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Industry comment on the FCA paper on annuities

Pensions industry comment from The Peoples Pension and Just on the FCA paper on annuities
Posted on: Friday May 26

Report launched on effective governance for pension schemes

Winmark and Sackers announce the publication of ‘Effective Governance – the Art of Balance’, a new report on effective governance for pension schemes.
Posted on: Friday May 26

Legal and General appoint Pretty Sagoo

Legal & General’s Pension Risk Transfer business has appointed Pretty Sagoo as Head of the Strategic Business. In her new role Pretty will be responsible for implementing large scheme pension buy-ins, buyouts and longevity insurance transactions in the UK as well as supporting schemes more generally in achieving their de-risking objectives.
Posted on: Friday May 26

No automatic case for extending Pensions Regulator powers

Mercer encourages the next government to first assess whether the Pensions Regulator’s existing powers could be used more effectively before automatically providing it with additional authority.
Posted on: Friday May 26

The first AI survey for insurance: How will AI impact you

AI and Machine Learning was voted the most transformative analytics tool for insurance. That’s according to a brand-new survey from Insurance Nexus. In fact, 94% of respondents agreed that AI is going to have a medium or significant impact on analytics.
Posted in: Software
Posted on: Friday May 26

The role of insurance in disaster resilience must expand

Shaun Tarbuck, Chief Executive of the International Cooperative and Mutual Insurance Federation (ICMIF) addressed the Risk Transfer and Insurance for Resilience Working Session at the Global Platform for Disaster Risk Reduction (Global Platform) in Cancun, Mexico. Both the Sendai Agreement and the 2030 Agenda, he said, demanded greater collaboration among stakeholders and provided the insurance sector with a new impetus to help balance the practice of post-disaster financing with increased focus on disaster risk reduction.
Posted on: Friday May 26

British Airways appeal decision to grant DB pension increase

Leading pensions lawyer Rosalind Connor, partner at ARC Pensions Law comments on the news that British Airways intends to appeal the High Court decision that allowed trustees of one of its defined benefit schemes to grant a 0.2% increase to pensioners, .
Posted on: Thursday May 25

Lloyds bid to equalise GMPs

Pensions lawyer Anna Rogers, Senior Partner at ARC Pensions Law commented on the news that Lloyds has launched a joint bid with pension trustees and unions to equalise GMPs,
Posted on: Thursday May 25

Taking a pay cut to plug pensions they will not receive

With recent reports stating that current employees are losing an average of £200 a year from their pay packet so that employers can keep their defined benefit pension schemes afloat, Stuart Price, Partner and Actuary at Quantum Advisory, explains why this is such an injustice:
Posted on: Thursday May 25

Octo Telematics hit Five Million connected cars worldwide

Octo Telematics (Octo) with 39% of the market in terms of active usage-based insurance (UBI) policies, said today that five million cars are now connected to Octo telematics platform across the globe, a 25% increase since 2016.
Posted on: Thursday May 25

Employers urged to use Group Risk as cancer stats released

Katharine Moxham, spokesperson for GRiD said: “Cancer continues to be the number one** cause of claim under all three Group Risk products (employer-sponsored life assurance, income protection and critical illness). Group Risk benefits absolutely come into their own when it comes to supporting employees with cancer. Support includes financial pay outs - at a time when those diagnosed have other things on their mind - providing much-needed relief from financial pressures.
Posted on: Thursday May 25

Pensions tinkering to stop as Brexit dominates

ACA Chairman, Bob Scott, speaking at the ACA’s Chairman’s dinner, attended by leading figures from the pensions, financial services and regulatory worlds, said he looked forward to a period of stability and consolidation for the pensions industry with little or no new legislation? But he felt, he might be being optimistic!
Posted on: Thursday May 25

