Latest News
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SNP proposes amendments to criminal offences outlined in Pension Schemes Bill
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Flexible pension withdrawals total £2.3bn in Q3; HMRC repays £39.4m in overpaid tax
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Smaller pension schemes could be 'forced' to consolidate by increasing compliance costs
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Funding retirement is Brits' top financial worry
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News in brief - 30 October 2020
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Guest comment: Trustees must act now to prepare for ESG disclosure changes
Archive News
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.
The offences in question have led to concerns from the pensions industry that the broad definitions of who may fall foul of the new rules could lead to well-meaning professionals being punished or nervous to take action when an employer is struggling
The offences in question have led to concerns from the pensions industry that the broad definitions of who may fall foul of the new rules could lead to well-meaning professionals being punished or nervous to take action when an employer is struggling
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A total of £2.3bn was withdrawn from pensions flexibly in Q3 2020, bringing the total value of flexible withdrawals since the introduction of pensions freedoms in 2015 to over £37bn,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
The proportion of defined contribution (DC) pension pots accessed without guidance or advice rose by 8 per cent in 2019/20, leading Just Group to call for systematic changes
Posted: 6/10/20
Member of Parliament (MP) for Grantham and Stamford, Gareth Davies, discusses the benefits of pensions dashboards and why their introduction is so important for British savers
Posted: 6/10/20
Housing associations could face “significant” pension contribution increases following the completion of the Social Housing Pension Scheme’s (SHPS) 2020 valuation, LCP has warned
Posted: 6/10/20
Four UK pension funds have been included in the Principles for Responsible Investment (PRI) leaders’ group for 2020
Posted: 5/10/20
The government must address climate change by passing a law requiring auto-enrolment (AE) default pension funds to achieve net-zero carbon emissions status by 2050, according to Aviva
Posted: 5/10/20
Pensions Minister, Guy Opperman, has welcomed the Financial Conduct Authority’s (FCA) outlining of a timeframe to align its climate risk reporting requirements with those in the Pension Schemes Bill
Posted: 5/10/20
The risk settlement market, including both bulk annuity deals and longevity swaps, could hit £50bn by the end of 2020, Aon has predicted
Posted: 5/10/20
Collective defined contribution (CDC) pensions would outperform individual DC insured annuities and defined benefit (DB) schemes on average, according to Willis Towers Watson (WTW) analysis
Posted: 5/10/20
British mothers could miss out on £50,000 in pension savings due to switching to part-time work after having children, according to Aegon
Posted: 5/10/20
The average FTSE 350 defined benefit (DB) scheme had its endgame pushed back by around a year and a half in the first six months of 2020, according to Barnett Waddingham
Posted: 2/10/20
Action Fraud received 166 reports of pension scams between 24 March 2020 and 25 September 2020, the government has revealed
Posted: 2/10/20
The accounting deficit of defined benefit (DB) pension schemes for FTSE 350 companies climbed from £70bn at the end of August to £73bn on 30 September, according to Mercer
Posted: 2/10/20
The latest news in brief and mandates from the past seven days
Posted: 2/10/20
The government has “no immediate plans” to review or lower the threshold at which savers are required to take financial advice when transferring a defined benefit (DB) pension, Pensions Minister, Guy Opperman, has said
Posted: 2/10/20
SPP Legislation Committee member, Andy Cork, discusses pension trustees' plan of action in the event of a cyber attack
Posted: 1/10/20
The Pensions Regulator (TPR) has called on trustees to “build capacity” in assessing the long-term risks and opportunities presented by climate change
Posted: 1/10/20
Smaller pension schemes could find complying with new implementation statement requirements more difficult than their larger counterparts, Dalriada Trustees has warned
Posted: 1/10/20
Chancellor, Rishi Sunak, should develop a Kickstart-style employment support initiative targeted at older unemployed workers alongside the state pension age increase, according to The International Longevity Centre (ILC)
Posted: 1/10/20
PensionBee and Plaid have released a report that calls for regulators to prioritise the inclusion of pensions in Open Finance over other sectors
Posted: 1/10/20
The ban on contingent charging in defined benefit (DB) pension transfer advice, which comes into force today (1 October), is “the end of pension freedom in all but name”, TLT partner, Noline Matemera, has said
Posted: 1/10/20
The Pensions Regulator (TPR) director of AE, Mel Charles, discusses the regulator's enforcement approach to AE compliance during Covid-19
Posted: 30/9/20
The Buckinghamshire Pension Fund (BPF) has identified “discrepancies” in its data on outstanding employer and employee contributions
Posted: 30/9/20
Pension scammers are offering consumers free pension reviews via social media to try and circumvent the cold calling ban, according to the Financial Conduct Authority (FCA)
Posted: 30/9/20
More than one in eight (13 per cent) older workers have changed their retirement plans due to the Covid-19 pandemic, according to the Institute for Fiscal Studies (IFS)
Posted: 30/9/20
New regulatory requirements for defined benefit (DB) transfers from the Financial Conduct Authority (FCA) could lead to a lack of available advice, Aegon has warned
Posted: 30/9/20
An agreement has been reached for the purchase of Blackstone’s 36 per cent holding in annuity provider Rothesay Life by GIC and Massachusetts Mutual Life Insurance Company (MassMutual)
Posted: 30/9/20
The government has said that it disagrees with the Public Accounts Committee’s (PAC’s) recommendation to conduct a review into the impact of pension tax relief in the next 12 months
Posted: 29/9/20
The number of pension pots emptied at the first time of access in 2019/20 rose by 5 per cent compared to the previous year, climbing to 375,500, according to data from the Financial Conduct Authority (FCA)
Posted: 29/9/20
The UK’s worldwide outlook for retirement ranking has declined for the third successive year, dropping one place to 17th on Natixis’ Global Retirement Index (GRI)
Posted: 29/9/20
Governments, regulators and businesses should work together to improve the standard of environmental, social and governance (ESG) data for investors, according to the OECD
Posted: 29/9/20
Developing a communication strategy that uses technology to provide support and guidance to members is “essential” for pension schemes, according to a new guide published by Aon
Posted: 29/9/20
The Pension Protection Fund (PPF) has published a consultation on levy rules for 2021/22, including a proposal to halve the levy for schemes with less than £20m in liabilities.
