Latest News
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DB transfer market 'source of real concern' despite positive signs
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Directors urged to take action to avoid jail time and fines under new TPR powers
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APPG for local authority pension funds launches net zero transition inquiry
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PDP moving towards procurement after doubling in size
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Savers could miss out on £140,000 by not consolidating
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Cushon launches 'world first' Net Zero Now pension
Archive News
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.
The FCA data found a “significant fall” in conversion rates, which it highlighted as an indication that firms are starting to act more in line with expectations and messages that for DB advice, in most cases, a transfer is not in the client’s best interests
The FCA data found a “significant fall” in conversion rates, which it highlighted as an indication that firms are starting to act more in line with expectations and messages that for DB advice, in most cases, a transfer is not in the client’s best interests
Posted: 18/1/2021
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
Local Government Pension Scheme (LGPS) Central Limited has announced the launch of its £630m Global Active Emerging Market Bond Fund
Posted: 7/1/21
Universities Superannuation Scheme (USS) Investment Management has partnered with digital diligence platform, DiligenceVault
Posted: 7/1/21
Actuaries are “ideally placed” to advise defined benefit (DB) schemes on how to reach a desirable endgame, according to a report from the Institute and Faculty of Actuaries (IFoA)
Posted: 7/1/21
Industry research has revealed concerns about the negative impact of a lack trust and confidence in pensions, after Trafalgar House research found that over a third (34.3 per cent) of savers have very little to no trust in the industry
Posted: 7/1/21
BT Pension Scheme Management (BTPSM) has announced the appointment of Wyn Francis as chief investment officer (CIO) with immediate effect
Posted: 6/1/20
The government has not made an assessment of the All-Party Parliamentary Group on Frozen British Pensions' 2020 inquiry and its findings, Baroness Stedman-Scott has confirmed
Posted: 6/1/21
Industry research has highlighted a "growing need" for the pensions dashboards, with a poll from Interactive Investor revealing that more than one in eight (13 per cent) people do not know how many workplace pension pots they have
Posted: 6/1/21
Nearly a third (30 per cent) of 11-14 year old children were worried about saving enough for retirement, increasing to nearly four in 10 (39 per cent) amongst 15-18 year olds, according to research from Scottish Widows
Posted: 6/1/21
Action Fraud received 637 reports of pension scams in 2020, of which 545 were passed out to UK law enforcement for further action
Posted: 6/1/21
Changes to the Teachers' Pension Scheme (TPS), designed to allow the phased withdrawal of independent schools, were introduced “too late”, according to Quantum Advisory partner and actuary, Stuart Price
Posted: 6/1/21
The owner of the Pension Infrastructure Platform (PIP), Foresight Group, has announced its intention to float on the London Stock Exchange following “significant recent growth” and strong performance in recent years
Posted: 05/01/2020
Jack Gray assesses the pensions industry’s predictions for what is likely to be an busy and evolutionary year for the sector
Posted: 5/1/21
The Edinburgh Woollen Mill entered administration owing over £51m to unsecured creditors, including a £17.5m defined benefit (DB) pension scheme deficit, according to an administrator's proposal
Posted: 5/1/21
Pension scheme trustees should assess their ‘personal cyber hygiene’ to mitigate the risk of cyber attacks, the Institute and Faculty of Actuaries (IFoA) has said
Posted: 5/1/21
Pension scheme trustees should engage with scheme sponsors to reassess investment strategy and funding levels following the Brexit trade agreement, according to Herbert Smith Freehills
Posted: 5/1/20
The accounting deficit of FTSE 350 companies’ defined benefit (DB) pension schemes nearly doubled last year, increasing from £40bn at the end of 2019 to £70bn at the end of 2020, according to Mercer
Posted: 4/1/21
Michelle Ostermann has resigned from her role as managing director of investments at RPMI Railpen
Posted: 4/1/21
Nest CEO, Helen Dean, has been awarded a Commander of the Order of the British Empire (CBE) for services to pension saving in the Queen's New Year Honours list
Posted: 4/1/21
Now Pensions suffered a data breach in December after one of its service partners unintentionally posted members’ personal data in a public software forum
Posted: 4/1/21
The risk settlement market is expected to thrive in 2021, according to Aon, with further growth in appetite for small- and mid-sized transactions and the first defined benefit (DB) superfund transactions expected
Posted: 4/1/21
A corporate trustee and one of its directors have been banned from acting as pension scheme trustees by The Pensions Regulator (TPR) after several governance failures
Posted: 4/1/21
Minister for Pensions, Guy Opperman, explains his priorities for the year ahead, including managing small DC pots, dashboards, protecting savers against scams and pension schemes’ role in tackling climate change
Posted: 01/01/2021
Society of Pension Professionals (SPP) president, James Riley, ponders what Christmas presents the pensions industry may receive as we move into 2021
Posted: 23/12/20
Pensions Age reporter, Duncan Ferris, takes a look back at his first year as a pensions journalist
Posted: 23/12/20
The implementation of the High Court’s decision in the recent Lloyds case “raises a number of important practical difficulties” for pension schemes, according to Norton Rose Fulbright
Posted: 23/12/20
The latest news in brief and mandates from the past seven days
Posted: 23/12/20
In a year like no other, the pensions industry did not stand still, with the sector continuing to evolve as it adapted to life amidst the coronavirus. Jack Gray takes a look back over the most read stories of 2020
Posted: 23/12/20
PensionBee has launched a range of ready-made investment solutions for non-advised customers as part of a partnership with State Street Global Advisors (SSGA)
Posted: 22/12/20
A third (33 per cent) of savers between the ages of 18 and 34 do not believe that their pension will be enough to fund their retirement, research by Canada Life has found
Posted: 22/12/20
Arcadia’s defined benefit (DB) pension schemes are expected to enter Pension Protection Fund (PPF) assessment “shortly”, according to a letter from The Pensions Regulator (TPR)
Posted: 22/12/20
Association of British Insurers (ABI) manager, long-term savings, Hetty Hughes, discusses the recent government decision to align RPI with CPIH in 2030
Posted: 22/12/20
Pensions Minister, Guy Opperman, has said that any further investigation into the AEA Technology (AEAT) pension scheme would be “most unlikely” to come to an alternate conclusion if initiated
Posted: 22/12/20
Card Factory’s newly appointed CEO will receive company benefits aligned with the pension allowance for the greetings card retailer’s workforce, in-line with Investment Association (IA) guidelines
Posted: 21/12/20
The ex-boss of Norton Motorcycles, Stuart Garner, has been refused permission to appeal against directions from The Pensions Ombudsman (TPO) to pay £14m to the motorcycle manufacturer’s pension scheme
Posted: 21/12/20
The Make My Money Matter (MMMM) campaign has produced a satirical short film with the aim of encouraging pension schemes to sign up to net zero and deforestation free targets across their portfolios
Posted: 21/12/20
Association of Consulting Actuaries (ACA) chair, Patrick Bloomfield, discusses why the complexity of the pension tax system is an issue that cannot be ignored
Posted: 21/12/20
The British government should work with legislators from Canada and Australia to end a freeze on the state benefits of UK state pensioners who move abroad, according to the All-Party Parliamentary Group (APPG) on Frozen British Pensions
Posted: 21/12/20
The government has set out a list of circumstances where the cap on the payments that specified public sector bodies make in relation to employees’ exits from the Local Government Pension Scheme (LGPS) can be relaxed
Posted: 21/12/20
There is “further work to do” to define some areas of the Pensions Dashboards Project’s (PDP's) data standards following their recent release, according to PDP principal, Chris Curry
Posted: 18/12/20
HPS Investments has agreed a deal to acquire a further £30m of shares in Pension Insurance Corporation (PIC), according to a report from Sky News
Posted: 18/12/20
The latest news in brief and mandates from the past seven days
Posted: 18/12/20
The European Pensions Awards 2021 are now open for entries
Posted: 18/12/20
The pensions industry has welcomed the small pots working group’s report outlining recommendations to tackle the issue and emphasised the importance of building momentum
Posted: 18/12/20
Nest has announced a new climate strategy to support plans to nearly double its investment in the "exciting growth area" of emerging markets
Posted: 18/12/20
Pension scheme buy-ins and buyouts could reach £30bn in 2021, with a further £25bn of longevity swaps alongside this, according to forecasts from Willis Towers Watson (WTW)
Posted: 17/12/20
The industry’s overall satisfaction with the direction of pensions policy has dropped from 90 per cent in February 2019 to 51 per cent in November 2020, according to the Pensions Management Institute (PMI)
Posted: 17/12/20
The small pension pots working group has published a report that outlines a series of recommendations for the government and pensions industry to work together on in tackling the increasing number of small, deferred pension pots in the auto-enrolment (AE) pensions market
Posted: 17/12/20
Covid-19 has not had a detrimental effect on the “vast majority” of pension schemes, although continued support may be needed, with 59 per cent of schemes supporting calls to extend regulatory easements into the new year, industry research has shown
Posted: 17/12/20
The market events of 2020, combined with trends seen over recent years, could lead to a wave of benefit reviews by UK companies and subsequent pension scheme closures in 2021, Aon has warned
Posted: 17/12/20
Aon's proposed acquisition of Willis Towers Watson (WTW) is set to undergo an in-depth probe by European Union (EU) regulators due to its complexity, sources have told Reuters
Posted: 16/12/20
The Pensions Regulator (TPR) has published a report detailing its regulatory intervention relating to the Merchant Navy Ratings Pension Fund (MNRPF) between 2018 and 2020
Posted: 16/12/20
The majority (84 per cent) of pension schemes agree that there needs to be more diversity in the sector, despite almost half (48 per cent) of schemes having no specific strategy around diversity or inclusion, according to industry research
Posted: 16/12/2020
More than half (58 per cent) of charities with pension deficits failed to explain the effect this could have on their financial position in their trustees’ annual report, according to research from the Charity Commission
