Archive News

News in brief from the past seven days
Posted: 22/03/19
Public and Commercial Services (PCS) Union has called on the government to freeze pension payments that are set to be cut, after a calculation error was exposed in relation to guaranteed minimum pension (GMP) payments
Posted: 22/03/19
Employee contributions into defined contribution pension pots outstripped defined benefit contributions for the first time, according to figures from the Office for National Statistics (ONS).

In 2018, employee contributions into DC pensions totalled £4.073bn, while contributions in DB pension pots was recorded at £3.216bn
Posted: 22/03/19
The Regulatory Policy Committee (RPC) has notified the Department for Work and Pensions (DWP) that it believed auto-enrolment policy was ‘fit for purpose’ for offshore workers in a post-implementation review (PIR)
Posted: 22/03/19
The chair of the trustee board at Now Pensions, Nigel Waterson, has announced that he is standing down after more than seven years in the position
Posted: 22/03/19
Pension transfers dropped from £8bn to £6.3bn in Q4 2018, a decrease of 20 per cent, according to the latest Office for National Statistics figures
Posted: 21/03/19
The Pensions Regulator (TPR) has revealed that it has granted 11 master trust authorisation application extensions to date
Posted: 21/03/19
Prime Minister Theresa May has refused to budge on the government’s stance on Waspi women, adding that the government has already put extra money in following the increase in women’s state pension age
Posted: 21/03/19
Urgent measures including offering partial pensions must be implemented to stop senior NHS staff from leaving the health service, a joint report from leading industry bodies had said
Posted: 21/03/19
LV’s equity release sales increased by 77 per cent in 2018 to a total of £211m, as of December 2018, its full year results have revealed
Posted: 21/03/19
The cost of equalising guaranteed minimum pensions (GMP) is likely to cost almost half of the £15bn anticipated by the industry after the ruling, new analysis has found
Posted: 21/03/19
The Pensions Ombudsman has partly upheld a number of complaints relating to the annual revaluation rate the Central Bureau for Educational Visits and Exchanges Pension Scheme uses for deferred members
Posted: 21/03/19
The Money and Pensions Service (MAPS) is recruiting for a principal and for animplementation director for its Pensions Dashboard Industry Delivery Group
Posted: 20/03/19
The overall post-tax DB pension position of UK construction company, Kier Group, moved from a surplus of £8m to a deficit of £14m over six months, as of 31 December 2018
Posted: 20/03/19
Trustees remain unconvinced by the merits that commercial consolidators could provide to the security of member’s benefits, new research has revealed
Posted: 20/3/19
Defined benefit pension scheme consultants must focus on the “end game” as schemes near towards the end game, according to Barnett Waddingham head of actuarial consulting Paul Houghton
Posted: 20/03/19
Minister for Pensions and Financial Inclusion Guy Opperman reveals the government’s intentions for collective defined contribution (CDC) schemes
Posted: 20/03/2019
The government should refrain from increasing the minimum contribution level for auto-enrolment schemes further, once the April increase comes into force, according to Hargreaves Lansdown senior analyst, Nathan Long
Posted: 20/3/19
The Consumer Prices Index rate of inflation rose steadily to 1.9 per cent in the 12 months to February 2019, up from 1.8 per cent in January 2019, according to the Office for National Statistics (ONS)
Posted: 20/03/19
Defined benefit pension schemes are being urged to consider captive-based solutions on the island of Guernsey, as another de-risking option
Posted: 19/03/19
The National Housing Federation (NHF) has issued guidance to housing associations on how to account for the Social Housing Pension Scheme (SHPS) and the Scottish Housing Association Pension Scheme (SHAPS) as defined benefit schemes for the first time
Posted: 19/03/19
Legal & General (L&G) has completed a £230m buy-in for all of the pensioner and deferred members of the Howden Group Pension Plan
Posted: 19/03/19
Lloyds Banking Group (LBG) has lost its dispute with Standard Life Aberdeen (SLA) over the termination of its own and its subsidiary's (Scottish Widows),£100bn plus investments with the group
Posted: 19/03/19
The surplus of UK broker company TP ICAP’s defined benefit (DB) pension scheme fell by £2m year-on-year to £55m, as of 31 December 2018
Posted: 19/03/19
There is a large divide between advised clients and the wider over 55 population on the awareness of the advantages of leaving pensions as an inheritance, identifying a market opportunity for advisers, new research has found
Posted: 19/03/19
Work and Pensions Committee chair, Frank Field MP, has written to Arcadia Group pensions manager, Margaret Hannell, requesting an update on its two schemes following contribution increases
Posted: 19/03/19
Trustees have again named employer covenant risk as the greatest risk facing DB pension schemes, according to PTL’s latest DB Risk Survey
Posted: 19/03/19
Pensions and Lifetime Savings Association head of DB, LGPS and standards, Joe Dabrowski, details the improved security that superfunds could offer to vulnerable DB scheme members
Posted: 18/03/19
JD Sports has agreed to “fully safeguard” the pension rights of Footasylum members in a takeover deal worth approximately £90.1m
Posted: 18/03/19
Royal London director of policy, Steve Webb, has voiced his concern that the government’s proposed legislation for collective defined contribution schemes (CDC) was “very narrow in scope”
Posted: 18/03/19
Work and Pensions Committee chair, Frank Field, has written to The Pensions Regulator (TPR), seeking assurances over how Interserve pension scheme members will be affected by the company falling into administration
Posted: 18/03/19
The government has announced that it will be pushing ahead with the introduction of collective defined contribution (CDC) pension schemes to improve the retirement outcomes for both employees and employers
Posted: 18/03/19
Arcadia owner Philip Green and his advisers are planning to propose a company voluntary arrangement (CVA) to financially restructure the retail group.

The plan would require approval from the Pension Protection Fund (PPF) to be introduced
Posted: 15/03/19
HSBC has announced that it will reduce the amount of money executive directors can receive in lieu of pension contributions, following criticism of its previous policy
Posted: 15/03/19
The pensions industry needs to rethink the way that it communicates with members to improve engagement and help them understand their savings, suggested a panel of experts
Posted: 15/03/19
The latest news in brief and mandates from the past week
Posted: 15/03/19
Pension funds were “falling short” of best practice on their private equity investments, according to alternative investment solutions provider Efront
Posted: 15/03/19
Pension transfer values closed February unchanged at £235,000, after initially increasing during the month, according to XPS Pensions Group
Posted: 15/03/19
The government of the Isle of Man has recommended the creation of a voluntary defined contribution scheme for new starters, in order to decrease its current funding gap
Posted: 14/03/19
The number of workers automatically enrolled in workplace pension schemes increased by 24,000 in February, The Pensions Regulator’s (TPR) latest declaration of compliance report has revealed
Posted: 14/03/19
The Office for Budget Responsibility has said the Court of Appeal’s ruling that government changes to the pensions of judges and firefighters are discriminatory, presents a “longer-term fiscal risk” to public finances
Posted: 14/0319
Savers have accessed over £3.2bn of their savings through pension freedoms without taking any financial advice, new research from Saga has revealed.

The study, which interviewed more than 2,000 adults, also found that only 20 per cent of people would consider taking advice when accessing their pension pot through pension freedoms, while 84 per cent still do not know what pension freedoms is
Posted: 14/03/19
Just Group’s retirement income sales increased by 15 per cent in 2018, its preliminary results report has revealed
Posted: 14/03/19
The National Pension Trust has become the latest scheme to apply for master trust authorisation from The Pension Regulator (TPR)
Posted: 14/03/19
The Financial Conduct Authority (FCA) has written a letter to Work and Pensions Committee chair Frank Field defending the amount of staff it has working to tackle scams
Posted: 13/03/19
Pensions Minister Guy Opperman has faced cross-party pressure to speed up the government’s pledged changes to auto-enrolment, outlined in its 2017 AE review
Posted: 13/03/19
The government has said it will respond to the Lords Committee’s recommendation to use one single indexation measure to fix an error in the retail price index (RPI) in April, a Spring Statement that offered little news for pension has revealed
Posted: 13/03/19
Britain’s fourth largest supermarket, Morrisons, has reported a net pension surplus of £688m in its full-year results
Posted: 13/03/19
Many workers across the UK were unaware of the advantages of saving into an automatic enrolment (AE) pension scheme, new research from The People's Pension (TPP) has revealed
Posted: 13/03/19
New pension rules requiring providers to disclose environmental, social and governance (ESG) considerations are "not enough” to protect savers from the risks posed by climate change, according to UKSIF chief executive, Simon Howard
Posted: 13/03/19
Standard Life Aberdeen (SLA) has revealed that the pension freedoms, leading to a greater demand for financial advice, has boosted its Wrap platform with the creation of Professional Portfolio Manager
Posted: 13/03/19
Facing up to pension freedoms is the biggest challenge facing the Financial Services Compensation Scheme (FSCS) over the next decade, its outgoing chief executive has warned
Posted: 13/03/19
Around 28 per cent of pension income will be from defined contribution schemes by 2060, up from 5 per cent in 2016/17, according to the Pensions Policy Institute (PPI)
Posted: 12/03/19
The number of pension schemes which were late in reporting their triennial valuations was recorded at 169 in 2018, The Pensions Regulator has revealed.