The proposed reduction will be tapered so that only schemes with £50m or more in liabilities will be charged in full, which the PPF hopes will benefit the schemes with SME employers
The proposed reduction will be tapered so that only schemes with £50m or more in liabilities will be charged in full, which the PPF hopes will benefit the schemes with SME employers
Posted: 29/9/20
The second reading for the Pension Schemes Bill in the House of Commons has been scheduled for 7 October 2020
Posted: 29/9/20
Pension savers living abroad could face additional charges and significant delays when accessing their retirement savings once the UK leaves the EU, PensionBee has warned
Posted: 28/9/20
The Transparency Task Force (TTF) has published an open letter to Prime Minister, Boris Johnson, calling for greater leadership from the government on pension scam problems
Posted: 28/9/20
It would cost £336,500 for someone at state pension age to buy the full state pension of £175.20 per week for the rest of their life through an annuity, according to analysis by Aegon
Posted: 28/9/20
More than a third (37 per cent) of UK adults think they have been targeted by scams since lockdown, leading AJ Bell to identify five ways the authorities can take on pension fraudsters
Posted: 28/9/20
Royal London and LV= are reportedly in detailed negotiations about a tie-up that would create a “mutual champion” with nearly 10 million customers, according to a report from Sky News
Posted: 28/9/20
The Association of Consulting Actuaries (ACA) has called for a “sharper focus” on value for pension savers, not just costs, warning that the charge cap is a "blunt tool" that will not deliver value for members in isolation
Posted: 28/9/20
Defined benefit (DB) scheme trustees should avoid providing illustrative transfer values in their retirement packs or risk falling afoul of proposed Financial Conduct Authority (FCA) requirements, according to Sackers
Posted: 25/9/20
World Wide Fund for Nature (WWF) and Make My Money Matter (MMMM) have called on the finance sector to “urgently” address its role in tackling the climate crisis or “risk being complicit in catastrophic damage to both our planet and the economy"
Posted: 25/9/20
The latest news in brief and mandates from the past seven days
Posted: 25/9/20
The TI Group Pension Scheme, whose sponsoring employer is the industrial technology company, Smiths Group, has completed a £142m buy-in with Aviva
Posted: 25/9/20
The new Job Support Scheme, announced by Chancellor, Rishi Sunak, yesterday (24 September), will not cover pension contributions, the government has confirmed
Posted: 25/9/20
TISAtech, part of The Investing and Saving Alliance (Tisa), has launched the 'largest of its kind' research into environmental, social and governance (ESG) investment strategies, in collaboration with the Pensions and Lifetime Savings Association (PLSA)
Posted: 25/9/20
The Mothercare defined benefit (DB) schemes swung from a deficit of £24.9m in March 2019 to a surplus of £29.8m, as of March 2020, its final financial results report has revealed
Posted: 25/9/20
The Pensions and Lifetime Savings Association (PLSA) has published vote reporting templates to help pension schemes, investment managers and platform providers comply with upcoming legal changes
Posted: 24/9/20
ITM director, Matt Dodds, has warned that preventing all financial transactions on the pensions dashboards could limit the platforms' effectiveness in helping to solve the small pension pot problem
Posted: 24/9/20
Arc Pensions Law partner, Vikki Massarano, discusses HMRC's new interpretation of tax law around buyouts and what trustees need to consider as a result
Posted: 24/9/20
Aggregate combined employee and employer contribution rates to defined contribution (DC) workplace schemes increased from 4.5 per cent to 7 per cent in the 12 months to the end of July 2020, the Pensions Policy Institute’s (PPI’s) DC Future Book has revealed
Posted: 24/9/20
The Treasury has confirmed that the Autumn Budget will not take place amid the coronavirus pandemic, although Chancellor, Rishi Sunak, provided an economic update to the House of Commons today
Posted: 24/9/20
The Hymans Robertson Pension Plan has cut its carbon footprint by a third (33 per cent) after launching a new investment strategy for its default arrangement
Posted: 24/9/20
The Investing and Saving Alliance (Tisa) has called for greater reference to environmental, social and governance (ESG) considerations in the Financial Conduct Authority’s (FCA's) value for money (VfM) assessment
Posted: 24/9/20
The government is introducing a bill to the House of Commons that aims to iron out a “technical detail” that could have prevented an increase in the state pension in April 2021
Posted: 23/9/20
Aegon pensions director, Steven Cameron, has highlighted concerns with proposed responsibilities for Independent Governance Committees (IGCs) in the Financial Conduct Authority’s (FCA’s) Driving value for money in pensions consultation
Posted: 23/9/20
Over-50s who have stopped saving into their pension in light of Covid-19 could be £98,680 worse off by the age of 75 if they fail to start saving again, according to analysis by Legal & General (L&G) Retail Retirement
Posted: 23/9/20
The Pensions Policy Institute (PPI) has published guidance to support the Department for Work and Pensions (DWP) small pots working group, highlighting the importance of achieving a consensus from all stakeholders before making policy changes
Posted: 23/9/20
Small ‘behavioural nudges’ from pension providers could be enough to improve young peoples’ retirement pot sizes by £142,450, according to analysis by Scottish Widows
Posted: 23/9/20
Retirement experiences are "fragmenting" due to changes in how consumers spend their time and money, as well as a increase in individuals and the “declining relevance” of social norms, according to analysis from Canada Life
Posted: 23/9/20
Gowling WLG partner, Paul Carberry, and principal associate, Jane Morrott, discuss the government's consultation on the impact of proposed changes to exit payments made to local government workers
Posted: 23/9/20
PLSA head of DC, master trusts and lifetime savings, Lizzy Holliday, discusses the creation of the government's cross-sector working group to address the number of small pension pots and potential solutions to the issue
Posted: 22/9/20
The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) have developed a ‘plough-shaped’ model for economic recovery from the impact of the Covid-19 pandemic
Posted: 22/9/20
The Department for Work and Pensions (DWP) has launched a call for evidence on the alternative quality requirement tests for defined benefit (DB) and hybrid schemes used for auto-enrolment (AE), running until 21 October
Posted: 22/9/20
The Pension Protection Fund (PPF) has said that it is simplifying the levy delay application process during the Society of Pension Professionals’ (SPP) Managing Pension Scheme Risk in the Current Climate talk
Posted: 22/9/20
The number of people aged between 55 and 59 making lump sum withdrawals from their pensions increased by 8 per cent year-on-year to 288,600 in 2019/20, according to Salisbury House Wealth (SHW) research
Posted: 22/9/20
The Department for Work and Pensions (DWP) has launched a cross-sector working group with the industry to assess and make recommendations on ways to address the number of deferred, small pension pots
Posted: 22/9/20
Nearly a third (32 per cent) of savers are investing their money in pension funds that could see them funding oil and gas companies and other industries having an adverse effect on the environment, research by Clim8 Invest has found
Posted: 22/9/20
More than a third (39 per cent) of asset managers are unable to provide an example of climate change-related engagement effort, research by Redington’s Manager Research Team has found
Posted: 21/9/20
Almost half (48 per cent) of savers are unaware that there are ways to ensure their pension is environmentally friendly, whilst one in 10 are unaware they have any options to manage at all, according to analysis by Scottish Widows
Posted: 21/9/20
Some pension scheme members could still be waiting to receive up to £25,000 in guaranteed minimum pension (GMP) equalisation back payments, XPS Pensions Group analysis has revealed
Posted: 21/9/20
Pension schemes have been urged to revisit historical rules and assumptions, after analysis from Lane Clark and Peacock (LCP) revealed that the '4 per cent rule' is no longer likely to be sustainable for many people
Posted: 21/9/20
Forsters head of commercial litigation, Benedict Walton, and senior associate, Caroline Harbord, explain why trustees need to be aware of the increase in funded group claims and how to handle them
Posted: 21/9/20
The Investing and Saving Alliance (Tisa) has launched four proposals to ‘overhaul’ auto-enrolment (AE) as part of its Getting Retirement Right campaign, designed to ensure workers can better plan and enjoy their pensions
Posted: 21/9/20
As Pensions Awareness Week draws to a close, Sophie Smith considers the messages shared by the industry and the importance of maintaining momentum
Posted: 18/9/20
Two-thirds (66 per cent) of pension savers are unaware of where or how their contributions are invested, a Teamspirit survey has revealed
Posted: 18/9/20
The latest news in brief and mandates from the past seven days
Posted: 18/9/20
In its 16 September 2020 announcement, The Pensions Regulator (TPR) confirmed that it will end its temporary easement to reporting DC pension contribution failures during Q1 2021. BDB Pitmans pensions law team legal director, Alex Rush, considers the announcement and how TPR’s stance may affect DC scheme trustees and providers
Posted: 18/9/20
Reporting on climate risk in Statement of Investment Principles’ (SIP) will become more challenging for trustees next year as focus shifts towards the disclosure of processes and implementation, Pensions Climate Risk Industry Group (PCRIG) chair, Stuart O’Brien, has warned
Posted: 18/9/20
The Pensions Regulator (TPR) is expecting to share its consolidated modular code to clarify industry standards by November, TPR head of policy, Fiona Frobisher, has confirmed
Posted: 18/9/20
Pension scheme sponsoring employers and trustees should avoid equating defined benefit (DB) master trust consolidation with a loss of control, according to TPT Retirement Solutions business development director, Paul Murphy
Posted: 17/9/20
John Lewis’s defined benefit (DB) pension deficit increased by £567.6m year-on-year to £623.8m, as at 25 July 2020, its half year financial results report has revealed
Posted: 17/9/20
Pensions Age has swept the board in the defined benefit (DB) Pensions Journalist of the Year category at the Willis Towers Watson Virtual Media Awards 2020
Posted: 17/9/20
The Pension Protection Fund (PPF) expects the number of defined benefit (DB) schemes issuing claims with the pensions lifeboat to increase in the autumn once government support measures begin to be withdrawn
Posted: 17/9/20
Defined benefit (DB) transfer values have fallen to levels "similar to pre-lockdown" over the past month, reaching £253,200 at the end of August, according to XPS Pensions Group
Posted: 17/9/20
A new approach to how pensioner liabilities are financed and valued in defined benefit (DB) schemes could generate £40bn in extra value, according to analysis by PwC
Posted: 17/9/20
Regulators in the UK have been accused of ignoring warnings of potential pension scams by Transparency Task Force (TTF) founder, Andy Agathangelou
Posted: 16/9/20
UK bulk annuity sales reached a “substantial” £12.7bn in the first half of 2020, with 'repeat buyers' predominantly driving market volume, analysis by Aon has found
Posted: 16/9/20
The number of independent schools withdrawing from Teachers’ Pension Scheme (TPS) has more than doubled over the past year, according to a freedom of information (FOI) request from Wesleyan.