Posted: 16/12/20
The government has launched a consultation on the options to increase the general levy on occupational and personal pension schemes, including plans to restructure the levy
Posted: 16/12/20
Over a quarter (27 per cent) of over-55s approaching retirement said the Covid-19 pandemic’s impact on their pension was their biggest financial worry, according to research from Standard Life
Posted: 16/12/20
The Maersk Retirement Benefit Scheme has completed a £1.1bn buy-in with Legal & General (L&G) Assurance Society, securing the benefits of around 1,900 members and 3,000 retirees
Posted: 16/12/20
LV= has agreed to sell its remaining savings & retirement and protection businesses to Bain Capital Credit for £530m
Posted: 15/12/20
Good Energy has called on The Pensions Regulator (TPR) to take more drastic action on climate change after stating that the industry is “failing to act on the crisis”
Posted: 15/12/20
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance
Posted: 15/12/20
The Pension Protection Fund (PPF) has outlined a number of supportive measures for levy payers in 2021/22 following its consultation
Posted: 15/12/20
The average combined total of employee and employer contributions is above the minimum auto-enrolment (AE) requirements, despite persisting key knowledge gaps, research from MFS has revealed
Posted: 15/02/20
Civil Service pension scheme administrator, MyCSP, paid £605,000 to the Cabinet Office in lieu of erroneous overpayments in the 2019/20 financial year, according to Conservative MP and Cabinet Office Parliamentary Secretary, Julia Lopez
Posted: 15/12/20
The Aon Bain Hogg Pension Scheme Section of the Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows
Posted: 15/12/20
The Pensions Dashboards Programme (PDP) has published its key data standards and told schemes and providers it is “essential” that they begin to prepare their data
Posted: 15/12/20
The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap transaction with Reinsurance Group of America (RGA)
Posted: 14/12/20
The increase in pension scheme members' interest in environmental, social and governance (ESG) friendly investments should be a “wake-up call” for a “lagging” pensions industry, according to the Association of Consulting Actuaries (ACA)
Posted: 14/12/20
Belief in the importance of retirement savings amongst the self-employed remains unaffected by the pandemic, but confidence in retirement preparedness has been negatively impacted, research from Nest Insight has revealed
Posted: 14/12/20
Electronic Arts (EA) has confirmed that the pensions of Codemasters Group employees will be safeguarded in its agreed £945m acquisition of the British videogame developer and publisher
Posted: 14/12/20
The Pensions Ombudsman (TPO) has upheld a transfer complaint against Willis Towers Watson (WTW) and Lloyds Banking Group Pensions Trustees, awarding compensation of around £25,522
Posted: 14/12/20
Prospective retirees over the age of 50 are facing a “ticking time bomb” in retirement, with 66 per cent having made either no firm plans or no plans at all for their retirement finances, according to industry research
Posted: 14/12/20
Member-nominated trustees (MNTs) feel that most of the key risks facing their schemes have not been affected by the Covid-19 pandemic, according to the Association of Member Nominated Trustees (AMNT)
Posted: 11/12/20
Pensions Minister, Guy Opperman, has written to PensionBee requesting the provider’s support in developing the regulation for mandatory simpler annual benefit statements
Posted: 11/12/20
The Pensions Ombudsman (TPO) has partially upheld a complaint against Aon and Barnett Waddingham over the implementation of a pension sharing order
Posted: 11/12/20
Representatives for the University of Cambridge have written to the Universities Superannuation Scheme (USS) to express “serious concerns” over the approach taken to the March 2020 valuation
Posted: 11/12/20
The latest news in brief and mandates from the past seven days
Posted: 11/12/20
Five thousand members of Thermo Fisher Scientific’s pension scheme have been transferred to the Aegon Master Trust, in a roll out that included the transfer of around £120m in existing pension assets
Posted: 11/12/20
Some of the world's largest asset managers, representing $9trn (£6.8trn) in assets under management, have committed to the goal of net zero carbon emissions by 2050
Posted: 11/12/20
The gap in life expectancy between the most and least deprived individuals grew by 8 per cent between 2012 and 2017, according to a briefing note from the Pensions Policy Institute (PPI)
Posted: 10/12/20
Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found
Posted: 10/12/20
The bulk annuity market is on track to complete between £25bn and £30bn of transactions in 2020, making it the second busiest year on record for the bulk annuity market, according to research by Barnett Waddingham
Posted: 10/12/20
The Homestyle 2007 Pension Scheme has completed a £103m bulk purchase annuity transaction with Aviva, insuring the defined benefit (DB) pension liabilities of all 1,294 members
Posted: 10/12/20
The Northern Gas Networks (NGN) Pension Scheme has agreed a £385m buy-in transaction with Legal & General (L&G), securing the pension benefits of more than 600 retirees
Posted: 10/12/20
The UK pension risk transfer market could reach up to £60bn in 2021 through bulk annuities, longevity swaps and new risk transfer solutions, according to forecasts from Mercer
Posted: 10/12/20
The Wealth Tax Commission has recommended a one-off wealth tax on ‘millionaire couples’, paid at one per cent for five years, stressing that all assets, including main homes and pension pots, should be included to ensure horizontal equity
Posted: 9/12/20
Almost a quarter (22 per cent) of FTSE 350 defined benefit (DB) schemes with rated sponsors face a 50 per cent chance of corporate insolvency before they reach buyout, according to analysis from Hymans Robertson
Posted: 9/12/20
The Pensions Ombudsman (TPO) has upheld a complaint against the Northern Irish Department of Finance (DoF) on the grounds of age discrimination
Posted: 9/12/20
Pensioners could be owed as much as £32,000 in guaranteed minimum pension (GMP) back payments, with over half of affected schemes owing individual pensioners £10,000, according to analysis by XPS Pensions Group
Posted: 9/12/20
The Pensions Regulator (TPR) executive director of regulatory policy, analysis and advice, David Fairs, has urged the industry not to make “rash predictions” about the impact of the regulator’s upcoming defined benefit (DB) funding code
Posted: 9/12/20
“Stronger support” is needed for those approaching pension freedoms eligibility as nearly three-fifths (59 per cent) of people aged between 45 and 54 are confused by their choices at retirement, according to Just Group
Posted: 9/12/20
The National Grid UK Pension Scheme has completed a £800m buy-in transaction with Rothesay, covering the benefits for Section A members of the scheme
Posted: 9/12/20
The number of auto-enrolled employees increased by 13,000 to 10,387,000 in November, although this was again overshadowed by growth of non-enrolled workers, according to data from The Pensions Regulator (TPR)
Posted: 8/12/20
Pension actuaries who are calculating transfer values and commutation rates should prioritise rationale and clear communication when advising scheme trustees, according to the Institute and Faculty of Actuaries (IFoA)
Posted: 8/12/20
Aon has urged the Ministry of Housing, Communities and Local Government (MHCLG) to outline McCloud regulations for the Local Government Pension Scheme (LGPS) in England and Wales "as soon as possible" in light of the “significant issues” they could pose
Posted: 8/12/20
Companies could be met with an “unwelcome end-year headache” by having to adjust their 2020 accounts following a High Court judgment regarding defined benefit (DB) pensions, according to LCP
Posted: 8/12/20
The most under-pensioned groups have a private pension wealth equal to around 15 per cent of the UK average, research from Now Pensions and the Pensions Policy Institute (PPI) has revealed.
The report found that people with disabilities have private pension wealth of around £7,450, just 9 per cent of the UK average
The report found that people with disabilities have private pension wealth of around £7,450, just 9 per cent of the UK average
Posted: 8/12/20
The aggregate deficit of UK defined benefit (DB) pension schemes declined from £126bn to £78.8bn during November, the Pension Protection Fund’s (PPF’s) latest 7800 Index has revealed
Posted: 8/12/20
The proportion of pension transfers showing at least one sign of being a potential scam reached a record high of 64 per cent in November, according to XPS Pensions Group
Posted: 8/12/20
A police officer who was hospitalised as a result of the 2018 Salisbury Novichok attack has been left “fighting for part of his pension”, according to comments from his wife on Twitter
Posted: 7/12/20
The government has been urged to publish a timetable for the next automatic enrolment (AE) review and reforms, after research from the Association of Consulting Actuaries (ACA) revealed "very strong" employer support for change
Posted: 07/12/2020
The Covid-19 pandemic has “compounded” the challenges facing retirement savings and old-age pension arrangements and added new ones, according to the OECD
Posted: 7/12/2020
Association of British Insurers (ABI) policy adviser, long-term savings policy, Reuben Overmark, considers the role of consolidation in providing value for money, and whether it is always the right option
Posted: 07/12/2020
The basic gender pension gap could be as much as £108,130 for single women when considering life expectancy, increasing to £186,120 for women who are married or in a relationship, analysis from More2Life has found
Posted: 07/12/2020
The Pensions Ombudsman (TPO) has partially upheld a complaint against HSC Business Services Organisation after it provided a scheme member with an incorrect early retirement quotation
Posted: 7/12/20
The latest news in brief and mandates from the past seven days
Posted: 4/12/20
Savers could be missing out on more than £23,000 at retirement, as almost two-fifths (37 per cent) of people think they have a missing pension pot, increasing to 64 per cent for 18-34 year olds, according to research from PensionBee
Posted: 04/12/2020
The Pensions Ombudsman (TPO) has partially upheld an overpayment complaint against Teachers' Pensions (TP) and Islington Borough Council, after finding that delays and lack of communication had caused serious distress and inconvenience
Posted: 4/12/20
The surplus of the Teachers’ Pension Scheme (England and Wales) increased from £54m to £177m in the 12 months ended 31 March 2020, according to the scheme’s annual report and accounts
Posted: 4/12/20
The value of the Royal Mail Statutory Pension Scheme’s (RMSPS’s) liabilities rose by just over £5bn year-on-year, as of March 2020, the government’s annual report and account for the scheme has revealed
Posted: 4/12/20
A shift in pension funding and investment strategies could eliminate the UK’s current £190bn defined benefit (DB) pension deficit, analysis from PwC has found
Posted: 4/12/20
Over £1.75bn has been wiped from UK council pension funds due to oil investments "crashing" over the past three years, analysis from Platform London has found.
