Latest News
-
DB inefficiencies push scheme overspending to £300m a year
-
Nigel Peaple to step down as PLSA director of policy and advocacy
-
'Significant' improvements made in average pension transfer times
-
Front-end dashboard rules must support feedback-based changes – DOC
-
Unnamed pension scheme completes £136.3m buy-in with Just Group
-
Industry research reveals 'mismatch' between DE&I policies and action
Archive News
The latest National Local Government Pension Scheme (LGPS) Procurement Framework for Integrated Service Providers (ISP) and Member Data Services has been launched
Posted: 2/5/24
The average overall pension transfer time "significantly" improved in the 12-month period since January 2023, falling by 12.2 per cent from 14 to 12.3 days, according to Origo’s Pension Transfer Index data
Posted: 2/5/24
Front-end pensions dashboard rules must support consumers’ requests for post-launch changes, the Dashboard Operators Coalition (DOC) has stated
Posted: 2/5/24
Although the majority of UK asset owners agree that diversity, equity and inclusion (DE&I) correlates directly with business performance, research from Pensions for Purpose has found a “surprising discrepancy”, with a marked lack of engagement in underlying portfolio companies
Posted: 2/5/24
The Pensions and Lifetime Savings Association (PLSA) has announced that director of policy and advocacy, Nigel Peaple, is stepping away from his current role to work on a part-time basis as the PLSA’s first chief policy counsel
Posted: 2/5/24
Defined benefit (DB) pension schemes are collectively spending up to £300m more than they need to each year due to inefficiencies and lack of automation, research from Spence Partners has revealed.
The research showed that inefficiencies often occur in DB schemes where scheme advisers interact and share data between each other, revealing that typical DB scheme systems are "fragmented" with data moving between as many as five different systems on average
The research showed that inefficiencies often occur in DB schemes where scheme advisers interact and share data between each other, revealing that typical DB scheme systems are "fragmented" with data moving between as many as five different systems on average
Posted: 2/5/24
The trustee of an unnamed pension scheme has agreed a £136.3m buy-in deal with Just Group, resolving the scheme’s liquidity issues
Posted: 2/5/24
Two-thirds (66 per cent) of pension professionals believe that pension policy has been dissatisfactory in the past six months, up from 61 per cent last year, according to the Pensions Management Institute (PMI) pulse survey
Posted: 1/5/24
Industry experts have raised questions over the government’s plans to make defined contribution (DC) pension funds disclose their level of investment in British Businesses, warning that this additional disclosure obligation will not drive the desired behaviours
Posted: 1/5/24
Shadow Pensions Minister, Gill Furniss, has resigned from the role after less than eight months in the position, according to reports
Posted: 1/5/24
Around 10 per cent of defined contribution (DC) pension savers’ money in the UK is invested in US tech giants, including Microsoft, Apple and Amazon, research from PensionBee has revealed
Posted: 1/5/24
The Pensions Scams Industry Group (PSIG) has published a consultation aimed at determining the future of the organisation
Posted: 1/5/24
The Pensions Dashboards Programme (PDP) has published the updated data standards for pensions dashboards, as the industry continues to prepare for connection to the dashboards ecosystem
Posted: 1/5/24
The Financial Conduct Authority (FCA) has introduced a modification to allow firms to connect to the pensions dashboards digital architecture before 31 October 2026, even where they are unable to provide 100 per cent of their relevant scheme members’ data
Posted: 1/5/24
Over two in five (41 per cent) self-employed people do not pay into a personal pension, research from CMC Invest has revealed
Posted: 1/5/24
British liability-driven investment (LDI) funds in Ireland and Luxembourg will need to be able to resist a rise in GBP yields of at least 300 basis points, under new restrictions from EU financial markets regulator, the European Securities and Markets Authority (ESMA)
Posted: 30/4/24
Trustees and sponsors of defined benefit (DB) schemes smaller than £250m are unlikely to run on for purely economic reasons, Hymans Robertson has said, after its analysis found the cost of running a small DB pension scheme is four times the cost of running a large scheme
Posted: 30/4/24
The prevalence of ‘mega deals’ and “dramatic” growth in small-scheme transactions drove the record-breaking year in the bulk annuity market in 2023, according to Aon
Posted: 30/4/24
UK bulk purchase annuity (BPA) firms will be stress tested on the use of funded reinsurance, Prudential Regulation Authority (PRA) head of division, London markets, Lisa Leaman, has confirmed
Posted: 30/4/24
Over three in five (62 per cent) retirees left the workforce before the state pension age of 66 years old, research by Just Group has found
Posted: 30/4/24
All fiduciary managers (FMs) in the pensions industry delivered positive returns in 2023, although there was a wide divergence in terms of their investment performance, according to research from XPS Pensions Group
Posted: 30/4/24
It is “entirely possible” for well-funded smaller schemes to complete both a buy-in and a full wind-up within two years with the right preperation, Cartwright director of administration, Julie Yates, has said
Posted: 30/4/24
Defined contribution (DC) master trust The People’s Pension (TPP) has raised the expectations on its investment mangers in its newly published responsible investment (RI) policy
Posted: 29/4/24
Almost two thirds (65 per cent) of pension professionals expect to increase their investment in UK infrastructure over the next 12 months, research from GLIL Infrastructure has found
Posted: 29/4/24
More than three quarters (79 per cent) of over 55s who have retired did so without the help of financial guidance or advice, preferring to opt for a 'do-it-yourself' approach to managing their finances, research from Canada Life has revealed
Posted: 29/4/24
Employers should consider changes to their defined contribution (DC) pension default arrangements that would result in new employees being enrolled at higher contribution levels, according to WTW
Posted: 29/4/24
The John Graham (Dromore) Limited Pension and Life Assurance Scheme has completed a £16m buy-in with Legal & General (L&G) Assurance Society, securing the benefits of 172 retirees and deferred members
Posted: 29/4/24
The aggregate funding level for the 87 funds in the Local Government Pension Scheme (LGPS) in England and Wales rose to 106 per cent in Q1 2024, after asset values hit a record high at nearly £400bn, Isio’s latest Low-Risk Funding Index has revealed
Posted: 29/4/24
The latest news in brief and mandates from the past seven days
Posted: 26/4/24
Local Government Pension Scheme (LGPS) funds will need to develop a “deep understanding” of impact and natural capital in order to keep up with future responsible investment (RI) regulatory milestones, Hymans Robertson has said
Posted: 26/4/24
Nearly three-quarters (71 per cent) of people who had a call with MoneyHelper on its Pension Guidance helpline felt more confident in spotting and managing potential financial scams, the Money and Pensions Service (Maps) has revealed
Posted: 26/4/24
Single pensioners require £277,500 more in their pension pot in order to secure a moderate standard of living in retirement, research from Standard Life has revealed
Posted: 26/4/24
HMRC repaid a total of £42m to people who overpaid tax when they flexibly accessed their pensions in Q1 2024, with a record £198m in overpaid pensions tax repaid in the 2023/24 tax year, the latest government Pension Schemes Newsletter has revealed
Posted: 26/4/24
Nearly eight in 10 (78 per cent) workers aged between 25 and 34 with a defined contribution (DC) pension are in favour of a pot for life system, a study by the Social Market Foundation (SMF), supported by Cushon, has revealed
Posted: 26/4/24
The Pensions Dashboards Programme (PDP) has confirmed that it plans to share the final data standards "soon", having already shared the standards with volunteer participants in March 2024
Posted: 26/4/24
The Pensions Regulator (TPR) has said that new defined benefit (DB) pension models must offer both clear benefits and proper protections, raising particular concerns over a possible new offering to pay DB pensions to defined contribution (DC) savers
Posted: 25/4/24
Clara Pensions has selected Broadstone as its third-party administrator, following an "extensive period of due diligence"
Posted: 25/4/24
The Work and Pensions Committee (WPC) has written to the Department for Work and Pensions (DWP) to raise concerns about the impact of state pension underpayments on divorcees, and whether the rules in place to help savers are working effectively
Posted: 25/4/24
Almost half (46 per cent) of UK adults with pensions have not considered who should inherit them, research from Canada Life has found
Posted: 25/4/24
European Pensions' annual Irish Pensions Awards is now open to entries for Irish pension funds and providers, with an entry deadline of 12 July 2024
Posted: 25/4/24
Defined benefit (DB) pension transfer activity stayed low in March, as volumes remained 50 per cent lower than this time last year, despite a “marginal increase” in activity over the past month, analysis from XPS Pensions Group has revealed
Posted: 25/4/24
Professional trustee market revenue increased by 16 per cent in 2023, marking the fourth consecutive year of double-digit growth, according to Isio’s 2024 Professional Independent Trustee Survey
Posted: 24/4/24
The Pensions Regulator (TPR) has urged defined benefit (DB) pension trustees and sponsors to reassess their long-term objectives, after its Annual Funding Statement showed that half of schemes have exceeded their estimated buyout funding levels
Posted: 24/4/24
Pension Insurance Corporation (PIC) has launched a streamlined service designed to support small pension schemes (with assets less than £100m) looking to complete buyout
Posted: 24/4/24
Increasing the minimum auto-enrolment (AE) contribution rate from 8 per cent to 12 per cent could boost total pension contributions by £10bn a year, according to a report by Phoenix Group and WPI Economics
Posted: 24/4/24
The Lexmark Pension Plan has secured a £46m buy-in with Canada Life, securing the benefits of all 177 scheme members, including 93 pensioners and 84 deferred members
Posted: 24/4/24
The parliamentary office of Frank Field has announced that the former Work and Pensions Committee (WPC) chair and Labour MP has died aged 81
Posted: 24/4/24
Buy-in and buyout volumes reached £28bn in the second half of 2023, marking a nearly 74 per cent increase on the £16bn of transactions recorded in the same period in 2022, analysis from Hymans Robertson has revealed
Posted: 23/4/24
Just over a third (35 per cent) of pension savers are confident in making basic retirement decisions, such as choosing how to access their pension when they reach retirement age, according to research from TPT Retirement Solutions
Posted: 23/4/24
Pension scheme trustees have been urged to ensure they understand the drivers of future mortality, after analysis from LCP identified "significant disruption" to mortality trends in the wake of the pandemic and the ongoing pressures on the healthcare system
Posted: 23/4/24
Pension schemes in the UK view ‘putting their capital to work swiftly’ as the biggest barrier to investing in renewable infrastructure, according to a survey from AlphaReal
Posted: 23/4/24
Defined benefit (DB) pension schemes' funding levels remained stable in Q1 2024, as the opening quarter for the year continued many of the same trends seen in 2023, analysis from Broadstone has revealed
Posted: 23/4/24
Just over one third (34 per cent) of savers want more control over their pension investments, with some suggesting that this power would even push them to put more money in their pot, research from DIY investment platform, TILLIT, has found
Posted: 23/4/24
Association of Consulting Actuaries (ACA) chair, Steven Taylor, looks at the challenge of building adequate levels of pension saving, and the need for cross-party consensus on key pension reforms
Posted: 22/4/24
Industry experts have stressed the importance of receiving expert advice on the “often complex” pension arrangements of divorcing parties, after research from the Institute and Faculty of Actuaries (IFoA) found that actuaries provide advice in less than one in 20 divorces
Posted:
Almost half (49 per cent) of defined contribution (DC) scheme members do not know what their pension scheme is invested in, according to research from Wealth at Work
Posted: 22/4/24
Work and Pensions Committee (WPC) chair, Stephen Timms, has written to Pensions Minister, Paul Maynard, to ask for more details about the Department for Work and Pensions' (DWP) plans to engage with industry on fiduciary duty issues
Posted: 22/4/24