Posted: 16/9/20
More than a quarter (28 per cent) of British adults believe they have a lost or dormant pension pot, according to research by Gretel
Posted: 16/9/20
Public sector members of the Local Government Pension Scheme (LGPS) aged over 55 could face a “significant cut” to their benefits upon redundancy if changes proposed in the government’s exit pay consultation are implemented, Hymans Robertson has warned
Posted: 16/9/20
Defined benefit (DB) scheme members with B rated sponsoring employers face a “whopping” 50 per cent chance of a cut in benefits due to their sponsoring employer going insolvent before their scheme is fully funded on a buyout basis, according to Hymans Robertson
Posted: 16/9/20
The Pensions Regulator (TPR) has extended its easements for trustees and providers to report sponsoring employers’ late pension contribution payments in its updated Covid-19 guidance
Posted: 16/9/20
Pressure for the government to tackle the issue of under-paid women’s state pensions has continued to grow after the tabling of a new petition on parliament's website
Posted: 16/9/20
Nest Insight and the Department for Work and Pensions (DWP) have announced new research examining the financial impact of Covid-19 on self-employed people, in turn postponing ongoing self-employed messaging trials
Posted: 16/9/20
The Association of Consulting Actuaries (ACA) has expressed its concern with the Financial Conduct Authority’s (FCA) suggestion to consider schemes’ illustrative transfer value income figures as advice
Posted: 15/9/20
Today (15 September) marks Pensions Awareness Day 2020, and whilst the campaign may look slightly different, and virtual, this year, it is still clearly needed, with industry experts backing the campaign in light of the retirement income and knowledge gaps still facing many savers
Posted: 15/9/20
The Court of Appeal has today (15 September) unanimously dismissed Backto60's legal appeal against the Department for Work and Pensions (DWP)
Posted: 15/9/20
Pensions Minister, Guy Opperman, has said he would be “very confident” that the Pension Schemes Bill will become law by the end of the year
Posted: 15/9/20
Sponsors have been urged to take a more proactive role in setting pension scheme strategies, after analysis revealed that a capacity crunch in the buyout market could see the defined benefit (DB) superfund market reach £5bn annual volume by 2023
Posted: 15/9/20
Mercer has announced the launch of its master trust for defined benefit (DB) pension schemes in the UK
Posted: 15/9/20
Over a third (37 per cent) of over-50s, equivalent to more than 3 million workers, will leave planning their retirement finances until the final two years before retirement or not prepare at all, according to research from the Money and Pensions Service (Maps)
Posted: 15/9/20
Nearly three-quarters (72 per cent) of workplace pension holders have little or no knowledge about pensions, research by Royal London has found
Posted: 15/9/20
The government has been urged to include financial harms within the Online Harms Bill after a freedom of information (FOI) request revealed that just 6.6 per cent of pension scam reports were passed to the police for investigation in 2019
Posted: 14/9/20
Funding retirement continues to be the most commonly cited financial worry for UK employees, with 34 per cent naming it as their top money concern, research from Close Brothers has revealed
Posted: 14/9/20
One in four workers have increased or decreased payments into their pensions due to the ongoing Covid-19 pandemic, according to research by Money.co.uk
Posted: 14/9/20
A fall in the average credit quality of fixed income indices and increased competition for high-quality assets presents “serious challenges” for pension schemes, AXA Investment Managers (IM) has warned
Posted: 14/9/20
The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis
Posted: 14/9/20
Underfunded defined benefit (DB) pension schemes are over-dependent on “once-a-century” equity returns in plans to close funding deficits by 2030, according to Willis Towers Watson (WTW)
Posted: 14/9/20
The Hertfordshire Local Government Pension Scheme fund has almost halved the size of its investments in fossil fuels from £94m in December 2019 to £48m in June 2020
Posted: 11/9/20
The government has published a defined contribution (DC) pension scheme consolidation consultation that proposes for smaller schemes to be expected to initiate wind up and consolidate if they do not offer sufficient value to members
Posted: 11/9/20
Total pension buy-in and buyout volumes reached £12.6bn in H1 2020, the second highest H1 on record, LCP analysis has revealed
Posted: 11/9/20
The Financial Conduct Authority (FCA) Pension Plan had a surplus of £24m at 31 March, compared with a deficit of £83.7m reported at the same point in 2019, as liabilities decreased from £886.7m to £805.3m
Posted: 11/9/20
The latest news in brief and mandates from the past seven days
Posted: 11/9/20
There were 13 overseas transfer charges paid to HMRC in 2019/20 from pension transfers to Qualifying Recognised Overseas Pension Schemes (QROPS), a 46 per cent fall compared to 2018/19, a freedom of information request from Canada Life has revealed
Posted: 11/9/20
CPS Advisory has been issued with a £130,000 fine by the Information Commissioner’s Office (ICO) for making more than 100,000 unauthorised pension cold calls
Posted: 10/9/20
The government must reconsider using a ‘pot follows member’ strategy as a solution to the growing number of small unclaimed pension pots, according to LCP head of defined contribution (DC) consulting, Laura Myers
Posted: 10/9/20
Pension Insurance Corporation (PIC) completed £3.5bn of bulk annuity deals in H1 2020, down from the £6bn worth of transactions in H1 2019, its half-year results have revealed
Posted: 10/9/20
The Teachers' Union, NASUWT, has urged Westholme School to withdraw its "unjustified" plans to discontinue paying into the Teachers' Pension Scheme to avoid further strike action from union members
Posted: 10/9/20
A look back on the life of former Pension Protection Fund (PPF) chair and trailblazing businesswoman, Barbara Judge
Posted: 10/9/20
One in 10 workers have paused their pension contributions since the start of lockdown, with a further 13 per cent also considering halting contributions, according to research by Canada Life
Posted: 10/9/20
Huw Davies, Pi Partnership, explains how a ‘risk bowtie’ framework could help people better manage their retirement income
Posted: 10/9/20
The Church of England Pensions Board has urged Rio Tinto to rethink its response to the devastation of a 46,000-year-old historic Aboriginal site in Western Australia
Posted: 9/9/20