The number is down 15 per cent on the 2017 figures, where 201 schemes were late, and marks a steady decline in the amount of schemes which were late in their valuation reporting over the past five years
Posted: 12/03/19
Work and Pensions Committee chair, Frank Field, has lamented The Pensions Regulator for closing its anti-avoidance investigation into the closure of the Johnston Press Pension Scheme
Posted: 12/03/19
The Department for Work and Pensions (DWP) has welcomed the findings of the Competition and Markets Authority’s (CMA) investigation into the fiduciary management and investment consultant markets, and will look to bring regulations into force by 2020
Posted: 12/03/19
Doctors are intending to sue the government over the “discriminating” NHS Pension Scheme, which they say they were forced to join and will result in “huge financial losses” when they retire
Posted: 12/03/19
The PPF 7800 Index deficit dropped from £23.1bn to £8.6bn over February, a decrease of £14.5bn, the Pension Protection Fund has revealed
Posted: 12/03/19
The Pensions Regulator (TPR) has decided to drop its anti-avoidance investigation into Johnston Press, having found no evidence it planned to avoid paying deficit repair contributions (DRC) after falling into administration last November
Posted: 11/03/19
A no-deal Brexit could increase UK defined benefit pension scheme liabilities by more than £140bn, analysis from Columbia Threadneedle Investments has found
Posted: 11/03/19
Works and Pensions Committee chair, Frank Field MP, has written to The Pensions Regulator (TPR), asking for an update on its involvement with Debenhams’ current refinancing operation
Posted: 11/03/19
PensionBee has accused Now Pensions of “attempting to pull the wool” over the government’s eyes in regards to its charging structure
Posted: 11/03/19
Around £3.3bn worth of money withdrawn from the pension pots of those accessing pension freedoms has been put in bank accounts, but these savers could face "double jeopardy"
Posted: 11/03/19
Staff working at the Historic Royal Palaces (HRP) have accepted a pensions offer which will see their defined benefit scheme close
Posted: 11/03/19
Former Chancellor of the Exchequer, Alistair Darling, has warned of an erosion of trust between savers and the financial institutions which manage their money
Posted: 08/03/19
With contributions to the Teachers' Pension Scheme in September 2019 set to rise, one pensions expert and school governor discusses the complexity of the situation
Posted: 08/03/19
Women who have entered drawdown since the launch of pension freedoms in April 2015 have pension pots that are worth 34 per cent less than men, according to research by AJ Bell
Posted: 08/03/19
Defined contribution pension schemes must approach infrastructure investment with their “eyes open”, Nest chief investment officer, Mark Fawcett has said
Posted: 08/03/19
Concerns about the ability to measure the results of impact impacting is holding back its implementation, it has been suggested
Posted: 08/03/19
Strong leadership that is committed to improving diversity in pensions is “absolutely critical” in helping to create a more diversified industry
Posted: 08/03/19
The Women’s Trades Union Congress (TUC) has passed a Prospect motion calling for greater action to tackle the gender pension gap as it “deplores” the lack of progress being made.
Posted: 08/03/19
Diversification is “not enough” on its own for a default DC pension investment strategy to provide a comfortable retirement for its members, according to State Street Global Advisors senior investment manager, Mehvish Ayub
Posted: 08/03/19
A working industry group is hoping to deliver cost transparency templates across the pensions industry by the end of April or early May, it has revealed
Posted: 08/03/19
The Pensions Regulator is set to consult on its guidance for trustees looking to tender for fiduciary managers in June, but said that trustees must protect themselves in the meantime, it has warned
Posted: 07/03/19
Investment in private markets and careful planning could increase defined contribution pension scheme investment returns by 15 per cent
Posted: 07/03/19
Trustees should be doing more to encourage their scheme's asset managers to invest more sustainably, according to BNP Paribas Asset Management global head of sustainability, Jane Ambachtsheer
Posted: 07/03/19
Pension funds should focus on changing the ethical behaviour of companies from within before choosing to divest, it has been suggested
Posted: 07/03/19
The charge cap on defined contribution pension scheme investments is “almost an irrelevance”, according to Legal & General Investment Management head of DC, Emma Douglas
Posted: 07/03/19
The life expectancy for a 65-year-old is lower than any other previous cohort assessed by the Continuous Mortality Investigation’s (CMI) Mortality Projections Model 2018 (CMI_2018)
Posted: 07/03/19
Existential risks are the biggest threat to UK defined benefit schemes investment returns, a leading economist has warned
Posted: 07/03/19
Pension Insurance Corporation Group, the parent company of Pension Insurance Corporation (PIC), has announced profits of £477m before tax for 2018
Posted: 07/03/19
The retirement age in the UK would need to increase to 70 by 2030 to keep the 'stable support ratio' recorded in 2010 at the same level, according to Border to Coast Pensions Partnership CIO, Daniel Booth
Posted: 07/03/19
The current generation of savers will find it “virtually impossible” to save enough for a decent income in retirement following a poor decade of growth, the Institute for Fiscal Studies (IFS) director has warned
Posted: 06/03/19
The Pensions Regulator (TPR) received four applications for master trust authorisation during February, bringing the total number of schemes to apply to 13
Posted: 06/03/19
Auto-enrolled pension savers have been warned that opting out of their workplace pension scheme could lose them £542,000 in pension savings over a lifetime, Aegon has warned
Posted: 06/03/19
Aon has confirmed it is not pursuing the acquisition of Willis Towers Watson (WTW)
Posted: 06/03/19
The pensions sector must improve the “trust deficit” between the industry and savers throughout uncertain geopolitical and economic times, the Pensions and Lifetime Savings Association (PLSA) chair, Richard Butcher, has warned
Posted: 06/03/19
Legal & General Investment Management (LGIM) has reported an 18 per cent increase in defined contribution assets under management (AUM)
Posted: 06/03/19
The government has announced it is scrapping PiP reassessments for disabled pensioners, instead introducing a “light touch review” every 10 years
Posted: 06/03/19
Aon has confirmed that it is in the “early stages” of considering an all-share business acquisition with rival Willis Towers Watson.
Posted: 06/03/19
Pensioners expecting to rely solely on their state pension could face a £68,000 shortfall in retirement, research by Nationwide Building Society has shown
Posted: 05/03/19
Defined benefit schemes with valuations set to take place on 31 March have been warned of the impact Brexit could have, as Brexit day - 29 March – is the last financial trading day for schemes that have valuation year-end dates
Posted: 05/03/19
Drawdown cash withdrawals are set to increase significantly in the build up to the end of the 2018/19 tax year, according to analysis from Hargreaves Lansdown
Posted: 05/03/19
Defined benefit schemes are expected to set a long-term funding target (LTFT) with an investment strategy in place to achieve it, according to The Pensions Regulator (TPR)
Posted: 05/03/19
The accounting deficit of DB pension schemes for FTSE 350 firms increased by £4bn to £45bn during February, Mercer’s latest Pension Risk Survey has revealed
Posted: 05/03/19
The SEI master trust has announced that it is the latest scheme to apply for master trust authorisation from The Pensions Regulator (TPR)
Posted: 05/03/19
Daily Mail and General Trust (DMGT) has pledged to pay £117m into its defined benefit pension schemes, as part of its plan to dispose all of its shares in Euromoney Institutional Investor
Posted: 04/03/19
The Single Financial Guidance Body (SFGB) is set to be renamed as the Money and Pensions Service
Posted: 04/03/19
National Express has completed a buy-in with Rothesay Life, securing 100 per cent of the future obligations of its UK Group Scheme, it has revealed
Posted: 04/03/19
The Department for Work and Pensions (DWP) has issued an apology for an “administrative error”, after it wrongly sent around 1,000 letters to UK pensioners living abroad telling them their state pension payments were going to be stopped
Posted: 04/03/19
Manufacturing company Senior plc has revealed that its UK defined benefit (DB) pension plan surplus has increased up to £30.9m, as of 31 December 2018, in its Final Results report
Posted: 04/03/19
Half (50 per cent) of people currently in retirement stopped working earlier than they had planned to, new research from Aegon has revealed
Posted: 04/03/19
The Financial Conduct Authority (FCA) has urged British Steel Pension Scheme (BSPS) members who were advised to transfer of out the scheme to take action if they believed the advice to be unsuitable.

Any member who was unsure if the guidance that they received was suitable should first make the complaint to the firm that provided the advice
Posted: 04/03/19
The latest news in brief and mandates from the past week
Posted: 01/03/19
Workers at Delphi Technologies are set to be balloted for industrial action over the closure of their defined benefit pension scheme, which could cost some workers thousands of pounds
Posted: 01/03/19
The winners of the annual Pensions Age Awards were announced last night at a glittering gala ceremony in London attended by almost 600 people
Posted: 01/03/19
Just one in 20 Nest members think that too much of their income goes into their pension savings, according to new research from Nest Insight
Posted: 01/03/19
The combined deficit of the FTSE 100 defined benefit pension schemes fell by £8bn to £13bn over February, according to JLT Employee Benefits latest index figures
Posted: 01/03/19
The Pensions Regulator has revealed it expected an “early peak” in master trust authorisation applications
Posted: 01/03/19
Around 70 per cent of pensions professionals believed that lay trustees will not need to be present on pension scheme boards in 10 years’ time, according to a recent survey from RSM.