The Society of Pension Professionals (SPP) has voiced its support for the Pension Protection Fund’s (PPF) proposed changes to s143 valuations for smaller schemes, but warned that care will be needed with their use
Posted: 22/4/24
The latest news in brief and mandates from the past seven days
Posted: 19/4/24
The government has been urged to give HMRC the power to disapply tax charges in cases where losses were due to dishonesty by a third party, as the Enough is Enough campaign took to the streets of London to raise awareness for victims of financial misconduct
Posted: 19/4/24
Up to 2,300 defined benefit (DB) pension schemes could benefit from the additional choice a new public sector consolidator (PSC) would provide, the Pension Protection Fund (PPF) has said, estimating that a new PSC could also ‘unlock’ around £10bn for UK productive finance
Posted: 19/4/24
There is a “stark divide” in the level of pension saving amid cost-of-living pressures, with research from MRM revealing that less than half (45 per cent) of savers claim to have a pension, while one in five (21 per cent) have no savings or investments at all
Posted: 19/4/24
The government has been urged to consider a ‘magnetic pensions’ model to address the small pots issue, after analysis from LCP suggested that over two million new pension pots are ‘left behind’ each year as people change jobs and start a new pension
Posted: 19/4/24
Pension scheme trustees have “no excuses” for not knowing what is expected of them following the publication of The Pensions Regulator’s (TPR) General Code, TPR director of regulatory policy, analysis and advice, Louise Davey, has said
Posted: 19/4/24
The permanent structure of The Pensions Regulator’s (TPR) organisational changes as part of its ‘strategic shift’ are expected to be in place by October, TPR director of regulatory policy, analysis and advice, Louise Davey has revealed
Posted: 19/4/24
The Department for Work and Pensions (DWP) is still working through responses to its call for evidence on a potential lifetime pension provider model and needs to “dig deep” into the concerns raised by the industry
Posted: 19/4/24
The government is committed to consulting on increasing minimum auto-enrolment (AE) pension contributions during the “mid to later part of this decade”, Pensions Minister, Paul Maynard, has stated
Posted: 19/4/24
Pensions Minister, Paul Maynard, has revealed that the government is not planning to introduce mandatory accreditation for pension scheme trustees for the foreseeable future
Posted: 19/4/24
Increasing scale in the pensions industry should be the priority before enacting investment reforms, such as the Mansion House Compact, People’s Partnership CIO, Dan Mikulskis, has stated
Posted: 19/4/24
Inflation in March fell to 3.2 per cent following the drop to 3.4 per cent in February, the lowest it has been since 2021, the Office for National Statistics (ONS) has revealed
Posted: 18/4/24
Industry experts have broadly welcomed the government's plans to give defined benefit (DB) pension schemes more flexibility to access surpluses, although proposals to establish a public sector consolidator (PSC) have received a more divided reception
Posted: 18/4/24
Pensions Policy Institute (PPI) policy researcher, Shantel Okello, discusses the potential benefits, and risks, a lifetime provider model in the UK could bring
Posted: 18/4/24
The government should support lower earners to boost pension savings throughout working life and steer more people to taking their private pensions at or near the state pension age, a report from the Fabian Society has suggested
Posted: 18/4/23
The Pension Protection Fund (PPF) has updated its sustainability strategy key performance indicators (KPIs) for 2024/25, confirming that it will publish the reductions achieved in its environmental footprint by 31 March 2025
Posted: 18/4/24
Less than four in 10 (39 per cent) pension professionals have a project plan in place for pensions dashboards, despite the government's expectation for larger schemes to connect to the pensions dashboard ecosystem by this time next year, a survey by LCP revealed
Posted: 17/4/24
Almost two thirds (62 per cent) of pension professionals said they either ‘very much’ or to ‘some degree’ believe environmental, social and governance (ESG) disclosures lead to better real-world outcomes, a poll from the Society of Pension Professionals (SPP) has found
Posted: 17/4/24
The Pensions Dashboards Programme (PDP) has appointed Iain Patterson as its new senior responsible owner, as it prepares to begin connecting the pensions industry to the dashboards ecosystem
Posted: 17/4/24
The British public’s trust in the pensions industry continued to improve in 2023, with Trafalgar House’s Trust & Confidence Index showing the ‘public trust score’ rose to 5.26 out of 10 during the year
Posted: 17/4/24
Almost £2bn of pension savings has been lost since 2019, with more than 43,000 claims having been received by the Financial Services Compensation Scheme (FSCS) since 2019, the majority (80 per cent) of which were made by men
Posted: 17/4/24
The aggregate surplus of FTSE 350 companies’ defined benefit (DB) pension schemes increased by £7bn to £66bn on an accounting basis in March, analysis by Mercer has shown
Posted: 17/4/24
Magistrates have adjourned a prosecution case against former company director, Lee Bartholomew, with a new hearing date fixed for 24 June 2024 at Brighton Magistrates Court
Posted: 17/4/24
Industry experts have reiterated the need for a "robust" at-retirement framework to support savers, after data from the Financial Conduct Authority (FCA) revealed that the total number of pension plans accessed for the first time in 2022/23 increased by 4.8 per cent to 739,535
Posted: 16/4/24
The Epson Telford Limited Pension & Life Assurance Scheme has completed a £50m full scheme buy-in with Pension Insurance Corporation (PIC), securing the benefits of 368 pensioners and 493 deferred members
Posted: 16/4/24
Defined benefit (DB) scheme sponsors and trustees are willing to work collaboratively on run on for surplus if the government’s proposal for surplus extraction is enacted, but disagree on the level of protection that should be introduced, a study from XPS Pensions Group has shown
Posted: 16/4/24
Over half (54 per cent) of Brits see the government’s pot for life proposals as a positive change to the UK pension system, although a “crisis of confidence” could be brewing, with 49 per cent nervous about making bad decisions, research from Barnett Waddingham has found
Posted: 16/4/24
The vast majority (95 per cent) of UK pension funds and insurers expect to increase their allocations to renewable energy assets over the next five years, research from AlphaReal has revealed
Posted: 16/4/24
Several pension investors with shares in Nestlé have backed a resolution calling on the food manufacturer to increase the number of healthy food options it offers
Posted: 15/4/24
Environmental, social and governance (ESG) initiatives may not be delivering meaningful change due to poor quality engagement, according to a paper from PGIM, which warned that 'engagement washing' is “poised to be the next term maligning” ESG initiatives
Posted: 15/4/24
The trustee of the Grant Thornton Pensions Fund has appointed Cardano as its new fiduciary manager, following a competitive tender process
Posted: 15/4/24
Industry experts have raised concerns over the extra work that The Pensions Regulator’s (TPR) statement of strategy proposals will require, questioning how useful this information will prove for the regulator, trustees, or members
Posted: 15/4/24
Accounting firm Grant Thornton has been fined for failing to comply with the Regulatory Framework for Auditing in its audit of an unnamed local authority pension fund in 2020/21
Posted: 15/4/24
WTW has announced plans to launch a private equity-focused Long-Term Asset Fund (LTAF), subject to approval from the Financial Conduct Authority (FCA), having already received commitments of over £450m in assets
Posted: 15/4/24
The latest news in brief and mandates from the past seven days
Posted: 12/4/24
Pension scheme trustees have been urged to use The Pensions Regulator's (TPR) feedback on recent climate-related disclosures as an “opportunity” to improve their climate-related actions
Posted: 12/4/24
The Department for Work and Pensions (DWP) has shared new guidance designed to help pension fund trustees and managers prepare an annualised version of the accrued pot value for pensions dashboards
Posted: 12/4/24
Retirees have £119,000 less than they hoped for in their pension savings, potentially impacting their retirement lifestyle, research from Standard Life has found
Posted: 12/4/24
Whilst industry experts have welcomed parts of the government's plan to "overhaul" the defined benefit (DB) pensions regime, concerns have been raised over the potential risks to members, as well as the broader insurance and superfund market
Posted: 12/4/24
The number of brands awarded with Star accreditation has grown by 16 per cent in the past year, with 37 brands awarded accreditations in its latest update
Posted: 11/4/24
Lucite International UK Pension Fund has completed a £130m buy-in with Just Group, securing the benefits of 438 uninsured members, including 156 pensioners and dependants and 282 deferred members
Posted: 11/4/24
The Society of Pension Professionals (SPP) has called on The Pensions Regulator (TPR) to lighten the burden of the proposals in its Statement of Strategy consultation
Posted: 11/4/24
Pension trustees are acting to address climate risks and opportunities, with more than 60 per cent of pension schemes included in The Pensions Regulator’s (TPR) latest review having some form of net-zero goal with a target date of 2050 or earlier
Posted: 11/4/24
Broadstone has acquired credit risk and data analytics consultancy Vestigo Partners Limited in an effort to boost its credit risk and analytics capabilities
Posted: 11/4/24
Defined benefit (DB) pension schemes have the opportunity to generate a surplus of up to £1.2trn over the next 10 years, according to research from Van Lanschot Kempen (VLK)
Posted: 11/4/24
Former company director, Nicholas Marks, has denied allegations he defrauded his workers’ pensions, pleading not guilty at Westminster Magistrates’ Court yesterday (10 April)
Posted: 11/4/24
Aviva has launched a streamlined bulk purchase annuity (BPA) service designed specifically to support market access for smaller schemes, typically with assets of less than £100m
Posted: 10/4/024
Current auto-enrolment contribution levels would see the average person retire with around £22,800 a year after tax if trends continue, just over half (53 per cent) of what is needed to live comfortably in retirement, research from finder.com has found
Posted: 10/4/24
The Transition Plan Taskforce (TPT) has shared its final set of transition plan resources to help businesses unlock finance for net zero
Posted: 10/4/24
More than one in 10 (11 per cent) savers in Generation X (those born between 1965-1980) are paying more than the new state pension amount to care for family and friends, according to research from Just Group
Posted: 10/4/24
Whilst many are struggling to meet their financial commitments due to the cost-of-living crisis, and are spending and saving less to make ends meet, very few have stopped or reduced their pension contributions, data from the Financial Conduct Authority (FCA) has revealed
Posted: 10/4/24
Despite a small increase in Q4 2023, defined benefit (DB) transfer redress fell to a record low in Q1 2024, according to OAC’s DB Redress Tracker, with redress for a typical complainant falling to £12,000
Posted: 10/4/24
The government’s plans for the Pension Protection Fund (PPF) to act as a public consolidator have prompted a number of concerns, with XPS Pensions Group arguing that the PPF's role should instead be extended to help schemes with insolvent sponsors to reach buyout
Posted: 9/4/24
Zedra has launched a new escrow solution designed for those defined benefit (DB) pension schemes targeting a bulk purchase annuity and with concerns about possible overfunding
Posted: 9/4/24
Brits felt more positive than negative about their retirement prospects for the first time in six months in March, although expectations for the state pension are waning amongst younger savers, PensionBee’s latest Pension Confidence Index has found
Posted: 9/4/24
Upping investment or pension contributions in line with inflation can increase the size of saving pots by up to £124,000 over 40 years, research from Interactive Investor has found
Posted: 9/4/24
Brightwell, the primary service provider to the BT Pension Scheme (BTPS), has launched a full self-serve online retirement journey for BTPS members, in what is thought to be an industry first for a defined benefit (DB) pension scheme
Posted: 9/4/24
The aggregate surplus of defined benefit (DB) pension schemes increased from £442.3bn at the end of February 2024 to £455.5bn at the end of March 2024, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 9/4/24
Institutional investors rank second only to banks as the primary source of funding for micro, small and medium-sized enterprises (MSMEs), according to a new survey by Tradeteq