A successful class action against a US pharmaceuticals company that saw the UK’s Norfolk Pension Fund serve as the lead plaintiff has recovered in excess of £42.5m (US $55m) for investors
Posted: 9/9/20
Growth in auto-enrolled employees slowed in August, with an additional 12,000 workers being auto-enrolled into workplace schemes, according to data from The Pensions Regulator (TPR)
Posted: 09/9/20
Pension schemes should typically avoid buy-in transactions when targeting a buyout within three years, as it is likely to divert governance time and cost that could be better deployed elsewhere, according to Aon
Posted: 9/9/20
Pension scheme trustees should keep policies and protocols potentially affected by Covid-19 under review and schedule periodic assessments as part of their business planning, Squire Patton Boggs (SPB) has said
Posted: 9/9/20
Over half (51 per cent) of pension transfers covered by the XPS scam protection service since lockdown, representing £25m in savings, have been flagged as at risk of a scam, according to XPS Pensions Group
Posted: 09/9/20
Wedlake Bell partner, Clive Weber, and Wedlake Bell solicitor, Paul Ashcroft, discuss the recent Hughes decision, subsequent appeals, and what it all means for the PPF
Posted: 08/9/20
Trustees must work with their administrators to ensure that the correct processes are not only in place, but are documented and evidenced, when undertaking member transfer due diligence, industry experts have warned
Posted: 08/9/20
Civil Aviation Authority Pension Scheme (CAAPS) has appointed BlackRock as fiduciary manager of its £4bn growth portfolios following a competitive tender process facilitated by IC Select
Posted: 8/9/20
The Furness Building Society Pension and Assurance Scheme has been transferred to the Enplan Pension Platform, which will provide the scheme with governance, actuarial, investment and administration services
Posted: 09/9/20
Changing the triple lock on state pensions to a ‘smoothing mechanism’ could save the government £15bn in 2022/23, according to the Pensions Policy Institute (PPI)
Posted: 8/9/20
The combined deficit of UK defined benefit (DB) pension schemes in the Pension Protection Fund (PPF) 7800 Index fell to £140.5bn at the end of June 2020, down from the £199.5bn deficit reported in July 2020
Posted: 8/9/20
The amendment Work and Pensions Committee (WPC) chair, Stephen Timms, is expected to table when the Pension Schemes Bill returns to the House of Commons will be "pivotal" in combating scams, the Pension Scams Industry Group (PSIG) has said
Posted: 07/9/20
British workers are the least likely in Europe to plan on stopping work at their retirement age, with under a third (30 per cent) planning to leave employment entirely, according to research from Aegon
Posted: 7/9/20
Twelve investment firms have announced the launch of the Investment Consultants Sustainability Working Group, aimed at improving sustainable practices across the investment industry
Posted: 07/9/20
Contributions to the Universities Superannuation Scheme (USS) could potentially double in an effort to repair the scheme's defined benefit (DB) pension deficit, with estimations for future contributions ranging from 40.8 per cent to 67.9 per cent of payroll
Posted: 07/9/20
Just 58 per cent of advisers working in the defined benefit (DB) transfer market were convinced they would still be in the market in 12 months’ time, according to Royal London
Posted: 7/9/20
The People’s Pension (TPP) and The Police Foundation (TPF) have called on the government to provide pension companies with greater powers to tackle pension scams
Posted: 7/9/20
The Old British Steel Pension Scheme (OBSPS) is in advanced negotiations for a buyout funded by Pension Insurance Corporation (PIC), according to a report from Sky News
Posted: 4/9/20
Aegon has called on the Financial Conduct Authority’s (FCA) to provide further guidance on when a workplace pension might not be the most suitable receiving scheme, in response to the regulator's Advising on Pension Transfers consultation
Posted: 04/9/20
The Plumbing & Mechanical Services (UK) Industry Pension Scheme has announced it is launching a review of its governance structures
Posted: 4/9/20
The government has confirmed that the age at which individuals can access their private pensions will increase from 55 to 57 in 2028
Posted: 4/9/20
The latest news in brief and mandates from the past seven days
Posted: 4/9/20
Convicted pension fraudster, Patrick McLarry, has been ordered to repay £286,852 of stolen savings to the Yateley Industries for the Disabled Limited Pension and Assurance Scheme
Posted: 4/9/20
The average deficit recovery plan period for tranche 14 schemes was 4.5 years, 2.2 years shorter than three years ago, Aon analysis has revealed
Posted: 3/9/20
Hymans Robertson has urged the Financial Conduct Authority (FCA) to provide greater clarity around the advice and guidance boundary, after proposed defined benefit (DB) pension transfer guidance prompted concerns
Posted: 03/9/20
The Pensions Regulator (TPR) must avoid allowing its enforcement of proposed defined benefit (DB) funding routes from requiring every scheme to fund to fast track equivalence, according to Hymans Robertson
Posted: 3/9/20
Trustees must ensure that they are giving sufficient time to scheme transitions amid the Covid-19 pandemic to avoid being rushed into decisions they are not fully happy with, Premier Pensions has warned
Posted: 03/9/20
The UK defined benefit (DB) pension deficit fell by £40bn in August to £230bn, PwC’s latest Skyval Index has revealed
Posted: 3/9/20
The gap between retirement income for men and women is more than £100,000 when life expectancy is taken into account, Cebr research commissioned by More2life has revealed
Posted: 3/9/20
The Pensions Dashboards Programme (PDP) is aiming to publish an initial version of the data standards for pensions dashboards by the end of the year
Posted: 2/9/20
Public sector employer pension contributions are likely to increase to cover the “expensive” implementation of the McCloud ruling, according to Gowling WLG
Posted: 2/9/20
The UK pension risk transfer (PRT) market has seen "continued strong activity" despite Covid-driven market uncertainty, Mercer has stated, forecasting a total of £20bn to £25bn in bulk annuity transactions this year
Posted: 02/9/20
The accounting deficit of defined benefit (DB) pension schemes for FTSE 350 companies decreased from £103bn at the end of July to £82bn on 28 August, according to Mercer
Posted: 2/9/20
Some mature pension schemes could see their deficits double under new defined benefit (DB) funding rules if a transition period is not included in the fast track option proposed by The Pensions Regulator (TPR), XPS Pensions Group has warned.
