Latest News
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EXCLUSIVE: Transaction costs make up 37% of pension investment costs
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LCP anticipates 25% increase in ‘small’ scheme buy-in/outs in 2020
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Nationwide to close DB scheme to future accrual
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ITM calls for data quality inclusion on chair's statements
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Govt likely to target pension tax relief - deVere
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News in brief - 29 May 2020
Archive News
It is “almost inevitable” that the government will target pension tax relief to help deal with the cost of the coronavirus pandemic, according to deVere Group founder and CEO, Nigel Green
Posted: 29/5/20
The number of ‘small’ pension scheme buy-in and buyout transactions could increase by 25 per cent year-on-year in 2020, according to Lane Clark & Peacock (LCP)
Posted: 29/5/20
Nationwide Building Society has announced that it will close its defined benefit (DB) pension scheme to future accrual on 31 March 2021
Posted: 29/5/20
The latest news in brief and mandates from the past seven days
Posted: 29/5/20
Transaction costs make up an average of 37 per cent of the total costs relating to pension scheme investments, data from CACEIS has revealed.
This makes transaction costs the second largest outlay in scheme investments, after management costs which make up 42 per cent of total investment costs
This makes transaction costs the second largest outlay in scheme investments, after management costs which make up 42 per cent of total investment costs
Posted: 29/5/20
ITM has called for data quality to be a compulsory inclusion in chair’s statements, in order to help “accelerate the drive” for better data
Posted: 29/5/20
The Pensions and Lifetime Savings Association (PLSA) has published a new template to help defined contribution (DC) scheme trustees in producing their annual chair’s statement
Posted: 28/5/20
There was a “sense in the UK” that it was “too difficult to divest from tobacco because of fiduciary duty constraints”, Nest CIO, Mark Fawcett, has said
Posted: 28/5/20
Senior clinicians in the NHS Pension Scheme could be aided in adjusting their retirement savings to fit within their tax-free allowance by new flexibility proposals from the government
Posted: 28/5/20
The Daily Mail and General Trust (DMGT) defined benefit (DB) pension scheme net surplus has risen by £20m since the start of the year, to £352.1m at 31 March 2020
Posted: 28/5/20
Global society is on a “cusp of a generation” that demands a “pension to be proud of”, according to the film producer, director and writer, Richard Curtis
Posted: 28/5/20
Savers that increase their pension contributions ahead of a possible market rebound could see them make up for “years of savings neglect”, as well as recent losses due to Covid-19, PensionBee has said
Posted: 28/5/20
Over seven out of ten (71 per cent) portfolio managers are currently unable to view the performance attribution of environmental, social and governance (ESG) investment factors, RiskFirst has said
Posted: 28/5/20
LawDeb Pension Trustees, the sole corporate trustee of The British Bankers’ Association Pension Scheme (BBA), has completed a £95m buy-in with Aviva
Posted: 28/5/20
Trustees should re-evaluate their defined benefit (DB) schemes’ endgame and investment strategies because of the challenges caused by coronavirus, according to State Street Global Advisors (SSGA)
Posted: 27/5/20
The government has not had any “recent discussions” on the future of the state pension triple lock, according to Pensions Minister Guy Opperman, despite recent calls for it to be scrapped
Posted: 27/5/20
The Pensions and Lifetime Savings Association (PLSA) has launched a forum to gather views on the practical ways that the retirement savings sector can address climate risk
Posted: 27/5/20
Defined benefit (DB) pension transfers are likely to take longer amid the coronavirus crisis, according The Pensions Regulator (TPR) chief executive, Charles Counsell
Posted: 27/5/20
The trustees of the 3i Group Pension Plan have completed a £650m bulk annuity deal with Legal & General (L&G)
Posted: 27/5/20
The value of people’s defined benefit (DB) pensions outstrips average property value for the majority of Britain, research by Hymans Robertson has found
Posted: 27/5/20
The Money and Pensions Service (Maps) has launched a new advisory group to provide long-term support for its future Corporate Strategy and UK Strategy for Financial Wellbeing
Posted: 27/5/20
The government, financial bodies and regulators have joined forces to publish a guide for pension savers in response to an increase in enquiries during the Covid-19 pandemic
Posted: 27/5/20
FTSE 100 companies’ pension schemes were in their best position for 20 years at the start of the coronavirus crisis, according to LCP’s latest Accounting for Pensions (AfP) report
Posted: 26/5/20
Aston Martin Lagonda’s new chief executive, Tobias Moers, will receive a pension in line with the majority of the workforce after he joins the automotive giant on 1 August
Posted: 26/5/20
Tens of thousands of married older women could be entitled to a higher rate of state pension than they are receiving, analysis by Lane Clark and Peacock (LCP) has revealed
Posted: 26/5/20
As many as 1.5 million workers aged over 50 could delay their retirement as a direct result of the Covid-19 pandemic, according to Legal & General (L&G) Retail Retirement
Posted: 26/5/20
One in 20 savers switched their pension and investments to more socially or environmentally responsible funds over the past year, research by Nest has shown
Posted: 26/5/20
Pension fraud has been the third most commonly occurring type of financial scam during the Covid-19 pandemic, according to research from Canada Life
Posted: 26/5/20
The Local Government Pension Scheme (LGPS) has cut its funding deficit from £37.2bn in 2016 to £6.0bn in 2019, according to its Advisory Board's annual report
Posted: 22/5/20
The Association of Professional Pension Trustees (APPT) has announced the full accreditation of its first 14 professional trustees
Posted: 22/5/20
PensionBee has stressed the need for greater pension scam awareness, as its research found almost two thirds of savers were unable to correctly identify some of the most common scam tactics
Posted: 22/5/20
Defined contribution (DC) scheme members have become more interested in environment, social and governance (ESG) issues amid the coronavirus pandemic, according to the Defined Contribution Investment Forum (DCIF)
Posted: 22/5/20
Victims of the Troubles plan to begin legal action on Friday over the Northern Ireland (NI) Executive's failure to start the planned pension scheme, despite it being signed into legislation in January
Posted: 22/5/20
Pensions Age news editor, Jack Gray, reflects on Mental Health Awareness Week and why the pensions industry has an important role to play in supporting those struggling during the Covid-19 crisis
Posted: 22/5/20
United Utilities’ defined benefit surplus stood at £754m at 31 March 2020, according to its annual results, up from a surplus of £484m in March 2019
Posted: 22/5/20
The latest news in brief and mandates from the past seven days
Posted: 22/5/20
It is 'critical' that companies have the best leaders and governance structures to make the right decisions during the coronavirus crisis, the Local Authority Pension Fund Forum (LAPFF) has said
Posted: 21/5/20
In these troubling times, finance firms continue to go above and beyond to support those in need. Pensions Age takes a closer look at the work being done
Posted: 21/5/20
Draft insolvency legislation introduced by the government on Wednesday could harm defined benefit (DB) pension schemes and the Pension Protection Fund (PPF), according to Herbert Smith Freehills (HSF)
Posted: 21/5/20
The government has said that it does not believe that there are “proportionate interventions” to be made at this time in pension investments affected by the Covid-19 crisis
Posted: 21/5/20
Defined benefit (DB) transfer request volumes are on the road to recovery after having declined sharply amid the coronavirus crisis, according to LCP
Posted: 21/5/20
A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month
Posted: 21/5/20
The Pensions Regulator (TPR) has urged defined contribution (DC) pension trustees to monitor investments in alternative funds during Covid-19, as they may be unintentionally breaching pension legislation
Posted: 21/5/20
Over a quarter (29 per cent) of Local Government Pension Scheme (LGPS) funds have already begun work to align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, according to a survey by the Pensions and Lifetime Savings Association (PLSA)
Posted: 21/05/2020
Pasa board director, Girish Menezes, discusses the merits of the organisation's accreditation process and the progress that has been made in improving pension administration standards
Posted: 21/5/20
Defined contribution (DC) pension schemes have partially recovered from coronavirus market turmoil, leading to improved expected retirement income estimates across all age groups in comparison to March, according to Hymans Robertson
Posted: 20/5/20
More than half (56 per cent) of people who reached state pension age since April 2016 do not receive the full amount of the new state pension, according to analysis from Just Group.