Posted: 8/4/24
Aviva, through its in-house capital unit Aviva Capital Partners, has partnered with Rock Rail and the UK Infrastructure Bank to provide a new funding platform for zero emission bus financier ‘Rock Road’
Posted: 8/4/24
The majority (56 per cent) of high-net worth individuals (HNWI) are not maximising the extra £20,000 pension annual allowance available to them following recent increases, research from Saltus Wealth has revealed
Posted: 8/4/24
Rothesay Life generated adjusted operating profits of £1.4bn in 2023, the group has reported in its latest trading update
Posted: 8/4/24
The Epson (UK) Limited Pension Scheme has completed a £60m buy-in with Just Group, securing the benefits of 113 pensioners and 289 deferred members
Posted: 8/4/24
The government has been urged to ban pension switching incentives, after research from People’s Partnership and the Behavioural Insights Team (BIT) found that cash incentive offers make savers more likely to ignore the fine print and switch their pension to a worse option
Posted: 8/4/24
The government should establish a new lifetime savings commission to help with the complex pension issues facing millions across the UK, Scottish Widows has said
Posted: 5/4/24
HMRC has suggested that some members may wish to delay transferring their pension or taking benefits until amending legislation on the abolition of the lifetime allowance (LTA) is effective, prompting further concern from industry experts
Posted: 5/4/24
With the state pension due to increase by 8.5 per cent this month, industry experts have urged the government to consider giving more choice around the state pension age and better education on the state pension
Posted: 5/4/24
The latest news in brief and mandates from the past seven days
Posted: 5/4/24
UK defined benefit (DB) pension scheme trustees and sponsors have been urged to ensure they understand the full range of options available to “lock-in” recent funding improvements, after PwC’s analysis revealed that DB scheme funding remained “very strong” in March
Posted: 5/4/24
Nest has announced the appointment of Ian Cornelius as its interim CEO, effective from 1 May 2024, following a short handover period from outgoing CEO, Helen Dean
Posted: 4/4/24
Nearly half (47 per cent) of Gen Z plan to move to part-time work as they approach retirement, while nearly a quarter (22 per cent) think they’ll move to be self-employed or set up their own business, research from Standard Life has revealed
Posted: 4/4/24
The expected future living standard in retirement provided by defined contribution (DC) pensions fell “significantly” over the past quarter, following an increase in the expected cost-of-living in retirement, Aon’s UK DC Pension Tracker has revealed
Posted: 4/4/24
The government should ensure that the collective defined contribution (CDC) design framework is able to embrace a range of innovative and diverse options, Hymans Robertson has said
Posted: 4/4/24
Nearly half (49 per cent) of Brits say they are worried about their pension and retirement income due to recent political instability, research from the Get Britain Pension Ready campaign has revealed
Posted: 4/4/24
The aggregate surplus of the UK’s defined benefit (DB) pension schemes remained at near-record levels in March, falling slightly from £154bn to £151bn, analysis from XPS Pensions Group has revealed
Posted: 4/4/24
Investment scams have cost victims more than £2.6bn since the start of 2020, a freedom of information request from the Pensions Management Institute (PMI) has revealed
Posted: 3/4/24
The gap between the poorest and richest single pensioners has increased "considerably" over the past decade, analysis by Broadstone has found
Posted: 3/4/24
Whilst the majority (80 per cent) of savers think they should have the opportunity to choose which pension scheme their contributions are paid into, half (50 per cent) are concerned about knowing this responsibility rests with them, research from Fidelity International has found
Posted: 3/4/24
The trustee of the Riverstone Management Pension and Life Assurance Plan has completed a £95m full buy-in with Standard Life, securing the benefits of all 388 members in the scheme
Posted: 3/4/24
An unnamed motor industry pension scheme has completed a £19m full scheme buy-in with an unnamed insurer, covering the benefits of 52 pensioners and 17 deferred members
Posted: 3/4/24
Defined benefit (DB) pension scheme funding levels remained “robust” at the end of the first quarter of 2024, according to research from LCP, with continued surpluses generating an increased appetite to run-on
Posted: 3/4/24
The Energizer UK Pension Plan has completed a £44m full buy-in deal with Just Group, securing the benefits of all scheme members, including 409 pensioners and 358 deferred members
Posted: 3/4/24
The government’s plans to introduce a lifetime provider model could “fundamentally” change the role of the employer and have a negative impact on outcomes for savers, research from WPI Economics, commissioned by the Association of British Insurers (ABI), has suggested
Posted: 2/4/24
Industry experts have warned that changes to the state pension could be a “double-edged sword” for some pensioners, with concerns that some could be pushed into a tax-paying bracket for the first time, or end up paying more in tax
Posted: 2/4/24
More than half (61 per cent) of savers, representing around 19.4 million UK pension holders, believe that voting against the re-election of directors is an effective way to communicate dissatisfaction to companies, research from PensionBee has revealed
Posted: 2/4/24
Nearly three quarters (73 per cent) of pension professionals think changes are needed for the Department of Work and Pensions (DWP) to deliver on its aim for defined benefit (DB) schemes to invest for surplus, a poll from LCP has found
Posted: 2/4/24
De Beers UK Pension Scheme has completed an £870m full buy-in with Pension Insurance Corporation (PIC), securing the pensions of 1,464 current pensioners and 473 deferred members
Posted: 2/4/24
The Pensions Regulator (TPR) has committed to reducing its operational emissions in relation to gas, electricity, business travel, water and waste by at least 90 per cent by 2030, as part of its new secondary goal to reach net zero by 2050 for all emissions
Posted: 2/4/24
The Financial Conduct Authority (FCA) has launched a further consultation on the regulatory framework for pensions dashboard service firms
Posted: 28/3/24
PIC’s investment portfolio rose to £46.8bn in 2023, up from £41.2bn a year earlier, its latest financial results have shown
Posted: 28/3/24
Two in three de-risking employee benefit consultants (EBC) have had illiquid assets delay de-risking transactions for some of their clients, according to research from Standard Life
Posted: 28/3/24
The Pensions Regulator (TPR) has emphasised the importance of transparency when discussing pay gaps and equality, diversity and inclusion (EDI) issues, arguing that this is a ‘small but important’ part of making workplace pensions work for all savers
Posted: 28/8/24
The Pensions Regulator (TPR) has announced a number of interim leadership changes, appointing Neil Bull as interim director of market oversight, Nina Blackett as interim director of strategy, policy and analysis, and Mel Charles as interim director of regulatory compliance
Posted: 28/9/24
The Pensions Regulator has acknowledged that a “concerted effort” is required to address its ethnicity and sexual orientation pay gaps, despite positive progress in some areas
Posted: 28/3/24
More than two fifths (42 per cent) of people earning under £100,000 have said they do not find it ‘easy’ to interact with their provider, compared to only 15 per cent of those earning £100,000 or more, research from Moneyhub has found
Posted: 28/8/24
Defined benefit (DB) pension scheme sponsors could save “millions” by updating their longevity assumptions to one of the more recent Continuous Mortality Investigation (CMI) models, analysis from Aon has suggested
Posted: 28/3/24
Enforcement action from The Pension Regulator has seen £3.5m paid into a defined benefit (DB) pension scheme, after restructuring activity and debt write-offs put assets beyond the reach of the scheme when its sponsoring employer went into administration
Posted: 28/3/24
The Bank of England (BofE) has welcomed progress in improving the level of resilience in liability-driven investment (LDI) funds, while its Systemic Risk Survey has revealed improved confidence in the stability of the UK financial system
Posted: 27/3/24
TPT Retirement Solutions has launched a new Global Infrastructure Fund for defined contribution (DC) members to manage their retirement assets
Posted: 27/3/24
The Standard Group UK Pension Scheme has completed a £26m buyout with Just Group, with surplus assets distributed to the sponsor and membership following the deal
Posted: 27/3/24
The UK pension risk transfer market completed a “staggering” £49.1bn of buy-ins and buyouts in 2023, breaking the previous £43.8bn set in 2019, analysis from LCP has revealed
Posted: 27/3/24
Defined benefit (DB) transfer activity fell to the lowest level in over six years in February, with XPS's Transfer Activity Index revealing an annualised rate of 15 in every 1,000 members transferring their benefits to alternative arrangements
Posted: 27/3/24
Two thirds (66 per cent) of UK pension savers, equivalent to 21 million individuals, are in favour of Nestlé adopting internationally recognised standards for defining healthy food, research from PensionBee has revealed
Posted:
The Pensions Regulator’s (TPR) new General Code of Practice officially comes into force today (27 March), in what is expected to mark a "significant moment" for UK pension schemes
Posted: 27/3/24
The Robertson Research Group Pension Scheme has completed a £45m full scheme buy-in with Aviva, securing the benefits of 217 pensioners and 232 deferred members
Posted: 27/3/24
Employers and trustees have been urged to ‘do their homework’ before selecting a master trust, after research from LCP revealed a nearly 10 per cent difference between best and worst performing trusts in 2023
Posted: 26/3/24
The government needs time to properly consider the Parliamentary and Health Service Ombudsman's (PHSO) report on how changes to the women's state pension age (SPA) were communicated, Secretary of State for Work and Pensions, Mel Stride, has said
Posted: 26/3/24
Industry organisations have welcomed the government’s pension dashboards timeline guidance, despite concerns that the deadline could create friction, and place increased pressure on already strained resources across the industry
Posted: 26/3/24
The trustee of the 2013 Next Group Pension Plan has completed a £510m full scheme buy-in deal with Pension Insurance Cooperation (PIC), fully insuring the pension liabilities of over 3,600 pensioners and deferred policyholders
Posted: 26/3/24
Bolt has partnered with Aviva to launch a pension scheme for all its registered private hire vehicle drivers covering all trips by removing the auto-enrolment qualifying earnings criteria, in what has been branded an "industry first" among UK-ride-hailing platforms
Posted: 26/3/24
MPs have argued that changes to proposed regulation and improvements in governance standards are needed “urgently” to ensure private sector defined benefit (DB) schemes remain an active part of the pensions landscape and work in members' best interests
Posted: 26/3/24
The government has been urged to adopt a "bold but sensible" pension reform agenda, after industry research revealed high levels of public concern over insecurity in retirement caused by climate change and inadequate pension savings
Posted: 26/3/24
The Department for Work and Pensions (DWP) has published new pensions dashboards guidance, confirming that larger pension schemes will be expected to have completed connection by the end of April 2025
Posted: 25/3/24
Just under two fifths (39 per cent) of savers are on track for a moderate retirement income, although some savers, particularly higher earners and homeowners, are doing better than average, according to Hargreaves Lansdown’s latest savings and resilience barometer
Posted: 25/3/24
The pensions industry and policy makers should be mindful of savers' preference for simple choices and low risk pensions when thinking about how to improve the UK’s approach to pensions, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 25/3/24
The Pension Protection Fund (PPF) has launched a consultation on plans to use a bespoke discount rate in s143 valuations for smaller schemes, in a move that aims to provide additional flexibility and better reflect buyout pricing for smaller schemes
Posted: 25/3/24
Defined contribution (DC) schemes are becoming more comfortable investing in private markets, with 42 per cent of large DC schemes and master trusts having already made an allocation in this area, according to research from the DC Investment Forum (DCIF)
Posted: 25/3/24
Chancellor, Jeremy Hunt, has confirmed that the Conservatives will maintain the state pension triple lock if re-elected
Posted: 25/3/24