In its consultation on the new DB funding regime, which closes today (2 September), TPR’s proposed framework would require schemes to be fully funded against a long-term objective by the time they are significantly mature
In its consultation on the new DB funding regime, which closes today (2 September), TPR’s proposed framework would require schemes to be fully funded against a long-term objective by the time they are significantly mature
Posted: 2/9/20
Trustee boards have adapted well during the Covid-19 pandemic but “significant issues" remain, with an increasing burden on trustee board chairs and secretaries as they try to maintain efficient governance, Aon has warned
Posted: 2/9/20
The Pensions Regulator (TPR) should adopt a third defined benefit (DB) scheme funding route to work alongside the proposed ‘fast track’ and ‘bespoke' options, according to Isio
Posted: 1/9/20
Pension Insurance Corporation (PIC) has invested £130m in its first build to rent project, in central Manchester
Posted: 1/9/20
Scheme contact information should be used as a “stop gap” to get the pensions dashboards off the ground, Aegon head of pensions, Kate Smith, has said in response to the Pension Dashboards Programme's (PDP) call for input
Posted: 1/9/20
The average size of a transfer taken out of a defined benefit (DB) pension scheme in Q2 2020 was £556,000, analysis by Lane Clark and Peacock (LCP) has revealed
Posted: 1/9/20
Chancellor, Rishi Sunak, could defer announcing too many “radical” changes to the triple lock and pensions higher rate tax relief in his Autumn Budget, according to Aegon pensions director, Steven Cameron
Posted: 1/9/20
The Marathon Service Limited Pension and Life Assurance Scheme has completed a £610m full buy-in with Rothesay Life, covering over 1,400 members
Posted: 01/9/20
Newspaper publisher, Archant, will enter its pension scheme into Pension Protection Fund (PPF) assessment if its company voluntary arrangement (CVA) is approved as part of a deal with Rcapital
Posted: 28/8/20
Between 1.6 and 1.7 per cent of auto-enrolled employees did not get the employer pension contributions they were entitled to in 2019, equivalent to 250,000 workers, the Resolution Foundation has estimated
Posted: 28/8/20
The latest news in brief and mandates from the past seven days
Posted: 28/8/20
Employers will be allowed to make more flexible contributions to the Local Government Pension Scheme (LGPS) between valuations after the proposals were fully backed by almost three-quarters (73 per cent) of consultation respondents
Posted: 28/8/20
Three-quarters (75 per cent) of pension schemes, both defined benefit (DB) and defined contribution (DC), believe they will be ready to join the pensions dashboard initiative given two years to prepare and assuming various challenges can be overcome
Posted: 28/8/20
Pension savers’ data must be easily accessible in a digital format and to an industry standard to ensure the success of the pensions dashboards, Hymans Robertson has said
Posted: 28/8/20
The Pensions Policy Institute (PPI) has launched a research series aiming to identify practical ways to improve environmental, social and governance (ESG) engagement among trustees and contract-based scheme providers
Posted: 28/8/20
Employers have continued to meet their pension duties despite Covid-19 challenges, according to The Pensions Regulator (TPR), with the impact of regulatory easements demonstrated in today's (27 August) enforcement figures
Posted: 27/8/20
Defined contribution (DC) master trusts’ annual expenditure has been growing year-on-year, with the boarder industry unlikely to achieve break-even on costs until around 2025, analysis by the Pensions Policy Institute (PPI) has found
Posted: 27/8/20
The pensions industry has broadly welcomed the proposals outlined in the Department for Work and Pensions’ (DWP) consultation on assessing and publishing climate risk disclosures, but warned that trustees may face challenges in implementing the changes
Posted: 27/8/20
Pension dashboard data requirements should not be an “apocalyptic ask”, according to ITM director, Matt Dodds, who has urged the industry to get "fully behind" the pensions dashboard
Posted: 27/8/20
The government-backed defined contribution (DC) pension scheme, Nest, has completely divested from tobacco a year ahead of schedule
Posted: 27/8/20
The Pension Protection Fund (PPF) is likely to face a “multi-billion pound hit” from the increased number of company insolvencies due to the impact of Covid-19, according to LCP
Posted: 27/8/20
The defined contribution (DC) pension savings of younger master trust members rose by an average of 15 per cent during Q2, recovering most of the losses seen in the previous quarter, according to new analysis by Isio
Posted: 27/8/20
The Department for Work and Pensions (DWP) has launched a consultation seeking views on proposed requirements for larger occupational pension schemes and authorised master trusts to publish climate risk disclosures
Posted: 26/8/20
The Local Authority Pension Fund Forum (LAPFF) has dubbed Rio Tinto’s decision to cut the bonuses of three senior executives following the destruction of a historical site in Australia “a good first step”
Posted: 26/8/20
The Pension Regulator’s (TPR) defined benefit (DB) funding code fast track structure could be at risk of being used too broadly and is in danger of suffering from “mission creep”, Aon has warned
Posted: 26/8/20
The twin-track approach included in proposed changes to the defined benefit (DB) funding code should provide greater clarity for trustees and employers, according to The Pensions Regulator (TPR)
Posted: 26/8/20
The pensions industry has welcomed the regulators’ new joint initiative to raise awareness of pension scams, emphasising the need for greater consumer support and protection amid the ongoing pandemic
Posted: 26/8/20
Pension savers have lost over £30m to scammers since April 2017, according to complaints data from Action Fraud
Posted: 26/8/20
UK adults are 20 per cent less concerned about their retirement savings than they were 12 months ago, according to a survey conducted by Cushon
Posted: 25/8/20
The Northern Ireland (NI) Executive Office has designated the Department of Justice (DoJ) to administer the Troubles victims' pension scheme following a High Court ruling that previous delays were “unlawful”
Posted: 25/8/20
The Pensions and Lifetime Savings Association (PLSA) has recommended the use of climate indexes in managing investment risks as part of institutional investors’ portfolio construction
Posted: 25/8/20
Pension schemes and providers could face “huge additional work” in preparing data for the pensions dashboards, potentially costing millions of pounds, new analysis by Lane Clark and Peacock (LCP) has found
Posted: 25/8/20
The Hitachi UK Pension Scheme has agreed a £275m buy-in with Legal & General (L&G) Assurance Society
Posted: 25/8/20
Setfords Solicitors specialist financial services lawyer, Michael Cotter, explains why it is more important than ever for pension providers to be proactively engaging with savers
Posted: 25/8/20
The Universities Superannuation Scheme (USS) has announced a two-week delay to its scheme valuation, which was initially due to be published this week, amid issues around A-level results
Posted: 24/8/20
Temporary adjustments to the state pension triple lock could help break the reported stalemate between Prime Minister, Boris Johnson, and Chancellor, Rishi Sunak, according to Aegon pensions director, Steven Cameron
Posted: 24/8/20
Prime Minister, Boris Johnson, does not agree with Chancellor, Rishi Sunak’s, reported plan to potentially pause the state pension triple lock this autumn, according to The Times
Posted: 24/8/20
The disadvantages of lowering the 0.75 per cent charge cap on defined contribution (DC) pension schemes’ default funds outweigh the possible advantages, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 24/8/20
Favourable market dynamics in the first half of 2020 saw a "near 20 per cent" increase in the number of small bulk annuity transactions (sub-£100m) relative to recent years, analysis by Aon has found
Posted: 24/8/20
Pensions Policy Institute (PPI) deputy director, Sarah Luheshi, explains why consideration is needed for those most affected by state pension age increases
Posted: 21/8/20
The High Court in Belfast has today (21 August) ruled that the Northern Ireland (NI) Executive Office (EO) was acting "unlawfully" in delaying the introduction of a pension scheme for victims of the Troubles
Posted: 21/8/20