The survey of around 200 trustees and industry members found that the concern related to the increased professionalisation and pressures of the job
Posted: 01/03/19
One in 20 pension transfers are ‘dodgy’, Pensions Administration Standards Association (Pasa) president and Pensions Scams Industry Group (PSIG) chair Margaret Snowdon has warned
Posted: 01/03/19
The Financial Conduct Authority (FCA) has proposed a set of rules requiring scheme governance bodies to disclose the cost and charges to scheme members on an “ongoing basis”
Posted: 28/02/19
House of Lords MP, Baroness Jeannie Drake, has encouraged guidance to be integrated in the pensions dashboard in an attempt to improve savers’ decision-making
Posted: 28/02/19
Incentivising executives to fund their pension schemes is more likely to see defined benefit schemes survive, rather than penalising bosses once schemes have failed, academic research has revealed.
Posted: 28/02/19
The relative infancy of pension freedoms is causing confusion amongst the younger generation, who need more guidance on planning for their retirement, according to Prudential UK director of propositions, Stuart Paton Evans
Posted: 28/02/19
Taylor Wimpey is to continue paying contributions into its pension scheme after its funding level fell below 94 per cent, its end of year results revealed
Posted: 28/02/19
The Pensions Regulator (TPR) is prosecuting a former head of a charity for the disabled on suspicion of having defrauded the charity’s pension scheme
Posted: 28/02/19
Pension schemes should adopt the D2 method for guaranteed minimum pensions (GMP) equalisation in order to get favourable buy in and buyout pricing, research has found
Posted: 28/02/19
There are still obstacles to overcome before collective defined contribution (CDC) pension schemes can be widely introduced into the UK pension landscape, according to MP Baroness Jeannie Drake
Posted: 27/02/19
Despite baby boomers owning more than a third of the UK’s wealth, many in this age group are missing out on potential investment gains as they lack confidence and knowledge about where to invest their money, research by savings and investment company Aegon has found
Posted: 27/02/19
An accountant that used members’ pension contributions as a “personal piggy bank” has been prosecuted by The Pensions Regulator (TPR) after admitting to transferring more than £280,000 of pension funds to support his own businesses and investments
Posted: 27/02/19
The Bank of England has been asked by campaign groups Positive Money and ShareAction as to what steps its pension fund is taking to address climate risks
Posted: 27/02/19
The Church of England Pensions Board has said the International Council on Mining and Metals’ (ICMM) intentions to create new standards for tailing dams following the Vale dam disaster in Brazil last month is a “welcome step in the right direction”
Posted: 27/02/19
Interserve has agreed a deleveraging plan with the pension trustee as it looks to raise approximately £435.2m to cover its debts
Posted: 27/02/2019
Association of British Insurers policy adviser, long-term savings, Hetty Hughes discusses the regulation that superfunds will need to be subject to
Posted: 26/02/19
Electricity power generator, Drax Group, has reported a defined benefit pension surplus of £19m, at 31 December 2018 on an actuarial basis
Posted: 26/02/19
The Professional Trustee Standards Working Group (PTSWG) has published new standards for professional trustees which they will be expected to meet
Posted: 26/02/19
Pensions Minister Guy Opperman has reiterated the government’s commitment to reducing the automatic enrolment age limit from 22 to 18
Posted: 26/02/19
“Very few” workers are aware that there will be changes to automatic enrolment contribution levels in April, new research from the Department for Work and Pensions (DWP) has revealed.

It’s interim report - Automatic enrolment: qualitative research with newborn employers – found that, despite not being aware of the increase, workers reaction to the news “tended to be either neutral or positive”
Posted: 26/02/19
A no deal Brexit would be an “unforgiveable act of economic and social self-harm” and the UK should delay Brexit if that is the only alternative to a no deal, the Association of British Insurers is set to warn
Posted: 25/02/19
A majority (54 per cent) of adults in the UK are unaware that their pension typically goes to the person who is named on their pension policy, rather than their will, putting them at risk of leaving their money to the wrong people, new research has found
Posted: 25/02/19
Crédit Agricole has reached a conditional agreement to acquire Kas Bank for €188m (£163m) in order to greater export its expertise in servicing institutional investors, including pension funds, across European markets serviced by Crédit Agricole
Posted: 25/02/19
The Pensions Ombudsman (TPO) has upheld a complaint against MyCSP and the Cabinet Office in relation to the payment of interest on backdated injury benefit payments
Posted: 25/02/19
Pension savers attempting to cash in on their final salary schemes could lose out on up to 55 per cent of the market value of their pension due to low transfer value offers, according to Telegraph Money
Posted: 25/02/19
The upcoming minimum contribution rise for those that have been automatically enrolled into a pension scheme will cause “minimal” opt-outs, according to analysis by Royal London
Posted: 25/02/19
More than a third (36 per cent) of pension contributions by self-employed workers are made between 1 March and the end of the tax year, according to research by Hargreaves Lansdown
Posted: 25/02/19
Ireland and the UK have reached an agreement guaranteeing the continued payment of state pensions, child benefit and other social welfare payments if the UK leaves the EU without a deal
Posted: 22/02/19
The Investment Association (IA) will target companies paying newly-appointed directors pension contributions at rates above the majority of their workforce
Posted: 22/02/19
Independent MP Stephen Lloyd has tabled an Early Day Motion (EDM) calling on the government to reverse the changes to the pension credit system
Posted: 22/02/19
The latest mandates and news in brief from the past seven days
Posted: 22/02/19
A housing association with nearly 10,000 homes has been judged non-compliant by the Regulator of Social Housing (RSH) after an unnamed executive was granted access to their pension before it matured
Posted: 22/02/19
Public and Communication Services Union (PCS) is calling for a joint union campaign against the government’s decision to pause its valuation of the public pension services
Posted: 22/02/19
The Pearson Pension Plan has completed a further £500m buy-in with Legal & General Assurance Society (L&G)
Posted: 22/02/19
The National Health Service (NHS) paid £34.7m in tax charges in 2016/17 after thousands of its staff breached pension savings limits, according to data disclosed to the Financial Times by the NHS
Posted: 21/02/19
TPT Retirement Solutions has launched a pensions scheme specifically for the education sector, it has revealed
Posted: 21/02/19
BAE Systems has estimated that the recent High Court ruling on guaranteed minimum pension (GMP) equalisation will increase its pension costs by £114m
Posted: 21/02/19
The People's Pension (TPP) has announced plans to cut fees in a move that could result in people saving thousands of pounds more towards their retirement income
Posted: 21/02/19
The Barclays Group's pension surplus across all of its schemes more than doubled during 2018 to £1.5bn, its final results report has revealed
Posted: 21/02/19
The registration is now open for the inaugural European Pensions Conference, which comes from the team behind European Pensions and Pensions Age
Posted: 20/02/2019
Royal Bank of Scotland has estimated that the High Court ruling on guaranteed minimum pensions (GMP) equalisation will cost £102m, its annual report has revealed
Posted: 20/02/19
The Department for Work and Pensions (DWP) has launched a 'mid-life MOT web portal' to advise workers on their pensions and retirement planning
Posted: 20/02/19
More than half (54 per cent) of Brits expect they will have to keep earning in retirement, while 13 per cent believe they will have to work for the rest of their lives, a survey has found
Posted: 20/02/19
Lloyds Banking Group has revealed that its life and pensions sales increased by 45 per cent to £14.4bn during 2018, as its retirement business sector continued to grow
Posted: 20/02/19
LifeSight has become the first master trust to be granted authorisation by The Pensions Regulator (TPR).

A total of eight master trusts have applied for authorisation so far, with the remaining schemes granted authorisation expected to be announced in batches.