Living together in later life seriously damages your wealth

According to new analysis by Royal London people over pension age are the fastest growing group of cohabitees But the financial sting in the tail is that many may be missing out on tax breaks and state pension rights which are only available to those who are legally married. Full details are in the new Royal London Policy Paper ‘Could living together in later life seriously damage your wealth?’
Posted on: Wednesday May 24

Nine out of ten DB trustees say they should do more to help

According to a poll conducted by Hymans Robertson nearly 9 out of 10 (88%) trustees and employers of DB Schemes believe they should be doing more to communicate with members over their retirement choices post Freedom and Choice
Posted on: Wednesday May 24

Retirees worry that their cash will dry up before they die

According to SunLife’s Big 50 research more than a third (35%) of retirees are worried their cash will dry up before they die and a quarter say they don’t think they have enough money in their pensions to cover their retirement
Posted on: Wednesday May 24

Trends in Insurance Analytics

Driven by booming technology, the influx of new talent, tools and ideas – expectations of advanced analytics have reached fever pitch across almost every industry. In general insurance, many actuaries initially reacted with bemusement and trepidation at this sudden hype. After all, applying reason and leveraging data to inform the decision making process is nothing new. What’s changed?
Posted in: Articles
Posted on: Wednesday May 24

Schroders announce Veolia pension fiduciary management deal

Schroders has been appointed by Veolia UK Pension Trustees Limited to be the fiduciary manager for their largest defined benefit schemes with a combined asset value of £880 million.
Posted on: Tuesday May 23

Comment on Resolution Foundation DB research

Commenting on the research from the Resolution Foundation today that workers are paid £200 less a year on average when firms are plugging deficits, Jon Hatchett, Head of Defined Benefit Consulting, Hymans Robertson, says:
Posted on: Tuesday May 23

Xafinity appoint new Head of National Pension Trust

Xafinity Group, the UK specialist in pensions actuarial, consulting and administration services, announces the appointment of Dave Hodges as Head of the National Pension Trust. He joins from Zurich where he was Director of Client Relations and Servicing.
Posted on: Tuesday May 23

MetLife expands usage-based auto insurance with new App

MetLife Auto & Home® is expanding its usage-based auto insurance program, My Journey®, with a new smartphone app to monitor and improve its customers’ driving. Powered by technology from tech firm TrueMotion, the app utilizes the capabilities of an iOS or Android smartphone to provide drivers with quick feedback to both improve their driving and lower their auto insurance rates.
Posted on: Monday May 22

Gearing up for IFRS 17, are you prepared?

The new International Financial Reporting Standard (IFRS 17) for insurance contract accounting is now closer than ever to finalisation. With the new standard due to come into affect on January 1, 2021, we take you through some of the changes you can expect and their implications. But this is just the beginning!
Posted in: Articles
Posted on: Monday May 22

Two in five consider working beyond state pension age

According to new research from retirement specialist Retirement Advantage UK workplaces are likely to see a boom in the number of people working later in life, motivated primarily not by money but by enjoyment of their job and concerns they’d be bored if they stopped.
Posted on: Monday May 22

Half of schemes feel gilts plus valuation method unhelpful

Aon Hewitt has revealed in a survey of pensions professionals, over half said that the ‘gilts plus’ method of pension scheme valuation was ‘unhelpful in the current environment’. However, only 8% said that the method was actually ‘broken’.
Posted on: Monday May 22

College of Law pension scheme completes buy-in with Aviva

The College of Law Pension & Assurance Scheme has completed a fourth pensioner buy-in, of £28m, with Aviva. The Scheme has previously completed two buy-ins with Aviva. The current transaction covered those pensioners who had retired since 2012, when the most recent previous buy-in was carried out. This means that almost all current pensioners are now covered by bulk annuities, reducing risk within the Scheme and contributing towards the Trustees’ long term aim of achieving a full scheme buy-out. Hymans Robertson was the lead adviser to the Trustees, with Linklaters providing advice on all legal aspects.
Posted on: Monday May 22

Pensions Management Institute appoints Ruth Palmer

Posted on: Monday May 22

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