The latest news in brief and mandates from the past seven days
Posted: 21/8/20
The Pension Protection Fund (PPF) and Department for Work and Pensions (DWP) have launched appeals against aspects of the High Court judgment in the Hughes and others v The Board of the PPF case
Posted: 21/8/20
The government’s proposals to align the Retail Price Index (RPI) with the Consumer Price Index including owner occupiers’ housing costs (CPIH) could cost savers and investors up to £122bn if implemented in 2025, the Association of British Insurers (ABI) has warned
Posted: 21/8/20
Now Pensions has called on the Department for Work and Pensions (DWP) to support the creation of a taskforce as part of efforts to address the issues around small deferred pension pots
Posted: 21/8/20
Lane Clark & Peacock (LCP) has reported a record income of £126.5m for its 2019/20 financial year, up by 10 per cent on the year before, as defined contribution (DC) revenue rose by 18 per cent
Posted: 20/8/20
Industry experts have welcomed the Supreme Court's ruling on inheritance tax (IHT) charges following an ill-health pension transfer, but warned that broader complexities around the impact of IHT on pensions remain
Posted: 20/8/20
The Pensions and Lifetime Savings Association (PLSA) has warned the government that plans to align the Retail Price Index (RPI) with the Consumer Price Index including owner occupiers’ housing costs (CPIH) could leave pension schemes £80bn worse off
Posted: 20/8/20
Pensions industry members have backed leaving the automatic enrolment (AE) charge cap unaltered as the Department for Work and Pensions’ (DWP) consultation on the issue draws to a close
Posted: 20/8/20
Lane Clark and Peacock (LCP) has called on the government to abolish monthly flat fees on defined contribution (DC) pension pots, arguing that these can erode small pots and have a particularly adverse effect on women
Posted: 20/8/20
Fossil Free Oxfordshire member, Michiel Stofferis, discusses why the pensions industry has a key role to play in reducing carbon emissions and promoting renewable energy sources
Posted: 20/8/20
The legal issues that trustees and employers need to consider in relation to defined benefit (DB) superfunds need to be given more attention, Freshfields Bruckhaus Deringer has warned
Posted: 19/8/20
The Supreme Court has partially allowed an appeal in a case centred around inheritance tax (IHT) charges following a pension transfer and omission of drawing pension benefits
Posted: 19/8/20
PensionBee has reported a 218 per cent increase in the number of customers (48,640) contacting the provider via live chat or email between 1 March and 31 July 2020, compared to the same period in 2019
Posted: 19/8/20
The government must ensure the vast majority of schemes, including defined benefit schemes, participate in the pensions dashboards from day one, according to AJ Bell
Posted: 19/8/20
People aged between 35 and 44 are the most worried about their retirement savings but are the least likely to take action to improve their pension savings, according to Aviva
Posted: 19/8/20
Covid-driven inflation fluctuations mean those with inflation-linked pensions need to "hold their breath", Aegon has said, as the latest Office for National Statistics (ONS) figures showed further increases in July
Posted: 19/8/20
The Pensions Ombudsman (TPO) has upheld a complaint against James Hay Partnership after finding that a member was subjected to an avoidable transfer delay
Posted: 18/8/20
Growth in auto-enrolled employees accelerated in July, with an additional 23,000 workers being auto-enrolled into workplace schemes, according to data from The Pensions Regulator (TPR)
Posted: 18/8/20
Levels of knowledge in the Local Government Pension Scheme (LGPS) are highest in traditional areas such as financial markets and product knowledge, with an average score of 83 per cent, Hymans Robertson’s National Knowledge Assessment has found
Posted: 18/8/20
Siemens Benefits Scheme has completed a £530m buy-in with Legal & General Assurance Society, securing benefits for over 2,000 UK retiree members
Posted: 18/8/20
UK defined benefit (DB) pension schemes’ deficits improved by 2.1 per cent in Q2 2020 after a rebound in growth assets, according to Legal & General Investment Management (LGIM)
Posted: 18/8/20
Pension firms are among a group of 80 fund management companies to have signed up to offer internships to Black graduates to tackle the under-representation of Black employees in the City
Posted: 17/8/20
The government has announced the appointment of Joanne Livingstone as chair of the Firefighters' Pension Scheme Advisory Board (SAB), effective from today (17 August)
Posted: 17/8/20
Big Society Capital senior director, financial sector and investor engagement, Evita Zanuso, discusses the ways in which pension funds are fulfilling regulatory and member demands for greater social investing
Posted: 17/8/20
Thousands of pension savers could be trapped in unsuitable and low returning investments or funds they never asked to be invested in once the Covid-19 pandemic subsides, Lane Clark & Peacock (LCP) has warned
Posted: 17/8/20
Global plastics manufacturer and supplier, Carclo, has reached an agreement with its pension scheme trustees to make deficit repair contributions (DRCs) totalling £10.5m over the next three years
Posted: 17/8/20
TPT Retirement Solutions has confirmed the successful transfer of the Family Building Society’s defined benefit (DB) pension scheme to its DB Complete Master Trust arrangement
Posted: 17/8/20
Almost one in six (15 per cent) women are likely to decrease their pension contributions in the next six months, compared to 10 per cent of men, research by Aegon has found
Posted: 17/8/20
PMI president, Lesley Carline, explains why effective member communications are so important in the ongoing market uncertainty
Posted: 14/8/20
The Northern Irish (NI) Office and Secretary of State for Northern Ireland, Brandon Lewis, have published guidance detailing the eligibility criteria for the Troubles victims’ pension scheme
Posted: 14/8/20
Trustees may face a "perfect storm" of competing tensions in relation to investment strategies amid Covid-driven regulatory and member pressures, Squire Patton Boggs has warned
Posted: 14/8/20
Financial services provider STM Group has acquired Berkeley Burke (Financial Services) and Berkeley Burke Employee Benefits Consultants for its pension solutions arm, Options UK
Posted: 14/8/20
A surge of interest in contingent scheme funding arrangements for defined benefit (DB) pensions could see the arrangement shift “from the niche to the mainstream”, Lane Clark and Peacock (LCP) has predicted
Posted: 14/8/20
The latest news in brief and mandates from the past seven days
Posted: 14/8/20
The Pension Regulator’s (TPR’s) new defined benefit (DB) funding regime must maintain flexibility without tying all schemes to fast track by default, the Association of Consulting Actuaries (ACA) has said
Posted: 13/8/20
The combined deficit for the National Express defined benefit (DB) pension schemes has increased by £45m over six months to £135m
Posted: 13/8/20
The Pensions Ombudsman (TPO) has upheld a transfer complaint against B.S Pension Fund Trustee Limited and ordered the trustee to pay any potential increase in the transfer value
Posted: 13/8/20
The Pensions Regulator (TPR) chief executive, Charles Counsell, has written to Work and Pensions Committee (WPC) chair, Stephen Timms, in response to questions posed by Timms concerning TPR’s handling of the Norton Motorcycles case
Posted: 13/8/20
The total value of bulk annuity transactions in the first six months of 2020 reached £12.7bn, despite challenging market conditions amid the Covid-19 pandemic, Aon analysis has revealed
Posted: 13/8/20
The ICI Pension Fund has completed a £70m buy-in with Legal & General (L&G) Assurance Society, marking the 17th buy-in completed by the scheme as part of its de-risking journey
Posted: 13/07/2020
Less than one in ten (7 per cent) pension professionals think there is 'true flexibility' in a proposed bespoke approach to scheme funding, according to research from the Society of Pension Professionals (SPP)
Posted: 12/8/20
The Littlewoods Pension Scheme has completed a buy-in deal worth just under £930m with Rothesay Life, covering 6,454 members
Posted: 12/8/20
Average defined benefit (DB) transfer values reached a record high of £261,500 in July, according to XPS Pension Group
Posted: 12/8/20
Two in five (40 per cent) 'Millennials' (aged 18-34) stopped or reduced pension contributions in light of the Covid-19 pandemic, research by Royal London has found