Just under half (49 per cent) of FTSE 350 companies are fully compliant with the UK’s Corporate Governance Code, with pension contributions being the most common area of non-compliance, according to research from Thomson Reuters Practical Law
Posted: 25/3/24
Over half (53 per cent) of large defined benefit (DB) pension schemes are planning to implement a buy-in or buyout, according to research by Legal & General (L&G), in partnership with the Centre of Economics and Business Research (CEBR)
Posted: 25/3/24
Four potential operators of pensions dashboards have partnered on the launch of a new Dashboard Operators Coalition (DOC), which will aim to help the government deliver pensions dashboards to consumers as early as possible
Posted: 25/3/24
The Pensions Dashboards Programme (PDP) has appointed eight new members to its advisory group, which provides insight to help shape the delivery of pensions dashboards
Posted: 22/3/24
The Bank of England (BoE) has opted to maintain its base rate at 5.25 per cent, marking the fifth time in a row that the the Monetary Policy Committee (MPC) chose to held interest rates
Posted: 22/3/24
Aon has launched an enhanced responsible investment solution, RI-360i, which aims to provide institutional investors with better insights into their portfolios and enable them to make better decisions
Posted: 22/3/24
The latest news in brief and mandates from the past seven days
Posted: 22/3/24
Half (50 per cent) of defined benefit (DB) pension schemes are expected to move to a corporate sole trustee model by 2028, research from Hymans Robertson has found
Posted: 22/3/24
Pensioners’ average weekly incomes have continued to increase from historic levels, although disparities persist amongst certain pensioner groups, the latest data from the Department for Work and Pensions (DWP) has revealed
Posted: 21/3/24
The Pension Protection Fund (PPF) has said that it will need to adapt its approach to achieve greater ethnic minority representation amongst senior managers, after its latest Diversity Pay Gap Report revealed that its median ethnicity pay gap has increased
Posted: 21/3/24
The Pensions Regulator (TPR) has argued that challenge and disclosure must become the “norm” if savers are to get value for money (VFM) from their pensions, confirming that it will increasingly use VFM disclosures to "constructively challenge" pension trustees
Posted: 21/3/24
Single mothers earn 53 per cent less than the ‘average’ man and 37 per cent less than the ‘average’ woman, "significantly" impacting their ability to save enough into their pension pot, research from Now Pensions and the Pensions Policy Institute (PPI) has revealed
Posted: 21/3/24
M&G has agreed its third bulk purchase annuity (BPA) deal since re-entering the market in 2023, signing a £309m premium on 15 March 2024
Posted: 21/3/24
The Department for Work and Pensions (DWP) had repaid £571.6m to individuals impacted by historical state pension underpayments as of 29 February 2024, having identified 97,016 underpayments
Posted: 21/3/24
“Thousands” of women may have been affected by the Department for Work and Pensions’ (DWP) failure to adequately inform them that the state pension age (SPA) had changed, an investigation by the Parliamentary and Health Service Ombudsman (PHSO) has found
Posted: 21/3/24
The Pensions Ombudsman (TPO) has had to pause 14 ongoing scam cases due to a shortage of resources, pensions ombudsman, Dominic Harris, has revealed, suggesting that a change in the way TPO is funded could be needed to help address customer wait times
Posted: 20/3/24
The Financial Conduct Authority (FCA) has written to financial advice firms asking them to review their processes when providing retirement income support, after its thematic review revealed a “mixed picture” in the retirement income advice offered
Posted: 20/3/24
The UK's Norfolk Pension Fund has secured a £380m (USD 490m) recovery in a class action case against technology giant Apple
Posted: 20/3/24
Aviva Investors has converted its Climate Transition Real Asset Fund (CTRAF) to a Long-Term Asset Fund (LTAF) structure
Posted: 20/3/24
The Office for National Statistics (ONS) has confirmed that the Consumer Prices Index (CPI) rose by 3.4 per cent in the 12 months to February 2024, down from 4 per cent in January, marking a new two-year low
Posted: 20/3/24
Despite the success of pension freedoms, the industry has warned that there are still challenges in the form of lack of guidance and taxation, with research showing that 25 per cent of savers are unsure they understand the options and rules surrounding them
Posted: 19/3/24
The Financial Conduct Authority (FCA) has outlined its programme of work for the final year of its three-year strategy to achieve better outcomes for consumers and markets, including plans to continue its work on the Advice/Guidance Boundary Review
Posted: 19/3/24
The HSBC Bank (UK) Pension Scheme has announced plans to incorporate private markets into its defined contribution (DC) default investment strategies, partnering with Fulcrum Asset Management to create a multi-asset private markets Long-Term Asset Fund (LTAF)
Posted: 19/3/24
Around one in 10 workers believe they could have lost a pension pot worth more than £10,000, with more than £50bn "at risk of being left behind", analysis by the Centre for Economics and Business Research (CEBR), on behalf of PensionBee, has found
Posted: 19/3/24
Almost three quarters (74 per cent) of 18–34-year-olds have maintained their pension contributions despite the rising cost of living, according to a survey by Brown Shipley
Posted: 19/3/24
Defined benefit (DB) pension funding improvements are expected to prompt a renewed focus on endgame planning in the charity space, Spence & Partners has said, with research suggesting that running on schemes to access a surplus may now be more viable
Posted: 19/3/24
Pension scheme boards are lacking diversity despite a desire to improve, research from The Pensions Regulator (TPR) has suggested, revealing that the ‘typical trustee’ is a white man who is over 45
Posted: 19/3/24
A fifth (20 per cent) of over 50s rely or intend to rely on a defined benefit (DB) pension providing almost half (44 per cent) of their retirement income, despite evidence that access to DB pensions will drop off in future, research from Standard Life has found
Posted: 18/3/24
Bulk annuity insurers have continued to "up their game" on responsible investment practices and climate risk management, according to LCP’s third responsible investment review
Posted: 18/3/24
The government has published new regulations to address errors and omissions around the removal of the lifetime allowance (LTA) in the Finance Act 2024, although industry experts have warned that it is not yet "job done"
Posted: 18/3/24
Pension funds have a role to play in contributing to sustainable development, local economic resilience and improving transport and other types of infrastructure, the London Pensions Fund Authority (LPFA) has said
Posted: 18/3/24
A debt crisis in the UK could see well-funded UK defined benefit (DB) pension scheme funding levels fall by 7 per cent and deficits increasing by millions, analysis from Van Lanschot Kempen has found
Posted: 18/3/24
The government should be proactive in helping pensioners in poverty, the Centre for Ageing Better has said, amid concerns that the Spring Budget will increase the "already significant" levels of poverty amongst older people in the UK
Posted: 15/3/24
A quarter (25 per cent) of advisers would prioritise reforms that lessen tax burden on clients saving for retirement as a key focus for an upcoming government, research by NextWealth, sponsored by Aegon, has revealed
Posted: 15/3/24
Defined benefit (DB) pension transfer take-up rates stood at 4 per cent in Q2 2023, LCP’s latest quarterly analysis has shown, the second lowest level since the analysis was introduced 10 years ago
Posted: 15/3/24
Collective defined contribution (CDC) and the pension pot for life would need a "clear delivery roadmap stretching over a decade", Financial Conduct Authority (FCA) chief executive, Nikhil Rathi, has said, stressing the need for the industry to "act today to plan for tomorrow"
Posted: 15/3/24
The Transport for London (TfL) Pension Fund has signed an agreement with DIF Capital Partners, through DIF Infrastructure IV, to purchase an onshore wind farm in the UK
Posted: 15/3/24
The latest news in brief and mandates from the past seven days
Posted: 15/3/24
Almost half (44 per cent) of British people believe they will retire by their current retirement age, despite many not having a clear financial plan in place, according to research by SmartSave
Posted: 15/3/24
Three quarters (75 per cent) of defined contribution (DC) pension savers aged 55 or over want to receive their pension income automatically when they reach retirement, research from Hymans Robertson has found
Posted: 14/3/24
Shadow Work and Pensions Secretary, Liz Kendall, has said that Labour will have a "relentless focus" on championing decent pensions for all, and is "determined once again to be the pensioners party"
Posted: 14/3/24
The aggregate funding level of FTSE 350 companies’ defined benefit (DB) pension schemes fell by 1 percentage point to 110 per cent in February, data from Mercer has revealed
Posted: 14/3/24
The Pensions Regulator (TPR) has shared the early findings from its pilot initiative on value for member requirements, revealing that a number of schemes have opted to wind up as a result of the regulator's action
Posted: 14/3/24
The Pensions Ombudsman (TPO) has said that it is doing “everything it can” to try and address concerns over customer waiting times and tackle increasing demand, admitting that the current level of funding received is not ideal
Posted: 14/3/24
The co-founders of The Pension SuperFund (PSF), Edi Truell and Luke Webster, have launched Pension SuperHaven, an occupational pension scheme
Posted: 14/3/24
The pension scheme for an unnamed engineering and construction company has agreed a £37m buyout with Just Group, securing the retirement benefits of 34 pensioners and 132 deferred members
Posted: 14/3/24
The trustees of the Debenhams Retirement Scheme have agreed a £600m bulk transfer to Clara, marking the UK’s second ever superfund transaction, and the first deal from a scheme that has been through the Pension Protection Fund (PPF) assessment
Posted: 14/3/24
Public and Commercial Services (PCS) union members have called off their strike action at The Pensions Regulator (TPR) and returned to work
Posted: 14/3/24
HMRC’s application of rules in pursuing tax charges from pension scheme members that have been affected by pension liberation scams is “inconsistent and quite unfair”, the Work and Pensions Committee (WPC) has heard
Posted: 14/3/24
Clara Pensions’ pipeline of deals has “more than doubled” to £10-15bn since the announcement of its first transaction, its CEO, Simon True, has revealed
Posted: 13/3/24
The Pensions Regulator has said that it intends to be “more proactive and assertive” in its work, emphasising that “pensions are changing and the era of consolidation is here”
Posted: 13/3/24
Almost £1trn of UK pension scheme liabilities will have been covered by insurers through bulk purchase annuity (BPA) deals by the early 2030s, with £50bn a year becoming the new normal, Hymans Robertson has predicted
Posted: 13/3/24
Around one in seven (14 per cent) retired people aged over 55 have returned to work due to their pension not being sufficient to fund retirement, research from Standard Life has found
Posted: 13/3/24
The trustee of the Ockham Pension Scheme has completed a £110m buy-in with Just Group, securing the benefits of around 700 members in the scheme
Posted: 13/3/24
Rothesay has agreed to acquire Scottish Widows’ in-force bulk annuity portfolio of around £6bn from Lloyds Banking Group
Posted: 13/3/24
Around £100bn from defined benefit (DB) pension scheme surpluses could be returned to scheme sponsors and members over the next 10 years, according to analysis from Isio
Posted: 12/3/24
The aggregate surplus of defined benefit (DB) pension schemes rose to £442.3bn at the end of February 2024, up from £425.4bn at the end of January, the latest Pension Protection Fund (PPF) 7800 Index has revealed
Posted: 12/3/24
The average time to buyout for FTSE 350 companies’ defined benefit (DB) pension schemes fell from 5.7 years at the end of 2023 to 5.1 years at the end of February 2024, analysis from Barnett Waddingham has found
Posted: 12/3/24
The total volume of defined benefit (DB) pension scheme buy-ins and buyouts hit an all-time high in 2023, with both the number and value of transactions secured the highest ever recorded, Hymans Robertson has revealed
Posted: 12/3/24
HMRC has published a policy paper confirming that the authorised surplus payment charge will be reduced from 35 per cent to 25 per cent from 6 April 2024
Posted: 12/3/24
Nearly eight in 10 (79 per cent) people aged between 18 and 34 in Britain would like help in understanding how much they need to save now to achieve a comfortable lifestyle in retirement, according to research by EV in conjunction with Opinium
Posted: 12/3/24
