin (DCU) approach when providing members with their options following the McCloud judgment, although flexibilities will be introduced to support scheme administrators
Posted: 4/2/21
The government has confirmed that it will not be proceeding with pension flexibility proposals in relation to the NHS Pension Scheme, arguing that the incentive to take on additional NHS work was “restored” via an increase in the earnings threshold
Posted: 4/2/2021
The Pension Protection Fund (PPF) has launched a consultation into changing the assumptions used for assessment and levy valuations in order to keep them in line with the bulk annuity market
Posted: 4/2/21
Pension Insurance Corporation (PIC) has confirmed that it invested £120m in Spanish solar bonds in December, which will fund the construction of 12 solar parks
Posted: 3/2/21
The Pensions Ombudsman (TPO) has upheld a complaint against the Lancashire Fire and Rescue Service (the authority), confirming that the 32 per cent uplift in pay was pensionable under the 1992 regulations, and supported by relevant case law
Posted: 3/2/2021
The number of UK bulk annuity pension transactions agreed by Legal & General Retirement Institutional (L&G RI) rose by over 40 per cent year-on-year in 2020, as the number of smaller deals climbed
Posted: 3/2/21
The vast majority (98 per cent) of defined benefit (DB) pension scheme trustees view environmental, social and governance (ESG) integration as a pressing priority for the year ahead, industry research has revealed
Posted: 3/2/21
HMRC repaid £25,766,055 in overpaid tax on flexible pension withdrawals in Q4 2020, the government’s latest Pension Schemes Newsletter has revealed
Posted: 3/2/21
The Pensions Age Northern Conference will be taking place in Leeds on 10 June 2021 and is open for registration
Posted: 2/2/21
Uncertainty over professionals’ remuneration means that savers who have transferred from defined benefit (DB) to defined contribution (DC) schemes could struggle to receive guaranteed minimum pension (GMP) top-ups, according to Squire Patton Boggs (SPB)
Posted: 2/2/21
HMRC has agreed to an internal workshop to discuss a legislative change to give an amnesty to victims of pension scams, especially in cases of pensions liberation, the Pension Scams Industry Group (PSIG) has confirmed
Posted: 2/2/2021
The Pensions Regulator (TPR) has warned that too few defined contribution (DC) scheme trustees are paying proper attention to risks and opportunities around climate change, confirming plans to publish a strategy supporting trustees in this area in spring
Posted: 2/2/2021
A new funding approach for defined benefit (DB) pension schemes could leave their overall funding position at a surplus of £70bn, according to PwC
Posted: 2/2/21
Pensions Minster, Guy Opperman, has emphasised that the government “remains committed" to increasing retirement savings amongst the self-employed, but warned that there is “no straightforward” single mechanism to do this
Posted: 2/2/21
The accounting deficit of FTSE 350 firms’ defined benefit (DB) pension schemes fell by £4bn in January to £66bn, Mercer’s latest Pensions Risk Survey data has revealed
Posted: 2/2/21
Around 2,800 workers at industrial conglomerate General Electric (GE) are facing a “huge financial hit” under proposals to close the group's defined benefit (DB) final salary pension schemes, Unite Union has warned
Posted: 1/2/21
Aviva Investors will divest fully from firms who fail to adequately reduce their carbon emissions as part of a newly launched initiative
Posted: 1/2/21
One in 10 (10 per cent) listed defined benefit (DB) pension scheme sponsoring employers issued three profit warnings in 2020, according to figures from EY
Posted: 1/2/21
Nearly half (44 per cent) of financial advisers expect Investment Pathways to have no effect on the demand for at retirement advice, whilst 11 per cent predicted that they could increase demand, according to research from Aegon
Posted: 1/2/21
Hymans Robertson has announced the acquisition of Bath Actuarial Consulting (BAC), whose clients' defined benefit (DB) liabilities range from £200m to over £20bn
Posted: 1/2/21
Smart Pension has partnered with Make My Money Matter (MMMM) and committed to achieving net-zero and halving its carbon emissions “well ahead” of the 2050 and 2030 deadlines outlined in the Paris Agreement