Posted: 20/5/20
The indirect consequences of the Covid-19 crisis could have a bigger impact on future life expectancy than the immediate consequences of the pandemic, research from the Pensions Institute has revealed
Posted: 20/5/20
Less than one in 10 (7 per cent) savers plan to use all their pension savings to buy an annuity, according to analysis by CoreData Research
Posted: 20/5/20
More than a third (37 per cent) of defined benefit (DB) scheme managers and trustees are struggling to make decisions amid the uncertainty of the Covid-19 pandemic, a Willis Towers Watson survey has revealed
Posted: 20/5/20
The government should prioritise fairness and avoid hurrying state pension increases, after inflation fell to its lowest rate in almost four years, according to Aegon
Posted: 20/5/20
HMRC’s over-taxing of pension withdrawals is “set to get more penal” during the lockdown period, according to Lane Clark and Peacock (LCP) partner, Steve Webb
Posted: 20/5/20
The number of employers that are requesting deficit recovery contribution (DRC) suspensions or reductions will continue to rise, according to The Pensions Regulator (TPR)
Posted: 20/5/20
Local government pension scheme (LGPS) funds are less concerned than the average scheme about the strength of their employer during the coronavirus crisis, according to data from the Pensions and Lifetime Savings Association (PLSA)
Posted: 19/5/20
A lack of comprehensive data on the number and scale of pension scams can place limitations on the industry’s ability to effectively protect savers, the Pensions Policy Institute (PPI) has said
Posted: 19/5/20
Changes to the state pension age for women continued to drive the number of people in employment, which reached record levels in Q1 2020, according to the Office for National Statistics (ONS)
Posted: 19/5/20
The Association of Consulting Actuaries (ACA) has elected Hymans Robertson equity partner and scheme actuary, Patrick Bloomfield as its new chair
Posted: 19/5/20
Two fifths (40 per cent) of over-65s who are still working are not confident they have enough savings to provide sufficient income for retirement, according to SunLife
Posted: 19/5/20
The lowest income group of pensioner households receive, on average, less state pension than all other higher income groups, according to analysis from Just Group
Posted: 19/5/20
Employer requests to defer pension deficit recovery contributions (DRC) are more likely to be accepted if it is for a longer period of time, data from PricewaterhouseCoopers (PwC) has suggested
Posted: 18/5/20
The ‘long awaited judgement’ in the Adams v Carey Pensions case has now been published, with the claims against Carey Pensions dismissed on all grounds
Posted: 18/5/20
The Pension Protection Fund (PPF) has launched a new panel to provide support to trustees of schemes whose sponsoring employer in in the ‘stressed’ or ‘distressed’ stage of business recovery
Posted: 18/5/20
The Pensions Ombudsman (TPO) has upheld a complaint against Bradford & Bingley, clearing the Clydesdale Bank Scheme as a result
Posted: 18/5/20
Auto-enrolment (AE) minimum contribution increases have not boosted opt outs but could be problematic for vulnerable workers, according to the Institute for Fiscal Studies (IFS)
Posted: 18/5/20
The Pensions Regulator (TPR) has said that it “strongly disagrees” with those calling for its defined benefit (DB) funding code consultation to be rethought or abandoned
Posted: 18/5/20
An "overwhelming" majority of women approaching retirement would divest their pension from companies with poor pay practices, Legal and General Investment Management (LGIM) has found
Posted: 18/5/20
The number of firms offering defined benefit (DB) pension transfer advice fell “dramatically” in 2019 to just 41 per cent, analysis has revealed
Posted: 15/5/20
Pintent Masons legal director, Michael Jones, discusses the importance of cognitive diversity on trustee boards and how the industry can help to achieve it
Posted: 15/5/20
The Pensions Ombudsman (TPO) has ordered NHS England to update an NHS Pension Scheme member’s pension record after the complainant alleged it failed to pay pension contributions
Posted: 15/5/20
The Pensions Ombudsman (TPO) has upheld a failure to pay complaint against Teddy Bear Corner Ltd (Teddy), and reported the firm to The Pensions Regulator (TPR) for its “complete disregard of the auto-enrolment (AE) regulations”
Posted: 15/5/20
The latest news in brief and mandates from the past seven days
Posted: 15/5/20
Lane Clark & Peacock (LCP) has been awarded accreditation from the Pensions Administration Standards Association (Pasa)
Posted: 14/5/20
Tesco has confirmed it will be cutting pension benefits for its executive directors to bring them in line with its wider workforce by the end of 2022
Posted: 14/5/20
The government had agreed to proceed with the merger of the Northumberland and Tyne & Wear Pension Funds following a consultation.
The Local Government Pension Scheme (LGPS) funds submitted a joint application to the Secretary of State for a merger to be effective from 1 April 2020
The Local Government Pension Scheme (LGPS) funds submitted a joint application to the Secretary of State for a merger to be effective from 1 April 2020
Posted: 14/5/20
In these troubling times, finance firms continue to go above and beyond to support those in need. Pensions Age takes a closer look at the work being done
Posted: 14/5/20
The Pensions Ombudsman (TPO) has upheld a complaint against Scottish Widows over its administration of a saver’s pension benefits
Posted: 14/5/20
The bulk annuity market has seen the widest range of pricing in over a decade due to ongoing market volatility, Aon has said
Posted: 14/5/20
Defined contribution (DC) to DC pension transfers must still be completed in "good time" to ensure savers don’t lose out, The Pensions Regulator (TPR) has stated
Posted: 13/5/20
The Pension Protection Fund (PPF) is reportedly “engineering” the appointment of a joint administrator to manage the ongoing investigation around the collapse of Laura Ashley
Posted: 13/5/20
Defined benefit (DB) transfer values climbed by around 3 per cent in April but the number of member transfers fell to a record low, according to XPS Pensions Group
Posted: 13/5/20
The Chancellor, Rishi Sunak, has been urged to scrap the state pension triple lock to try and regain some of the government’s financial losses resulting from the Covid-19 pandemic
Posted: 13/5/20
The Co-operative Pension Scheme (Pace) has completed its fourth buy-in deal of 2020, securing a £350m deal with Aviva
Posted: 13/5/20
The Pensions and Lifetime Savings Association (PLSA) has set up an industry group to support schemes in understanding their environmental, social and governance (ESG) and stewardship deadlines and duties
Posted: 13/5/20
Lockdown has had a “significant impact” on savers’ financial habits, according to PensionBee, as consumers begin to save more and withdraw less in an “era of uncertainty”
Posted: 13/5/20
IHS Markit has agreed pension risk transfer (PRT) transactions totalling £116.2m with Legal & General (L&G) for its schemes in the UK and the US
Posted: 13/5/20
The Lothian Pension Fund (LPF) has been urged to divest from Bank Hapoalim after its recent inclusion on the UN list of companies sustaining Israel’s illegal settlements
Posted: 13/5/20
Atlas Master Trust has outlined 15 steps for employers who are considering switching from single scheme defined contribution pension provision to a master trust
Posted: 12/5/20
TPR chief executive, Charles Counsell, warns that savers are under greater threat from scammers and poor financial decisions amid the Covid-19 crisis
Posted: 12/5/20
Secure Trust Bank has announced that its newly appointed chief financial officer (CFO), Rachael Lawrence, will receive a pension contribution rate in line with its general workforce’s
Posted: 12/5/20
The Pensions Ombudsman (TPO) has upheld a complaint against self-invested personal pension (Sipp) provider, Liberty Sipp Limited, over a failure to carry out sufficient due diligence when transferring member benefits
Posted: 12/5/20
The combined deficit of UK defined benefit (DB) pension schemes in the PPF 7800 Index
has decreased to £128.5bn at the end of April 2020, following three months of consecutive increases
has decreased to £128.5bn at the end of April 2020, following three months of consecutive increases
Posted: 12/5/20
Nearly one in five sponsoring employers are expected to suspend their pension deficit reduction contributions (DRCs) amid the current crisis, analysis by Isio has found
Posted: 12/5/20
The Association of Member Nominated Trustees (AMNT) has praised The Pensions Regulator (TPR), and the government, for taking a “proactive stance” in their support of pension schemes and trustees amid the current pandemic
Posted: 11/5/20
Nearly half (47 per cent) of 55-64 year olds are unaware that they can defer the state pension to claim a higher weekly guaranteed, inflation-linked pension, according to research by Just Group
Posted: 11/5/20
The Wales Pension Partnership (WPP) has appointed Robeco as its voting and engagement provider following a comprehensive search
Posted: 11/5/20
Defined benefit (DB) schemes saw their average deficit increase by 5.1 per cent in the first quarter of 2020, according to Legal & General Investment Management (LGIM)
Posted: 11/5/20
The Pensions Ombudmsan (TPO) has upheld three complaints against Vicknarasa Kugathasan, trading as 5 Star Food and Wine Ltd, and has subsequently reported the respondent to The Pensions Regulator (TPR) for failure to comply with pensions legislation
Posted: 11/5/20
Support amongst pension schemes for The Pension Regulator’s (TPR) proposed new Code of Practice on Scheme Funding is declining now that there is a better understanding of it’s implications, Aon has warned
Posted: 11/5/20
ACA chair, Jenny Condron, discusses why strong governance is imperative to ensuring member benefits continue to be paid during the Covid-19 crisis
Posted: 7/5/20
BT’s total pension deficit stood at £1.1bn at 31 March 2020, down from £7.2bn the year before, as liabilities dropped from £59.4bn to £53.3bn, according to its full year results
Posted: 7/5/20
The Pensions Ombudsman (TPO) has upheld two complaints against the Border Steelwork Structures Limited (BSSL) over failures to pay contributions and has formally reported the firm to The Pensions Regulator
Posted: 07/05/2020
The AA’s DB pension deficit decreased from £218m to £162m year-on-year, as of 31 January 2020, driven by a 10 per cent increase in the AAUK scheme’s asset value to £2,472m
Posted: 7/5/20
The latest news in brief and mandates from the past seven days
Posted: 7/5/2020
Pensions are the most valued benefit across all age groups, but almost half (41 per cent) of savers feel that employers do not care about employee retirement provision and could support them more, research by Lane Clark and Peacock has shown
Posted: 07/05/2020
The Pensions Ombudsman (TPO) has upheld a complaint against the Railways Pension Trustee Company over its response to a member’s application for augmentation of her early retirement
Posted: 6/5/20
Amidst the doom and gloom of the Covid-19 pandemic, finance firms are trying to do their bit to help those in need
Posted: 6/5/20