Posted: 3/12/20
The Covid-19 pandemic has resulted in the focus on social and governance issues increasing amid heightened awareness of labour rights and public health, according to the Pensions Policy Institute (PPI)
Posted: 3/12/20
The Aviva Master Trust has adopted My Future Focus, which fully integrates environmental, social and governance (ESG) factors into its design, as its standard default investment strategy
Posted: 3/12/20
Phoenix Group has set a target of net-zero by 2050 for its investment portfolio and stated that reducing its carbon footprint is “integral” to delivering long-term value
Posted: 3/12/20
Engineering service firm, Renew, has completed a buy-in for its Lovell Pension Scheme with an unnamed specialist insurer
Posted: 3/12/20
Over a third (35 per cent) of UK adults would prefer to manage their retirement savings themselves, increasing to a "worrying" 47 per cent amongst over-55s, research from Smart Pensions has revealed
Posted: 3/12/20
Arcadia owner, Tina Green, has agreed to bring forward a payment of £50m for the collapsed firm’s pension scheme from September 2021 to within the next 10 days
Posted: 3/12/20
GardaWorld has agreed to a £770m support package with the G4S UK pension trustee as part of its final cash offer to acquire the British security services company
Posted: 2/12/20
The Court of Appeal has overturned a High Court ruling to block the transfer of a £12bn portfolio of annuities from Prudential Assurance Company to Rothesay Life, stating that the original judge was "wrong" on a number of issues
Posted: 2/12/20
Defined benefit (DB) scheme funding levels fell to an average of 94.9 per cent, as of March 2020, from an average of 99.2 per cent 12 months prior, the Pension Protection Fund’s (PPF’s) latest Purple Book has revealed
Posted: 2/12/20
The Pensions Ombudsman (TPO) has upheld a complaint against the London borough of Bromley after it failed to comply with obligations towards a member who ceased work due to ill health
Posted: 2/12/20
Over a third (34 per cent) of AJ Bell Youinvest customers would increase their pension contributions if they thought it would be good for the environment, a survey from AJ Bell has found
Posted: 2/12/20
A “perfect storm” could be awaiting defined benefit (DB) pension schemes when temporary protections from corporate insolvencies are lifted at the end of the year, Aon has warned
Posted: 2/12/20
The initial pensions dashboard will focus on providing basic pension information, with more sophisticated features to evolve over time, Pensions Dashboards Programme (PDP) principal, Chris Curry, has confirmed
Posted: 2/12/20
Benefex Financial Solutions has acquired Capita's employee benefits business following Capita's strategic review
Posted: 1/12/20
The Pension Scams Industry Group (PSIG) is currently updating its code and intends to launch the next version “early next year”, according to PSIG chair and Pensions Administration and Standards Association (Pasa) president, Margaret Snowdon
Posted: 1/12/20
The accounting deficit of FTSE 350 companies’ defined benefit (DB) pension schemes increased by £2bn during November to £77bn, Mercer’s latest Pensions Risk Survey has revealed
Posted: 1/12/20
Pensions Minister, Guy Opperman, has announced the launch of the Taskforce on Pension Scheme Voting Implementation, which will examine issues faced by trustees implementing their own voting policies, particularly in relation to pooled funds
Posted: 1/12/20
The Pension Regulator (TPR) plans to publish its second consultation on its proposed defined benefit (DB) funding code in the middle of next year
Posted: 1/12/20
Work and Pensions Committee chair, Stephen Timms, has asked The Pensions Regulator (TPR) to outline how Arcadia Group’s collapse will affect a £385m package that had been bound for the company’s pension scheme
Posted: 1/12/20
The majority (82 per cent) of employers are opposed to multiple dashboards and dashboards that do not include state pensions, research from the Association of Consulting Actuaries (ACA) has revealed
Posted: 1/12/20
Seven former Newcastle United footballers have launched a High Court battle over mis-sold pensions and investments, claiming to have lost almost £3m on pension investments
Posted: 30/11/20
The government must work to support Generation X, who are “screwed” when it comes to retirement and have had their situation worsened by the Covid-19 pandemic, according to the International Longevity Centre (ILC)
Posted: 30/11/20
Aon has published a guide to give pension schemes and professionals “practical and implementable” suggestions to improve diversity on their trustee boards and considerations for their memberships
Posted: 30/11/20
Barriers to members’ pension engagement could be overcome with simple changes to the language used in communications, according to Nest Insight and Invesco.
In their joint-published Beyond the default report, Nest and Invesco found that there was a lack of knowledge amongst auto-enrolled pension savers
In their joint-published Beyond the default report, Nest and Invesco found that there was a lack of knowledge amongst auto-enrolled pension savers
Posted: 30/11/20
One in three defined benefit (DB) pension scheme members could have their pension rights covered by a buyout or buy-in by 2025, according to figures from LCP
Posted: 30/11/20
Work and Pensions Committee (WPC) chair, Stephen Timms, has called on Philip Green and his family, the owners of Arcadia, to plug the firm’s pension deficit
Posted: 30/11/20
TopShop, Burton and Dorothy Perkins owner Arcadia is on the brink of collapse, with its "horribly big" pension deficit "weighing down" on the company
Posted: 27/11/20
The AA has agreed to a £219m takeover deal that is expected to fully safeguard existing employment rights of the management and employees, including pension rights
Posted: 27/11/20
Legal & General Investment Management (LGIM) has passed the milestone of £100bn defined contribution (DC) assets under management
Posted: 27/11/20
Aviva Life & Pensions UK has completed an £875m buy-in with its parent company’s defined benefit pension scheme, covering around 2,800 members’ pension liabilities
Posted: 27/11/20
Network Rail’s defined benefit (DB) pension schemes saw their deficit widen from £3.45bn to £5.1bn between 31 March 2020 and 30 September, according to the company’s interim results
Posted: 27/11/20
The latest news in brief and mandates from the past seven days
Posted: 27/11/20
Employers' support for FTSE 350 companies’ defined benefit (DB) pension schemes dropped to a three-year low in March due to Covid-19, but recovered as lockdown was eased in the summer, according to PwC
Posted: 26/11/20
Pensions Administration Standards Association (Pasa) president, Margaret Snowdon, has been appointed to the board of the Pension SuperFund (PSF), with effect from 1 December
Posted: 26/11/20
Cost constraints are likely to continue limiting the development of master trusts’ investment propositions, according to a report from the Defined Contribution Investment Forum (DCIF)
Posted: 26/11/20
The majority (88 per cent) of defined benefit (DB) pension schemes were forced to consider a new strategy in the last 12 months, despite 92 per cent of schemes stating that they are prepared for the next stage of their strategy, research from Barnett Waddingham has shown
Posted: 26/11/20
Mothercare has confirmed the details of its revised five-year payment schedule to its pension schemes, which will reduce the short-term cash contributions to aim to protect the overall positioning through the improved financial covenant
Posted: 26/11/20
More than a fifth (21 per cent) of people do not have a pension, including one in 10 people over the age of 55, according to figures from MoneySupermarket
Posted: 26/11/20
Total state pension payments are expected to decrease by £600m in 2020/21 due to excess deaths caused by Covid-19, according to the Office for Budget Responsibility (OBR)
Posted: 25/11/20
The government’s decision to reform the Retail Price Index (RPI) to align with the Consumer Price Index including owner occupiers’ housing costs (CPIH) could be “a major blow both for pension schemes and their members”, according to industry figures
Posted: 25/11/20
The Retail Price Index (RPI) will be reformed to align with the Consumer Price Index including owner occupiers’ housing costs (CPIH) no earlier than February 2030
Posted: 25/11/20
A new white paper has proposed that the government reallocates some unfunded state and defined benefit (DB) pension obligations to fund debt and build low-carbon infrastructure
Posted: 25/11/20
The number of over-55s worried about running out of money in retirement has increased to over a third (34 per cent) over the past year, increasing even further to 48 per cent amongst women, research from the Equity Release Council and Key has found
Posted: 25/11/20
Four-fifths (80 per cent) of people between the ages of 55 and 64 did not know their pension contributions will be capped if they withdraw taxable amounts from their pot, according to NFU Mutual
Posted: 25/11/20
UK defined benefit (DB) pension schemes could be overestimating their liabilities by as much as £60bn in their company accounts as a result of changes in life expectancy amid the pandemic, research from XPS Pensions has found
Posted: 25/11/20
The Pensions Regulator (TPR) has announced the appointment of Antony Townsend as chair of its Determinations Panel, which is responsible for making formal decisions relating to cases where TPR seeks to use certain powers
Posted: 24/11/2020
Chancellor Rishi Sunak’s rumoured move to create a flat rate on pensions tax relief at 25 per cent could leave a “big dent” in top earners’ pension pots, according to Aegon
Posted: 24/11/20
The HM Treasury-led Asset Management Taskforce has published 20 recommendations to place stewardship at the heart of the ‘build back better’ post-covid-19 agenda, including plans for a council of UK pension schemes.