Posted: 20/02/19
The number of new female claims for state pension benefits has fallen by 202,000 in one year following changes to the state pension age, new Department for Work and Pensions (DWP) figures have shown
Posted: 20/02/19
The government has once again defended its position to not change the surplus sharing arrangements of the Mineworkers’ Pension Scheme (MPS), but said it is open to holding cross-party talks with the trustees on the matter
Posted: 19/02/19
The Church of England Pensions Board has welcomed the decision from BHP to call for an independent body to improve the safety and operation of all dams, following the tragic failing of the Vale dam in Brumadinho, Brazil
Posted: 19/02/19
Now Pensions has responded to Labour MP Steve McCabe's criticism of the provider's member charges, saying that it was “clear to members” how much the charges were
Posted: 19/02/19
The Single Financial Guidance Body (SFGB) CEO, John Govett, has written to the Work and Pensions Committee outlining how the body will be developing its corporate strategy for the coming years
Posted: 19/02/19
Norfolk Pension Fund has won a class action against a US pharmaceuticals company, in which it was found liable for securities fraud
Posted: 19/02/2019
New court proceedings have started against the Pension Protection Fund (PPF), challenging its intended approach for calculating increases for savers affected by a previous European court ruling
Posted: 19/02/19
HMRC has lost a “key” court case on lifetime allowance pensions which could open it up to more claims from investors who have “accidentally” forgotten to stop contributing to their scheme
Posted: 18/02/19
The quality of advisers, including unregulated introducers, advisers in different countries from the member and advisers who have previous transgressions, is the greatest area for pension scam concern, according to new research from the Pension Scams Industry Group (PSIG)
Posted: 18/02/19
Lafarge UK Pension Plan has entered into a longevity swap with Munich Re, reducing what has been identified as the largest individual risk to the plan, it has revealed
Posted: 18/02/19
Work and Pensions Committee chair Frank Field has said he is “appalled” that BT has decided to appeal against the court judgments that ruled it could not change its pension scheme's indexation measure
Posted: 18/02/19
Guaranteed minimum pension (GMP) equalisation could leave over 100,000 workers who secured 'fixed protection' schemes with unexpected six-figure tax bills, a freedom of information request supplied to Royal London has revealed
Posted: 18/02/19
Staff working at Historic Royal Palaces (HRP) suspended their strike action on Saturday (16 February), after the GMB Union said it would consult its members on a new offer
Posted: 18/02/19
The latest news in brief and mandates from the past week
Posted: 15/02/19
Danish pension provider ATP, which recently announced its sale of UK pension fund Now Pensions, said the eight-year investment has led to unsatisfactory returns and losses for its members
Posted: 15/02/19
The Royal Bank of Scotland (RBS) paid £2bn into the RBS Group Pension Fund’s main scheme in October 2018 as part of new ring-fencing legislation, its final results report has revealed
Posted: 15/02/19
Registration for the Pensions Age Northern Conference is now open and will take place at the Leeds Marriott Hotel on Thursday 13 June 2019
Posted: 15/02/19
Pensions Minister Guy Opperman has reiterated the government’s commitment to the triple lock and reducing the level of poverty amongst pensioners
Posted: 15/02/19
Aegon has said it is now “benefitting” from the acquisition of BlackRock’s defined contribution business, taking its workplace pension assets under administration to £38bn
Posted: 15/02/19
The Pensions Regulator issued almost 22,000 compliance notices in the final quarter of 2018, it has revealed
Posted: 15/02/19
The public service union, Unison, has said it is “disturbing” that Thames Water has revealed it is in talks with unions over the future of its defined benefit pension schemes, which Unison claims were “strictly confidential”
Posted: 14/02/19
The take-up rate of defined benefit transfers remained stable at 30 per cent in the 12 months to June 2018, despite a decline in quotation rates, LCP has said
Posted: 14/02/19
Investment into patient capital could increase members’ defined contribution pots by 10 per cent at retirement, JLT Employee Benefits has said
Posted: 14/02/19
Pensioners are three times more likely to be targeted by fraudulent financial advisers, usually through the internet, than a cold calling phone scammer, according to data seen by Telegraph Money
Posted: 14/02/19
The Pensions Ombudsman has upheld a complaint against Prudential with regards to the company not providing information to a member of a pension scheme it administered
Posted: 14/02/19
STM Group has completed the acquisition of Carey UK’s pension business for £400,000, following approval from the Financial Conduct Authority (FCA)
Posted: 14/01/19
The Department for Work and Pensions (DWP) has estimated that the total cost of uprating state pensions for UK citizens living abroad in countries that do not require annual, index-linked increases at £3bn
Posted: 14/02/19
The Cardano Group has agreed to acquire 100 per cent of the workplace pension provider Now Pensions from the Danish pension fund Arbejdsmarkedets Tillaegspension
Posted: 13/02/19
The Competition and Markets Authority (CMA) has published its draft order of its suggested remedies into the investment consultant and fiduciary management markets
Posted: 13/02/19
The industry must “step up its efforts” to ensure that “guaranteed minimum pensions” are completed in a “timely and economical fashion”, Aon has said
Posted: 13/02/19
Pensioners defaulting into decumulation pathways at-retirement without financial guidance risk losing out on retirement income, according to Wealth at Work
Posted: 13/02/19
The Consumer Price Index (CPI) fell for the third consecutive month to 1.8 per cent in January 2019, its lowest level since January 2017, the Office of National Statistics (ONS) has revealed
Posted: 13/08/19
The Department for Work and Pensions (DWP) has estimated that the number of couples that will be affected by upcoming Pension Credit changes could reach 40,000 by 2021/22
Posted: 13/02/19
Defined benefit schemes are suffering from poor performance from growth assets, Legal and General Investment Management (LGIM) has warned
Posted: 13/02/19
Many FTSE 100 DC pension schemes are leaving their UK staff’s savings “highly exposed to climate risks”, according to new research from ShareAction
Posted: 12/02/19
The government will begin to set out detailed proposals on the introduction of collective defined contribution (CDC) pension schemes in “the coming weeks”, Pensions Minister Guy Opperman has confirmed
Posted: 12/02/19
Pension transfer values closed January 2019 unchanged from December 2018 at £235,000, despite “fluctuating moderately” during the month, XPS Pensions Group has found
Posted: 12/02/19
Company bosses should be forced to join the same pension plan as their staff, rather than face prison terms for the mismanagement of their schemes, Warwick Business School (WBS) has suggested
Posted: 12/02/19
The aggregate deficit of DB schemes in the PPF 7800 Index fell by £8.8bn in ‘the best January for stocks in 30 years’, new figures from the Pension Protection Fund (PPF) have revealed
Posted: 12/02/19
Crime groups led by “fraudster families” are running pension scams potentially worth millions of pounds, according to The Pensions Regulator
Posted: 12/02/19
The pension industry has reacted with scepticism to the Secretary of State for Work and Pensions Amber Rudd’s plans to jail company directors who play “fast and loose” with their pension scheme
Posted: 11/02/19
The government has outlined its plans to strengthen regulatory framework of The Pensions Regulator (TPR), in a package of measures that will allow it to better protect scheme members
Posted: 11/02/19
Around 3.6 million people in the UK aged over 65 have had to retire due to circumstances outside of their control, such as illness or redundancy, according to new figures from Just Group
Posted: 11/02/19
Defined contribution assets have grown to exceed defined benefit assets for the first time in the seven largest pension markets, according to a Willis Towers Watson (WTW) study
Posted: 11/02/19
Forty-two per cent of institutional investors that already invest in renewable energy are set to increase their allocation to the asset class by 10 per cent over the next five years, according to a report by Octopus Group
Posted: 11/02/19
The Secretary of State for Work and Pensions Amber Rudd has outlined plans to introduce a seven-year jail term for the “wilful or reckless behaviour” of company directors who play “fast and loose” with their pension scheme
Posted: 11/02/19
The number of people who have been automatically enrolled into a workplace pension scheme reached 10 million in January, the latest figures from The Pensions Regulator have revealed
Posted: 11/02/19
Hargreaves Lansdown head of policy, Tom McPhail, has been announced as the founding chair of STAR Steering Group, government backed initiative aimed at delivering a long-term governance solution to transfers
Posted: 08/01/19
The Department for Work and Pensions (DWP) is looking into new ways it can gather information on the attitudes to working of older people, to avoid “missed opportunities” when policy making
Posted: 08/01/19
The latest news in brief and mandates from the past week
Posted: 08/02/19
Nine senior directors opted out of the NHS pension scheme in the last financial year (2017-18), adding to the exodus of workers leaving the scheme
Posted: 08/02/19
The trustee for Standard Life Master Trust Co. Ltd submitted the master trust authorisation applications for its two master trusts, The Standard Life DC Master Trust and Stanplan A schemes, to The Pensions Regulator (TPR) on 31 January
Posted: 08/02/19
The Single Financial Guidance Body (SFGB) has decided on a new name, but its unveiling is being held up in Parliament because of Brexit
Posted: 07/02/2019
The Pensions Minister, Guy Opperman, has confirmed that pension providers will be obligated to provide data for the upcoming pensions dashboard in a parliamentary debate yesterday (6 February)
Posted: 07/02/19
The Pension Protection Fund’s (PPF) median gender pay gap decreased by 3% over 2018, while its median bonus gap increased by over 6%, a new report has found
Posted: 07/02/18
The government has confirmed it will be making changes to the child benefit application process to help ensure that parents do not miss out on their state pension entitlements
Posted: 07/02/19
A complaint against a "misleading" advert by Smart Pension has not been upheld, the Advertising Standards Association (ASA) has ruled
Posted: 07/01/19
An accounts manager who attempted to conceal that restaurants had not given their staff workplace pensions has been ordered to pay £5,000 by The Pensions Regulator (TPR)
Posted: 07/02/19
The Pensions Regulator has received two more master trust authorisation applications over January, bring the total number of trusts to apply to eight
Posted: 06/02/19
Interserve has announced that is has agreed a deleveraging plan with lenders, bonding providers and the pension trustee to provide “a strong balance sheet and the platform to deliver on its strategy”
Posted: 06/02/19
The Pension Protection Fund (PPF) is still unclear of the amount it will receive from the liquidation of Carillion, despite realisations totalling £413m at the end of last year, the Insolvency Service has said
Posted: 06/02/19
Nearly two-thirds (65 per cent) of financial intermediary companies expect the Financial Conduct Authority (FCA) to supervise the identifying and protecting of vulnerable consumers in the next five years
Posted: 06/02/19
Victims of investment fraud lost over £197m in 2018 as scammers use increasingly “sophisticated tactics” to persuade people to invest, according to new figures from Action Fraud.