Just 5-10 per cent of scheme sponsors may be planning to take advantage of deficit reduction contribution (DRC) suspensions at present, the Society of Pension Professionals (SPP) has estimated
Posted: 6/5/20
A third (33 per cent) of over-50s don’t think they have enough money to provide them with a sufficient income for their retirement, SunLife research has shown
Posted: 6/5/20
Trustees of defined benefit (DB) schemes must give careful consideration as to how contributions will be ‘switched on’ again when considering a potential delay in payments, Lane Clark and Peacock (LCP) has warned
Posted: 6/5/20
ITV has agreed to defer £15m of deficit recovery contributions (DRC) into its pension schemes for a period of three months
Posted: 6/5/20
The Money and Pensions Service (Maps), alongside the Behavioural Insights Team (BIT) are expected to publish an evaluation report on recent trials designed to encourage greater uptake of Pension Wise guidance in Summer 2020
Posted: 5/5/20
The Government Actuary’s Department (GAD) has completed a project to transfer the pension benefits of around 1,500 ex-civil servants back into the Civil Service Pension Scheme
Posted: 5/5/20
Punter Southall Aspire has announced that is withdrawing from the master trust market and is seeking a “suitable home” for Aspire Savings Trust members
Posted: 5/5/20
Around 16 per cent of savers under 55 would consider offers of early pension access amidst coronavirus, with young savers being particularly vulnerable, AJ Bell has said
Posted: 5/5/20
Just one in 25 people instinctively think to tell their pension provider when they are moving house, new research from the Association of British Insurers (ABI) has revealed
Posted: 5/5/20
“Hidden traps” such as the Money Purchase Annual Allowance (MPAA) could await savers looking to access their pensions to bridge a short-term income gap amid the current crisis, LEBC has warned
Posted: 5/5/20
Over half (56 per cent) of financial advisers have seen an increase in the amount of client money invested in environmental, social and governance (ESG) funds over the past year, despite the majority (62 per cent) believing that clients don’t actually understand what ESG investing involves
Posted: 5/5/20
As Tom McPhail leaves the industry, he looks back on the pensions trends he has noticed during his 30+ year career
Posted: 4/5/20
The Pensions Regulator (TPR) has appointed Mel Charles as director of automatic enrolment (AE), where he will be responsible for leading the regulator's work on the initiative
Posted: 4/5/20
The Pension Protection Fund (PPF) has launched a five-year diversity and inclusion strategy, detailing plans to achieve year-on-year increases across all areas of diversity
Posted: 4/5/20
Burges Salmon partner, Clive Pugh, discusses TPR's proposed new data gathering powers and why it is important that the pensions industry understands the impact they may have
Posted: 4/5/20
Pension schemes ready to proceed with bulk annuities could have a “golden opportunity” amid the current pandemic, River and Mercantile has said
Posted: 4/5/20
The majority of defined benefit (DB) schemes with over £1bn of assets are now closed to future benefit accrual for the first time, according to data from Barnett Waddingham
Posted: 4/5/20
The Pensions Ombudsman (TPO) has upheld a complaint against the NHS Business Services Authority (BSA) over special class status (SCS) eligibility
Posted: 04/5/20
The accounting positions of defined benefit (DB) schemes in the FTSE 350 moved from a £10bn surplus to a £52bn deficit during April 2020
Posted: 1/5/20
The latest news in brief and mandates from the past seven days
Posted: 1/5/20
Pinsent Masons senior pensions consultant, Tina Rushworth, discusses why having an effective scheme secretary is vital amid the Covid-19 crisis and what they should be doing to best support the scheme
Posted: 1/5/20
Half of pension schemes have sent “reassuring” communication to members to help alleviate concerns around Covid-19, according to a survey from Aon
Posted: 1/5/20
The self-invested personal pension (Sipp) provider, Liberty Sipp Limited, has entered administration following a number of decisions from the Financial Ombudsman Service (FOS)
Posted: 01/5/20
Covid-19 has caused the average pension fund value to fall by 15.2 per cent in Q1 2020, according to the Moneyfacts UK Personal Pension Trends Treasury Report
Posted: 1/5/20
Pension schemes remain confident that they can continue to meet payment obligations to members despite the current crisis, according to new research
Posted: 1/5/20
Pension savers reclaimed £32.7m in overpaid tax from their first pension freedoms withdrawals in Q1 2020, according to HMRC data
Posted: 1/5/20
Savers looking to alter their pensions strategy might benefit more from remaining invested and awaiting market recovery, according to the Pensions Policy Institute (PPI)
Posted: 30/4/20
The Supreme Court has overturned the government’s ban on allowing the local government pension scheme (LGPS) to invest in areas that go against UK foreign or defence policy
Posted: 30/4/20
The overall deficit of UK defined benefit (DB) pension scheme fell by £80bn to £210bn during April 2020, according to PwC’s latest Skyval Index
Posted: 30/4/20
The number of individuals taking flexible pension payments in Q1 2020 leapt by 23 per cent compared to 12 months prior, according to HMRC data
Posted: 30/4/20
Sainsburys’ defined benefit (DB) pension surplus has risen by 16 per cent due to the impact of Covid-19 on financial markets and the global economy
Posted: 30/4/20
Pension industry figures have widely welcomed The Pensions Regulator’s (TPR) “pragmatic” Annual Funding Statement (AFS) but acknowledged that schemes will face huge challenges amid the uncertainty
Posted: 30/4/20
The Pensions Regulator (TPR) has stressed the "vital" need for trustees and employers to work together to manage the immediate effects of Covid-19, with a focus on long-term planning and risk management.
In its Annual Funding Statement, the regulator outlined how schemes that follow TPR guidance can balance the impacts on employers, while also putting them in a stronger position to improve funding levels
In its Annual Funding Statement, the regulator outlined how schemes that follow TPR guidance can balance the impacts on employers, while also putting them in a stronger position to improve funding levels
Posted: 30/4/20
Over one in 10 (11 per cent) of over-55s with a pension have already accessed or plan to access their retirement pot early due to Covid-19, according to AJ Bell
Posted: 29/4/20
The Leonardo Electronics Group Pension Scheme has completed a £160m buy-in with Just Group, a deal that covers all 1,253 UK pensioners in the scheme
Posted: 29/4/20
The Lothian Pension Fund (LPF) has published its 2020/2021 Operating Plan, including plans to reach 100 per cent of equities measured for carbon intensity and paperless administration
Posted: 29/4/20
Local government pension scheme (LGPS) investors, Brunel Pension Partnership (BPP) and Merseyside Pension Fund (MPF), have urged Barclays to ‘firm up’ on its climate commitments ahead of the bank’s AGM
Posted: 29/4/20
The Pensions and Lifetime Savings Association (PLSA) has published a ‘top tips’ guide for savers navigating the Covid-19 crisis, echoing recent regulatory messages
Posted: 29/4/20
Almost half (47 per cent) of pension scheme trustees and professionals have cited a lack of clear information on the strength of sponsor covenant as a ‘major barrier’ in agreeing deficit recovery contribution (DRC) deferrals
Posted: 29/4/20
The Pensions Regulator (TPR) has asked trustees to warn defined benefit (DB) scheme members looking to transfer to defined contribution (DC) schemes against doing so during the Covid-19 pandemic
Posted: 29/4/20
The Pension Protection Fund (PPF) has confirmed that the impact of the Covid-19 crisis on levy bills will be “minimal”, with no individual scheme to be asked to pay more than 0.5 per cent of liabilities
Posted: 29/4/20
Mercer has written to the Chancellor, Rishi Sunak, urging the government to allow sponsoring employers of defined benefit (DB) pension schemes to defer deficit recovery contributions (DRC) for up to six months
Posted: 28/4/20
One third (33 per cent) of women think now is the right time to invest in their pension compared to almost half (46 per cent) of men, according to data from Aegon
Posted: 28/4/20
Defaqto has emphasised the importance of considering risk adjustment and appropriate timescales when reviewing default pension funds, in new research analysing default performance
Posted: 28/04/2020
Pension providers must be prepared for a drop in de-risking transactions and other projects amid the coronavirus crisis, according to a report from Altus
Posted: 28/4/20
The NG Bailey Scheme has completed two further buy-ins, worth a combined total of £66m, with Just Group
Posted: 28/4/20
BP’s defined benefit (DB) pension scheme deficit fell by £1.15bn between December 2019 and March 2020, according to its Q1 2020 results report
Posted: 28/4/20
LCP partner and former Pensions Minister, Steve Webb, has urged the government to be more open on whether pensioners are running out of cash amid the Covid-19 pandemic
Posted: 28/4/20
More than one in 10 (11 per cent) employers seeking easements on pension contributions have asked for a reduction, while 89 per cent asked for a suspension, new research from Mercer has found
Posted: 27/4/20
Some of the nation’s largest pension providers have agreed to business process changes to help customers shop around for annuities amid the coronavirus crisis
Posted: 27/4/20
Hargreaves Lansdown head of policy, Tom McPhail, has announced his departure from the pensions industry after 20 years
Posted: 27/4/20
The Teachers’ Pension Scheme (TPS) will continue to be administered by Capita after the company signed a four-year contract extension worth £60m with the Department for Education
Posted: 27/4/20
Four public sector trade unions have filed court proceedings against the government, accusing it of withholding improved pension benefits for hundreds of thousands of public service workers
Posted: 27/4/20
The amount companies pay into the Pension Protection Fund (PPF) could see a threefold rise as a result of the Covid-19 crisis, as firms face a "perfect storm" for their own funding levels, Lane Clark and Peacock (LCP) has warned
Posted: 27/4/20
Redington has called for the alignment of RPI and CPIH to occur at the "latest proposed time" (2030), in its response to the government consultation
Posted: 24/4/20
The Financial Conduct Authority (FCA) has been urged to question overzealous financial advice firms by The Investing and Saving Alliance (Tisa)
Posted: 24/4/20
UK pensions specialist and employee benefits advice firm, Johnson Fleming, has been acquired by US insurance broker and consultancy, NFP
Posted: 24/4/20
The Pensions Management Institute (PMI) has announced Michael Clark as the first fully accredited professional trustee in the UK, as it confirms plans for online exams in light of Covid-19
Posted: 24/4/20
The latest news in brief and mandates from the past seven days
Posted: 24/4/20
The Co-operative Group pension surplus decreased during 2019, from £1.984bn at the end of 2018 to £1.973bn, according to its financial report.