Posted: 1/2/21
Corporate bonds could offer “untapped potential” for improving the sustainability of investments, despite a "notable" absence of sustainable-labelled buy and maintain corporate bond strategies, analysis from LCP has found
Posted: 1/2/21
Pensions Age, in conjunction with the World Gold Council, is now in the final stages of its annual survey looking at gold as an investment asset
Posted: 1/2/21
The average time taken to cede defined contribution (DC) pensions during transfers has increased to 11.9 calendar days in 2020, although some 7 per cent of transfers were carried out within the same day, according to figures from Origo’s Transfer Service
Posted: 29/1/21
The Office for Tax Simplification (OTS) has proposed that third parties, such as pension providers, should send information directly to HMRC for insertion into tax returns, eliminating the need for taxpayers to do it themselves
Posted: 29/1/21
The Investment Consultants Sustainability Working Group (ICSWG) has launched a guide to support pension trustees in assessing their investment consultants on climate competency and help raise investment consultants' standards
Posted: 29/1/21
The latest news in brief and mandates from the past seven days
Posted: 29/1/21
A total of £2.4bn was withdrawn from pensions flexibly in Q4 2020, representing a 6 per cent year-on-year increase and bringing the total value of flexible withdrawals since the introduction of pensions freedoms in 2015 to over £42bn, HMRC has confirmed
Posted: 29/1/21
Over three-quarters (79.8 per cent) of defined benefit (DB) pension scheme trustees believe that Covid-19 has signalled the end of the quarterly meeting cycle, industry research has found
Posted: 29/1/21
Just over one in 100 eligible defined contribution (DC) pension savers are using free Pension Wise guidance sessions in some areas of the country, according to analysis from Just Group
Posted: 28/1/21
The Local Pensions Partnership (LPP) has announced that its chair, Michael O’Higgins, will step down from his role in the summer
Posted: 28/1/21
Prominent figures from the pensions industry have expressed relief that the government has “broken new ground” with its adoption of recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD)
Posted: 28/1/21
The Department of Health and Social Care (DHSC) has published a consultation on proposed amendments to NHS Pension Scheme and NHS Injury Benefits Scheme in England and Wales regulations
Posted: 28/1/21
The Pensions and Lifetime Savings Association (PLSA) has stated that it is “disappointed” with the Department for Work and Pensions’ (DWP) consultation on restructuring the general levy
Posted: 28/1/21
Pensions Minister, Guy Opperman, has warned that the current pensions advice allowance is “too low” and potentially too late in the retirement journey to effectively support members, confirming that an evaluation by HM Treasury is underway
Posted: 27/1/21
Over 60 per cent of prospective retirees support the introduction of Investment Pathways, which come into force from 1 February, although just 44 per cent said they will actually use them, industry research has revealed, prompting concerns over the impact of inertia
Posted: 27/1/21
Pensions Minister, Guy Opperman, has confirmed that regulations to support pension trustees in blocking a transfer that displays pension scam red flags are expected to come into force in September or October 2021
Posted: 27/1/21
Action Fraud has joined with City of London Police and the Financial Conduct Authority (FCA) to warn investors about ‘clone firms’ after fraudsters made away with more than £78m using the scam in 2020
Posted: 27/1/21
The Pension Protection Fund (PPF) has halved its levy for schemes with less than £20m in liabilities, with this reduction being tapered so that only schemes with liabilities of £50m or more will be subject to full charges
Posted: 27/1/21
The Aberdeen City Council Transport Fund has completed a £230m pensioner buy-in with Rothesay
Posted: 27/1/21
The Department for Work and Pensions (DWP) has issued its response to last year’s Taking Action on Climate Risk consultation and published a new consultation on the draft regulations and statutory guidance to implement the requirements
Posted: 27/1/21
The Pensions and Lifetime Savings Association’s (PLSA) Policy Board has made setting out key principles for any reform of pension taxation a priority policy issue for 2021