Royal London has announced plans to enter the UK bulk annuity market, after completing its first buy-in deal with the trustees of the Royal Liver UK pension scheme in November 2023
Posted: 11/3/24
Due to overwhelming demand, the deadline for entering the European Pensions Awards has been extended to 29 March 2024
Posted: 11/3/24
The Financial Conduct Authority (FCA) has fined Inspirational Financial Management (IFM) £897,840, after it found that the firm poorly advised members to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS)
Posted: 11/3/24
The Financial Reporting Council (FRC) is undertaking a review of the UK Stewardship Code 2020 and expects to publish its revised code in early 2025
Posted: 11/3/24
Long-term renting could risk “ruining” retirement resilience, according to analysis from Hargreaves Lansdown, which found that just under a fifth (18 per cent) of renting households are on track for a moderate retirement, compared to 51 per cent of homeowning households
Posted: 11/3/24
Almost a quarter (23 per cent) of women aged between 22 and 29 would be frustrated if they could not retire by the time they reached 60, research from Scottish Widows has found
Posted: 11/3/24
The Pensions Management Institute (PMI) and Schroders have partnered on the launch a new Lifetime Savings Initiative (LSI), which aims to identify, understand and propose solutions to the "fundamental challenges" savers face when managing their money
Posted: 11/3/24
Pensions Minister, Paul Maynard, has announced plans to engage with key stakeholders "this spring" on the government’s plans to improve trusteeship, while mandatory accreditation will be considered “as part of [its] wider trustee work”
Posted: 8/3/24
Universities Superannuation Scheme (USS) has committed a further £100m of equity to Thriving Investments’ private rented sector (PRS) strategy, Picture Living
Posted: 8/3/24
Those relying on the UK state pension could be at risk of being “left behind” in the cost-of-living crisis, according to research from Almond Financial, which found that, despite recent increases, many pensioners are “barely breaking even”
Posted: 8/3/24
The latest news in brief and mandates from the past seven days
Posted: 8/3/24
Pensions Age editor, Laura Blows stresses the need for action this International Women's Day, given the dangers that women sadly still face in society, arguing that the pensions industry has a vital role to play in improving women's prospects through financial education
Posted: 8/3/24
The London Pensions Fund Authority (LPFA) has published an update on the net zero progress made since the fund launched its Investor Climate Action Plan in 2022, revealing a 75 per cent reduction in listed equity carbon emissions intensity
Posted: 8/3/24
Fully hedged defined benefit (DB) pension scheme funding levels fell in February, while half-hedged schemes stayed almost constant, according to the Broadstone Sirius Index analysis
Posted: 7/3/24
Industry experts have expressed frustration over the news that the government will continue to explore a lifetime provider model, while auto-enrolment (AE) reforms have been “kicked into the long grass”
Posted: 7/3/24
The Pensions Age Northern Conference 2024 is now open for registration, offering pension funds and those working in the industry the opportunity to learn and network alongside their peers
Posted: 7/3/24
The Department for Work and Pensions’ (DWP) Taskforce on Social Factors has launched a new guide to help pension schemes trustees better understand and assess social factors in their investment decisions and stewardship
Posted: 7/3/24
Government proposals for the Local Government Pension Scheme (LGPS) to disclose their asset allocations and potentially bring in stricter requirements if this does not lead to increased investment in UK equities could create “a challenge” to fiduciary duty, according to Hymans Robertson head of LGPS investment, Iain Campbell
Posted: 7/3/24
Three defined benefit (DB) pension schemes previously sponsored by Thomas Cook Group have completed full-scheme buy-ins with Pension Insurance Corporation (PIC) for a total of £50m
Posted: 7/3/24
The Treasury has announced that Schroders and Intermediate Capital Group (ICG), supported by pensions capital from Phoenix Group, were the winners of its Long-term Investment for Technology and Science (LIFTS) competition
Posted: 7/3/24
Premier Foods has announced that it reached an agreement with the RHM Pension Scheme Trustee to suspend deficit contribution payments from 1 April 2024
Posted: 6/3/24
Chancellor, Jeremy Hunt, has provided further updates on a number of pension reforms and initiatives as part of his 2024 Spring Budget, confirming that he will continue to explore the potential for a pot for life model and work to encourage greater investment in the UK
Posted: 6/3/24
Chancellor, Jeremy Hunt, has confirmed that he will continue to "explore" plans for a lifetime provider pension model as part of his 2024 Spring Budget, despite industry concerns surrounding the proposals
Posted: 6/3/24
Annuity comparison quotes hit the highest level in a decade in 2023, according to data from iPipeline
Posted: 6/3/24
Industry experts have welcomed The Pensions Regulator’s (TPR) consultation on meeting requirements for submitting a statement of strategy, but some have raised concerns about the level of compliance burden it could put on trustees
Posted: 6/3/24
DB schemes’ investment strategies are transitioning from ‘liability-driven investment (LDI) plus growth’ asset allocations to “something that is more credit heavy”, according to Legal & General Investment Management head of endgame solutions, Mathew Webb
Posted: 6/3/24
Industry experts have welcomed The Pensions Regulator’s (TPR) consultation on meeting requirements for submitting a statement of strategy, but some have raised concerns about the level of compliance burden it could put on trustees
Posted: 6/3/24
The Work and Pensions Committee (WPC) has asked The Pensions Regulator (TPR) whether it is taking any action following reports that members of the West Midlands Pension Fund (WMPF) have experienced “significant delays” as a result of the fund's transition to a new administrator
Posted: 6/3/24
Three quarters (75 per cent) of savers would consider opting for the government-proposed pot for life pension, a report by PensionBee has revealed
Posted: 5/3/24
The People’s Pension (TPP) has moved £15bn of its assets under management into climate-aware investment strategies, in what it says was the largest single move of its kind by a UK master trust, it has revealed
Posted: 5/3/24
Australia’s biggest pension fund, AustralianSuper, has announced plans to invest a further £8bn in the UK, bringing its total investment in the UK to over £18bn by the end of the decade, in a move that is expected to “unleash billions in productive finance”
Posted: 5/3/24
Pensions industry experts expect that the government’s pot for life proposals will be confirmed in the upcoming Budget and have expressed their desire for auto-enrolment reform to be included
Posted: 5/3/24
A large number of defined benefit (DB) pension schemes are adopting a 'wait and see' approach to their endgame, according to research commissioned by Brightwell, which found that 41 per cent of DB schemes are undecided on their endgame
Posted: 5/3/24
The Pensions Regulator (TPR) has launched a consultation on proposals to help trustees of defined benefit (DB) pension schemes meet new requirements for submitting a statement of strategy
Posted: 5/3/24
The Pensions Regulator (TPR) has announced plans to boost its auto-enrolment (AE) employer compliance efforts, with its data showing that just over 11 million savers have been newly enrolled into a workplace pension since AE was introduced
Posted: 5/3/24
The Department for Work and Pensions (DWP) has decided to retain the current general levy structure and increase rates by 6.5 per cent for all schemes
Posted: 4/3/24
The Greenhous Group (2015) Retirement Benefits Scheme has completed a £19m full buy-in deal with Just Group
Posted: 4/3/24
Higher interest rates are driving pension schemes towards fixed income endgame solutions, with most set to continue moving towards lower-risk, lower-return seeking portfolios, analysis from the Pensions Management Institute (PMI) and Schroders Solutions has found
Posted: 4/3/24
The government's proposed defined contribution (DC) pension reforms are well-intentioned but risk having unintended consequences or being limited in their effect, industry experts have warned
Posted: 4/3/24
PensionBee has announced that it plans to expand its operations into the US defined contribution (DC) pensions market after it entered an exclusive, non-binding term sheet with a US-based global financial institution
Posted: 4/3/24
The vast majority of defined benefit (DB) pension schemes are offering below-inflation increases, with more than two thirds (68 per cent) providing inflationary increases that are typically capped at 5 per cent for post-1997 benefits, research from Broadstone has found
Posted: 4/3/24
The aggregate surplus of the UK’s defined benefit (DB) pension schemes against long-term funding targets remained “extremely positive” in February, rising to around £154bn, analysis from XPS Pensions Group has revealed
Posted: 4/3/24
Chancellor, Jeremy Hunt, has announced plans for defined contribution (DC) pension schemes to be required to publicly disclose their level of investment in UK businesses by 2027
Posted: 2/3/24
Some Local Government Pension Scheme (LGPS) funds ‘do not fully trust’ the LGPS pooling process and just do not want to pool, London Pension Fund Authority CEO, Robert Branagh, has said, highlighting this as a challenge to increasing the amount of LGPS assets into pools
Posted: 1/3/24
Reducing the number of Local Government Pension Scheme (LGPS) funds should now be considered as part of the wider trend in the UK pensions market towards consolidation, London Pension Fund Authority CEO, Robert Branagh, has suggested
Posted: 1/3/24
Greater coordination between insurance regulation and pension regulation, as well as greater incentives, could prove helpful in the push to invest in UK productive finance, industry experts at the PLSA Investment Conference 2024 have suggested
Posted: 1/3/24
The Pension Protection Fund (PPF) has shared its initial views on how a public sector consolidator (PSC) could be structured, acknowledging that delivering all of the government’s objectives is "not straightforward"
Posted: 1/3/24`
The latest news in brief and mandates from the past seven days
Posted: 1/3/24
Nearly three quarters (71 per cent) of pension professionals believe that the new defined benefit (DB) funding regime will have little or no impact on the pace of open scheme closures, a poll from the Society of Pension Professionals (SPP) has revealed
Posted: 1/3/24
Decisions being made by pension scheme trustees are under more scrutiny than ever amid the push to net zero and campaigns such as Just Stop Oil and Make My Money Matter, according to Independent Governance Group trustee director, head of sustainability, Tegs Harding
Posted: 1/3/24
Pensions Minister, Paul Maynard, has suggested that 2024 will be “even busier” for both politicians and the pensions industry, confirming that the government is looking to both launch, and respond, to a number of key industry consultations this year
Posted: 29/2/24
More than half (57 per cent) of pension professionals have engaged asset managers on social factors but haven’t taken action themselves, a poll from the PLSA Investment Conference has found
Posted: 29/2/24
Pension fund investment in bonds is falling fast, transforming what was once a portfolio mainstay into a minority asset, according to a report from Bloomberg Intelligence (BI)
Posted: 29/2/24
Pension trustees must hold private market managers to account on climate data reporting, according to Hymans Robertson
Posted: 29/2/24
The Mansion House reforms should not be ‘overclaimed’ as they can’t restore the fundamental changes needed in the economy, Labour life peer Baroness Jeannie Drake has said
Posted: 29/02/24
More than two fifths (41 per cent) of people aged 50 and over who are not fully retired worry about living in economic hardship when they give up work, according to research from Independent Age
Posted: 29/2/24
The pensions industry has been “talking the talk for far too long” on diversity, equality and inclusion (DE&I), and the time has come and gone to start taking more meaningful action, London Borough of Sutton and Royal Borough of Kingston upon Thames head of pensions and investment, Andrien Meyers, has argued
Posted: 29/2/24
Pension schemes that are not happy with their asset managers for leaving climate initiatives, such as the Climate Action 100+, should “let them know”, Brunel Pension Partnership chief responsible investment officer, Faith Ward, has said
Posted: 29/2/24
The Pensions Regulator’s (TPR) Defined Benefit (DB) Funding Code will be published this summer, with a consultation on the regulator's statement of strategy expected in the next few weeks, TPR interim director of policy, analysis and advice, Louise Davey, has confirmed.