Posted: 24/4/20
Savers need to be vigilant with their pension savings as there is an increasing trend of Covid-19 being used as a hook to commit fraud, APJ Solicitors has warned
Posted: 24/4/20
AMNT member, Stephen Fallowell, discusses why changing the recruitment approach could improve diversity on trustee boards
Posted: 23/4/20
Pension scheme trustees should consider rebalancing in order to get back on track with their original investment objectives, according to analysis from Stamford Associates
Posted: 23/4/20
Despite Covid-19 headwinds, buy-in and buyout demand is expected to average around £37bn a year over the next decade, Hymans Robertson has predicted
Posted: 23/4/20
The average value of defined benefit (DB) pension pots has exceeded average UK property assets for the first time, according to Hymans Robertson
Posted: 23/4/20
Between 5 and 10 per cent of sponsoring employers have been requesting to suspend deficit recovery contributions (DRCs), according to The Pensions Regulator (TPR)
Posted: 23/4/20
The government has announced temporary tax changes designed to protect the pension income of key workers in the public sector returning to work to support Covid-19 efforts
Posted: 23/4/20
The newly appointed Thames Water CEO, Sarah Bentley, will receive a pension allowance in alignment with the firm’s workforce
Posted: 22/4/20
The fall in the UK's inflation rate presents an opportunity for pension schemes to address their deficits and move closer to their endgame, according to Barnett Waddingham
Posted: 22/4/20
The Pensions Ombudsman (TPO) has upheld a GMP overpayment recovery complaint against the Cabinet Office, although a further judicial review of the broader case is expected
Posted: 22/4/20
The actuarial valuations of a quarter of UK defined benefit pension schemes are likely to be “badly impacted” by the Covid-19 crisis, Aon has warned
Posted: 22/4/20
Average pension transfer times have improved over the past year, with simpler transfers taking just 7 calendar days, according to the Origo Transfer Index
Posted: 22/4/20
Savers should not rush into making rash changes to their pensions amid the current crisis, and should instead continue to seek advice and guidance, Pensions Minister Guy Opperman has warned
Posted: 22/4/20
A briefing paper has been published in the House of Commons library on the current state of auto-enrolment (AE) policy and its plans for reforms in 2020
Posted: 21/4/20
Several UK pension schemes and institutional investors have signed an investor statement emphasising the importance of stakeholder welfare during the coronavirus crisis
Posted: 21/4/20
State pension age changes for women has driven a 0.9 per cent year-on-year increase to the female employment rate, to a record 72.7 per cent
Posted: 21/4/20
Almost three quarters (70 per cent) of employers are concerned about the lack of innovation in the pensions market, according to research by Smarterly
Posted: 21/4/20
Scottish Widows has announced changes to its annuity application process to help support advisers and customers during the Covid-19 pandemic
Posted: 21/4/20
Kempen Capital Management (Kempen) has completed the transfer of two new fiduciary management mandates for two UK pension schemes
Posted: 21/4/20
CACEIS has partnered with the Pensions and Lifetime Savings Association (PLSA) to provide free education regarding data and custody governance for the second year running
Posted: 20/4/20
Regulatory and legislative flexibility should be maintained in the "years of recovery" expected to follow the current Covid-19 crisis, Freshfields Bruckhaus Deringer (Freshfields) has said
Posted: 20/4/20
Pensions Management Institute (PMI) director of policy and external affairs, Tim Middleton, highlights the importance of establishing regional pension networks
Posted: 20/4/20
More than 500 employers are expected to defer on pension deficit recovery contributions (DRC) totalling around £0.5bn, according to analysis from Lane Clark & Peacock (LCP)
Posted: 20/4/20
Premier Foods has today announced a "landmark" pensions agreement, which will see its three pension schemes merged into a single trust
Posted: 20/4/20
The Pensions Regulator (TPR) has issued guidance to ‘large’ employers on pension contributions for employees who have agreed to a salary sacrifice arrangement
Posted: 17/4/20
The latest news in brief and mandates from the past seven days
Posted: 17/4/20
The Supreme Court overturning a Court of Appeal ruling on a data breach case against Morrisons will “come as a relief” to pension schemes, according to Herbert Smith Freehills
Posted: 17/4/20
Pensioners with cashflow issues must think carefully about how they withdraw money from their pension to avoid triggering a tax event, Quilter has warned
Posted: 17/4/20
Annual buy-in and buyout volumes by UK defined benefit pension schemes will hit £25bn in 2020, LCP has predicted
Posted: 17/4/20
The Association of British Insurers (ABI) has warned savers against making rash decisions with their pension savings during the Covid-19 pandemic
Posted: 17/4/20
The UK Statistics Authority and HM Treasury have agreed to extend the RPI reform consultation deadline until 21 August 2020 due to the ongoing coronavirus pandemic
Posted: 17/4/20
TPR executive director for regulatory policy, analysis and advice, David Fairs, discusses the ways in which the regulator is helping trustees and sponsors protect savers during the Covid-19 crisis
Posted: 16/4/20
The University and College Union (UCU) has said that remains “some distance” away from employers on what it believes would constitute an acceptable response to the Universities Superannuation Scheme (USS) dispute
Posted: 16/4/20
A financial services director has been sentenced to 14 years in prison after fraudulently obtaining over £13m from investors’ savings and pensions
Posted: 16/4/20
The 10 local authority employees with the highest pension benefits had an average annual contribution of around £194,481, over six times the average UK salary (£29,817), according to the TaxPayers' Alliance
Posted: 16/4/20
People approaching retirement age are more worried about how the coronavirus crisis will affect their finances than younger savers, according to data from Aegon
Posted: 16/4/20
Over a quarter (28 per cent) of pensioners generate at least some of their income through working, new analysis from IRN Research has shown
Posted: 16/4/20
Member interest in defined benefit (DB) scheme transfers is at its lowest level since early 2014, according to analysis from LCP
Posted: 15/4/20
Default master trust savers close to retirement have seen their pension savings fall by an average of 8.7 per cent during the first quarter of 2020, according to new research from Isio
Posted: 15/4/20
Brunel Pension Partnership has appointed governance partner CACEIS to provide it with cost transparency and benchmarking services
Posted: 15/4/20
MRI Software has confirmed that it will not make any changes to the Castleton Technology pension arrangements, following its agreement to acquire the firm
Posted: 15/4/20
The Pensions Regulator (TPR) has urged the pensions industry to make use of recently introduced easements and guidance to better protect member benefits
Posted: 15/4/20
Risk transfer demand is likely to be slowed by pension schemes considering whether upcoming transactions are appropriate amid the coronavirus crisis, according to Hymans Robertson
Posted: 15/4/20
Shaftesbury PLC has announced a temporary cut to executive director pension contributions, redirecting equivalent funds to support Covid-19 efforts
Posted: 15/4/20
A record year for the risk transfer market means that £0.25trn of pension scheme longevity risk has been insured since 2007, according to analysis from Hymans Robertson
Posted: 14/4/20
The combined deficit of UK defined benefit (DB) pension schemes has continued to increase amid Covid-19 uncertainty, rising to £135.9bn at the end of March 2020
Posted: 14/04/2020
River and Mercantile (R&M) is set to complete the transition and onboarding of £1.16bn of mandates from the Smurfit Kappa UK Pension Fund
Posted: 14/4/20
Defined benefit (DB) transfer values dropped by 3 per cent in March as the number of transfers dropped to new lows, according to XPS Pensions Group
Posted: 14/4/20
The Co-operative Pension Scheme (Pace) has completed a £400m buy-in with the Pension Insurance Corporation (PIC), covering liabilities for around 2,000 members in the bank section of the scheme
Posted: 14/4/20
The Social Market Foundation (SMF) has urged the government to scrap the state pension triple lock to help spread the cost of Covid-19 between generations
Posted: 14/4/20
The Pensions Regulator (TPR) has published updated Covid-19 guidance on reporting duties and enforcement activity, outlining plans for a “flexible approach”
Posted: 09/4/2020
Executive directors at Prudential have announced they will take a cut in their pension benefits, from 25 per cent to 13 per cent of salary
Posted: 9/4/20
Employers must explain any defined contribution scheme contribution changes to furloughed workers, according to recommendations from Arc Pensions Law partner, Vikki Massarano
Posted: 9/4/20
The latest news in brief and mandates from the past seven days
Posted: 9/4/20
Pension schemes should “keep an eye on” how directors at companies they invest in handle the coronavirus crisis, according to the Pensions and Lifetime Savings Association (PLSA)
Posted: 9/4/20
Employer’s auto-enrolment (AE) duties towards their staff will continue to apply “as normal”, despite the ongoing challenges posed by the coronavirus, The Pensions Regulator (TPR) has stated
Posted: 9/4/20
With the country entering the bank holiday Easter weekend, and likely a fourth week of lockdown, Pensions Age reporter, Sophie Smith, looks at the pensions organisations going above and beyond in the fight against Covid-19
Posted: 9/4/20
The industry has welcomed the updates on the pensions dashboard published today (8 April) by the Pensions Dashboard Programme (PDP) at the Money and Pensions Service (Maps)