Posted: 12/08/2020
The state pension gender imbalance has been reduced from almost £28 per week to around £7 since the introduction of the new state pension, according to LCP analysis of Department for Work and Pensions figures
Posted: 12/8/20
The average private pension pot for single mothers at retirement is just £18,200, approximately one third (36 per cent) of the average woman’s pot of £51,000, research commissioned by Now Pensions has revealed
Posted: 12/8/20
The Pension Protection Fund (PPF) has progressed 51 per cent of its engagement objectives to the next milestone as part of its stewardship activities in 2019/20, according to the organisation’s first responsible investment report
Posted: 11/8/20
Second quarter average total pay declined by 1.2 per cent, according to figures from the Office for National Statistics, leading to further concerns about the state pension triple lock
Posted: 11/8/20
The combined deficit of UK defined benefit (DB) pension schemes in the Pension Protection Fund (PPF) 7800 Index increased to £199.5bn by the end of July 2020, an increase of more than £20bn since the end of June 2020 (£174.8bn)
Posted: 11/08/2020
European Pensions is excited to introduce two new categories to the European Pensions Awards 2020, added to give recognition to those pension providers, pension funds and associations that are leading the way with their marketing and thought-leadership efforts
Posted: 11/8/20
Over a third (37 per cent) of tranche 13 schemes are in surplus according to The Pension Regulator’s (TPR) Scheme Funding Analysis 2020, with asset positions continuing to improve
Posted: 11/8/20
The High Court has ordered five parties to pay over £10m in restitution to savers who were induced to transfer into self-invested personal pensions (Sipps), following a case brought by the Financial Conduct Authority (FCA)
Posted: 11/8/20
The Pensions Regulator (TPR) chief executive, Charles Counsell, explains that the regulator's focus remains on protecting savers amidst the challenges posed by Covid-19
Posted: 10/8/20
BT has begun negotiations to allow its pension scheme members to purchase stakes in its communications network to increase the security of their retirement savings, according a report from the Sunday Telegraph
Posted: 10/8/20
The Pension Superfund (PSF) has announced the make up of its Asset and Liability Management (ALM) Committee
Posted: 10/8/20
The long-term impact of Covid-19 on mortality rates remains “highly uncertain” according to a government technical bulletin, with the "main immediate impact" for defined benefit (DB) pension schemes expected to be on liabilities
Posted: 10/8/20
The proportion of FTSE 350 defined benefit (DB) schemes in a position to buyout in 10 years decreased by 10 percentage points over the first half of the year, according to Barnett Waddingham
Posted: 10/8/20
Almost half (46 per cent) of over-50s planning to retire abroad are reconsidering where they might retire due to Brexit, whilst just under two fifths (39 per cent) have the same concerns due to Covid-19, research by Canada Life has shown
Posted: 10/8/20
A surge in responses to the government's consultation on switching from the retail price index (RPI) for index-linked gilts is expected before the deadline of 21 August, according to Insight Investment
Posted: 07/8/20
As industry statistics show a fall in female trustee chair representation, Pensions Age reporter, Sophie Smith, looks at the importance of changing industry perceptions and advertising in the right way
Posted: 07/8/20
Pension schemes should look to use the upcoming investment disclosure requirements as an opportunity to engage members and help them better understand their pension, Sackers has said
Posted: 07/8/20
River and Mercantile (R&M) has appointed PTL to conduct an independent value for members review for its defined contribution (DC) fiduciary management (FM) pension scheme clients
Posted: 7/8/20
The number of small- to mid-sized pension risk transfer (PRT) transactions could increase by up to 25 per cent in 2020 despite the ongoing Covid-19 pandemic, according to analysis by Legal & General (L&G)
Posted: 07/8/20
The latest news in brief and mandates from the past seven days
Posted: 7/8/20
Almost three quarters (73 per cent) of defined benefit (DB) pension schemes have taken no material action to change their investment strategy or journey plans amid Covid-19, according to research by Lane Clark and Peacock (LCP)
Posted: 06/8/20
Dalriada Trustees has appointed Minerva Analytics as its implementation statements services partner to ensure that statements for all its clients fully comply with new pensions legislation
Posted: 06/8/20
Pensions and Lifetime Savings Association (PLSA) chair, Richard Butcher, looks at how well the pensions industry has coped during the Covid-19 pandemic
Posted: 6/8/20
Nearly one in five (19 per cent) UK workers are unaware of automatic enrolment (AE) into workplace pension schemes, Office for National Statistics (ONS) figures have revealed
Posted: 6/8/20
The UK defined benefit (DB) pension deficit was £270bn at the end of July, the same level as was recorded at the end of June, according to PwC’s Skyval Index
Posted: 06/08/2020
ITV has submitted an initial offer of £31m to The Pensions Regulator (TPR) to reach a settlement regarding its financial support of the Box Clever Group Pension Scheme
Posted: 6/8/20
The Pensions Regulator (TPR) has warned that the hardest times “may still be ahead” for many sponsoring employers in a letter to the Work and Pensions Select Committee (WPC)
Posted: 5/8/20
Scottish Widows has invested £2bn of its pension portfolios in BlackRock’s newly launched fund designed for the transition to a low carbon economy
Posted: 5/8/20
The average personal pension fund returned 13.3 per cent in Q2 2020 after seeing returns of -15.2 per cent in Q1, according to Moneyfacts
Posted: 5/8/20
A phased pensioner buy-in strategy can help schemes reach full buyout with greater certainty and at a lower price if it is “done properly”, according to LCP
Posted: 5/8/20
Ascot Lloyd Pension Trust has selected Salvus Master Trust as the replacement default scheme for its members following its exit from the master trust market
Posted: 5/8/20
The NHS Business Services Authority (BSA) has extended the voluntary scheme pays deadline for 2018/19 by five months to 31 March 2021
Posted: 5/8/20
The cross industry GMP Equalisation Working Group (GMPEWG) has published guidance to help trustees effectively communicate the complexities of GMP equalisation to their scheme members
Posted: 4/8/20
The National Institute of Agricultural Botany (NIAB) Trust has become a statutory employer of the NIAB (1996) Pension Scheme following pressure from The Pensions Regulator (TPR)
Posted: 4/8/20
Self-employed workers see property as the safest way to save for their retirement, Office for National Statistics (ONS) data has revealed
Posted: 4/8/20
More than one in five (21 per cent) British adults do not have any pension provision in place, according to research by OpenMoney
Posted: 4/8/20
Changing work and income patterns resulting from the Covid-19 pandemic call for a re-examination of pension tax rules, Squire Patton Boggs (SPB) has said
Posted: 4/8/20
Self-invested personal pension (Sipp) specialist, Curtis Banks, has agreed to acquire fintech firm Dunstan Thomas and Sipp administrator Talbot and Muir
Posted: 4/8/20
The combined accounting deficit of defined benefit (DB) pension schemes for FTSE 350 companies increased by £13bn in July to reach £103bn, according to Mercer
Posted: 3/8/20
The Pensions Administration Standards Association (Pasa) has issued guidance aimed at highlighting best practice to administrators as they navigate their way out of lockdown
Posted: 3/8/20
The best and worst performing pension schemes of FTSE 350 companies have seen “further divergence” in their funding levels in 2020 due to Covid-19 volatility, according to Aon
Posted: 3/8/20
The Department for Transport (DfT) is working with the Civil Aviation Authority (CAA) on potentially adjusting the retirement age for commercial pilots to bridge the gap to state pension age (SPA)
Posted: 3/8/20
Legal & General (L&G) Retail Retirement and PensionBee have agreed to enter a partnership that will see PensionBee customers being directed to L&G for annuity enquiries
Posted: 3/8/20
Defined benefit (DB) pension trustees' awareness of the two main commercial consolidators, The Pension Superfund (TPS) and Clara-Pensions, has “rocketed” over the past 12 months, according to Hymans Robertson