Posted: 26/1/21
The Pensions Ombudsman (TPO) has upheld a complaint against the New Wales Fire and Rescue Service (the authority), awarding an additional £500 for distress and inconvenience caused to the complainant
Posted: 26/1/21
The volume of people seeking further support regarding their pension saving, and employer support often falling short of expectations when provided, has lead to “major concerns”, according to Guiide
Posted: 26/1/21
Forty per cent of UK pension schemes recognise the need to move quickly on the guaranteed minimum pension (GMP) equalisation of historic transfers where data is readily available, and before they get harder and increasingly complex, research from Aon revealed
Posted: 26/1/2021
More than 154,000 55-64-year olds could have been pushed into early retirement by the Covid-19 pandemic, according to research from LV
Posted: 26/1/21
Pensions Minister, Guy Opperman, has confirmed that the Department for Work and Pensions (DWP) is considering an internal review of communications in an effort to improve Pension Credit awareness, as well as a potential agreement with the BBC
Posted: 26/1/21
Legal & General (L&G) has completed a £400m Assured Payment Policy (APP) de-risking transaction with the L&G Group UK Senior Pension Scheme
Posted: 26/1/21
Discussions between The Pensions Regulator (TPR) and Universities Superannuation Scheme (USS) advisers about the scheme's valuation are still ongoing and have taken "longer than anticipated", according to an update from USS group chief executive, Bill Galvin.
The update to sponsoring employers, seen by PensionsAge, noted that the actuarial report and contribution determination, which will include conclusions as to the cost of funding the scheme’s current benefits under different covenant support scenarios, are therefore not expected to be issued to the Joint Negotiating Committee (JNC) until February
The update to sponsoring employers, seen by PensionsAge, noted that the actuarial report and contribution determination, which will include conclusions as to the cost of funding the scheme’s current benefits under different covenant support scenarios, are therefore not expected to be issued to the Joint Negotiating Committee (JNC) until February
Posted: 25/1/21
Effective risk management systems and staff training are "paramount" in defined benefit (DB) pension schemes not falling foul of new criminal offences outlined in the Pension Schemes Act (PSA), according to Squire Patton Boggs (SPB)
Posted: 25/1/21
Pensions consultancy, Hymans Robertson, has announced its intention to be ‘lifetime net zero’ by 2025
Posted: 25/1/21
Industry experts have warned that consumers preparing to retire may have to delay or change their plans due to the impact of the Covid-19 pandemic, after Moneyfacts' research found that both pension fund growth and annual annuity income fell in 2020
Posted: 25/1/21
A report from the Resolution Foundation has proposed the creation of a ‘Living Pension’ to help savers understand the contributions required to provide an adequate income in retirement
Posted: 25/1/21
Doctors across the country could risk facing unexpected tax bills next month, Wesleyan has warned, after its research revealed that 75 per cent of GPs do not know the annual and lifetime allowance limits on pension savings
Posted: 25/1/21
Pension asset owners, convened by the Principles for Responsible Investment (PRI), have urged the government to adopt a number of proposals to support decarbonisation ahead of COP26
Posted: 22/1/21
The Financial Services Compensation Scheme (FSCS) has forecast that its levy, which pays for customer compensation and its running costs, will increase by 48 per cent to £1.04bn in 2021/22
Posted: 22/1/21
The Institute and Faculty of Actuaries’ (IFoA) Actuarial Research Centre (Arc) has identified a number of challenges facing pension scheme decision making, warning that trustees are not immune to decision biases
Posted: 22/01/21
The latest news in brief and mandates from the past seven days
Posted: 22/1/21
HMRC has de-registered 770 schemes since 2014 that had been used for pension liberation scams
Posted: 22/1/21
Two MPs have described the Financial Conduct Authority’s (FCA) reaction to the British Steel Pension Scheme (BSPS) scandal as “disorganised and lacking in urgency” and the regulator as "not fit for purpose"