Speaking at the PLSA Investment Conference 2024, Davey said that there will be time for trustees to prepare ahead of the new regime coming into force, stressing that "the code isn't going to land the day before, on 21 September"
Speaking at the PLSA Investment Conference 2024, Davey said that there will be time for trustees to prepare ahead of the new regime coming into force, stressing that "the code isn't going to land the day before, on 21 September"
Posted: 28/2/24
The pensions industry needs to “think carefully” about how to “storytell” performance fees in private assets to scheme members, Standard Life head of investment proposition development, Callum Stewart, has said
Posted: 28/2/24
Transition Pathway Initiative (TPI) chair, David Russell, has argued that it may be too early for most pension funds to be reporting in line with Taskforce on Nature-related Financial Disclosures (TNFD) due to complexity and lack of data
Posted: 28/2/24
Defined contribution (DC) pension scheme trustees defaulting members into decumulation products could overstep the Financial Conduct Authority’s (FCA) advice/guidance boundary, the Pensions and Lifetime Savings Association (PLSA) has warned
Posted: 28/2/24
Targeted support could be a “turning point” for the financial advice industry in the UK, Aviva head of savings and retirement, Alistair McQueen, has said
Posted:
Environmental, social and governance (ESG) investment regulations around the world are expected to experience a period of stronger enforcement over the next few years rather than additional regulation, Morningstar Indexes global head of ESG solutions, Catalina Secreteanu, has said
Posted: 28/2/24
Industry experts have admitted that there could be “winners and losers” in the push to consolidate, with particular concerns raised around the ability to harmonise defined benefit (DB) benefits
Posted: 28/2/24
Defined benefit (DB) pension transfer values fell by 3.9 per cent to £158,000 in January, following two consecutive rises at the end of 2023, XPS's Transfer Value Index has revealed
Posted: 28/2/24
Pension investors should look past 'simple market narratives' when investing in emerging markets (EM), according to Premier Milton fund manager, Will Scholes
Posted: 28/2/24
Pension industry professionals have called for “brave and bold” moves, as the Treasury and FInancial Conduct Authority's (FCA) joint consultation on plans to narrow the advice gap draws to a close
Posted: 28/2/24
Defined contribution (DC) pension schemes looking to invest in private markets are being “hampered” by having to operate on a daily dealing basis, The Pensions Regulator (TPR) lead investment consultant, Chris Moore, has stated
Posted: 28/2/24
Pension Wise, the government’s free financial guidance service, is “capacity constrained” the new CEO of the Money and Pensions Service, Oliver Morley, has said
Posted: 28/02/24
Government proposals to use the surplus held in defined benefit (DB) pension schemes could unlock £340bn for schemes and encourage investment in UK growth, shifting DB schemes from a “drag on business performance” to a “real asset on the balance sheet,” PwC has said
Posted: 28/2/24
Private market investments “get put on a pedestal too much” and “do not actually make the members a lot of money”, People’s Partnership CIO Dan Mikulskis has warned
Posted: 28/2/24
Proposals for a ‘pot for life’ could require complex adaptations, resulting in higher fees for members, a report published by the Pensions Policy Institute (PPI) has warned
Posted: 28/2/24
The state pension triple lock is not sustainable in the very long term, although it could help the government to bring the state pension up to a more appropriate level in the medium term, Institute for Fiscal Studies (IFS) director, Paul Johnson, has said
Posted: 27/2/24
Pension provider Smart Pension and Islamic digital investment platform Wahed have launched a new fully diversified workplace pension, the Halal Workplace Pension
Posted: 27/2/24
Labour would work with the Financial Conduct Authority (FCA) to “identify outdated and prescriptive rules” that have been made redundant, if elected, Shadow Economic Secretary to the Treasury, Tulip Siddiq MP, has said
Posted: 27/02/24
Cost-of-living pressures have prompted an increasing number of retirees to return to work, industry research has found, with growing evidence that the traditional concept of retirement is 'dying out'
Posted: 27/2/24
The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have called on the government to consider taking further action in four key areas to attract greater pension investment in UK growth
Posted: 27/2/24
The majority of UK pension schemes believe it is essential that they continue to be given complete freedom over investment decisions, provided they invest in line with members' interests, according to research from the Pensions and Lifetime Savings Association (PLSA)
Posted: 27/2/24
The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme increased by 6 per cent in 2023, according to EY Parthenon’s latest profit warnings report
Posted: 27/2/
Administration issues should be fully considered at the design stage of any future collective defined contribution (CDC) arrangements, a new paper from the Pensions Administration Standards Association (Pasa) has said
Posted: 27/2/24
Three defined benefit (DB) pension schemes have decided to consolidate into TPT Retirement Solution’s DB Complete Master Trust
Posted: 27/2/24
Only a third (33 per cent) of private sector employers always include information about pensions in their job adverts, a report by the Chartered Institute of Personnel and Development (CIPD) has revealed
Posted: 27/2/24
Pension professionals from across the industry have welcomed the Department for Work and Pensions’ (DWP) defined benefit (DB) options consultation, but emphasised the importance of protecting members’ benefits
Posted: 26/2/24
Brightwell, the primary services provider to the BT Pension Scheme (BTPS), has completed guaranteed minimum pension (GMP) equalisation for the scheme
Posted: 26/2/24
The aggregate funding level of the 87 funds in the Local Government Pension Scheme (LGPS) in England and Wales increased from 101 per cent to 104 per cent in January, Isio’s Low-Risk Funding Index has revealed
Posted: 26/2/24
Global pension assets rose by 11 per cent on aggregate to US$55.7bn in 2023, according to the Thinking Ahead Institute’s (TAI) latest Global Pension Assets Study
Posted: 26/2/24
Standard Life and Fidelity International have announced a strategic partnership with the forthcoming launch of the Standard Life Smoothed Return Pension Fund
Posted: 26/2/24
Nearly half (49 per cent) of working adults have changed their retirement plans due to the cost-of-living crisis, new research by the Pensions Management Institute (PMI) has shown
Posted: 26/2/24
The Department for Work and Pensions (DWP) has launched a consultation on new plans designed to help make defined benefit (DB) surplus extraction easier, alongside a public sector consolidator operated by the Pension Protection Fund (PPF)
Posted: 23/2/24
The government has been urged to consider shifting the UK's unfunded public sector pensions schemes from a pay-as-you-go model to a funded model, after a report from New Financial found that "there is an opportunity to be seized in reforming these sleeping giants"
Posted: 23/2/24
Society of Pension Professionals Legislation Committee chair, Faye Jarvis, takes a closer look at the government's plans to consult on changes to defined benefit (DB) pension surplus repayment rules, and whether this will prove enough to incentivise employers
Posted: 23/2/2
The Finance Bill 2023/24, which includes legislation to complete the abolition of the lifetime allowance (LTA), has received Royal Assent, although LCP has warned that it will be "quite some time" before the new regime has been assimilated by the industry
Posted: 23/2/24
The Pensions Ombudsman (TPO) has upheld a complaint against National Health Service (NHS) Business Services Authority (BSA) for telling a deferred NHS Pension Scheme member they could be re-admitted to the scheme and continue to pay contributions past the age permitted by regulations
Posted: 23/2/24
The latest news in brief and mandates from the past seven days
Posted: 23/2/24
The Pensions Regulator (TPR) has announced that it is making organisational changes as part of its 'strategic shift' in the way it oversees the occupational pensions market.