The report, Investing with Purpose: placing stewardship at the heart of sustainable growth, provides a ‘blueprint’ for integrating stewardship into the investment process, and outlines three main 'pillars' which will require action to strengthen stewardship practices
The report, Investing with Purpose: placing stewardship at the heart of sustainable growth, provides a ‘blueprint’ for integrating stewardship into the investment process, and outlines three main 'pillars' which will require action to strengthen stewardship practices
Posted: 24/11/2020
Pennon Group’s defined benefit (DB) pension deficit relating to the continuing group stood at £51.8m at 30 September, down from a surplus of £6.6m at 31 March, according to the company’s half-year report
Posted: 24/11/20
A revised regulatory approach to how defined benefit (DB) pension schemes fund for life expectancy improvements could potentially allow for “significant investment” to boost the economy after the pandemic, according to analysis by PwC
Posted: 24/11/2020
Just Group has completed a £74m buy-in with an unnamed UK pension scheme of an American-listed engineering business
Posted: 24/11/20
EQi has warned of a "massive knowledge gap" amongst millions of savers, after research revealed that over a third (35 per cent) of savers, equal to around 18 million people, have never reviewed their plans for retirement
Posted: 24/11/2020
XPS Pensions Group has published a checklist to aid trustees in assessing what actions need to be taken for their schemes to meet the commitments of The Pensions Regulator’s (TPR) scams pledge
Posted: 23/11/20
The majority (79 per cent) of employers have been negatively impacted by the current pensions tax regime, with 89 per cent calling for simplification even if it means some people are worse off, research from the Association of Consulting Actuaries (ACA) has found
Posted: 23/11/2020
The majority (92 per cent) of pension schemes plan to increase their allocations to renewables over the next three to five years, despite the pandemic slowing the pace of divestment, research from Octopus Renewables has found
Posted: 23/11/2020
The Daily Mail and General Trust (DMGT) defined benefit pension (DB) schemes’ pro forma net surplus has decreased from £332m to £240m across the year ended 30 September, according to the company’s annual report
Posted: 23/11/20
Industry experts have called for greater support to close the ethnicity pensions gap after the latest figures from the Office for National Statistics (ONS) revealed a "stark difference" in private pension wealth levels
Posted: 23/11/2020
It is vital that changes included in the government’s spending review do not “discourage saving for retirement or ‘rainy day’ emergencies”, Aegon pensions director, Steven Cameron, has warned
Posted: 23/11/20
The Treasury, Bank of England, and Financial Conduct Authority (FCA) have announced plans to convene an industry working group, which will aim to facilitate greater investment in ‘productive finance’
Posted: 23/11/2020
The winners of the ninth annual Irish Pensions Awards were announced on Thursday night in a special online broadcast
Posted: 20/11/20
The pensions industry has warned that the latest ruling on Guaranteed Minimum Pension (GMP) equalisation will have far-reaching implications and pose significant challenges to affected schemes and trustees
Posted: 20/11/20
The Nationwide Pension Fund’s surplus dropped from £294m to £233m between 4 April and 30 September 2020, according to the building society’s half-year report
Posted: 20/11/20
The High Court has ruled that trustees of defined benefit (DB) schemes that provided Guaranteed Minimum Pensions (GMPs) should revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that were calculated on an unequalised basis if an affected member makes a successful claim.
The judgment from Mr Justice Morgan, issued today (20 November), ruled that Lloyds Banking Group pension scheme trustees are responsible for equalising the GMPs for members who transferred out of one of its DB pension schemes
The judgment from Mr Justice Morgan, issued today (20 November), ruled that Lloyds Banking Group pension scheme trustees are responsible for equalising the GMPs for members who transferred out of one of its DB pension schemes
Posted: 20/11/2020
The Armed Forces Pension Scheme (AFPS) has seen its liabilities increase by 19 per cent to £233.1bn between March 2019 and March 2020, according to the scheme’s annual report and accounts
Posted: 20/11/20
The number of public service pension schemes with all six processes that The Pension Regulator (TPR) monitors as indicators of scheme performance fell to 64 per cent in 2019 following a change in criteria
Posted: 20/11/20
The latest news in brief and mandates from the past seven days
Posted: 20/11/20
The number of unpaid pension contribution notices increased by 191.4 per cent in Q3 compared to the previous quarter, rising to 1,026, according to The Pensions Regulator (TPR)
Posted: 19/11/20
The third part of the Work and Pensions Committee’s (WPC’s) inquiry into pension freedoms and the protection of pension savers will assess how people plan the amount they need to save for retirement and later life
Posted: 19/11/20
The difference between the best and worst-performing master trust defaults could see a disparity in pension savings at retirement of £442,000, according to analysis by River and Mercantile
Posted: 19/11/20
Covid-19 could increase pensioner poverty and reverse progress that has been made in increasing employment among older generations, according to a report from the Centre for Ageing Better
Posted: 19/11/20
Defined benefit (DB) transfer activity "picked up" in October, whilst the proportion of pension scam red flags remained high at 60 per cent, according to the XPS Transfer Watch
Posted: 19/11/20
The Royal Mail Defined Benefit Cash Balance Scheme (DBCBS) accounting deficit has almost doubled in six months, jumping from £177m on 29 March 2020 to £344m on 27 September, according to the company’s half-year report
Posted: 19/11/20
The Pension Protection Fund (PPF) has warned that its reserves, which have been "incredibly important" to the lifeboat over the past year, could be "wiped out almost immediately" if there are significant insolvency claims in the new year
Posted: 19/11/20
Investing pension savings into fossil fuels is “crazy” as it supports industries that are threatening the future that pensions are saving for, broadcaster, Sir David Attenborough, has said
Posted: 19/11/20
The number of savers withdrawing all of their pension in one lump sum increased by 94 per cent between April and September 2020, data from the Association of British Insurers (ABI) has revealed
Posted: 18/11/20
People with complex family demands on their finances will make up the largest group of consumers in the retirement market by 2035, according to research by Canada Life
Posted: 18/11/20
Allowing pension schemes to invest in higher long-term productive investments is a “worthwhile aim” but should not distract trustees from acting in members’ best interests, Aegon has warned
Posted: 18/11/20
The Local Pension Partnership Administration (LPPA) has become the first organisation to join the Pension Scams Industry Group’s (PSIG’s) Pension Scams Industry Forum (PSIF)
Posted: 18/11/20
BlackRock has announced plans to increase its investment in environmental, social and governance (ESG) strategies within its UK defined contribution (DC) default strategy, LifePath, by mid-2021
Posted: 18/11/20
The Association of British Insurers (ABI) has called for a “fundamental rethink” of pension advice and guidance regulations after finding that almost three quarters (72 per cent) of consumers would not pay for it
Posted: 18/11/20
Energy supplier, SSE, saw its pension surplus fall by £195.2m to £146.5m between March and September 2020, its half-year report has revealed
Posted: 18/11/20
The general secretaries of Britain’s largest trade unions have issued a joint statement urging the government not to scrap the Retail Price Index (RPI) as a measure of inflation
Posted: 18/11/20
The Trustee Corporation has announced the accreditation of seven of its directors under the Pension Management Institute’s (PMI’s) trustee accreditation programme, Aptitude
Posted: 17/11/20
Pension savers are increasingly managing their pensions online, according to PensionBee, after the provider saw a 96 per cent year-on-year increase in the usage of its mobile app
Posted: 17/11/20
Unemployed young people could miss out on thousands of pounds in pension savings due to being unable to find work as a result of the Covid-19 pandemic, Interactive Investor has warned
Posted: 17/11/20
Universities Superannuation Scheme (USS) Employers has raised concerns over the recent USS consultation process, highlighting it as “unhelpful” and “incredibly difficult” to understand, according to Universities UK (UUK)
Posted: 17/11/20
Growth in the number of auto-enrolled (AE) employees continued to be outpaced by growth in non-enrolled workers in October, according to data from The Pensions Regulator’s (TPR's) Automatic enrolment declaration of compliance report
Posted: 17/11/20
Pension Scams Industry Group (PSIG) chair, Margaret Snowdon, discusses the recent High Court ruling on PPF compensation in pension liberation scams
Posted: 17/11/20
The Pension Schemes Bill passed the report stage and third reading in the House of Commons yesterday (16 November)
Posted: 17/11/20
The Money and Pensions Service (Maps) has said that it is refocusing its financial wellbeing campaigning activity to help those most in need of guidance and support due to Covid-19
Posted: 16/11/20
Inflation hedging activity amongst UK pension schemes was held back by uncertainty around retail price index (RPI) reform during Q3 2020, according to the latest BMO Global Asset Management LDI survey
Posted: 16/11/20
The Smiths Industries Pension Scheme has secured a £146.5m buy-in agreement with Canada Life, insuring the benefits of around 1,000 pensioners
Posted: 16/11/20
Consumer complaints against firms for misadvised defined benefit (DB) pension transfers is set to hit a three-year high in 2020, a freedom of information (FOI) request from Duff & Phelps has revealed
Posted: 16/11/20
The pensions industry should "engage actively" with the government and regulators to help shape The Pension Regulator's (TPR's) new defined benefit (DB) funding regime, according to Lane Clark and Peacock (LCP) partner, Jonathan Camfield
Posted: 16/11/2020
The Investment Association (IA) has written to FTSE 350 companies informing them of changes to its executive pension guidelines
Posted: 16/11/20
The average defined benefit (DB) pension scheme funding level has almost returned to pre-Covid levels, rising to 95.5 per cent as of 30 September 2020, according to Legal and General Investment Management (LGIM)
Posted: 16/11/20
As Talk Money Week 2020 draws to a close, Pensions Age reporter, Sophie Smith, considers how talking about money can help savers to make informed decisions (and even mistakes)
Posted: 13/11/2020
Six out of ten (61 per cent) employers do not offer their staff any guidance on accessing their retirement savings as they approach age 55, Punter Southall Aspire (PSA) has found
Posted: 13/11/20
The recent High Court ruling on Pension Protection Fund (PPF) compensation could have a “huge impact on pension liberation cases”, Pension Scams Industry Group (PSIG) chair, Margaret Snowdon, has said
Posted: 13/11/2020
Just under two-thirds (64 per cent) of over 60s expect to rely on the state pension to fund their retirement, according to a study by Kreston Reeves
Posted: 13/11/20
PMI director of policy and external affairs, Tim Middleton, considers the role of trustees in preventing scams, and the potential impact of recent Pension Scheme Bill amendments
Posted: 13/11/2020
The latest news in brief and mandates from the past seven days
Posted: 13/11/2020
Independent schools in England and Wales will be allowed to opt out of the Teachers' Pension Scheme (TPS) for future staff members, following a consultation by the Department for Education
Posted: 12/11/20
Industry experts have emphasised the need for regulators and the industry to do more to identify and prevent pension scams, with particular concerns highlighted around the current lack of intelligence sharing and unregulated investments
Posted: 12/11/20
MPs have proposed a number of further amendments to the Pension Schemes Bill ahead of its progression to the report stage on Monday 16 November
Posted: 12/11/20
XPS Pensions Group and PensionBee have both committed to The Pensions Regulator’s (TPR's) pledge to combat pension scams
Posted: 12/11/20
The Pensions Regulator (TPR) has published guidance aimed at helping pension trustees protect defined benefit (DB) schemes from employer distress or insolvency.