The Financial Conduct Authority (FCA) issued a warning to potential victims of investment scams today, 6 February, after it emerged that the average victim lost £29,000 last year, as fraudsters move a away from cold calling and towards online techniques
Posted: 06/02/19
Just Group has confirmed the completion of a £158m buy-in with the trustees of the Wyeth Group Pension and Life Assurance Scheme
Posted: 06/02/19
Families across the UK could be losing over £1bn a year in pension rights where child benefit is being paid to the “wrong parent”, Royal London has warned
Posted: 05/02/19
The government is urging smaller defined contribution pension schemes to merge in order for them to take advantage of a broader range of illiquid investment opportunities, a paper published today, 5 February, said
Posted: 05/02/19
Staying mentally active in order to maintain mental sharpness was the main reason over-50s wanted to extend their working life and enter retirement gradually, according to new research from Aegon
Posted: 05/02/19
The Financial Conduct Authority (FCA) has today published new rules and guidance to improve the quality of the information available to consumers about the funds they invest in
Posted: 05/02/19
Government delays to pension reforms could result in low earners being thousands of pounds worse off, according to analysis from the Trades Union Congress (TUC)
Posted: 05/02/19
The accounting deficit of DB pension schemes in the FTSE 350 remained unchanged at £41bn in January, Mercer’s latest figures have revealed
Posted: 05/02/19
JP Morgan has acquired a minority stake in fintech and workplace pensions provider Smart Pension, which it said is a “strategic investment”
Posted: 04/02/19
Some industry members insisted that member outcomes could improve if defined benefit pension consolidation becomes commonplace in their responses to the government’s consultation
Posted: 04/02/19
Key speakers for the inaugural European Pensions Conference, which comes from the team behind European Pensions and Pensions Age, have now been announced
Posted: 04/02/19
A ‘major’, unnamed, UK pension fund, in partnership with Greencoat UK Wind, plans to invest a total of £635m to acquire 49.9 per cent stakes in the Strongelairg and Dunmaglass wind farms
Posted: 04/02/19
Thames Water has confirmed it is in talks with employees and trade unions about the “long-term future” of its defined benefit schemes, it has been reported
Posted: 04/02/19
One third of UK workers plan on continuing to work once they reach state pension age, research from Rest Less has found
Posted: 04/02/19
The National Health Service (NHS) asked the government to offer GPs ‘partial pensions’ to in order to stem the flow of doctors leaving the NHS pension scheme
Posted: 01/02/19
Now Pensions has been forced by The Pensions Regulator to overhaul its administrations system, after it emerged that the master trust had failed to collect an estimated £18m in pension contributions
Posted: 01/02/19
Several of the industry’s biggest pension funds have issued a joint call for a global independent public classification system to monitor the safety risk of mining companies' tailing dams after Vale’s dam in Brumadinho, Brazil, collapsed
Posted: 01/02/2019
The vast majority (92 per cent) of Pension Wise appointment customers were satisfied with their overall experience in 2017/18, a new survey from the Department for Work and Pensions (DWP) has revealed
Posted: 01/02/19
The latest news in brief and mandates from the past week
Posted: 01/02/19
The combined deficit of FTSE 100 DB pension schemes increased by £1bn to £21bn during January 2019, JLT Employee Benefits' latest monthly funding update has revealed
Posted: 01/02/19
BT’s defined benefit pension deficit increased by half a billion pounds (£500m) in the three months to 31 December 2018, ending the year on £5bn (net of tax)
Posted: 31/01/19
Unilever’s pension liability net of assets rose to €0.9bn (£790m) as at 31 December 2018, €0.6bn (£525m) increase on its recorded H1 2018 results
Posted: 31/01/19
Pension providers and advisers will be expected to pay £240m levy to the Financial Services Compensation Scheme (FSCS) over 2019/20, an increase of £43m on the previous nine months
Posted: 31/01/19
The net cost of pension tax relief is forecast to reach £43.7bn in 2018/19, the latest data from HMRC has revealed
Posted: 31/01/19
Defined contribution pension scheme contributions totalled £6.5bn in 2018, a 22 per cent increase from 2017, according to new data from The Pensions Regulator (TPR)
Posted: 31/01/19
HMRC has over-taxed pension savers by more than £400m since the start of pensions freedoms in 2015, new figures issued yesterday revealed
Posted: 31/01/19
The government faces increased public pension costs of around £4bn per year following the defeat of its appeal in the courts
Posted: 31/01/19
The Local Authority Pension Fund Forum (LAPPF) has written to Vale and its joint venture partner BHP Billiton over concerns regarding the Brazilian dam collapse, which is feared to have killed more than 300 people
Posted: 30/01/19
UK pension funds suffered a 6.2 per cent loss over 2018, the largest loss experienced by funds since the 2008 financial crisis, data has revealed
Posted: 30/01/19
The Department for Work and Pensions (DWP) should “seize the moment” over DB pensions benefit simplification, according to Royal London director of policy, Steve Webb
Posted: 30/01/19
Santander has revealed it faces increased liabilities of £39.7m due to guaranteed minimum pension (GMP) equalisation
Posted: 30/01/19
The Pensions and Lifetime Savings Association has welcomed a consultation by the Financial Reporting Council on a new Stewardship Code that sets out higher expectations for investor stewardship policy and practice
Posted: 30/01/19
Brexit could result in British pensioners living in the European Union (EU) not receiving their annual state pension increases
Posted: 30/01/19
Pensions and Lifetime Savings Association policy lead on engagement, EU and regulation, James Walsh, discusses what he wants to see from the pensions dashboard
Posted: 29/01/19
RPMI Limited has announced the appointment of John Chilman as chief executive officer (CEO)
Posted: 29/01/19
The Equity Release Council has written to the government arguing for “housing wealth” to be included in the design of the pensions dashboard, so people are better able to see how it can support them in retirement
Posted: 29/01/19
The UK government has confirmed that it expects the UK’s share of the European Union’s (EU) pension liabilities to total €9.75bn (£8.5bn), as estimated by The Office for Budget Responsibility
Posted: 29/01/19
Remuneration-related dissent voting by shareholders of FTSE 100 firms almost tripled from 2017 to 2018, as pension schemes look to actively “encourage companies to behave responsibly”, according to the Pensions and Lifetime Savings Association (PLSA)
Posted: 29/01/19
Brexit has been named as the biggest threat for advice, chosen by just over half (51 per cent) of advisers surveyed in new research by Aegon
Posted: 29/01/19
The People’s Pension (TPP) has called for a legal duty to be placed on any potential pensions dashboards to ensure that savers’ interests are prioritised, according to its commissioned report
Posted: 28/01/19
Some victims of pension scams have lost more than £1m in savings to fraudsters, The Pension Regulator has revealed
Posted: 28/01/19
The government must be “much clearer” on the outcomes it wants from commercial consolidators, in order to achieve “concrete policy proposals”, Willis Towers Watson (WTW) has suggested
Posted: 28/01/19
More than half (52 per cent) of pension professionals believe that superfunds will become more commonplace for certain types of UK DB schemes in the future, according to new research from Lincoln Pensions
Posted: 28/01/19
The Financial Conduct Authority (FCA) is consulting on plans to introduce ‘investment pathways’, as well as introducing new rules on ‘wake up packs’, in order to stop 100,000 consumers a year losing out on pension income
Posted: 28/01/19
Pension industry members have expressed their excitement for the pensions dashboard in their responses to the government’s consultation, which closes this evening (28 January) at 11pm
Posted: 28/01/19
The Treasury Committee has today launched a new inquiry into the future of the UK’s financial services once it has departed from the European Union (EU)
Posted: 25/01/19
Work and Pensions Committee chair Frank Field has written to the Financial Services Compensation Scheme (FSCS) over concerns about the compensation offered to “mis-advised” British Steel pensioners
Posted: 25/01/19
The latest news in brief and mandates from the past week
Posted: 25/01/19
Some investment consultants are being accused of “spinning” the Competition and Market Authority’s (CMA) findings from its investigation into investment consultants and the fiduciary management market to trustees
Posted: 25/01/19
The Association of British Insurers (ABI) has outlined the challenges for insurers following the launch of pensions freedoms and reiterated its commitment to the pensions dashboard
Posted: 25/01/19
The short supply of illiquid assets in the UK could lead to a capacity crux in the bulk annuity market over the longer term, Legal and General has warned
Posted: 25/01/19
The average value of pensions freedoms withdrawals per person fell to a record low of £7,197 in Q4 2018, down from £7,597 in the previous quarter, according to new figures from HMRC
Posted: 25/01/19
Many people in their 50s and 60s are underestimating their chances of survival and therefore “under-valuing” annuity prices which reflect actual longevity rates
Posted: 24/01/19
The cost of GMP equalisation could be less than 1 per cent of total scheme liabilities for more than half of all pension schemes, XPS has found
Posted: 24/01/19
The overall funding level of pension schemes could be hit by around 5 per cent in the event of a no-deal Brexit, XPS Investment has warned
Posted: 24/01/19
Allied Steel and Wire (ASW) workers are still waiting for compensation for their lost pensions, despite reaching a deal with the UK government in 2007
Posted: 24/01/19
GMB members at Historical Royal Palaces (HRP) are set to hold three more days of strike action at the Tower of London and Hampton Court Palace following a break down in pension negotiations
Posted: 24/01/19
Car manual publisher, Haynes Group, has revealed its total defined benefit pension deficit for its two schemes has increased to £19.3m (IAS 19)
Posted: 24/01/19
The average default fund fell on average by 5.63 per cent in 2018, which proved to be “a tricky year for pension investors”, according to new research from Hargreaves Lansdown
Posted: 24/01/19
The government must phase out the “outdated” clawback practice, instead of legislating to allow schemes to continue the policy, Unite has urged