TPR said the evolving pensions landscape towards fewer, larger schemes presented different risks and opportunities for savers and the economy, and it was looking to take steps to provide good outcomes for pensionholders while “strengthening its regulatory grip” amid a new regulatory environment
TPR said the evolving pensions landscape towards fewer, larger schemes presented different risks and opportunities for savers and the economy, and it was looking to take steps to provide good outcomes for pensionholders while “strengthening its regulatory grip” amid a new regulatory environment
Posted: 22/2/24
The government has confirmed that it will push ahead with its planned changes to the NHS Pension Scheme regulations, with effect from 1 April 2024
Posted: 22/2/24
Isio has more than doubled its revenue, profit and headcount in the three and a half years since its launch, with a group revenue of over £155m for the past year, its annual results have revealed
Posted: 22/2/24
Canada Life’s individual annuity sales increased by 121 per cent year-on-year in 2023, its annual full-year results have shown
Posted: 22/2/24
Nearly three quarters (71 per cent) of pension advisers say their clients are concerned about running out of money in retirement, research by NextWealth, sponsored by Aegon, has revealed
Posted: 22/2/24
The Pensions Regulator (TPR) has urged pension trustees to "take stock" and think about further developing their approach to managing wider environmental social and governance (ESG) risks and opportunities
Posted: 22/2/24
The winners of the 2024 Pensions Age Awards were announced last night at a glittering gala dinner on London’s Park Lane
Posted: 22/2/24
Industry experts have suggested that changes are needed in the way fiduciary duty is being interpreted to ensure trustees can consider climate change issues, despite mixed views over the best way to go about this and whether guidance could prove enough to create change
Posted: 21/2/24
The majority (85 per cent) of UK pension providers are thought to have “inadequate” or “poor” climate action plans in place, according to research from Make My Money Matter (MMMM), developed in collaboration with Profundo
Posted: 21/2/24
Backing for the UK Stewardship Code has continued to grow following the latest round of applications, with a total of 273 organisations now signed up to the code, including 188 asset managers, 66 asset owners and 19 service providers
Posted: 21/2/24
Electricity North West has appointed WTW’s defined contribution (DC) master trust, Lifesight, as the new master trust provider for all its UK DC pension scheme members, following a comprehensive competitive tender
Posted: 21/2/24
The Spar UK Limited Pension Fund has completed an £11m buy-in deal with Just Group
Posted: 21/2/24
Former Pensions Minister and member of the House of Lords, Baroness Ros Altmann, has urged the government to intervene to protect UK investment trusts from “flawed regulation” to support pension investment in UK-listed investment companies
Posted: 20/2/24
More than three-quarters (77 per cent) of adults in the UK do not feel confident about accessing their pension savings, research from Standard Life has found
Posted: 20/2/24
The defined benefit (DB) and hybrid pension scheme landscape has continued to shrink at a consistent rate over the past year, with the number of schemes falling by 2 per cent since 2022, the latest figures from The Pensions Regulator (TPR) have revealed
Posted: 20/2/24
The Labour Party is set to include a commitment to the state pension triple lock in its upcoming manifesto, according to reports from The i
Posted: 20/2/24
The University and College Union (UCU) has raised concerns over the Universities Superannuation Scheme’s (USS) position on Gaza, calling on the trustee to review its investment links with Israel in light of the International Court of Justice’s (ICJ) ruling
Posted: 20/2/24
Savers are transferring their pensions without understanding the charges involved and could be more than £70,000 worse off in retirement as a result, analysis by People’s Partnership has shown
Posted: 20/2/24
The Ministry of Justice has launched a consultation on the draft Judicial Pensions (Amendment) Regulations 2024, which are designed to help facilitate the efficient functioning of the Judicial Pension Scheme
Posted: 19/2/24
The Association of British Insurers’ (ABI) Investment Delivery Forum has published a report outlining the steps that could help accelerate private sector green infrastructure investment
Posted: 19/2/24
The Work and Pensions Committee (WPC) has announced plans to hold a follow-up session on its 2021 pension stewardship inquiry, to consider whether changes to fiduciary duties are needed
Posted: 19/2/24
Nearly two thirds (64 per cent) of pension professionals believe that the General Code of Practice is a “real opportunity to add value”, whilst just over a third (36 per cent) view it as a box-ticking exercise, analysis from the Society of Pension Professionals (SPP) has found
Posted: 19/2/24
Former police officer and convicted rapist, David Carrick, has been stripped of the state-funded employer contributions that had been paid into his Metropolitan Police pension
Posted: 19/2/24
A record-breaking £50bn of pension liabilities were secured with insurers in the UK in 2023, with further increases expected in the year ahead, analysis from Legal & General (L&G) has found
Posted: 19/2/24
PwC has launched a new digital data tool, designed to give trustees the ability to evaluate how their fiduciary managers and outsourced chief investment officers (OCIOs) are performing
Posted: 16/2/24
Sackers has shared its latest environmental, social and governance (ESG) guide for pension scheme trustees, highlighting a number of non-climate related issues that are becoming increasingly relevant to pension trustees
Posted: 16/2/24
Last year was a “milestone year” for annuities, as total sales increased by 46 per cent to £5.2bn, data from the Association for British Insurers (ABI) has revealed
Posted: 16/2/24
The aggregate surplus of FTSE 350 companies’ defined benefit (DB) pension schemes increased by £17bn to £64bn at the end of January 2024, Mercer’s latest monthly analysis has revealed
Posted: 16/2/24
The latest news in brief and mandates from the past seven days
Posted: 16/2/24
The Government Actuary’s Department (GAD) has partnered with an artificial intelligence (AI) company on work to develop coding to perform quality assurance (QA) checks on pension administrators’ calculations
Posted: 15/2/24
The Pensions and Lifetime Savings Association (PLSA) has released its updated annual Stewardship and Voting Guidelines
Posted: 15/2/24
Pensions Administration Standards Association (Pasa) board director, Paul Sturgess, takes a closer look at efforts to raise the profile of pension administration, and the changes needed to ensure administration is getting the attention it deserves
Posted: 15/2/24
Helping people make informed active choices will require a substantial amount of work from within and beyond the pensions industry, with greater consensus needed on key engagement goals, a report from the Pensions Policy Institute (PPI) has found
Posted: 15/2/24
Vector Pension Scheme has concluded a £114m buy-in deal with Standard Life, covering approximately 1,800 scheme members
Posted: 15/2/24
The Association of Member-directed Pension Schemes (AMPS) has called on the Department for Work and Pensions (DWP) to announce a timetable for the general levy consultation
Posted: 15/2/24
Pensions Age news editor, Sophie Smith, looks at whether the slow progress on key pension reforms could leave those in the industry broken-hearted
Posted: 14/2/24
The government has been urged to initiate a public inquiry or external review into the actions of the Police Federation of England & Wales (PFEW) after a tribunal found it fell short of its obligations towards officers involved in police pension claims
Posted: 14/2/24
Valentine's Day may typically be a time to celebrate the romance and love in the world, but the financial services industry has been quick to use the opportunity to shine a spotlight on the benefits of showing pension savings some extra attention
Posted: 14/2/24
Defined benefit (DB) pensions in the UK will look increasingly well-funded as the rise in AA corporate bond yields is sustained, according to a report by Bloomberg Intelligence (BI)
Posted: 14/2/24
The Pensions Ombudsman (TPO) has upheld a complaint against Rowanmoor Trustees Limited (RTL) regarding the level of investment due diligence carried out in a small self-administered scheme (SSAS)
Posted: 14/2/24
HMRC has shared further guidance on key issues surrounding the removal of the lifetime allowance (LTA), although industry experts have warned that there are still unanswered questions, with further clarity needed
Posted: 14/2/24
The Birmingham Chamber of Commerce Pension Fund has agreed a £9m full scheme buy-in with Just Group, covering retirement benefits for around 100 pensioners and 40 deferred members
Posted: 14/2/24
Less than half (47 per cent) of pension savers reviewed their pension scheme in the past year, with just under a fifth (18 per cent) regularly reviewing their pension, according to research from Investec Wealth & Investment
Posted: 13/2/24
Defined benefit (DB) transfer activity appears to have settled down to a 'new normal' since it peaked in Q4 2021, although rising transfer values could lead to growing member interest in the year ahead, according to analysis from Barnett Waddingham
Posted: 13/2/24
The aggregate funding ratio for UK defined benefit (DB) pension schemes increased from 142.8 per cent to 143.9 per cent in January, despite downward trends in the estimated aggregate surplus, the latest Pension Protection Fund (PPF) 7800 Index has revealed
Posted: 13/2/24
Pensions Minister, Paul Maynard, has been announced as the keynote speaker at the Pensions Age Spring Conference 2024
Posted: 13/2/24
The government has faced renewed pressure to launch a long-term savings commission, after a new report from the Lang Cat, commissioned by People’s Partnership, revealed a "striking disconnect" between government aspirations and what the industry can deliver
Posted: 13/2/24
Pensions Age editor, Laura Blows, looks at the confusion that continues to surround NHS pension rules, with new research revealing the top questions on savers' minds
Posted: 12/2/24
Building on the success of auto-enrolment (AE) could help address broader savings challenges and encourage more liquid saving, research from the Resolution Foundation has found
Posted: 12/2/24
Regulatory changes and continued high levels of defined benefit (DB) funding mean a new mindset is needed when assessing DB schemes, LCP has said, suggesting that schemes could increasingly be seen as an asset rather than a liability in corporate transactions
Posted: 12/2/24
Pensions Management Institute (PMI) director of policy and external affairs, Tim Middleton, takes a closer look at plans for a national register of trustees, and whether this could act as a springboard for a succession of other reforms
Posted: 12/2/24
Companies that have been in dialogue with investors are more than twice as likely to disclose their sustainability data than unengaged firms, the CDP’s Non-Disclosure Campaign (NDC) results report has shown
Posted: 12/2/24
The West Yorkshire Pension Fund (WYPF) has announced plans to increase its investment in climate solutions to help meet its 2050 net-zero target, and review its level of equity holdings in the oil and gas sector
Posted: 12/2/24
The Pensions Regulator (TPR) has provided an update on the work undertaken following the liability-driven investment (LDI) crisis in autumn 2022, suggesting that improvements in defined benefit (DB) funding levels would have occurred even without the LDI episode
Posted: 9/2/24
Public and Commercial Services Union (PCS) members at The Pensions Regulator (TPR) will hold 12 more days of strike action in February and March over an ongoing pay dispute
Posted: 9/2/24
Capita Pension Solutions has launched a full-service solution for defined benefit (DB) pension schemes, designed specifically to support smaller schemes
Posted: 9/2/24
The latest news in brief and mandates from the past seven days
Posted: 9/2/24
Fully hedged defined benefit (DB) scheme funding levels fell slightly in January, although half-hedged schemes reported a slight funding improvement, according to analysis from Broadstone
Posted: 9/2/24
The Financial Reporting Council (FRC) has published a revised version of the Actuarial Standard Technical Memorandum 1 (AS TM1), which is set to come into force from 6 April 2024
Posted: 9/2/24
The Pensions Regulator (TPR) interim director of regulatory policy, analysis and advice, Louise Davey, discusses the new General Code of Practice and the key areas of change trustees should be thinking about