Posted: 21/1/21
Pensions Policy Institute (PPI) head of modelling, Tim Pike, discusses the long-term impact Covid-19 could have on the pension system
Posted: 21/1/21
The government has confirmed that the auto-enrolment (AE) earnings trigger will remain at £10,000 for the sixth year running, despite calls from the industry for the threshold to be lowered or removed
Posted: 21/1/21
The government plans to respond “shortly” to a request from the Canadian government for a reciprocal social security agreement that covers the uprating of state pensions
Posted: 21/1/21
Mercer has urged the government to work with HMRC and the pensions industry to formulate clearer trustee guidance on the consequences of guaranteed minimum pension (GMP) equalisation
Posted: 21/1/21
The vast majority (95.7 per cent) of defined benefit (DB) pension scheme trustees believe they need to consider re-aligning their investment strategy to achieve long-term funding objectives, with 91.5 per cent prioritising this for 2021, industry research has found
Posted: 21/1/21
Secretary of State for Northern Ireland (NI), Brandon Lewis, has said that Stormont’s Department of Finance must not “play games” over the funding of the Troubles victims’ pension scheme
Posted: 20/1/21
"Challenging timelines" mean that the Universities Superannuation Scheme (USS) could miss its triennial valuation deadline of 30 June, according to USS chief executive, Bill Galvin
Posted: 20/1/21
New guidance on transfer requests, where all or part of the member’s investment is held in a fund which has been 'gated' until the market normalises, could present trustees with “real difficulties”, Burges Salmon has warned
Posted: 20/1/21
Hayes Connor Solicitors senior associate, Christine Sabino, discusses the importance of GDPR training in protecting pension companies from data breaches.
Posted: 20/1/21
Nearly one in five (19 per cent) people would have been likely to withdraw from their pension during Q4 2020 if they had early access, research from Scottish Widows has found
Posted: 20/1/21
The Pension Schemes Bill will receive Royal Assent and become law following a final parliamentary debate on amendments in the House of Lords
Posted: 19/1/21
Four Evonik pension schemes have agreed to full buy-ins with Legal & General (L&G) totalling £544m, securing the benefits of over 3,600 UK defined benefit scheme members and merging the schemes
Posted: 19/1/21
Continued volatility in 2021 could present an opportunity for pensions risk management, with four key areas likely to "shape" the pensions de-risking landscape, according to Willis Towers Watson (WTW)
Posted: 19/1/21
Nearly two-fifths (38 per cent) of the 3.6 million workers who have been furloughed have made changes to their retirement plans as a result of the Covid-19 pandemic, according to research from Fidelity International
Posted: 19/1/21
The National Grid UK Pension Scheme has announced plans to achieve a portfolio of assets with net-zero carbon emissions no later than 2050, or “earlier if possible”
Posted: 19/1/21
Intermediate Capital Group (IGC) has agreed to acquire Broadstone, an independent provider of specialist pensions, trustee and employee benefits solutions, from Livingbridge
Posted: 19/1/21
The XPS Red Flag Index hit a record high in December 2020, with 76 per cent of defined benefit (DB) transfers showing at least one warning sign of a potential scam, representing a six-month continuous rise in the number of red flags
Posted: 19/1/21
Directors and trustees have been urged to take action to avoid being made criminally liable under the extended powers for The Pensions Regulator (TPR) outlined in the Pensions Schemes Bill
Posted: 18/1/2021
The latest findings from the Financial Conduct Authority (FCA) have shown “some signs of improvement” around defined benefit (DB) transfer advice, although concerns around the supply of advisers remains a concern amongst industry experts
Posted: 18/1/21
Pension savers could save more than £140,000 by consolidating multiple pensions into a single pot, according to analysis from Quilter
Posted: 18/1/21
The Pensions Dashboards Programme (PDP) has doubled in size in the last 12 months, with the project now moving towards procurement and further collaboration with pension providers and schemes