It urges pension trustees to prepare for possible sponsor difficulties resulting from the Covid-19 pandemic and act quickly if they spot signs of distress from their employers
It urges pension trustees to prepare for possible sponsor difficulties resulting from the Covid-19 pandemic and act quickly if they spot signs of distress from their employers
Posted: 12/11/20
Capita Pensions has partnered with Intellica in order to improve its guaranteed minimum pension equalisation (GMPe) offering for trustees and scheme sponsors
Posted: 12/11/20
The All Party Parliamentary Group (APPG) on pension scams has published an industry resource page, which will be available to stakeholders to use as a “repository of helpful collateral”
Posted: 12/11/20
CMS senior associate, Simon Evans, analyses TPR's potential new information gathering powers proposed in the Pension Schemes Bill
Posted: 12/11/20
The Pensions Ombudsman (TPO) has upheld a complaint against the trustee of the Medusa Pension Scheme after they failed to comply with directions from the deputy ombudsman
Posted: 11/11/20
Women saving adequately on the median wage would need to work past age 100 in order to match men’s pension savings, despite record progress in closing the gender pension gap, analysis by Scottish Widows has found
Posted: 11/11/20
More than three quarters (78 per cent) of savers think pension providers should be able to halt transfers if they suspect fraud, The People’s Pension (TPP) has found
Posted: 11/11/20
Master trust default funds have recovered “surprisingly quickly” since the Covid-driven lows in March, analysis by Hymans Robertson has found, with retirement outcomes for members in master trusts likely back on track
Posted: 11/11/20
The Pensions Management Institute (PMI) has launched its new competency framework, designed to assist pensions industry members in performing effectively
Posted: 11/11/20
Talking about the positive impact of pension investments could increase engagement and trust amongst savers who care about environmental, social and governance (ESG) issues, according to research from Nest Insight
Posted: 11/11/20
Baker Hughes (UK) Pensions Plan has completed a £100m buy-in with Just Group in its latest move to reduce risk
Posted: 11/11/20
The Prudential Staff Pension Scheme has secured a longevity swap deal with Pacific Life Re, covering £3.7bn of pension liabilities, the fifth largest UK longevity swap on record
Posted: 11/11/20
Two schemes sponsored by the same drug development and healthcare company have completed a £22m joint buy-in with Just Group
Posted: 10/11/20
The Reckitt Benckiser Pension Fund has secured a £415m buy-in with Scottish Widows, which will cover around half of the scheme’s members’ liabilities
Posted: 10/11/20
The joint Government-Regulator Task Force on Climate-related Financial Disclosures (TCFD) Taskforce has published an interim roadmap for implementing mandatory disclosures, with many coming into force by 2021
Posted: 10/11/2020
The government should scrap the £10,000 auto-enrolment (AE) trigger as part of measures to improve retirement outcomes for the self-employed and multiple job holders, Now Pensions has said
Posted: 10/11/20
The combined deficit of UK defined benefit (DB) pension schemes in the Pension Protection Fund (PPF) 7800 Index rose to £168.2bn at the end of October, marking a £2.1bn increase during the month
Posted: 10/11/20
The Pensions Regulator (TPR) has launched an industry-wide campaign to combat pension scams, calling on trustees, providers and administrators to pledge to do what they can to protect scheme members
Posted: 10/11/20
The Pensions Administration Standards Association (Pasa) has launched guidance to help pension administrators avoid and deal with cybercrime
Posted: 10/11/20
The Pensions Policy Institute (PPI) has launched a survey for schemes to share how they have implemented environmental, social and governance (ESG) factors into investing in order to inform future research
Posted: 9/11/20
The majority (67 per cent) of pension professions believe that The Pensions Regulator (TPR) should adjust its 'tougher' approach to focus on the sustainable growth of scheme sponsors amid the economic impact of Covid-19, according to a survey from Herbert Smith Freehills
Posted: 9/11/20
Deloitte has acquired the business and assets of the pension scheme administration and actuarial consultancy arm of Kerr Henderson (Consultants and Actuaries) Limited
Posted: 9/11/20
The government should scrap the triple lock on state pensions and instead increase it in line with the Consumer Price Index (CPI), according to the Association of Accounting Technicians (AAT)
Posted: 9/11/20
Pensions Minister, Guy Opperman, has endorsed and agreed to the formation of a working group proposed by the Association of Member Nominated Trustees (AMNT) to address barriers to trustees voting
Posted: 9/11/20
Scottish Widows has announced plans to divest £440m from companies that do not meet the environmental, social and governance (ESG) standards outlined under its new policy
Posted: 9/11/20
Society of Pension Professionals (SPP) president, James Riley, discusses why auto-enrolment reform is needed sooner rather than later
Posted: 6/11/20
20-20 Trustees has announced the acquisition of Steve Southern Trustees Limited (SSTL), amid a number of recent new hires
Posted: 6/11/20
Former owner of BHS, Dominic Chappell, has been sentenced to six years in jail for tax evasion at Southward Crown Court, despite claiming pension problems in the chain had left him "broke"
Posted: 6/11/20
MPs have criticised the Department for Work and Pensions' (DWP) statement of policy intent on impartial guidance, labelling its claims that the stronger nudge could “significantly increase take-up of Pension Wise guidance” as “pure spin”
Posted: 6/11/20
The government intends to consult on all regulations covering pension scam ‘red flags’ after the Pension Schemes Bill receives Royal Assent, Pensions Minster Guy Opperman has said
Posted: 6/11/20
The Financial Reporting Council (FRC) has issued a final decision notice, imposing sanctions against Deloitte and its former audit engagement partners in relation to a statutory audit of a company’s 2015 financial statements
Posted: 6/11/20
The latest news in brief and mandates from the past seven days
Posted: 6/11/20
ShareAction has published proposals for a Responsible Investment Bill to be presented to MPs in collaboration with the All Party Parliamentary Group (APPG) on Sustainable Finance
Posted: 5/11/20
Pensions Policy Institute (PPI) senior policy researcher, Lauren Wilkinson, discusses the key considerations for pension trustees when developing an ESG strategy
Posted: 5/11/20
The period between January and October saw a 34.7 per cent rise in the average self-invested personal pension (Sipp) contributions among 30 to 39-year olds compared to the same period in 2019, according to Interactive Investor
Posted: 5/11/20
The Sainsbury's defined benefit (DB) pension scheme surplus has fallen to £1,012m, as at 19 September 2020, according to its latest financial accounts
Posted: 5/11/20
Pension Insurance Corporation (PIC) has invested £40m in debt issued by the Royal College of Surgeons of England to finance the final stages of the redevelopment of its headquarters
Posted: 5/11/20
The UK risk settlement market has still “thrived” in 2020 and is expected to reach over £50bn, despite having seen fewer mega deals than last year, according to Aon
Posted: 5/11/20
Nearly three quarters (70 per cent) of defined benefit (DB) pension schemes would fail to meet The Pension Regulator’s (TPR's) fast track requirements, according to analysis from Hymans Robertson
Posted: 5/11/20
The market value of Local Government Pension Scheme (LGPS) funds in England and Wales decreased by £14.8bn over the last financial year, falling 5.1 per cent to £272.4bn
Posted: 4/11/20
The combined deficit of UK defined benefit (DB) pension schemes remained at £260bn in October 2020, according to the latest PwC Pension Funding Index
Posted: 4/11/20
Over half (51 per cent) of savers are likely to review or reduce pension contributions in a bid to prioritise ‘rainy day’ savings amid the pandemic, according to the latest BlackRock DC Pulse Survey
Posted: 4/11/20
Trustees devoting eight additional hours per year to climate action and long-term stewardship could be the key to achieving “real progress” on these issues, according to Willis Towers Watson (WTW)
Posted: 4/11/20
The trustee of the BHS Senior Management Scheme has agreed a £2.5m bulk annuity deal with Legal & General (L&G), securing benefits above the level of Pension Protection Fund (PPF) compensation
Posted: 4/11/20
The Marks & Spencer (M&S) Pension Scheme has secured two further buy-in policies with Phoenix Group and Aviva, worth a total of around £750m