Posted: 8/4/20
Supermarket firm Tesco has reached an agreement with its pension trustees to make a one-off £2.5bn scheme contribution to eliminate its funding deficit
Posted: 8/4/20
Pension schemes should "ignore the crowd" and stick to disciplined rebalancing investment strategies, according to Aon
Posted: 8/4/20
Nearly one in five (19 per cent) over-55s with a private pension withdrew a lump sum during 2019, with the most popular reason for doing so being to put the money into a savings account, new research has shown
Posted: 08/04/2020
The Pensions Dashboard Programme (PDP) at the Money and Pensions Service (Maps) has published its first progress report, as plans for further industry engagement and consultation are put on hold amid the coronavirus pandemic
Posted: 8/4/20
The Financial Conduct Authority (FCA) has released updated consumer support guidance for pension providers and defined benefit (DB) transfer advisers during the Covid-19 pandemic
Posted: 7/4/20
The Financial Conduct Authority (FCA) has confirmed that the implementation of new default investment pathways will be delayed by six months as a result of the Covid-19 pandemic
Posted: 7/04/2020
Almost 9,000 pensioner couples could lose up to £3,640 per year after the abolishment of Adult Dependency Increases (ADIs), according to the Pensions Policy Institute (PPI)
Posted: 7/4/20
Pension investors should check their exposure to small and medium sized businesses owned by private equity firms, according to Squire Patton Boggs partner, Clifford Sims
Posted: 7/4/20
The introduction of pension freedoms has partly driven a "significant risk of harm" to pension investors, the Financial Conduct Authority (FCA) has said
Posted: 7/4/20
The Covid-19 crisis has caused the funding level of a typical pension scheme to fall by 8.4 per cent in the first quarter of 2020, XPS Pensions Group has revealed
Posted: 7/4/20
Jonathan Reynolds has been named as Shadow Work and Pensions Secretary by new Labour leader, Keir Starmer
Posted: 6/4/20
Reach PLC, the publishing house for the Daily Mirror, Daily Express and Daily Star, has requested discussions with pension scheme trustees to defer pension deficit recovery contributions (DRC) amid the Covid-19 pandemic
Posted: 6/4/2020
Companies should have considered their schemes’ accounting approaches due to the market volatility caused by the Covid-19 pandemic, according to LCP partner, Phil Cuddeford
Posted: 6/4/20
Drinks company Britvic’s plan to switch its pension scheme inflation index measure has been dealt a blow after the High Court ruled that its interpretation of scheme rules was incorrect
Posted: 17/1/20
A third (33 per cent) of people plan to take a tax-free lump sum from their pension, according to new data from Profile Pensions
Posted: 6/4/20
Freshfields Bruckhaus Deringer (Freshfields) has published further guidance for pension scheme trustees and sponsors, building on the recent Covid-19 regulatory and governmental updates
Posted: 6/4/20
High street retailer, Debenhams, failed to pay its agreed April deficit recovery contribution (DRC), with the firm filing for administration this morning (6 April)
Posted: 6/4/20
As the Covid-19 crisis continues, Pensions Age reporter, Sophie Smith, looks at the impact the pandemic has had on auto-enrolment savings, and the missed opportunities to protect low earners' pensions
Posted: 6/4/20
Savers are vulnerable to making pension changes they will regret amid the coronavirus crisis, according to The Pensions Regulator (TPR) executive director of regulatory policy, analysis and advice, David Fairs
Posted: 3/4/20
The latest news in brief and mandates from the past seven days
Posted: 3/4/20
The Pensions Regulator (TPR) has confirmed that it is extending the submission deadline for responses to its defined benefit (DB) funding code consultation to 2 September 2020
Posted: 3/4/20
Fewer than half of workers (43 per cent) feel they understand enough about pensions to make decisions about saving for retirement, new figures from the Office for National Statistics have revealed
Posted: 3/4/20
In part two of its advice to trustees, PLSA head of DC master trusts and lifetime savings, Lizzy Holliday, discusses the key challenges facing DC schemes and what areas trustees should be focusing on
Posted: 3/4/20
The Pensions Regulator (TPR) has published updated Covid-19 guidance on scheme administration for trustees and public service schemes
Posted: 3/4/20
PLSA head of DB, LGPS, and standards, Joe Dabrowski, outlines what DB scheme trustees should be focusing on in these uncertain times in part one of the PLSA's advice to schemes
Posted: 2/4/20
Legal & General (L&G) announced that its global pension risk transfer business has secured £261m of pensioners’ benefits across eight transactions in March
Posted: 2/4/20
The deficit of UK defined benefit (DB) pension schemes has increased by over £100bn since the start of the year, rising to £290bn at the end of March, according to the latest PwC Skyval Index
Posted: 02/04/2020
The People’s Pension (TPP) will introduce a combination charge structure, which it says will make it “fairer and futureproof” against the impact of the Covid-19 pandemic
Posted: 2/4/20
Wolverhampton financial advisor, Gerard Blakemore, has been banned for eight years after he provided “poor” pension investment advice that saw his clients lose £7m
Posted: 02/4/20
The accounting position of defined benefit (DB) pension schemes in the FTSE 350 swung from a £68bn deficit at the end of February 2020 to a surplus of £10bn on 31 March, Mercer has revealed
Posted: 2/4/20
Salvus Master Trust has been acquired by fintech firm Smarterly for an undisclosed sum in the first master trust acquisition since the introduction of The Pensions Regulator’s (TPR) authorisation regime
Posted: 1/4/20
The industry has welcomed today’s joint statement from the Financial Conduct Authority (FCA), The Pensions Regulator (TPR) and the Money and Pensions Service (Maps) on raising member awareness of pension scams
Posted: 1/4/20
Castings’ two final salary pension schemes have completed a £72m bulk annuity insurance buy-in with Aviva Life and Pensions UK
Posted: 1/4/20
Wedlake Bell partner, Clive Weber, and Wedlake Bell solicitor, Paul Ashcroft, analyse the Norton Motorcycles pensions liberation scam and what could be done to avoid similar cases in the future
Posted: 1/4/20
Government plans to align the Retail Prices Index (RPI) with the Consumer Prices Index and housing costs (CPIH) are likely to cause an increase to defined benefit (DB) scheme deficits, according to the Pensions Policy Institute (PPI)
Posted: 1/4/20
The Royal Bank of Scotland (RBS) has cancelled a dividend-linked contribution to its main UK pension scheme in light of the Covid-19 pandemic
Posted: 1/4/20
The Financial Conduct Authority (FCA), Money and Pensions Service (Maps) and The Pensions Regulator (TPR) have warned savers against the rising threat of pension scams amid the current coronavirus crisis
Posted: 1/04/2020
The Financial Conduct Authority (FCA) should delay the implementation of its investment pathways initiative in light of the Covid-19 pandemic, AJ Bell chief executive Andy Bell has said
Posted: 1/4/20
Drawdown investors should consider delaying their retirement following recent volatility in capital markets, according to Quilter head of retirement policy, Jon Greer
Posted: 31/3/20
Environmental, social and governance (ESG) and terminal value/re-letting risk are the top factors for institutional pension fund investors in assessing the attractiveness of long income strategies, according to new research
Posted: 31/03/2020
AA claims its consultation on changes to its defined benefit (DB) pension scheme has resulted in a planned “enhancement” to the defined contribution (DC) scheme for affected employees
Posted: 31/3/20
The Pensions Ombudsman (TPO) has upheld a complaint against employer, Nantcwmrhys Ltd, over it's failure to pay pension contributions
Posted: 31/3/20
Two WPP sponsored pension schemes have completed a further combined £250m buy-in with the Pension Insurance Corporation (PIC)
Posted: 31/3/20
The University Superannuation Scheme (USS) has confirmed it will proceed with its 31 March 2020 valuation as planned, despite recently triggering a funding measure breach
Posted: 31/03/2020
The Pensions Administration Standards Association (Pasa) has today (30 March) published COVID-19 guidance for pension scheme administrators
Posted: 30/03/2020
The government is “urgently” examining how to provide cash state pension payments to retirees who are self-isolating, according to Pensions Minister Guy Opperman
Posted: 30/3/20
Trustees could be in “a challenging position” following new defined benefit (DB) scheme guidance from The Pensions Regulator (TPR), Lane Clark and Peacock (LCP) has warned
Posted: 30/3/2020
Arcadia Group intends to suspend monthly contributions to its pension scheme in an effort to retain cash during the coronavirus crisis
Posted: 30/3/20
Annual withdrawals through pension freedoms have fallen for the fourth year in a row, to an average of 4.4 per cent of all private retirement pots, analysis from AJ Bell has revealed
Posted: 30/3/20
The Pensions Regulator (TPR) has confirmed easements for employers to suspend deficit repair contributions (DRCs) as part of its updated guidance on COVID-19
Posted: 30/03/2020
The government will not go ahead with the planned increase in the general levy on pension schemes, which was due to rise by 10 per cent on 1 April 2020
Posted: 30/3/20
The Pensions Regulator (TPR) will be extending the late payment reporting deadline, giving employers more time to pay pension contributions amid the COVID-19 pandemic
Posted: 27/3/20
Trustees must work closely with administrators to ensure pension payments continue during the COVID-19 pandemic, according to Dalriada Trustees professional trustee, Judith Fish
Posted: 27/3/20
Defined contribution (DC) scheme trustees and members must avoid “knee-jerk reactions” to the coronavirus pandemic, according to XPS Pensions
Posted: 27/3/20