Posted: 23/01/19
Pensions provider Now Pensions has blamed trustees’ decision to currency hedge for its poor investment returns, after facing an awkward line of questioning from the Work and Pensions Select Committee
Posted: 23/01/19
More than 200,000 parents risk missing out on their future state pension entitlements in families where one parent does not work due to childcare commitments, HMRC has warned
Posted: 23/01/19
The aggregate FTSE 100 DB pension scheme allocation to bonds rose to 66 per cent, as of 30 June 2018, up from 63 per cent on 30 June 2017, JLT Employee Benefits has revealed
Posted: 23/01/19
Nest has been granted a contingent liability guarantee of £329m by the government in respect to its master trust authorisation application
Posted: 23/01/19
The Pensions Regulator (TPR), the Financial Conduct Authority (FCA) and the Single Financial Guidance Body (SFGB) have “welcomed” the independent review by Caroline Rookes into the British Steel Pension Scheme (BSPS) scandal
Posted: 22/01/19
The number of women working part-time compared to men risks making the pensions savings gap even worse, Aegon has warned
Posted: 22/01/19
An independent review of communications and support given to British Steel Pension Scheme (BSPS) members has detailed a series of recommendations to improve the pension restructuring process in the future
Posted: 22/01/19
The Department for Work and Pensions (DWP) has launched a consultation aimed at “tidying up” the way schemes operate integration, also known as clawback, to bring it in line with the rising state pension age
Posted: 22/01/19
Pensions Minister Guy Opperman has responded 'cagily' to a question asking whether the Department for Work and Pensions (DWP) had made an assessment of the effect on mixed-age couple the changes to eligibility for Pension Credit will have
Posted: 22/01/19
The planned strike by Beefeaters will go ahead tomorrow (22 January), after pension discussions with the Historic Royal Palaces (HRP) left members in “fury” and without an agreement
Posted: 21/01/19
The government will fully assess the impact of the changes to police officer pensions will have on force budgets, once the Police Remuneration Review Body has submitted its recommendations in May, it has revealed
Posted: 21/01/19
More than a quarter (27 per cent) of employers admitted that they are not confident in providing their workers with information on saving for retirement, according to research from Aegon
Posted: 21/01/19
The top triggers that lead to pension schemes retendering actuarial consultant contracts have been revealed in a new report from Barnett Waddingham
Posted: 21/01/19
The Insolvency Service has applied to wind-up 24 companies, connected to 3,750 pension-scam victims, for “pension misuse” since 2015, according to its latest figures
Posted: 21/01/19
Tens of thousands of savers risk a savings shortfall in later life due to neglecting their remaining pot after taking a tax-free cash lump sum, Zurich has warned
Posted: 21/01/19
Work and Pension Committee chair Frank Field has written to the Secretary of State for Work and Pensions Amber Rudd, asking for her to clarify a number of issues arising from the government’s changes to Pension Credit
Posted: 21/01/19
ABI policy adviser, retirement and savings policy, Reuben Overmark, on why the ABI is looking forward to working with the government to get more self-employed people saving for retirement
Posted: 18/01/19
Jack Gray argues that the Work and Pensions Committee chair, Frank Field, should give the incoming chief executive to The Pensions Regulator, Charles Counsell, a chance
Posted: 18/01/19
The government should switch to using one single general measure in order to fix an error in the retail price index (RPI), in a move which could negatively affect private sector pension deficits
Posted: 18/01/19
The latest news in brief and mandates from the past week
Posted: 18/01/19
The Royal Mail Pension Scheme has contested a ranking that names it as the slowest defined benefit pension scheme to respond to requests for information from pension advice firm, Portafina, on behalf of members
Posted: 18/01/19
The pensions industry could be facing a “capacity crunch” once schemes fully understand the process of equalising guaranteed minimum pensions (GMP), it has been suggested
Posted: 17/01/19
Both XPS Pensions Group and Aon have responded positively to the Department for Work and Pensions’ (DWP) consultation on collective defined contribution (CDC) pension schemes
Posted: 17/01/19
Pension schemes' upcoming requirements to tender for fiduciary managers should have a minimum standard in place, in order to avoid it being a box ticking exercise, it has been said.
Posted: 17/01/19
The Pensions Regulator (TPR) has admitted it needs to make changes to its approach when dealing with ailing pension schemes following the Kodak Pension Plan (no. 2) (KPP2) case
Posted: 17/01/19
Pension Insurance Corporation (PIC) has concluded a pension insurance buy-in with the trustee of the Somerfield Pension Scheme, insuring £425m of pension liabilities
Posted: 17/01/19
The Competition and Markets Authority (CMA) is set to consult on the draft order of its suggested remedies into the investment consultant and fiduciary management markets in mid-February, it has confirmed
Posted: 16/01/19
The date for the judicial review into whether women born in the 1950s were sufficiently communicated with about changes to the state pension age has been revised to 5 and 6 June
Posted: 16/01/19
Universities UK (UUK) has said it sees the “merit” in the approach to contribution rates being developed by the Universities Superannuation Scheme’s (USS) trustee, as it could be a “potential way to bridge the different perspectives” of stakeholders such as The Pensions Regulator
Posted: 16/01/19
Industry members have expressed their concern over the future of pensions and the impact on consumers following the heavy defeat of Prime Minister Theresa May’s Brexit deal in parliament yesterday
Posted: 16/01/19
The Consumer Prices Index fell to 2.1 per cent in December 2018, down from 2.3 per cent in November 2018, new statistics from the Office for National Statistics has revealed
Posted: 16/01/19
Workers who need to top up their state pension to fill in past contribution gaps should do so before 6 April, or risk paying a hike in contributions, experts have warned
Posted: 16/01/19
Stephen Lloyd, Independent MP for Eastbourne and Willingdon, has criticised the government’s announcement of changes to pension credits for mixed age couples
Posted: 16/01/19
TPR executive director of regulatory policy, analysis and advice, David Fairs, explains TPR's expectations for DB scheme consolidation
Posted: 15/01/2019
The government has launched its consultation on a £1.1bn increase in employer contributions to the Teachers’ Pension Scheme in 2019/20
Posted: 15/01/2019
The Health Secretary Matt Hancock is in discussions with the Chancellor to try to change the current pension tax rules, which is damaging the recruitment and retention of doctors
Posted: 15/01/19
The defined benefit pensions arm of Selectapension has voluntarily wound up, according to a Companies House report
Posted: 15/01/19
The Department for Work and Pensions (DWP) has “sneaked out” an announcement that will cut benefits available to some older ‘mixed age’ couples by over £7,000 per year
Posted: 15/01/2019
From cases such as the Lloyds GMP ruling, Barnardo’s indexation to the Pension Protection Fund being told by the Court of Justice of the European Union that it must pay at least 50 per cent of members’ pension entitlement, 2018 was packed full of court cases that affect the pensions industry. With that in mind, we take a look at what to look out for in 2019
Posted: 15/01/19
NHS employers have urged the Treasury to review the impact of current pension tax rules, arguing the current system could “damage the perceived value” of the NHS Pension Scheme
Posted: 14/01/19
Hargreaves Lansdown has warned that there will be “winners and losers” in its response to the government’s collective defined contribution (CDC) scheme consultation
Posted: 14/01/2019
More must be done to prevent companies from legally prioritising executive pay over pension deficit recovery payments, Unite has warned
Posted: 14/01/19
‘Sandwich carers’ – those caring for both children and elderly relatives – are at risk of missing out on state pension credits, according to Royal London
Posted: 14/01/2019
Twenty-two per cent of non-advised drawdown consumers are unaware of the Money Purchase Annual Allowance (MPAA), with Canada Life warning that savers could be faced with unexpected tax bills
Posted: 14/01/19
The Cost Transparency Initiative has announced that 10 new members are joining its board
Posted: 14/01/2019
The Palestine Solidarity Campaign (PSC) has won the right to challenge a Court of Appeal ruling, which upheld the government’s right to restrict Local Government Pension Schemes (LGPS) from divesting, contrary to UK foreign and defence policy
Posted: 11/01/19
FSCS has updated its approach to claims against Active Wealth (UK) Limited to ensure “full and fair” compensation for former members of the British Steel Pension Scheme (BSPS), following meetings with the steelworkers, their representatives and MPs
Posted: 11/01/2019
The latest news in brief and mandates from the past week
Posted: 11/12/18
A framework must be developed to enable trustees to decide if moving their scheme into a consolidation vehicle is the right thing to do, Redington has suggested
Posted: 11/01/18
Council workers’ pension money totalling more than half a billion pounds has been invested by local councils in arms firms that have been linked to the war in Yemen
Posted: 11/01/2019
The number of people who have been automatically enrolled into a pension scheme has increased to 9.985 million over December, according to The Pension Regulator’s (TPR) latest figures
Posted: 11/01/2019
Consumers lacking an “adequate” retirement income is the “central challenge” facing the pensions sector in 2019, according to the Financial Conduct Authority (FCA)
Posted: 10/01/19
Public sector workers will have the option to remain in the Local Government Pension Scheme (LGPS) in the event their job is outsourced, in a move which could safe-guard thousands from losing their pensions in cases such as Carillion
Posted: 10/01/19
A new industry group has been formed to aid pension scheme's navigation of the High Court’s ruling on guaranteed minimum pension (GMP) equalisation
Posted: 10/01/19
Pension Insurance Corporation (PIC) has completed a further £125m investment with University Partnerships Programme (“UPP”), a provider of on-campus residential and academic accommodation infrastructure
Posted: 10/01/19