Posted: 4/11/20
The number of workers expecting to work beyond state pension age has fallen by 14 per cent year-on-year to 19.8 million in 2020, according to research from Canada Life
Posted: 4/11/20
Association of British Insurers (ABI) policy adviser, long-term savings policy, Reuben Overmark, discusses the key measures in addressing the small pension pots issue
Posted: 3/11/20
The Pensions and Lifetime Savings Association (PLSA) is calling for experts and thought leaders from the pensions industry to become members of its Policy Board
Posted: 3/11/20
The Covid-19 pandemic could be tempting defined benefit (DB) scheme members into cashing in their “gold plated” pensions, Freshfields Bruckhaus Deringer has warned
Posted: 3/11/20
Pension costs are “by far” the largest source of financial risk for UK universities, according to a report on education spending from the Institute for Fiscal Studies (IFS)
Posted: 3/11/20
Stormont has agreed to extend the provisions of Westminster’s Pension Schemes Bill to Northern Ireland following a second legislative consent motion
Posted: 3/11/20
The Northern Ireland (NI) Executive Office (EO) has submitted a bid for financial resources for the Troubles victims' pension scheme, emphasising that further financial certainty and discussion is needed from Westminster
Posted: 3/11/20
Three per cent of UK savers halted their pension contributions during the Covid-19 pandemic, research commissioned by The People's Pension (TPP) has revealed
Posted: 3/11/20
Kempen Capital Management has announced it is targeting becoming a net-zero emissions investor by 2050
Posted: 2/11/20
The Department for Work and Pensions (DWP) could face a bill of more than £100m for underpaid state pensions, according to analysis from LCP, which follows on new evidence from DWP Permanent Secretary, Peter Schofield
Posted: 2/11/20
Financial stability should be the key priority as defined contribution (DC) master trusts move to the next stage as The Pensions Regulator’s (TPR) supervision cycle begins, according to Aegon
Posted: 2/11/20
The accounting deficit of FTSE 350 companies’ defined benefit (DB) schemes rose from £73bn at the end of September 2020 to £75bn on 30 October, according to Mercer
Posted: 2/11/20
The Pensions and Lifetime Savings Association (PLSA) has cautioned that consolidation or scheme scale should not be "an end in and of itself”
Posted: 2/11/20
Buck has announced the acquisition of pensions and employee benefits communications firm, Concert Consulting, as it expands its member engagement offering
Posted: 2/11/20
Work and Pensions Committee chair, Stephen Timms, has submitted an amendment to the Pension Schemes Bill (PSB), which would require automatic pension guidance appointments, to be heard at the Bill Committee on Tuesday
Posted: 2/11/20
TPR executive director for regulatory policy, analysis and advice, David Fairs, urges pension trustees to prepare for climate risk disclosure changes to help contribute to good saver outcomes
Posted: 30/10/20
Scottish National Party (SNP) MPs have proposed amendments to the Pension Schemes Bill to try and avoid the risk of criminal offences included in the bill punishing routine behaviour
Posted: 30/10/20
The latest news in brief and mandates from the past seven days
Posted: 30/10/20
A total of £2.3bn was withdrawn from pensions flexibly in Q3 2020, bringing the total value of flexible withdrawals since the introduction of pensions freedoms in 2015 to over £37bn, according to HMRC
Posted: 30/10/20
Funding retirement was the top financial worry for UK employees for the second successive year, according to research from Close Brothers
Posted: 30/10/20
Smaller pension schemes could be “forced into consolidation” by rising compliance costs and new proposals from the Department for Work and Pensions (DWP), Buck has said
Posted: 30/10/20
Plans to nudge people towards taking free pensions guidance are “unlikely to deliver a major increase”, according to Work and Pensions Committee chair, Stephen Timms
Posted: 29/10/20
Sackers senior associate, Sonya Fraser, analyses TPR's DB superfund guidance and what it means for pension trustees and employers
Posted: 29/10/20
Up to 1 million families who are entitled to receive pension credit did not claim the benefit in 2019, according to the Department for Work and Pensions' (DWP) latest estimates, with up to £1.8bn of available pension credit going unclaimed as a result
Posted: 29/10/20
Few pension savers aged between 50 and 72 have considered the income or wealth they might need to support their retirement, according to research published by the Department for Work and Pensions (DWP)
Posted: 29/10/20
A convicted fraudster has been ordered to repay over a quarter of a million pounds defrauded from the Focusplay Retirement Benefit Scheme (FRBS)
Posted: 29/10/2020
The Financial Conduct Authority (FCA) has issued a data request to a number of advisers involved in transfers from the Rolls-Royce defined benefit (DB) pension scheme
Posted: 28/10/20
The Pensions Dashboards Programme’s (PDP) newly released timeline for the dashboards' development has been met with a mixture of disappointment and understanding from the pensions industry
Posted: 28/10/20
The Department for Work and Pensions’ (DWP) proposed wind-up requirements for small defined contribution (DC) schemes should be staggered according to scheme size, XPS Pensions Group has argued
Posted: 28/10/20
Brunel Pension Partnership Limited has said it aims to go “beyond traditional responsible investing” with the launch of its Sustainable Equities Fund with a mandate of £1.2bn
Posted: 28/10/20
The Pensions Dashboards Programme (PDP) has published the timeline for the development of the dashboard, which is expected to be available to savers from 2023
Posted: 28/10/20
The UK’s largest pension scheme, Nest, has called for “small steps” from savers and employers to help close the gender pensions gap
Posted: 28/10/20
The government has published a statement of policy intent on plans to “nudge” people towards taking pensions guidance to try and bolster saver protections
Posted: 28/10/20
More than a third (36 per cent) of pension savers said that, although they were not currently investing ethically, they would like to be able to do so, according to research from Interactive Investor
Posted: 27/10/20
Pensions Minister, Guy Opperman, has confirmed that a statement of policy intent in relation to the impartial guidance rules covered by Clauses 18 and 19 of the Financial Guidance and Claims Act 2018 will be published "shortly"
Posted: 27/10/2020
PASA Dashboard Working Group member, Nick Green, reveals the data dilemma at the heart of pensions dashboards
Posted: 27/10/2020
The Pension Schemes Bill must be amended in order to avoid unintentionally preventing schemes from acting in members’ best interests, according to the Pensions and Lifetime Savings Association (PLSA)
Posted: 27/10/20
Pensions industry professionals remain “divided and cautious” on The Pension’s Regulator’s (TPR's) proposed defined benefit (DB) funding code, according to research from Aon
Posted: 27/10/2020
Proposals for a new funding regime could require sponsoring employers of the UK’s biggest pension schemes, with assets of £1bn or more than 10,000 members, to pay an additional £40bn over the next decade, according to analysis by Lane Clark and Peacock (LCP)
Posted: 27/10/2020
The Hewlett Packard (HP) Retirement Benefit Plan has reappointed EQ Paymaster as its third-party administrator for the next five years
Posted: 26/10/20
Pension scheme trustees and sponsors should ensure they are prepared to consider the full "spaghetti junction" of consolidation options, with innovative solutions emerging for smaller and medium-sized schemes, according to Mercer
Posted: 26/10/2020
There is “little evidence” of an increase in pension transfers or scams across the industry amid the Covid-19 pandemic, according to Pensions Minister Guy Opperman
Posted: 26/10/20
The Pensions Ombudsman (TPO) has partially upheld a complaint against Atkins Pension Trustee following a dispute about a member’s pension increases
Posted: 26/10/20
Young people aged 18-34 expect to retire, on average, at the age of 63 and eight months, whilst one in eight expect to retire by age 55, according to research from Hargreaves Lansdown
Posted: 26/10/2020
Nearly two-thirds (61 per cent) of listed defined benefit (DB) pension scheme sponsors issued a combined 228 profit warnings in the first nine months of the year, a new annual high, according to EY analysis
Posted: 26/10/2020
The British Medical Association (BMA) has called on the government to provide “absolute assurance” that doctors will not have to shoulder any payment to remedy age discrimination identified in the McCloud judgment.