Posted: 8/2/24
More than half (68 per cent) of savers have stayed in work longer or deferred access to their retirement savings as a result of the challenging economic climate seen in the past year, research from NextWealth, sponsored by Aegon, has found
Posted: 8/2/24
Careful policy design is needed to realise the benefits of increasing pension contributions while mitigating affordability challenges for poorer households, research from Oxford Economics, commissioned by Royal London, has revealed
Posted: 8/2/24
The Pension Protection Fund (PPF) has selected Aviva to provide a defined contribution (DC) solution for its hybrid members
Posted: 8/2/24
The Department for Work and Pensions (DWP) has launched a Small Pots Delivery Group to help design its new approach to tackling deferred small pension pots, which is expected to benefit the average saver by £700 at retirement
Posted: 7/2/24
More than half (57 per cent) of savers think planning for retirement feels like navigating a minefield due to their lack of knowledge, although the type of schooling recieved can play a significant role in savers' preparedness, according to research from Annuity Ready
Posted: 7/2/24
The Financial Markets Law Committee (FMLC) has published a report on pension scheme trustees’ evolving fiduciary duties and decision making in relation to climate change
Posted: 7/2/24
Industry experts have called for “urgent reform” in the workplace pension savings system, after the Pensions and Lifetime Standards Association (PLSA) revealed significant increases across its Retirement Living Standards (RLS), especially moderate
Posted: 7/2/24
Women will need to work for an additional 19 years to close the gender pension gap, according to analysis from Now Pensions and the Pensions Policy Institute (PPI), which revealed that women face a £136,000 shortfall at retirement age
Posted: 7/2/24
A lack of consideration for pensions during divorce proceedings could be putting women’s financial futures at risk and acting as a "key fault line" for the gender pensions gap, research from Legal & General has suggested
Posted: 7/2/24
Lowering the earnings threshold for pension auto-enrolment (AE) from £10,000 would likely encourage AE participation due to ‘passive pension behaviour’, according to a study by the Department for Work and Pensions (DWP)
Posted: 7/2/24
The Department for Work and Pensions (DWP) has announced that all automatic enrolment (AE) thresholds will be maintained at their 2023/24 levels in 2024/25, reiterating its intent to still consult on plans to remove the lower earnings limit "at the earliest opportunity"
Posted: 6/2/24
The collective funding level of UK defined benefit (DB) pension schemes reached a record surplus of £265bn in January, after an increase in long-term gilt yields cut the estimated cost for schemes to reach buyout, PwC’s Buyout Index has revealed
Posted: 6/2/24
Local Government Minister, Simon Hoare, has said that he is giving “serious thought” to the prudence of retaining as many as 87 Local Government Pension Scheme (LGPS) funds, suggesting that could be a "better way”
Posted: 6/2/24
Almost a third (31 per cent) of Gen X (people aged between 42-57) are uncertain about when to retire, compared to a fifth (19 per cent) of Baby Boomers and older generations (aged 58 and over), Standard Life has found
Posted: 6/1/24
Pension scheme trustees should ensure they, and their advisors, are reviewing their cyber incident monitoring and reporting frameworks in light of recent changes made by the National Cyber Security Centre (NCSC), Trafalgar House has said
Posted: 6/2/24
The trustee of the Scottish Widows Master Trust has appointed Isio as its investment adviser following a competitive process
Posted: 6/2/24
Auto enrolment can help people’s finances beyond pension savings, although nuance is needed in any consideration of raising auto-enrolment minimum contribution levels in the future, analysis from Nest has found
Posted: 6/2/24
The UK’s ageing population means that the state pension age would need to rise from the current 66 to 70 or 71 to maintain the status quo, research from the International Longevity Centre (ILC) has revealed
Posted: 5/2/24
Pensions Policy Institute (PPI) policy researcher, Shantel Okello, discusses the impact of divorce on the gender pensions gap, and the role industry developments could play in narrowing this gap
Posted: 5/2/24
Economic Secretary to the Treasury, Bim Afolami, has stressed the need to mitigate any potential risk of regulatory arbitrage in the permanent regime for defined benefit (DB) pension superfunds
Posted: 5/2/24
Brits' overall pension confidence has continued to fall over the past three months, PensionBee’s latest Pension Confidence Index has revealed, with more than half (51 per cent) of Brits feeling negative about their retirement outlook
Posted: 5/2/24
The DAS Legal Expenses Insurance Company Limited Pension and Life Assurance Scheme has completed a £72m full scheme buy-in transaction with Canada Life, securing the benefits of 444 deferred members and 134 pensioners
Posted: 5/2/24
The Pensions Regulator (TPR) has stressed the need for pension schemes' cyber security and business continuity plans to cover a range of scenarios to ensure the safe and swift resumption of operations if an incident should occur
Posted: 2/2/24
The latest news in brief and mandates from the past seven days
Posted: 2/2/24
More than two thirds (68 per cent) of firms have failed to review their pension scheme design in the last few years, according to research from Mercer, which has raised concerns over gaps in firms’ oversight of pension schemes for employees
Posted: 2/2/24
UK defined benefit (DB) pension schemes' funding positions improved by £36bn against long-term funding targets in January 2024, research from XPS Pensions has revealed
Posted: 2/2/24
The Department for Work and Pensions (DWP) has shared new pensions dashboards guidance, setting out the issues pension scheme trustees or managers should consider if they are applying for a deferral of the connection deadline
Posted: 2/2/24
Changes to extend auto-enrolment (AE) to lower earners and younger workers could boost younger savers' pensions by £105bn over the next 50 years, analysis from People’s Partnership has revealed
Posted: 2/2/24
A quarter of defined benefit (DB) pension schemes have not yet started on the work needed to meet The Pensions Regulator’s (TPR) new General Code, polling from WTW has revealed
Posted: 2/2/24
Pension trustees and auditors are facing a challenging year amid an expected record volume of pension risk transfer (PRT) transactions in 2024, RSM UK has said
Posted: 1/2/24
The pensions industry has expressed its relief and appreciation that aspects of proposed pension policy will likely be retained if the Labour Party wins the next general election
Posted: 1/2/24
The pension risk transfer market is set for a year of “unprecedented change” in 2024, according to Hymans Robertson
Posted: 1/2/24
Royal London has completed the acquisition of later life lending and product specialists Responsible Life and Responsible Lending, the life, pensions and investment mutual has announced
Posted: 1/2/24
Finance Innovation Lab CEO and Purpose of Pensions author, Jesse Griffiths, argues that the UK pension system needs urgent reform to support pension savers, the environment and the economy
Posted: 1/2/24
The UK pension system needs “major reform” to support pensioners and pension savers, the economy, and protect the environment, according to a report from the charity Finance Innovation Lab (FIL)
Posted: 1/2/24
Pensions Management Institute (PMI) president, Robert Wakefield, takes a closer look at the work needed to prepare for pensions dashboards, and the growing pressure faced by the industry in getting the initiative across the line amid unprecedented workloads
Posted: 31/1/24
Labour has announced that it would undertake an in-government pensions and retirement savings review if the party is elected at the next general election
Posted: 31/1/24
The Work and Pensions Committee (WPC) has written to Economic Secretary to the Treasury, Bim Afolami, requesting further details about the government’s plans for a permanent regulatory framework for defined benefit (DB) pension superfunds
Posted: 31/1/24
The Workers Pension Trust (WPT) has completed its consolidation into the Cushon Master Trust, Cushon has announced
Posted: 31/1/24
Over 25 UK employers have now signed up to the Living Pension Scheme, committing to help their workers save enough for a decent standard of living in retirement with the Living Wage Foundation’s scheme
Posted: 31/1/24
Usdaw has said that it is “angry and disappointed”, after Morrisons confirmed that it would push ahead with changes to its pension contributions policy
Posted: 30/1/24
Twenty pension funds, insurers and advisers have signed up as founding signatories to the Sustainability Principles Charter, which aims to promote greater transparency, reporting and engagement around sustainability in the bulk annuity process
Posted: 30/1/24
The pension scheme of a ‘leading’ UK innovation and technology company has completed a £400m full scheme buy-in with Just Group
Posted: 30/1/24
Industry experts have welcomed the final defined benefit (DB) funding regulations, although concerns over the level of flexibility in the long term have persisted, with some warning that the regulations could be at odds with the government's productive finance push
Posted: 30/1/24
The government has launched a consultation on draft regulations that would change how pension input is calculated in a legacy public service pension scheme against the annual allowance (AA)
Posted: 30/1/24
The Department for Work and Pensions (DWP) has published the final Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024, which are set to come into force from April 2024
Posted: 29/1/24
With a number of significant pension developments on the horizon, Pensions Age takes a closer look at the headline legal developments pension scheme trustees need to know about in the year ahead
Posted: 29/1/24
Pensions Minister, Paul Maynard, has been encouraged to push for the establishment of an independent long-term savings commission
Posted: 29/1/24
Less than a quarter (23 per cent) of self-employed households are on track for a moderate income in retirement, according to the latest figures from Hargreaves Lansdown
Posted: 29/1/24
Over two thirds (69 per cent) of corporate defined contribution (DC) pension schemes expect to increase allocations to real assets over the next two years, up from 51 per cent in 2022, research from Aviva Investors has revealed
Posted: 29/1/24
The aggregate funding level of Local Government Pension Scheme (LGPS) funds in England and Wales on a ‘low-risk’ basis fell by 7 percentage points to 101 per cent in the fourth quarter of 2023, Isio’s latest Low-Risk Funding Index has revealed
Posted: 26/1/24
Nearly half (40 per cent) of pension schemes have looked at The Pensions Regulator’s (TPR) new General Code ‘briefly, but are yet to engage with it, with many daunted at the prospect of a first ‘own risk assessment’ (ORA), a poll from LCP has found
Posted: 26/1/24
The Avon, Cornwall, Devon, Gloucestershire, Oxfordshire and Wiltshire Local Government Pension Scheme (LGPS) funds have announced plans to invest £230m in local solar assets in the Southwest region
Posted: 26/1/24
The Rexam Pension Plan has completed a £1.4bn full scheme buy-in with Rothesay securing the benefits for over 14,000 members, including 9,790 pensioners and dependants, and 4,330 deferred members
Posted: 26/1/24
The latest news in brief and mandates from the past seven days
Posted: 26/1/24
With two new personal tax allowances to make their debut following the removal of the lifetime allowance, Sackers partner, Lucy Dunbar, takes a closer look at the headline updates and what they mean for UK pension schemes
Posted: 26/1/24
The Pensions Management Institute (PMI) has launched a new Academy Partnership with Berenberg, focused on redesigning defined contribution (DC) portfolios to improve member outcomes
Posted: 25/1/24
DB risks
Laura Blows discusses DB risks with Aon UK head of retirement policy, Matthew Arends, and Aon UK head of investment, Maria Johannessen, in Pensions Age's latest video interview
Sustainable equity investing in emerging markets
In these highlights of the latest Pensions Age video interview, Laura Blows speaks to Premier Miton Investors fund managers, Fiona Manning and Will Scholes, about sustainable investing in equities within emerging markets
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets
High-yield Investing
Laura Blows discusses short duration global high-yield strategies with Royal London Asset Management head of global credit, Azhar Hussain, in the latest Pensions Age podcast
© 2019 Perspective Publishing Privacy & Cookies