The cost of financial advice on transfers could be debited directly from the defined benefit rights of the clients, as a solution to the contingent charging issue, it has been suggested
Posted: 10/01/18
Pension transfer values increased from £230,000 to £235,000 over a volatile December, XPS Pensions Group has revealed
Posted: 10/01/2019
An accounts manager has admitted to lying to investigators to try and conceal the fact that restaurants have not given their staff workplace pensions, The Pensions Regulator (TPR) has revealed
Posted: 10/01/2019
The High Court has set the date of its judicial review for the alleged mishandling of raising the state pension age for women born in the 1950s as 5 and 6 June 2019
Posted: 09/01/19
Taylor Wimpey has estimated that the High Court ruling on guaranteed minimum pensions (GMP) will increase its defined benefit pension scheme liabilities by £15-20m
Posted: 09/01/19
Nearly seven in 10 (69 per cent) home owning pensioners eligible for state support were failing to claim their full benefits entitlement in 2018, according to new research by Just Group
Posted: 09/01/2019
The significant gap in pension wealth between men and women in the UK has been revealed by analysis of Family Resources Survey datasets by the trade union Prospect
Posted: 09/01/19
The pension cold-calling ban will take effect today, 9 January, making it illegal for any member of the public to receive unsolicited calls about their pension
Posted: 09/01/19
Nearly half (49 per cent) of UK workers over 50 who are earning more than £20,000 would prefer to gradually transition into retirement by blending work and retirement, a survey by Aegon has found
Posted: 09/01/19
CQS has named Xavier Rolet as CEO, while founder Michael Hintze will continue as senior investment officer and will also become group executive chairman
Posted: 08/01/19
As many as 15 FTSE 100 companies will be able to offload their UK DB pension schemes in the next three years, according to new research from Lane Clark & Peacock (LCP)
Posted: 08/01/19
The pensions industry has warned of the “unintended consequences” a ban on contingent charging could cause, urging the Work and Pensions Committee to keep an open mind on the issue, after the government body launched an inquiry into the controversial practice
Posted: 08/01/19
Britons under the age of 32 are the most optimistic about the age at which they plan to retire, despite being the age group that is least financially prepared, research from Navigate Wealth has found
Posted: 08/01/2019
Smaller pension schemes must “work harder” in order to not miss out on attractive pricing of bulk annuity deals, Willis Towers Watson (WTW) has said
Posted: 08/01/19
The aggregate deficit of DB schemes in the PPF 7800 Index increased by £46.2bn over December, the Pension Protection Fund has revealed
Posted: 08/01/19
The Work and Pensions Committee has launched an inquiry into contingent charging in order to gather evidence around the likelihood it increases bad advice, it has been revealed
Posted: 07/01/19
GMB have agreed to suspend tomorrow’s (8 January) strike action over pensions after accepting an offer of further talks from Historic Royal Palaces (HRP)
Posted: 07/01/19
The Minister for Policing and the Fire Service, Nick Hurd, has reiterated the government’s commitment of an additional £153m to meet the increased pensions costs for next year
Posted: 07/01/19
Compensation payouts to members who have been wrongly advised to transfer out of DB schemes have doubled to £40m in two years, new data from the Financial Services Compensation Scheme (FSCS) has revealed
Posted: 07/01/2019
Those poorest in retirement are the ones gambling most with pension freedoms, leaving them acutely vulnerable to a downturn, new analysis from retirement specialist Responsible Life has revealed
Posted: 07/01/19
Four more organisations have agreed to sign up to Star, a government backed initiative aimed at delivering a long-term governance solution to transfers, taking the total up to 11 firms
Posted: 07/01/19
The average divorced woman over 50 has a pension wealth of £131,000 compared with £454,000 for the average married couple, new research from Royal London has found
Posted: 07/01/2019
The public are "pessimistic" about the future of state pensions, with all age groups anticipating a low state pension and an increase in the state pension age by the time they hit retirement, Canada Life has revealed
Posted: 07/01/19
The FTSE 350 DB pension deficit increased by 28 per cent in 2018, from £32bn to £41bn, figures from Mercer have revealed
Posted: 07/01/19
The number of businesses fined by The Pensions Regulator (TPR) for auto-enrolment errors increased by 144 per cent in 2017/18, according to data from EMW
Posted: 07/01/2019
News and mandates from the last seven days...
Posted: 04/01/18
Some industry members have questioned the recent suggestion from the Resolution Foundation of capping tax-free lump sums for pensions at £40,000
Posted: 04/01/2019
The pensions deficit of the Universities Superannuation Scheme (USS) has more than halved from £7.5bn to £3.6bn, its new technical provisions consultation has revealed
Posted: 04/01/19
The Standard Life Staff Pension Scheme have been ordered by the Pensions Ombudsman to pay nearly £20,000 to one of its members for delaying his pension transfer, which led to investment losses
Posted: 04/01/2019
The Pensions Regulator (TPR) has received three new master trust authorisation applications, as at 31 December 2018, bringing the total number of applications up to six
Posted: 04/01/19
Almost 5,000 pension transfers were completed by firms who were later told to exit the market, after the Financial Conduct Authority (FCA) found issues with their advice, it has been revealed
Posted: 04/1/19
Whitbread has reached an agreement with the trustee of its DB scheme to make a one-off contribution of up to £380m to the Whitbread Group Pension Fund, following the sale of Costa to The Coca-Cola Company
Posted: 03/01/2019
Plumbing Pensions has agreed to extend the period where no participating employer can leave the scheme for a further six months, in order to help ensure the short-term future of the covenant
Posted: 03/1/19
Some consumers are concerned that the government could make tax changes that will affect their pension savings, new data from AJ Bell has revealed
Posted: 3/01/2019
The government is set to consult on a £1.1bn increase in employer contributions to the Teachers’ Pension Scheme in early 2019, it has revealed
Posted: 03/1/19
The government has rejected a call to alter legislation on interest rates for late payment of Pension Protection Fund (PPF) levies for small and medium enterprises (SMEs), made by Work and Pensions Committee (WPC) chair Frank Field
Posted: 03/01/2019
The Financial Ombudsman Service (FOS) is expecting to receive 14,500 investment and pension complaints to over 2018/2019, a 15 per cent increase on the 12,632 received over the previous year
Posted: 03/1/19
The Pensions Protection Fund (PPF) has said it is aiming to conclude the first set of compensation payments, for those affected by the Court of Justice of the European Union (CJEU) ruling, by April 2019
Posted: 02/1/19
In a week in which state pensions celebrates its 110th birthday, and the day that kick starts pensions for the year ahead, could 2019 be a revolutionary one for the industry?
Posted: 02/1/19
The government's Single Financial Guidance Body (SFGB) went live yesterday (1 January 2019), aiming to consolidate government-sponsored financial guidance
Posted: 02/01/2019
Nearly a quarter of a million (245,561) NHS workers have opted out of the NHS pension scheme in the last three years, according to a Freedom of Information request from the Health Service Journal
Posted: 02/01/19
Employers would support a “small increase” in automatic enrolment pension contributions after the planned April 2019 rise, a report from the Association of Consulting Actuaries (ACA) has found
Posted: 02/1/19
The combined deficit of FTSE 100 DB pension schemes dropped by £13bn to £20bn over the past 12 months, according to JLT Employee Benefits' latest monthly funding update
Posted: 02/01/2019
Jack Gray discusses the increased enforcement activity by TPR in the build up to the holidays
Posted: 21/12/18
So much has happened within pensions in 2018, but what have been the most read stories in pensions of the year? Natalie Tuck looks back over the year
Posted: 21/12/18
Pension withdrawals through drawdown or cash withdrawals totalled £5.7bn in 2017, new data from the Association of British Insurers (ABI) has revealed
Posted: 21/12/18
From the introduction of the master trust authorisation regime, the beginnings of a collective defined contribution scheme to warning of a mis-selling scandal around DB transfers and several key rulings in the courts that impact pensions, 2018 has been anything but quiet. Natalie Tuck looks back on the year
Posted: 21/12/18
Firefighters and a group of 230 judges have won their legal case against the government that changes made to their pension schemes were discriminatory
Posted: 20/12/18
Jack Gray looks back over his first months as a pensions journalist and his initial thoughts on the issues facing the industry
Posted: 20/12/2018
Uber has lost its latest appeal against a court decision that found its drivers should be regarded as workers, not self-employed, thus confirming the workers’ pension rights
Posted: 20/12/2018
The ban on pension cold-calling has been approved by parliament and will take effect from 9 January 2019 to help tackle pension scams
Posted: 20/12/2018
The Pensions Regulator is to prosecute an accounts manager who is suspected of misleading the regulator, in order to hide a failure to provide workplace pensions at a number of restaurants
Posted: 20/12/18
Work and Pensions Committee Chair, Frank Field, has asked for further information from the Department for Work and Pensions (DWP) regarding complaints by women affected by changes to the state pension age
Posted: 20/12/2018
The Pensions Ombudsman has released a consultation on making a new provision for dispute resolution, in particular “a function for early resolution of disputes before a determination”
Posted: 19/12/2018
Society of Professional Pensions legislation committee member Shayala McRae considers how TPR will deliver its new funding standards
Posted: 19/12/18
The Pensions Regulator has questioned six people in connection with a suspected pension fraud totalling £18m, it has revealed
Posted: 19/12/18
The UK government has released guidance confirming that UK nationals living in the European Union (EU) will still receive their state pension in a no deal Brexit scenario
Posted: 19/12/2018
TPG Sixth Street Partners (TSSP) plans to invest £500m in DB pension consolidator Clara-Pensions and become its provider of long-term capital
Posted: 19/12/2018