Posted: 3/8/20
Former Work and Pensions Select Committee (WPC) chair, Frank Field, has been nominated for a House of Lords life peerage
Posted: 3/8/20
Work and Pensions Select Committee (WPC) chair, Stephen Timms, has written to pension providers asking for ideas and evidence to address the increasing number of small defined contribution (DC) pension pots
Posted: 31/7/20
The number of pension tax reclaim forms processed in Q2 2020 fell by almost 10,000 compared to Q2 2019, with just 7,649 forms processed during the period, according to HMRC data
Posted: 31/7/20
The Welsh government has further outlined proposals that would amend Firefighter Pension Schemes’ regulations to equalise survivor benefits in the midst of a consultation on the issue
Posted: 31/7/20
Pension schemes with an administrator that accesses personal data from outside of the European Economic Area (EEA) should check their compliance with data control regulations, according to Squire Patton Boggs (SPB)
Posted: 31/7/20
The total value of flexible pension withdrawals fell by 17 per cent year-on-year in Q2 2020, from £2.8bn in Q2 2019 to £2.3bn, HMRC figures have shown
Posted: 31/7/20
The number of transfers into Qualified Recognised Overseas Pension Schemes (QROPS) fell by 12 per cent year-on-year in 2019/20, from 5,000 to 4,400, according to HMRC data
Posted: 31/7/20
The latest news in brief and mandates from the past seven days
Posted: 31/7/20
The Pensions and Lifetime Savings Association (PLSA) has published guidance to help pension trustees navigate upcoming investment and responsible investment disclosure requirements
Posted: 31/7/20
Fewer than one in five pension compensation claims came from women in 2019, analysis of Financial Ombudsman Service (FOS) data has found
Posted: 30/07/2020
With lockdown continuing the ease in the UK and some semblance of normality returning to our lives, its encouraging to see some financial firms and organisations continuing their hard work to improve workplaces and support the public
Posted: 30/7/20
Fuller, Smith & Turner reduced its defined benefit (DB) pension deficit by £31.7m to £4.7m in its financial year ended 28 March 2020, according to the company’s annual financial report
Posted: 30/7/20
The Department for Work and Pensions (DWP) is unsure of the impact of Covid-19 on employees’ auto-enrolment (AE) contributions, due to a lack of “suitable data”
Posted: 30/07/2020
Almost a fifth (18 per cent) of defined contribution (DC) pension savers say that Covid-19 has had a high impact on their retirement confidence, according to State Street Global Advisors (SSGA)
Posted: 30/7/20
The Countrywide Farmers Retirement Benefits Scheme has agreed a £100m bulk annuity transaction with Legal & General (L&G), securing the benefits of 360 deferred members and 712 retirees
Posted: 30/07/2020
Barclays has increased its pension surplus across all schemes from £1.8bn to £2.5bn in the first six months of 2020, according to the banking group’s half-year report
Posted: 29/7/20
Over 60 prominent civil society leaders, including MPs and pension scheme chairs, have signed an open letter criticising Pensions Minister Guy Opperman for recent anti-divestment comments.
The open letter argued that Opperman had ignored the “clear moral, scientific and financial arguments for fossil fuel divestment”, when suggesting that schemes should engage with, rather than be forced to divest, from oil and gas companies
The open letter argued that Opperman had ignored the “clear moral, scientific and financial arguments for fossil fuel divestment”, when suggesting that schemes should engage with, rather than be forced to divest, from oil and gas companies
Posted: 29/07/2020
The majority (57 per cent) of pension professionals do not expect to make any changes to future morality improvement assumptions for pension schemes in light of the Covid-19 pandemic, Society of Pension Professional (SPP) research has revealed
Posted: 29/07/2020
The Financial Conduct Authority (FCA) has launched a second consultation on measures to ensure that vulnerable consumers are treated fairly and consistently across financial services sectors
Posted: 29/7/20
Nest has announced a new climate policy that targets achieving carbon neutrality by 2050, with the scheme announcing plans to invest £5.5bn, or 45 per cent of its portfolio, into climate aware strategies
Posted: 29/7/20
The Universities Superannuation Scheme (USS) defined benefit (DB) deficit has increased to £12.9bn over the past year due to the impact of Covid-19, the scheme stated
Posted: 29/07/2020
The Pensions and Lifetime Savings Association (PLSA) has opened a consultation on a solution to protect people who do not engage with or understand the financial choices they face when reaching retirement
Posted: 28/7/20
A fifth (20 per cent) of over-55s would withdraw their pension for ‘control’ over their savings, which often means moving to investments such as savings accounts, according to PensionBee
Posted: 28/7/20
The Work and Pensions Committee (WPC) has launched an investigation into pension scams in the first strand of a three-part inquiry into the impact of the pension freedoms and protection of pension savers.
Posted: 28/07/2020
There is “no evidence” of any positive movement in terms of female trustee board diversity following a dip in female trustee chair representation, according to the latest Barnett Waddingham and Winmark Pension Chair Remuneration Report
Posted: 28/07/2020
The trustee of the LV= Employee Pension Scheme has converted a longevity swap held with ReAssure into an approximate £800m buy-in with Phoenix Life
Posted: 28/7/20
Three-quarters of trustee chairs do not expect to adapt their endgame strategy in light of the Covid-19 pandemic, according to research by Barnett Waddingham and Winmark
Posted: 28/07/2020
The Pensions Regulator (TPR) has determined there are no reasonable grounds to issue a contribution notice following an investigation into how Bernard Matthews Limited’s (BML) Pension Scheme entered the Pension Protection Fund (PPF)
Posted: 28/7/20
The British Medical Association (BMA) has reiterated its support for those doctors affected by ‘discriminatory’ pension scheme changes, calling for a remedy which is “tailored for all doctors”
Posted: 28/07/2020
Royal London has urged the government to “urgently clarify” Voluntary Scheme Pays eligibility rules in England and Wales to ensure that NHS workers have “breathing space” to resolve their tax affairs before the current deadline of 31 July 2020
Posted: 28/07/2020
Almost two-thirds (63 per cent) of pension funds with explicit liabilities said their asset and liability management position has worsened this year, according to a Bfinance survey
Posted: 27/7/20
Advice requests from those nearing retirement have been the third most common since Covid-19, making up 40 per cent of requests received by financial advisers, research by Aegon has found
Posted: 27/07/2020
The Pensions Ombudsman (TPO) has partially upheld a complaint against Curtis Banks concerning the charging of additional self-invested personal pension (Sipp) fees
Posted: 27/7/20
The Pensions Management Institute (PMI) has launched a new financial education and guidance service in conjunction with Wealth at Work, called ‘Retirement Matters’
Posted: 27/07/2020
More than three-quarters (77 per cent) of over-75s are unlikely to check their eligibility for pension credit amid TV licence rule changes, according to research from Just Group
Posted: 27/7/20
The number of people choosing to take their pension as drawdown fell by almost half (42.2 per cent) compared to 2019, analysis by the Association of British Insurers (ABI) has found.
Posted: 27/07/2020
Sovereign bonds and climate change considerations
In Pensions Age's latest podcast, Laura Blows is joined by Hilary Norris, Product Manager, Sustainable Investment, EMEA, FTSE Russell, to discuss sovereign bonds and climate change considerations
Climate Investing
Laura Blows speaks to Aled Jones, Head of Sustainable Investing for Europe at FTSE Russell, and Adam Matthews, Director of Ethics and Engagement for the Church of England Pensions Board, about the role of climate investing within a pension fund portfolio.
Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead
Risk transfer opportunities
Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future
De-risking options for pension schemes
In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks
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