The latest news in brief and mandates from the past seven days
Posted: 27/3/20
The government has confirmed that the coronavirus job retention scheme will include provisions for pension contributions
Posted: 27/03/2020
The Department for Work and Pensions (DWP) has issued further guidance on changes to pensions processes being introduced as a result of COVID-19
Posted: 27/03/2020
Stevens & Bolton partner, Gabrielle Holgate, considers the pension cost cutting options available to employers and employees amid the ongoing market volatility
Posted: 26/3/20
Single men and women in retirement have seen their average income fall over the past nine years, Department for Work and Pensions (DWP) data has revealed
Posted: 26/3/20
The Financial Ombudsman Service (FOS) has ruled against self-invested personal pension (Sipp) provider, Liberty, in a “landmark pensions decision”
Posted: 26/03/2020
Average weekly pensioner income after housing costs increased by just £6 between the 2009/10 and 2018/2019 tax years, according to new data
Posted: 26/3/20
The Financial Conduct Authority (FCA) has delayed the implementation of its proposed changes to defined benefit (DB) pension transfers by up to six months
Posted: 26/03/2020
Rolls-Royce has announced it will be reducing the pension contributions for newly appointed executive directors from a maximum of 25 per cent to 12 per cent, in line with its broader new hire rate
Posted: 26/3/20
Aviva has paid out £21m to customers affected by historic unsuitable defined benefit transfer advice in 2019, its annual accounts have confirmed
Posted: 25/3/20
The government is “developing proposals” to address the age discrimination identified in public sector pension schemes following the Court of Appeal’s ruling in the McCloud case
Posted: 25/3/20
The increase in state pension age (SPA) has seen shifts in retirement patterns according to new research, with the number of women retiring before they reach SPA falling
Posted: 25/03/2020
The government has confirmed that it has “no plans” to reinstate war widows’ pensions for those who remarried or cohabited between 1973 and 2015
Posted: 25/03/2020
More than nine out of 10 (94 per cent) employers are facing pension challenges, according to new research from Smarterly
Posted: 25/3/20
Bulk annuity pricing has fallen as current market volatility is causing rapid shifts in all asset pricing, new research from XPS Pensions has shown
Posted: 25/3/20
The Financial Conduct Authority (FCA) has fined a former advisory firm director £23,400 after customers transferred £112m of pension funds into potentially unsuitable investments via self-invested personal pensions (Sipps)
Posted: 25/3/20
DLA Piper has urged trustees to take action in the face of the COVID-19 pandemic, outlining 11 areas of concern that trustees and sponsors should pay particular attention to
Posted: 24/03/2020
The government has launched an open consultation on the proposed merger of the Northumberland Pension Fund and the Tyne and Wear Pension Fund
Posted: 24/3/20
The government should scrap the money purchase annual allowance (MPAA) as part of its response to the COVID-19 pandemic, according to AJ Bell
Posted: 24/03/2020
The Parliamentary Contributory Pension Fund (PCPF) has announced that it is reducing its investment in fossil fuels and increasing its exposure to renewable energy
Posted: 24/3/20
The Department for Work and Pensions (DWP) has begun a dialogue with the Isle of Man government about protection for Flybe pension scheme members
Posted: 24/3/20
Recently retired NHS staff who return to work to help in the fight against COVID-19 will not have their pension reduced, the government has confirmed
Posted: 24/03/2020
Former Pensions Minister Ros Altmann has called for pension transfers to be put on hold for six months to combat the growing risk of scams and to help stabilise schemes
Posted: 23/3/20
British Airways Pension Trustees Limited has purchased The Ugly Brown Building from high street fashion retailer Ted Baker for £78.75m
Posted: 23/3/20
The Treasury must relax rules which could act as a barrier to people seeking to rebuild their pensions after the current crisis is over, LCP partner Steve Webb has said
Posted: 23/03/2020
Mandatory pension scheme contributions should be scrapped immediately amid continued stock market decline, according to Tax Research UK director, Richard Murphy
Posted: 23/3/20
The Pensions Regulator has confirmed plans to postpone its ongoing regulatory initiatives, including its Corporate Plan and long-term strategy
Posted: 23/03/2020
The Pensions Regulator (TPR) has published updated guidance in response to the COVID-19 pandemic, emphasising that “employers need to continue contributing” throughout the outbreak
Posted: 23/3/2020
In the build up to Mother's Day, Pensions Age reporter Duncan Ferris discusses the impact of motherhood on pension savings
Posted: 20/3/20
AJ Bell has urged savers to be "on their guard" to the threat of pension scams, as Action Fraud reports a 400 per cent increase in scams linked to the coronavirus in March
Posted: 20/3/20
The Pensions Ombudsman (TPO) has upheld a complaint against the trustee of the Transport Friendly Society Pension Scheme (TFS scheme), the Cabinet Office and MyCSP
Posted: 20/3/20
The latest news in brief and mandates from the past seven days
Posted: 20/3/20
Pension schemes and their sponsoring employers must work together to tackle the ongoing economic crisis caused by the coronavirus pandemic, industry figures have said
Posted: 20/3/20
The Work and Pensions Committee (WPC) has written to the Department for Work and Pensions (DWP), calling for more information on its response to the COVID-19 pandemic
Posted: 20/3/20
Next’s defined benefit (DB) pension schemes' surplus increased from £125m to £133.4m in the 12 months ended January 2020
Posted: 19/3/20
The Pension Protection Fund (PPF) will "go live" with new insolvency risk scores calculated by Dun and Bradstreet (D&B) as of April, with the scores set to be used for levy invoices from 2021/22
Posted: 19/03/2020
The University Superannuation Scheme (USS) has reported itself to The Pensions Regulator (TPR) after breaching a funding measure from its monitoring and action framework
Posted: 19/03/2020
Plumbing Pensions has submitted a petition to Court of Session in Edinburgh, querying whether it can use scheme funding to cover expenses for recovering section 75 employer debt
Posted: 19/3/20
Only around a fifth (22 per cent) of savers think their state and private pensions will provide enough to live off in retirement, according to new research
Posted: 19/3/20
The Pensions Regulator (TPR) has said that it expected employers to “continue to meet” their automatic enrolment (AE) duties amid the ongoing coronavirus pandemic
Posted: 19/3/20
Pension schemes and trustees will face difficult 2020 funding valuations amid market volatility, and should begin reviewing their options now, Aon has warned
Posted: 19/03/2020
Recent market volatility caused by coronavirus has highlighted shortcomings in The Financial Conduct Authority’s (FCA) Retirement Outcomes Review (ROR), according to Barnett Waddingham
Posted: 18/3/20
An increase in house renting could see future pensioners struggle to achieve an adequate standard of living, as the number of pensioners renting looks set to double by 2046, the Pensions Policy Institute (PPI) has warned
Posted: 18/3/20
The Department for Work and Pensions (DWP) has suspended medical examinations for those entitled to membership of the War Pension Scheme and Armed Forced Compensation Scheme
Posted: 18/3/20
Member communication will be key to defined contribution (DC) schemes’ resilience during the coronavirus crisis, according to Aon
Posted: 18/3/20
The Financial Conduct Authority’s Open Finance initiative could unlock 80 per cent of hidden data on defined contribution pensions, according to new research
Posted: 17/3/20
The coronavirus pandemic has created the “perfect conditions” for pension scammers to operate, Aegon has warned
Posted: 18/3/20
The Morrisons Group pension schemes reported £256m worth of growth in its net accounting surplus over the past year, up to £944m (£688m in 2018/19)
Posted: 18/03/2020
The Financial Conduct Authority’s (FCA) Open Finance Initiative could unlock 80 per cent of 'hidden data' on defined contribution pensions, according to new research
Posted: 17/3/20
ITV has been given a six month deadline to put in place financial support for the Box Clever pension scheme, after losing its legal challenge against The Pensions Regulator (TPR)
Posted: 17/3/20
Royal London’s life and pension business suffered a drop in annual sales amid a decline in defined contribution (DC) transfers
Posted: 17/3/20
University and College Union (UCU) has confirmed plans to postpone pension strike reballots of universities in response to the COVID-19 pandemic, although broader action will continue
Posted: 17/03/2020
Trustees need to ensure that administrators can work remotely to keep pension schemes running smoothly during the coronavirus crisis, according to Buck
Posted: 17/3/20
The cross industry GMP Equalisation Working Group (GMPEWG), chaired by the Pensions Administration Standards Association (Pasa), has today issued its latest GMP guidance on ‘When to Rectify'
Posted: 17/03/2020
Motorola has confirmed that the IndigoVision pension schemes and its members' benefits will be safeguarded in its proposed acquisition of the video security solution firm
Posted: 17/3/20
A national assessment to measure levels of knowledge and understanding in the Local Government Pension Scheme (LGPS) space has been launched by Hymans Robertson
Posted: 17/3/20
The Pensions Regulator (TPR) said it expected trustees to have contingency plans in place and be “alive to risks” in response to the coronavirus
Posted: 16/3/20
The impact of the coronavirus outbreak could see scheme liabilities increase by as much as 15-20 per cent, as the industry is hit by the “perfect storm…in terms of funding”, according to the River and Mercantile Group