The Consumer Prices Index rate of inflation dropped down to 2.3 per cent over November, down from 2.4 per cent in October 2018, the Office for National Statistics has revealed
Posted: 19/12/18
The Pension’s Regulator’s new chief executive Charles Counsell will have “a long way to go” to prove he can transform the regulator, Work and Pensions Committee Chair Frank Field has said
Posted: 18/12/18
The Competition and Markets Authority (CMA) has published an update paper outlining serious competition concerns, and has proposed changes to legislation, to improve the audit sector to benefit both savers and investors
Posted: 18/12/18
The government is set to launch a number of trials with key pension providers, aimed at prompting self-employed individuals to save
Posted: 18/12/18
The USS Trustee has formally commenced a consultation asking employers for comments on the proposed deficit recovery plan to conclude the 2017 valuation
Posted: 18/12/2018
Automatic enrolment opt-out levels have “remained consistent” following the first planned contribution rise in April 2018, a new report has revealed
Posted: 18/12/18
The Financial Reporting Council should be scrapped and replaced with an independent statutory regulator, according to Sir John Kingman
Posted: 18/12/18
GMB members working for the Historic Royal Palaces (HRP) have voted to strike over the loss of their pension, starting 8 January 2019
Posted: 18/12/18
The Pensions Regulator has named Charles Counsell as its new chief executive, taking over from Lesley Titcomb who will leave in February 2019
Posted: 18/12/18
Reuters has agreed a £625m full pensioner buy-in with Canada Life for the Reuters Pension Fund, which covers the majority of the pensioner liabilities in the £2.2bn fund
Posted: 17/12/18
Anthony Arter has been reappointed as Pensions Ombudsman and Pension Protection Fund Ombudsman for a further two years
Posted: 17/12/2018
The government has announced that it will publish a paper setting out “targeted interventions and partnerships” to boost pension saving amongst the self-employed early next year
Posted: 17/12/2018
State pension income made up an average of 57 per cent of the total retirement income for those aged over 65, with the state pension age providing “the bedrock for later life”, according to research from Just Group
Posted: 17/12/2018
Former BHS owner Dominic Chappell has been fined £124,000 for failing to hand over information to The Pensions Regulator in relation to the collapsed retail chain’s pension scheme
Posted: 14/12/18
Six of the UK’s largest contracting firms, some with leading government contracts, have a combined pensions deficit of £730.2m, according to their financial reports
Posted: 14/12/18
TPR executive director of frontline regulation Nicola Parish discusses the impact of being clearer, quicker and tougher
Posted: 14/12/14
Following months of speculation, the Financial Ombudsman Service (FOS) has issued landmark decisions against Liberty Sipp, the self-invested personal pension (SIPP) provider that has recently come under fire
Posted: 14/12/18
Trustees must hold investment consultants to account over environmental, social and governance (ESG) issues, the Association of Member Nominated Trustees (AMNT) has said
Posted: 14/12/18
The latest mandates and news in brief from the past week
Posted: 14/12/18
UK defined benefit pension schemes are forecasted to pay out almost one-third of a trillion pounds between 2019 and 2021, according to new research by Mercer
Posted: 14/12/18
Pensions Policy Institute director Chris Curry discusses the uncertain times ahead and the issues facing savers
Posted: 13/12/18
Women and men both face years in “not good” health before they reach retirement, data from the Office of National Statistics has shown
Posted: 13/12/18
The Pensions Regulator has put a fresh warning out to trustees, urging them to check if they fall under master trust legislation
Posted: 13/12/18
Defined benefit pension transfer values increased to £8.6bn in the third quarter of 2018, data from the Office for National Statistics has revealed
Posted: 13/12/18
The “squeezed middle” are the people that are most worried about having adequate retirement savings, Aon has revealed
Posted: 13/12/18
Theo Andrew discusses the merry-go-round of Work and Pensions Secretaries that 2018 has seen
Posted: 13/12/18
The Financial Conduct Authority (FCA) has launched a consultation on permitted links, aimed at addressing “unjustified barriers” for defined contribution pension schemes looking to invest in patient capital
Posted: 12/12/18
RPMI Railpen has announced that its chief executive officer (CEO), Phil Willcock, is to depart the company after 10 months in the role
Posted: 12/12/2018
The recommendations detailed in the Competition and Markets Authority’s (CMA) final report have broadly been met with support from industry members, who have encouraged others to implement the suggestions as soon as possible
Posted: 12/12/2018
The Pension Protection Fund has confirmed that the levy it expects to collect for 2019/20 will be £500m, a drop of £50m on 2018/19
Posted: 12/12/18
Pension schemes must run a competitive tender before choosing a fiduciary manager for more than 20 per cent of its assets, and if already delegated they must do so in the first five years, the Competition and Markets Authority (CMA) has confirmed
Posted: 12/12/18
Dixons Carphone has estimated that the recent court ruling on guaranteed minimum pension equalisation will increase its liabilities by £18m, according to the company’s interim report
Posted: 12/12/2018
The shortlist has now been announced for the Pensions Age Awards 2019
Posted: 12/12/18
The number of master trusts that have applied for authorisation remains at one, with no new applications recorded over November, it has been revealed
Posted: 11/12/18
The number of people who have been automatically enrolled into a pension scheme has increased to 9.96 million over November, according to The Pension Regulator’s latest figures
Posted: 11/12/18
The number of workers aged 50-64 has increased by one million in less than five years to a record high of 9.04 million, research from the Office for National Statistics (ONS) has found
Posted: 11/12/2018
The aggregate funding position of schemes in the PPF 7800 has moved into a £14.3bn surplus, after the lifeboat updated its index calculations
Posted: 11/12/18
The Pensions Regulator (TPR) has launched its first fraud and employer-related investments prosecution against an accountant
Posted: 11/12/2018
A hard Brexit scenario could result in a £219bn increase in the aggregate buyout deficit of UK pension funds, according to Cardano
Posted: 11/12/2018
Scor has completed a £1.2bn longevity reinsurance deal with Pensions Insurance Corporation (PIC), covering six of its defined benefit schemes
Posted: 11/12/18
The retirement age for ambulance staff should be brought in line with other emergency service workers, after 250,000 people signed a petition in support of the changes
Posted: 10/12/18
The Pensions Regulator (TPR) has said it is “working closely” with Interserve and its pension scheme trustees, following news that it was seeking a rescue plan
Posted: 10/12/18
There has been “overwhelming support” for an initiative which seeks to offer members a pension uplift in exchange for their guaranteed annuity, according to Royal London
Posted: 10/12/18
Just under half (49 per cent) of consumers do not think that Financial Services Compensation Scheme (FSCS) protection applies to pension products, research from Populus has found
Posted: 10/12/2018
Equiniti has called for software and administration providers to work together on ensuring that the dashboard is a “suitable platform”, especially in driving the early phases of its delivery
Posted: 10/12/2018
Pension transfer values fell from £235,000 to £230,000 over November, fluctuating throughout the month, XPS Pensions Group has revealed
Posted: 10/12/18
The bulk annuity market is expected to “remain at historically high levels” in 2019, with up to £30bn worth of deals, according to Willis Towers Watson (WTW)
Posted: 10/12/2018
Royal London director of policy Steve Webb is in the running to become the next chief executive of The Pensions Regulator
Posted: 7/12/18
Default options and simplified information and choices should be considered to help people make appropriate decisions for their retirement, a new report has said
Posted: 7/12/18
PLSA policy lead: engagement, EU and regulation, James Walsh discusses the Brexit draft deal and its impact on pensions
Posted: 07/12/18
Defined benefit consolidators looking to enter the market must approach The Pensions Regulator before doing so, new guidance issued today, 7 December, has said
Posted: 7/12/18
A new legislative and regulatory regime requiring defined benefit superfunds to be authorised will be put in place under new plans announced by the government today, 7 December
Posted: 7/12/18
New defined benefit pension superfunds could “offer a game-changing opportunity” to improve people’s pension security “and should be encouraged”, according to Royal London director of policy, Steve Webb
Posted: 07/12/2018
The Financial Conduct Authority (FCA) has expressed its disappointment to have found that less than 50 per cent (49 per cent) of the pension transfer advice it reviewed was deemed as “suitable”
Posted: 6/12/18
The Pension Protection Fund (PPF) has admitted is has concerns with the pre-pack administration sale of Johnston Press, stating it does not understand why there was an “apparent rush” to complete the pre-pack
Posted: 06/12/18
Pension schemes should think about putting professional trustees in place where the “issues are so significant”, The Pensions Regulator has suggested
Posted: 6/12/18
The Brexit Secretary, Stephen Barclay, has pledged to keep increasing the state pensions of UK nationals living in the European Union, even in the event of a ‘no deal’ scenario, but only if the EU reciprocates
Posted: 06/12/18
Trustees must open their minds to a different range of investments on patient capital and other illiquid investments, Exchequer Secretary to the Treasury, Robert Jenrick, has urged
Posted: 6/12/18
Pension scheme members that take advantage of the pension freedom reforms without taking advice first, risk paying too much tax, LEBC director of public policy, Kay Ingram, has warned
Posted: 06/12/18
A new guide on patient capital and other illiquid investments for trustees has today been launched by the Pensions and Lifetime Savings Association
Posted: 06/12/18
Spotlight on pensions tracing: making huge strides in a changing world
Alex Mitchell, Head of Tracing & Data Solutions at Capita, meets Francesca Fabrizi, Editor in Chief of Pensions Age to discuss recent trends in the pensions tracing space

MAC strategies in focus
Francesca Fabrizi meets Craig Scordellis, Head of Long-Only Multi-Asset Credit at CQS, to discuss what MAC strategies can offer pension schemes today