Posted: 18/1/21
The All Party Parliamentary Group for Local Authority Pension Funds has launched an inquiry into “responsible investment for a just transition” to a net zero economy
Posted: 18/01/2021
Cushon has launched the Net Zero Now pension, which it has highlighted as a "world first", after research revealed that 68.6 per cent of employees are concerned that their company pension could be investing in businesses that are contributing to the climate crisis
Posted: 18/1/2021
Wightlink staff have voted to take strike action on various dates throughout April to June, in light of plans to close the defined benefit (DB) pension scheme to existing employees and reintroduce flexible working practices seen in the first six months of the pandemic
Posted: 15/01/2020
Pensions Management Institute (PMI) director of policy and external affairs, Tim Middleton, explains why the Pension Protection Fund (PPF) should be shown more gratitude than it receives
Posted: 15/1/21
The pensions industry has reacted positively to The Pensions Regulator’s (TPR) defined benefit (DB) funding code consultation response but raised concerns over a lack of detail
Posted: 15/1/21
There is continued uncertainty around the proposed powers for The Pensions Regulator (TPR) outlined in the Pension Schemes Bill, with specific concerns as to what they will mean for deals to save distressed businesses, according to research from Taylor Wessing
Posted: 15/1/21
The latest news in brief and mandates from the past seven days
Posted: 15/1/21
The House of Lords will consider the House of Commons’ amendments to the Pension Schemes Bill on 19 January, the government has confirmed.
The announcement has led to suggestions that the bill could become the Pension Schemes Act 2021 as early as the middle of next week
The announcement has led to suggestions that the bill could become the Pension Schemes Act 2021 as early as the middle of next week
Posted: 15/1/21
The pensions industry has welcomed the government’s decision to scrap flat fees for auto-enrolment pension pots worth less than £100, although some have called for more drastic action
Posted: 14/1/21
The Pensions Management Institute (PMI) has announced a partnership with NextGen, which is expected to help support the voice of the next generation of pension professionals
Posted: 14/1/21
Growth in the number of auto-enrolled (AE) employees was once again outpaced by growth in non-enrolled workers in December, according to data from The Pensions Regulator (TPR)
Posted: 14/1/21
Aegon UK has committed to achieving net zero carbon emissions across its auto-enrolment (AE) default pension funds by 2050, as customer research reveals that 45 per cent of savers support calls for investing in a net zero carbon future to be made mandatory
Posted: 14/1/21
The Pensions Regulator (TPR) said it received “general support” in its interim response to its first defined benefit (DB) funding code consultation, although some concerns have been raised about proposed twin track routes
Posted: 14/1/21
The Marie Curie defined benefit (DB) pension scheme has agreed a £30m full scheme bulk annuity deal with Legal & General (L&G) Assurance Society
Posted: 14/1/21
Older savers could risk running out of defined contribution (DC) pension savings with a third of their retirement still ahead of them, with many facing spending their final years reliant on the state pension, according to industry research
Posted: 13/1/21
Public service pensions will be increased by a minimum of 0.5 per cent from 12 April 2021, in line with the annual increase from the Consumer Prices Index (CPI) up to September 2020
Posted: 13/1/21
A steering group to examine how stewardship and a focus on long-term investment can be better integrated into the investment process has been launched by the Investment Association (IA) and the Pensions and Lifetime Savings Association (PLSA)
Posted: 13/1/2021
The government has announced plans to abolish flat fees on auto-enrolment pension pots worth £100 or less following a consultation on charge caps
Posted: 13/1/21
The defined benefit (DB) transfer market is expected to remain depressed until Q2 this year, when an easing of lockdown and the end of government support schemes could bring a "tsunami of requests", according to LCP research
Posted: 13/1/21