In its response to the government consultation on how to implement changes to remedy the issue, the BMA called for clarity on pensions transition arrangements and a promise that doctors will not be liable for paying for it either through their pension or from the cost of advice to navigate the rules
In its response to the government consultation on how to implement changes to remedy the issue, the BMA called for clarity on pensions transition arrangements and a promise that doctors will not be liable for paying for it either through their pension or from the cost of advice to navigate the rules
Posted: 23/10/20
The Government Actuary’s Department (Gad) has supported the Utility Regulator for Northern Ireland in the review of pension costs for Northern Ireland Water (NIW)
Posted: 23/10/20
The Northern Local Government Pension Scheme (NLGPS) has targeted reaching net zero carbon emissions by 2050 after becoming the latest Make My Money Matter (MMMM) pledge partner
Posted: 23/10/20
The latest news in brief and mandates from the past seven days
Posted: 23/10/20
Over half (52 per cent) of workers want their pension provider to proactively tell them if they are investing in fossil fuels, according to research from Teamspirit
Posted: 23/10/20
Aon has been reappointed to provide fiduciary management services to the ITN Pension Scheme
Posted: 22/10/20
New requirements for sole trustee appointments will seek to eliminate conflicts of interest under a new code of practice from the Association of Professional Pension Trustees (APPT)
Posted: 22/10/20
The number of auto-enrolled (AE) employees rose by 12,000 in September, although this was outpaced by faster growth amongst non-enrolled workers, according to data from The Pensions Regulator (TPR)
Posted: 22/10/20
Less than a third (32 per cent) of pension schemes increased the length of their recovery plans in 2019, compared to half (50 per cent) of schemes in 2018, according to analysis by Hymans Robertson
Posted: 22/10/20
Defined contribution (DC) pension transfer volumes have “bounced back” from the initial impact of the Covid-19 lockdown, and are following a “steady upward path” towards pre-lockdown levels, according to the latest Origo Transfers Service data
Posted: 22/10/20
The Old British Steel Pension Scheme (OBSPS) has secured a £2bn buy-in with the Pension Insurance Corporation (PIC), guaranteeing future payments for all members at or above Pension Protection Fund (PPF) levels
Posted: 22/10/2020
London mayoral candidate for the Conservative Party, Shaun Bailey, has promised to cut the employer contribution rate to the Transport for London (TfL) pension scheme from 31 per cent to 13 per cent if elected
Posted: 21/10/20
A recent decision from The Pensions Ombudsman (TPO) has highlighted the increased risks facing trustees and administrators in the context of pension transfers, Freshfields Bruckhaus Deringer has warned
Posted: 21/10/20
The state pension will rise by £4.40 per week, or £228.80 a year, in 2021 following confirmation from the Office for National Statistics that CPI inflation rose by just 0.5 per cent in September
Posted: 21/10/20
Pension industry organisations have welcomed the launch of defined benefit (DB) superfund guidance from The Pensions Regulator (TPR), although concerns around covenant assessment are emerging
Posted: 21/10/20
Defined benefit (DB) superfunds will have to reach a “high bar” to win regulatory endorsement and the confidence of savers, according to a blog post from The Pensions Regulator (TPR)
Posted: 21/10/20
The Pensions Regulator (TPR) has outlined a series of 'gateway principles' in new guidance for trustees and sponsoring employers of defined benefit (DB) pension schemes considering a transfer to a superfund
Posted: 21/10/20
Corporate sponsors may need to develop strategies to deal with the “tsunami” of upcoming regulatory changes for pension schemes, according to a report from Lane Clark and Peacock (LCP)
Posted: 20/10/20
The government is seeking to overturn the four Pension Schemes Bill amendment votes it lost in the House of Lords in the summer by removing them from the bill
Posted: 20/10/20
Over two-thirds (68 per cent) of UK pension scheme investors expect allocations to renewable energy to increase over the next five years, while 10 per cent expect it to fall, according to research from Alpha Real Capital
Posted: 20/10/20
Just 16 per cent of defined benefit (DB) pension schemes believe that the coronavirus pandemic has weakened their sponsoring employer’s ability to stand behind the scheme in the long term, according to a survey by Willis Towers Watson (WTW)
Posted: 20/10/20
The UK’s pension system fell one place to rank 15th in the Mercer CFA Institute Global Pension Index with an overall score of 64.9
Posted: 20/10/20
Ibstock Pension Scheme has completed a £340m buy-in transaction with Just Group, securing the benefits of more than 1,800 pensioners and over 50 per cent of the scheme’s total liability
Posted: 20/10/20
Almost all (98 per cent) of the FTSE 100 companies analysed by the Investment Association (IA) have either aligned the pension contributions of new directors with that of the workforce or have committed to doing so
Posted: 19/10/20
Pension Wise appointments should be automatically booked for over-50s in order to help them understand their retirement options and avoid scams, according to Just Group
Posted: 19/10/20
One in four people have either stopped or reduced their pension contributions in order to make ends meet since the onset of the Covid-19 crisis, according to research by Hargreaves Lansdown
Posted: 19/10/20
There is a risk that tests for schemes looking to transfer to defined benefit (DB) superfunds could be “all but impossible” to pass if too stringent, according to Lane Clark and Peacock (LCP) partner, Sam Jenkins
Posted: 19/10/20
Arc Pensions Law partner, Anne-Marie Winton, discusses The Pensions Regulator's potential new information gathering powers
Posted: 19/10/20
The government has announced a number of consultations on simpler annual benefits statements' timing and design, as its consultation response confirms plans to push ahead with legislation
Posted: 19/10/20
The proportion of self-employed people saving into private pensions has fallen from 48 per cent to 16 per cent over the last two decades, according to a report from the Institute for Fiscal Studies (IFS)
Posted: 16/10/20
Pensions Age news editor, Jack Gray, reflects on the PLSA Annual Conference 2020
Posted: 16/10/20
The government is “looking at” pension tax relief reform, which could potentially bring in around £10bn, according to journalist and broadcaster, Andrew Neil
Posted: 16/10/20
There has not been a “significant or unusual spike” in missed pension contributions for automatic enrolment schemes, according to The Pensions Regulator (TPR) chief executive, Charles Counsell
Posted: 16/10/20
The latest news in brief and mandates from the past seven days
Posted: 16/10/20
Up to one million members, representing around £170bn of pension scheme assets or around 10 per cent of the total UK defined benefit (DB) pension scheme universe, could transfer to a superfund over the next 10 years, according to analysis by PwC
Posted: 16/10/20
Centre for Ageing Better chief executive, Anna Dixon, examines whether the impact of Covid-19 on over-50s' finances shows the pensions system needs an overhaul
Posted: 16/10/20
The Pensions Regulator (TPR) has launched its 15-year corporate strategy, reflecting a shift from defined benefit (DB) to defined contribution (DC) saving, and building on the regulator’s progression to be a “clearer, quicker and tougher” regulator
Posted: 16/10/20
Industry experts have emphasised the need to further develop auto-enrolment (AE) policy in order to support pension savers on pressing issues around decumulation, adequacy and coverage
Posted: 15/10/20
The aggregate funding level of large defined benefit (DB) master trusts has been more resilient to the turbulence of 2020 than that of other UK DB schemes, according to TPT Retirement Solutions
Posted: 15/10/20
Funds wishing to mitigate the risks of climate change need to adopt assessment frameworks which incorporate a depth of dedicated tools, according to Aberdeen Standard Investments (ASI) head of ESG and fixed income, Sam Lamb
Posted: 15/10/20
Over half (63 per cent) of pension schemes do not have sufficient information to translate climate change risk into their investments, according to research by Caceis and the Pensions and Lifetime Savings Association (PLSA)
Posted: 15/10/20
Bulk annuity market volumes in 2020 will be around £25bn, making this the second-highest year after 2019, Pension Insurance Corporation (PIC) head of business development, Mitul Magudia, has predicted
Posted: 15/10/20
Pension industry organisations have come out in support of the HMRC P800 solution in response to the government's consultation on pensions tax relief administration, emphasising the need to protect existing tax benefits
Posted: 15/10/20
New criminal offences outlined in the Pension Schemes Bill (PSB) will make professionals in the pensions industry “very nervous” about taking action when an employer is struggling, Pinsent Masons partner, head of pensions and long-term savings, Carolyn Saunders, has warned
Posted: 15/10/20
The Pensions Dashboards Programme (PDP) has launched the Usability Working Group (UWG) to discuss best practise for user needs and usability for the pensions dashboards
Posted: 15/10/20
Industry experts have highlighted gold as an “excellent diversifier” for pension scheme portfolios, stressing that it is not only in times of crisis that gold has shown strong performance
Posted: 14/10/20
Legal & General Investment Management (LGIM) has published a climate impact pledge which could see its funds divest from companies that fall short of its standards
Posted: 14/10/20
Communicating about climate aware investing can be “a way into” engaging with members, according to Pensions and Lifetime Savings Association (PLSA) chair, Richard Butcher
Posted: 14/10/20
Solutions to the DC small pots challenge must not result in the institutional pensions market mirroring the retail market, The People’s Pension head of pensions policy, Tim Gosling, has warned
Posted: 14/10/20
Fragmentation of responsibility between regulatory bodies on pension scams work has been highlighted as a “significant” part of the problem by Work and Pensions Committee (WPC) chair, Stephen Timms
Posted: 14/10/20