Posted: 12/03/2020
Trustees must embrace virtual meetings to ensure that pension schemes don’t suffer during the coronavirus outbreak, according to Aon
Posted: 16/3/20
PensionBee has announced the launch of the UK’s "first mainstream" fossil fuel free fund, in partnership with Legal & General Investment Management (LGIM)
Posted: 16/3/20
The number of households with claimants aged over 75 claiming pension credit continued to fall in 2019, following the trend seen since 2015
Posted: 16/3/20
Ten of 2019’s 153 bulk annuity transactions were worth more than £1bn, according to analysis by Willis Towers Watson
Posted: 13/3/2020
Industry experts have raised concerns over the role of legislation and government in the future of investing in infrastructure, warning that trustees must focus on returns
Posted: 13/03/2020
Trustees have been urged to take action in response to the threats posed by the coronavirus, which has now been categorised as a pandemic by the World Health Organisation
Posted: 13/3/20
The Chancellor’s decision to raise the earnings threshold for the tapered annual allowance means higher earners will no longer be forced into risky investments, according to Citimark Partnership
Posted: 13/3/2020
The latest news in brief and mandates from the past seven days
Posted: 13/3/2020
Boards looking at and reforming their member-nominated trustee (MNT) recruitment process is the “obvious starting point” to improving diversity, Travers Smith head of pensions, Daniel Gerring has said
Posted: 13/3/20
Industry experts have urged the industry to respond to the government consultation on reforms to Retail Prices Index (RPI), emphasising the importance of engaging with members
Posted: 12/03/2020
Pensions Minister Guy Opperman explains why he is to impose requirements on trustees to ensure they implement effective governance in relation to the financial risks of climate change
Posted: 12/3/2020
Industry experts have called for greater standardisation of both disclosures and metrics in climate related investing, emphasising the importance of “seeing through” the greenwashing of funds
Posted: 12/03/2020
Open schemes may have issues with the price of future accrual under the proposals set out in The Pensions Regulator's (TPR) DB funding code consultation, according to SAUL Trustee Company head of technical and communications, Rob Orr
Posted: 12/3/20
RPMI Railpen has acquired a 90 per cent stake in the 46-megawatt Carraig Gheal Wind Farm on the west coast of Scotland
Posted: 12/3/20
The Department for Work and Pensions (DWP) “has some catching up to do” on whether occupational DC schemes that offer drawdown should be required use investment pathways
Posted: 12/3/20
Scams that persuade savers to move their pension savings into risky investments leave savers losing an average of £155,000, according to new research
Posted: 12/3/20
Trustees are “failing in their duty” if they do not take “serious action” to address climate-related financial risks, Pensions Minister Guy Opperman has warned
Posted: 12/3/2020
The rate at which savers are using pension freedoms to access their pension funds has continued to surpass expectations, according to the Office for Budget Responsibility (OBR)
Posted: 12/3/20
The Department for Work and Pensions has today (12 March) clarified details around the new criminal sanction powers included within the Pension Schemes Bill
Posted: 12/03/2020
The Pensions Climate Risk Industry Group (PCRIG) has launched a public consultation on its guidance for pension fund trustees to assess, manage and report on climate-related risks
Posted: 12/03/2020
Pensions Minister Guy Opperman has said that it is “astonishing” that the pensions industry is not doing more to help self-employed workers save for retirement
Posted: 12/3/20
The Department for Work and Pensions (DWP) has today confirmed two further consultations for spring 2020, expected to collect industry views on both performance fees and further regulations on DC consolidation
Posted: 12/03/2020
Pension schemes with liabilities linked to the consumer price index (CPI) could take a 10 per cent hit to funding levels because of new government plans
Posted: 12/3/20
The government has today (12 March) confirmed plans to launch a consultation on Climate-related Financial Disclosures in early summer 2020
Posted: 12/03/2020
Pensions Minister Guy Opperman has warned that schemes that do not have their data ready for the pensions dashboard will face “draconian penalties”
Posted: 12/3/20
The government has announced a review into the net pay anomaly, which has left around 1.7 million low-earners in net pay pension schemes missing out on pensions tax relief
Posted: 11/3/20
The government has launched its consultation on aligning RPI with CPIH as part of today's (11 March) Spring Budget
Posted: 11/3/20
The government has announced that it is increasing the earnings threshold for the tapered annual allowance from £110,000 to £200,000
Posted: 11/3/20
The Pensions and Lifetime Savings Association (PLSA) has urged the pensions industry to “go beyond minimum compliance” in an effort to tackle climate risk
Posted: 11/03/2020
The Pensions Ombudsman (TPO) has upheld a complaint against Police Scotland over its failure to inform an employee of changes to late retirement factors
Posted: 11/3/20
The Bank of England’s (BoE) emergency decision to cut the base interest rate from 0.75 per cent to 0.25 per cent means annuity rates are "likely" to also be reduced, Aegon has warned
Posted: 11/3/20
Sacker and Partners has published its fourth environmental, social and corporate governance (ESG) guide, with the aim of helping scheme trustees keep up with shifting regulations
Posted: 11/3/20
The state pension will be included in the pensions dashboard when it is launched, Money and Pensions Service (Maps) Pensions Dashboards Industry Delivery Group principal, Chris Curry, has confirmed.
Speaking to the Work and Pensions Select Committee, Curry also stated that the group is cooperating with the government as to how the state pension data will be delivered
Speaking to the Work and Pensions Select Committee, Curry also stated that the group is cooperating with the government as to how the state pension data will be delivered
Posted: 11/3/20
The Pensions Ombudmsan (TPO) has upheld a complaint against the Royal Mail Statutory Pension Scheme (RMSPS) over a refusal to pay complaint
Posted: 10/3/20
Growth in auto-enrolled employees dropped marginally in February after a slight decrease in the number of employers completing their declaration of compliance, according to new data
Posted: 10/3/20
The pensions industry is awaiting tomorrow’s (11 March) Budget with bated breath, with some predicting the biggest system shake-up since the introduction of pension freedoms in 2015
Posted: 10/3/20
The combined deficit of UK defined benefit (DB) pension schemes in the PPF 7800 Index has risen to £124.6bn, as industry experts warn of market volatility amid COVID-19 uncertainty
Posted: 10/03/2020
Women face entering retirement with pension pots 39 per cent lower than their male counterparts, according to new research
Posted: 10/3/20
The number of employees saving above 7 per cent of salary into their workplace pension has doubled from 744,000 to 1.6 million over the past seven years, new analysis has revealed
Posted: 10/03/2020
The Universities Superannuation Scheme (USS) has issued a technical discussion document to sponsoring employers, seeking opinions on proposed changes to its 2020 valuation methodology
Posted: 9/3/20
The Smart Pension Master Trust has been confirmed as Welplan Pensions Master Trust’s default receiving scheme following last year’s decision to close Welplan
Posted: 9/3/20
BT has become the latest firm to announce plans to cut its top executives’ pension allowances to be in line with the rest of its workforces’
Posted: 9/3/20
Nest has launched a post-retirement fund, the Nest Guided Retirement Fund, to keep members’ money invested if they choose not to withdraw it immediately
Posted: 9/3/20
Aon has agreed to purchase Willis Towers Watson for $30bn (£22.9bn) in an all-share deal to create a combined equity value of around $80bn (£61bn)
Posted: 9/3/20
Government plans to align RPI with CPIH could negatively affect more than 10 million defined benefit (DB) pension scheme members, Insight Investment has warned
Posted: 9/3/20
The Work and Pensions Committee (WPC) has written to The Pensions Regulator (TPR), seeking answers on its handling of a pensions liberation scam
Posted: 9/3/20
More than half (57 per cent) of those approaching retirement don’t know how much income their pension and savings will generate, according to new research
Posted: 9/3/20
Coronavirus fears caused defined benefit (DB) transfer values to rise to £249,700 at the end of February, according to XPS Pension Group
Posted: 9/3/20
Pensions Age reporter Sophie Smith explores the pensions gender gap ahead of international women's day on 8 March
Posted: 06/03/2020
University and College Union (UCU) has claimed that progress is being made in talks with Universities UK (UUK) and the University Superannuation Scheme (USS) amid ongoing strike action
Posted: 06/03/2020
Millennials expect 36 per cent of their retirement income to be made up by the state pension, potentially exposing themselves to a £75,000 shortfall, research by Portafina has shown
Posted: 06/03/2020
Pensions schemes should be avoiding speculative risks and ensuring that strategies are in line with target allocations due to uncertain markets caused by the coronavirus outbreak, according to XPS Pensions Group
Posted: 6/3/20
Income inequality amongst retired households increased by 2.4 percentage points in 2019 to 31.6 per cent, statistics from the Office for National Statistics (ONS) have revealed
Posted: 06/03/2020
The government's rumoured solution to pension tax issues facing the NHS is “a sticking plaster” and “half-baked”, industry figures have warned
Posted: 6/3/20
The latest news in brief and mandates from the past seven days
Posted: 6/3/20