Member contributions to funded occupational defined contribution (DC) pension schemes fell by 11.2 per cent between Q1 and Q2 2020, according to figures from the Office for National Statistics (ONS)
Posted: 13/1/21
The Pensions Policy Institute (PPI) has published the findings of its international study on how other countries have dealt with increasing numbers of small, deferred member pension pots, emphasising the importance of centralisation
Posted: 12/2/21
Local Government Pension Scheme (LGPS) funds are among the 15 institutional investors to have backed a call by ShareAction for HSBC to reduce its exposure to fossil fuels
Posted: 12/1/21
The government has confirmed that additional powers for The Pensions Regulator (TPR) outlined in part 3 of the Pension Schemes Bill will not be applied retrospectively, and are expected to be available to TPR by autumn 2021
Posted: 12/1/21
Around two-fifths (41 per cent) of non-retired UK adults are confident they will have saved enough for retirement, according to research from LV=
Posted: 12/1/21
Not-for-profit enterprise, Help & Advice, has launched a free pension scam predictor tool to help savers approached about a pension transfer check whether it may be fraudulent
Posted: 12/1/21
The aggregate deficit of UK defined benefit (DB) pension schemes increased to £86.4bn at the end of December 2020, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 12/1/21
Defined benefit (DB) pension scheme trustees must ensure that they use a dynamic approach to evaluate and monitor corporate longevity, according to a paper published by the Employer Covenant Practitioners Association (ECPA)
Posted: 11/1/21
Pension investment pathways introduced by the Financial Conduct Authority will provide greater support for those individuals navigating drawdown alone, but should not be viewed as a substitute for financial advice, Aegon pensions director, Steven Cameron, has warned
Posted: 11/1/21
The Pensions Regulator (TPR) executive director of regulatory policy, analysis and advice, David Fairs, discusses the increasing number of small, deferred pension pots
Posted: 11/1/21
The government’s Dormant Assets Scheme is to be expanded to include pensions and investments, unlocking up to £800m for use in charitable causes
Posted: 11/1/21
The government should consider whether further simplification is needed in the state pension system following the major changes made in April 2016, according to LCP partner, Steve Webb
Posted: 11/1/21
Dentons Pension Management has acquired Brown Shipley’s pension administration business and professional trustee company for an undisclosed sum
Posted: 11/1/21
The total amount of income tax saved on UK personal pensions climbed by 27 per cent to £2.8bn in the 2019/20 tax year, according to analysis from Salisbury House Wealth
Posted: 8/1/21
The European Insurance and Occupational Pensions Authority’s (EIOPA) memoranda of understandings (MoUs) with several UK authorities in the area of pensions and insurance have come into effect
Posted: 8/1/21
The West Midlands Pension Fund (WMPF) details its journey through the Pensions Administration Standards Association's (Pasa) accreditation process
Posted: 8/1/21
The latest news in brief and mandates from the past seven days
Posted: 8/1/21
A guide for trustees seeking to manage sponsor distress has been published by Pinsent Masons, as the law firm warned that the Covid-19 pandemic is continuing to cause supply chain risk and a liquidity squeeze
Posted: 8/1/21
Labour has named Reading East MP, Matt Rodda, as Shadow Pensions Minister amid a frontbench reshuffle
Posted: 8/1/21
One in 20 (5 per cent) people plan to switch their pension or investments to an ethical or sustainable fund, according to research from Friends of the Earth
Posted: 7/1/21
More than two-fifths (42 per cent) of pensioner homeowners are failing to claim state benefits that they are entitled to, according to research from Just Group
Posted: 7/1/21
Green investing
Laura Blows speaks to FTSE Russell, Head of Sustainable Investment Solutions, Lee Clements, about green investing, green revenue data and the EU Taxonomy
DB journey plans
Pensions Age editor, Laura Blows speaks to Barnett Waddingham partner and head of DB endgame strategy, Ian Mills, about planning and monitoring DB journey plans
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