Pension de-risking transactions have been identified as the third top priority for pension scheme trustees and corporate sponsors over the next three years, in research by Willis Towers Watson (WTW)
Posted: 14/10/2020
The Pensions Regulator (TPR) will publish further guidance to pension schemes considering transferring to a defined benefit (DB) superfund, next week
Posted: 14/10/20
Pensions Minister, Guy Opperman, has said that he expects there to be a further pensions bill in this parliament after the current Pension Schemes Bill becomes law
Posted: 14/10/20
Millions of public sector scheme members could require “a great deal of support” on their pension options, should the government pursue a 'immediate choice' response to the McCloud judgement, Lane Clark and Peacock (LCP) has warned
Posted: 14/10/2020
The Pensions and Lifetime Savings Association (PLSA) has called for a “system-wide approach” to addressing ‘climate-aware’ investing barriers, outlining seven recommendations
Posted: 14/10/2020
Defined benefit (DB) transfer activity fell to a record low in September, whilst transfers flagged as at risk of scam activity hit a new high of 62 per cent, according to the XPS Transfer Watch
Posted: 14/10/2020
The pensions industry needs to ‘break the taboo’ and normalise conversations about race, BlackRock head of LGPS, Gavin Lewis, has advised
Posted: 13/10/20
Some pension schemes should be looking to do six-monthly or even quarterly evaluations of employer covenants, according to Lincoln Pensions managing director, Matthew Harrison
Posted: 13/10/20
Industry experts have urged trustees to create a two-way dialogue around environmental, social and governance (ESG) issues with scheme members, emphasising the need to go above mandatory communications
Posted: 13/10/20
The UK’s defined benefit (DB) pension deficit, on a section 179 basis, increased by £25.6bn during September, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 13/10/20
Data from the first week of October indicates that there has been an increase in employers cutting pension contributions, according to Nest customer engagement director, Mark Rowlands
Posted: 13/10/20
Developing an at-retirement option for members has been voted as the key challenge, alongside the increased burden on regulation, facing defined contribution (DC) scheme trustees in a Phoenix Group poll
Posted: 13/10/20
Industry experts have emphasised the importance of the state pension and auto-enrolment (AE) in supporting younger savers and women in retirement amid growing demographic divergence
Posted: 13/10/20
More frequent prompts should be included throughout the auto-enrolment (AE) process to avoid disengaging savers, according to The Money Saving Expert executive chair, Martin Lewis
Posted: 13/10/20
Pension schemes have nothing to lose and everything to gain in working together to address climate change issues, Aon UK head of responsible investment, Tim Manuel has said
Posted: 13/10/20
The Pensions and Lifetime Savings Association (PLSA) has called for the introduction of a new regulatory framework around defined contribution (DC) decumulation and outlined its vision for what it may look like
Posted: 13/10/20
Adoption of the Pensions and Lifetime Savings Association (PLSA) Retirement Living Standards (RLS) has more than doubled since its launch this time last year, with 53 adopters now utilising the standards
Posted: 12/10/2020
The government has been urged to "play its part" in addressing climate change problems via the pensions industry, with industry experts emphasising the importance of a holistic approach
Posted: 12/10/20
The Pensions Regulator’s (TPR) defined benefit (DB) funding code risks being the “worst of both worlds” if it decides to weaken the ‘fast track’ benchmark and still assess ‘bespoke’ approach schemes against its parameters, LCP has warned
Posted: 12/10/20
Almost half (47 per cent) of pension savers entitled to use Pension Wise have never heard of it, according to Just Group’s analysis of the service’s 2019/20 evaluation
Posted: 12/10/20
The number of pension savers using a mobile app increased by 76 per cent between June 2019-2020, due to Covid-19, Standard Life revealed
Posted: 12/10/20
Defined benefit (DB) pension schemes need to review and reassess their long-term targets after the impact of Covid-19, according to Aon head of UK retirement policy, Matthew Arends
Posted: 12/10/20
Pensions Minister, Guy Opperman's, suggestion that he is open to exploring ways for pensions to be used for house deposits has been described as “disappointing” by The People’s Pension (TPP)
Posted: 12/10/20
Pension industry experts have emphasised the importance of collaboration and engagement in pushing for change in relation to climate change and environmental, social and governance (ESG) issues
Posted: 12/10/2020
The impact on defined benefit (DB) pension scheme liabilities from Covid-19 mortality is likely to be “very limited”, Pensions Insurance Corporation (PIC) longevity actuary, Jamie Funnell has said
Posted: 12/10/20
The pensions industry is concerned at the current regulation of the UK pension system, with 71 per cent considering it to be “too burdensome”, according to research from the Pensions and Lifetime Savings Association (PLSA).
Announced at the PLSA Annual Conference 2020, The PLSA’s Facing the future survey found that 26 per cent felt current regulation was ‘about right’ and 4 per cent believed more regulation was needed
Announced at the PLSA Annual Conference 2020, The PLSA’s Facing the future survey found that 26 per cent felt current regulation was ‘about right’ and 4 per cent believed more regulation was needed
Posted: 12/10/20
Councillor, Alison Moore, has criticised Capita for its administration and payroll of the Barnet Council pension scheme following a report that highlighted its shortcomings
Posted: 9/10/20
The government has confirmed that it has received £3.41bn as its share of the surplus from the Mineworkers' Pension Scheme (MPS) since the surplus-sharing arrangement was agreed in 1994.
In response to a written question, Minister for Business, Energy and Industrial Strategy, Kwasi Kwarteng, noted that the guarantee provided by the arrangement had increased scheme members' payments by a third
In response to a written question, Minister for Business, Energy and Industrial Strategy, Kwasi Kwarteng, noted that the guarantee provided by the arrangement had increased scheme members' payments by a third
Posted: 9/10/20
Climate risk reporting requirements for trustees needs to reflect risks at individual company and sector level rather than through big picture asset class allocations, according to XPS Pensions
Posted: 9/10/20
The Pensions Age Awards 2021 is now open to entries for all UK pension schemes or provider firms serving in the UK
Posted: 9/10/20
The latest news in brief and mandates from the past seven days
Posted: 9/10/20
The Pension Protection Fund’s (PPF) probability of success of being at least 110 per cent funded by 2030 fell from 89 per cent to 83 per cent year-on-year, as of 31 March 2020, its annual report has revealed
Posted: 8/10/20
The BT Pension Scheme is targeting achieving net zero greenhouse gas emissions across its £55bn portfolio by 2035
Posted: 8/10/20
'Disappointing lack of scrutiny' on criminal offenses outlined in Pension Schemes Bill - Freshfields
There has been a “disappointing lack of scrutiny” from the House of Commons into new criminal offences included in the Pension Schemes Bill, according to Freshfields Bruckhaus Deringer
Posted: 8/10/20
AJ Bell has urged the government to consider creating a ‘Minster for Scam Prevention’ role to tackle financial scams amid the Work and Pensions Committee’s (WPC’s) ongoing inquiry into pension scams
Posted: 8/10/20
Pensions Minister, Guy Opperman, has confirmed that the government intends to introduce an additional requirement to the Pension Schemes Bill to help combat pension scams
Posted: 8/10/20
Nest Insight has published the early insights from its sidecar savings trial, emphasising that whilst employers and employees are attracted to these savings tools, voluntary take-up remains low
Posted: 8/10/20
Thames Water’s defined contribution (DC) pension scheme will transition to The Aon MasterTrust after conducting a review of its pension provider
Posted: 8/10/20
The second reading of the Pension Schemes Bill has been completed and it will continue its progression through the House of Commons
Posted: 8/10/20
Requirements for schemes to implement Task Force on Climate-related Financial Disclosures (TFCD) reporting requirements must be “flexible and evolutionary”, the Association of Consulting Actuaries (ACA) has said
Posted: 7/10/20
The government has warned that it may not be feasible to implement Guaranteed Minimum Pension (GMP) conversion for public service pensions before the current interim solution period ends in April 2021, and is unlikely to be implemented until April 2024 "at the earliest"
Posted: 7/10/20
A collective defined contribution (CDC) scheme would not have had to cut member benefits in response to market volatility in the Covid-19 pandemic, according to research from Aon
Posted: 7/10/20
The Pensions and Lifetime Savings Association (PLSA) has warned that proposed changes to the Local Government Pension Scheme (LGPS) following the McCloud judgment could take over two years to implement
Posted: 7/10/20
Private security firm, G4S, has again rejected an acquisition offer from Canadian security company, GardaWorld, and refuted its claim that there are issues with its pension schemes
Posted: 7/10/20
Pension scheme trustees and sponsors have been urged to review their standard valuation approaches, after PwC figures revealed a £30bn jump in the UK defined benefit (DB) pension deficit in September
Posted: 07/1/20
Pensions Minister, Guy Opperman, has called for pension schemes to increase their investments in renewable energy sources to help the UK achieve a net zero economy
Posted: 6/10/20
South Yorkshire Pensions Authority (SYPA) has targeted achieving carbon neutral status for its investment portfolios by 2030
Posted: 6/10/20
Lesley Alexander has been elected as the new president of the Pensions Management Institute (PMI) with effect from its 44th Annual General Meeting (AGM) today (6 October)
Posted: 6/10/20
Findings that almost three-quarters (73 per cent) of UK workers think changing jobs has become more common illustrates the need for pensions dashboards, according to Aegon
Posted: 6/10/20
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