The Financial Ombudsman Service has upheld a complaint against Portafina, after delays in the transfer of defined benefit (DB) pension scheme benefits to an annuity provider
Posted: 05/03/2020
The net pension deficit for ITV’s defined benefit (DB) pension schemes increased by £49m to £87m the 12 months ending 31 December 2019
Posted: 5/3/20
The government has announced that it is amending regulations to “smooth the transition” from universal credit (UC) to state pension benefits
Posted: 5/3/20
More than half (53 per cent) of people are confident their retirement income will provide their desired standard of life, according to new research
Posted: 5/3/20
Flybe pension scheme members will not be entitled to compensation from the Pension Protection Fund (PPF), following the airline’s collapse this morning (5 March)
Posted: 5/3/20
Over half (58 per cent) of pension professionals think that RPI reform should go further than simply switching to CPIH with no compensation, new research has revealed
Posted: 05/03/2020
A company director has been fined £10,000 and ordered to pay £2,800 costs for failing to supply information and documents relating to an investigation by The Pensions Regulator (TPR)
Posted: 4/3/20
Homeowners aged over 55 anticipate that they will need an annual retirement income of £35,196, more than double the current average of £17,212, according to new research
Posted: 4/3/20
The government has faced industry criticism after confirming plans for a "moderate increase" to the general levy, in its response to a Department for Work and Pensions (DWP) consultation
Posted: 4/3/20
Occupational defined contribution (DC) scheme membership has overtaken defined benefit (DB) participation for the first time
Posted: 4/3/20
The Fujitsu Pension Scheme has moved its defined contribution (DC) members into the LifeSight Master Trust, increasing the trust’s membership by 17,000 and assets under management (AUM) by £730m
Posted: 04/03/2020
Women’s annual private pension income is 55 per cent lower than that of men, despite record levels of women in employment (72 per cent), according to a new study
Posted: 4/3/20
Pension fraud is costing the sector around £6bn a year, research from Crowe and the University of Portsmouth has estimated
Posted: 4/3/20
The number of independent schools opting out of the Teachers’ Pension Scheme (TPS) increased by more than a third (34 per cent) in the past six months
Posted: 3/3/20
The Santander defined benefit (DB) pension scheme surplus has fallen by approximately £339m, to £389m in 2019 (£728m in 2018)
Posted: 3/3/20
The Court of Appeal has upheld its ruling that a taxpayer must pay a 40 per cent charge after transferring funds from his pension into residential property funds
Posted: 3/3/20
The pensions industry has said that the proposed overhaul of The Pensions Regulator’s (TPR) defined benefit (DB) funding code could have “significant implications” for schemes
Posted: 3/3/20
The accounting deficit of defined benefit (DB) pension schemes for FTSE 350 companies increased from £57bn to £68bn in February, according to Mercer
Posted: 3/3/20
Defined benefit (DB) pension scheme deficits rose by around £100bn in the last week of February due to the impact of the coronavirus outbreak, new analysis by Hymans Robertson has revealed
Posted: 03/03/2020
The Pensions Regulator (TPR) has launched a consultation to seek views on changes to the defined benefit (DB) funding code to better manage risks on long-term scheme funding and investment strategy planning
Posted: 3/3/20
The government "should not rush” increasing the age at which private pensions can be accessed, former Pensions Minister Steve Webb has said
Posted: 2/3/20
The Strathclyde Pension Fund (SPF) has concluded that divesting from oil and gas firms is not an “effective or satisfactory solution” to climate change in a review of it’s fossil fuel investments
Posted: 02/03/2020
London mayor Sadiq Khan and New York City mayor Bill de Blasio have urged the mayors of other major cities to follow their lead and divest their cities’ pension schemes from fossil fuel assets
Posted: 2/3/20
The Pensions Regulator (TPR) has announced the appointment of three non-executive directors to its board by the Secretary of State for Work and Pensions, Therese Coffey
Posted: 2/3/20
The Xylem UK Pension Plan has completed a £255m bulk annuity transaction with Rothesay Life, protecting the benefits of over 2,500 final salary section members
Posted: 2/3/20
Mortality rates in England and Wales have fallen 3.8 per cent lower in 2019 than 2018, the largest drop since 2011, new statistics from the Continuous Mortality Investigation (CMI) have shown
Posted: 2/3/20
The Pensions Regulator (TPR) has committed to assessing how savers transferring into defined benefit (DB) superfunds are protected
Posted: 28/2/20
AMNT member, Stephen Fallowell, explains why consumer definitions are important for pension engagement
Posted: 28/2/20
The Rolls Royce defined benefit (DB) pension scheme deficit has fallen by £849m to £208m, the group's financial report has shown
Posted: 28/02/2020
The winners of the annual Pensions Age Awards were announced last night at a sellout, glittering gala ceremony in London, attended by almost 600 people
Posted: 28/2/20
The latest news in brief and mandates from the past seven days
Posted: 28/2/20
Four fifths (80 per cent) of pension professionals favour removing the auto-enrolment minimum age criteria, according to new research
Posted: 27/2/20
Over a third (40 per cent) of those entitled to pension credit have failed to claim the benefit, with up to £2.5bn worth of pension credit unclaimed, new government statistics have revealed
Posted: 27/02/2020
Burges Salmon director, Catrin Young, and associate, Charlotte Osmond, discuss the legal hurdles trustees should be aware of in DC scheme consolidation
Posted: 27/2/20
More than three quarters of people are keen to use a pensions dashboard to learn more about their retirement savings, according to research from Which?
Posted: 27/2/20
The combined deficit for the National Express defined benefit pension schemes has fallen by over £20m, from £116.8m in 2018 to £90m at 31 December 2019
Posted: 27/02/2020
A former pension scheme administrator has been sentenced to two years in prison for stealing £70,000 from Barnet Council’s pension scheme
Posted: 27/2/10
Almost one fifth of savers don’t access information on their pensions, new analysis from the Association of British Insurers (ABI) has shown
Posted: 27/02/2020
The House of Lords is debating a Pensions Schemes Bill amendment which proposes requiring UK pension schemes to outline how they will align investment strategies with the Paris Climate Change Agreement
Posted: 26/2/20
Three quarters of the low-earners who missed out on government tax relief for their pension contributions in 2016/17 were women, government statistics have shown
Posted: 26/02/2020
The Money and Pensions Service (Maps) has announced 11 sector leaders to assist with its ten-year government-backed UK Strategy for Financial Wellbeing
Posted: 26/2/20
HMRC has updated scheme guidance on claiming relief at source tax relief for member contributions, in order to emphasise the role of member playback
Posted: 26/02/2020
The Pensions Ombudsman (TPO) has upheld a misinformation complaint against the Aviva Staff Pension Scheme
Posted: 26/02/2020
Over two thirds (67 per cent) of pension professionals expect The Pension Regulator’s (TPR) new defined benefit (DB) funding code to positively impact their schemes, research has revealed
Posted: 26/2/20
The annual increase level to career average public sector pension schemes in 2020 have been announced, with fire service and armed forces’ schemes seeing the largest rise
Posted: 26/2/20
Fiduciary managers believe that ESG considerations can improve risk-adjusted returns, yet 30 per cent still don’t score managers for ESG across all classes, new research by XPS has shown
Posted: 25/02/2020
The Industry Delivery Group (IDG) is consulting on the challenges faced by pension providers and schemes to meet data compulsion laws
Posted: 25/2/20
The launch of two professional pension trustee accreditation frameworks could cause confusion and undermine the qualification, Dalriada Trustees has warned
Posted: 25/02/2020
The University Superannuation Scheme (USS) has confirmed plans to publish a discussion paper on potential changes to its valuation methodology in March this year
Posted: 25/02/2020
Almost a third (32 per cent) of people in their 60s and 16 per cent of over 70s have not touched their pension, according to LV= research
Posted: 25/2/20
Further reforms are needed to 'future proof' the success of pension freedoms the Association of British Insurers (ABI) has said, with new research revealing a "black hole" on guidance and advice
Posted: 25/02/2020
The amount of tax relief provided to pension schemes has declined since 2015/16, according to figures released by HMRC
Posted: 24/2/20
Women born in the 1950s that were affected by state pension age changes and their communication will bring their case to the Court of Appeal (CoA) on 21 July 2020
Posted: 24/2/20
Self-employed men are more likely to be saving than self-employed women, with an approximate seven percentage point difference in their propensity to save
Posted: 24/02/2020
More than a quarter (26 per cent) of people in their 50s don’t understand the retirement options available to them from age 55, according to Fidelity research
Posted: 24/2/20
The government will scrap plans to cut pension tax relief for higher earners to avoid alienating back bench MPs, according to reports
Posted: 24/2/20
Workplace pension membership for those aged 22 to 29 saw a 50 percentage point jump, up to 85 per cent between 2012 and 2018, according to the Department for Work and Pensions (DWP)
Posted: 24/02/2020
The government has proposed excluding pensions from the dormant asset scheme in a consultation on its expansion into new asset classes
Posted: 21/2/20
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