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Aegon comment on FCA report on investment scams

Kate Smith, Head of Pensions at Aegon, on figures released this morning from the FCA that over £27 million was reported lost to crypto and forex investment scams in the last financial year.
Posted on: Tuesday May 21

Accounting standards change to hit FTSE pension schemes

Incoming changes to IFRIC 14 rules and increased pressure on companies to accelerate contributions could worsen FTSE 100 balance sheets by up to £100bn, with more than a quarter being hit to the tune of £1bn, according to the latest edition of LCP’s landmark AfP report . With the Pensions Regulator pushing employers to ‘mend the roof while the sun’s shining’, the ability to pay dividends or raise capital may be at risk for some and we could see increased regulatory capital requirements in the financial sector.
Posted on: Tuesday May 21

Twenty seven million pounds lost in crypto investment scams

The Financial Conduct Authority (FCA) and Action Fraud (link is external) are warning the public to be wary of investment scams carried out via bogus online trading platforms. This warning comes as cryptoassests (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/19.
Posted on: Tuesday May 21

New tools allow pension schemes to deliver greater value

New tools helping pension schemes deliver greater value for money for millions of savers have been launched today (21 May) by the Cost Transparency Initiative.
Posted on: Tuesday May 21

A dangerous job is not as harmful for life quotes as smoking

New research from MoneySuperMarket suggests that having a dangerous job with a higher risk of fatality or injury actually has less of an impact on life insurance than unhealthy habits such as smoking.
Posted in: Life - Articles
Posted on: Tuesday May 21

Broadstone acquires 3HR Benefits Consultancy

Broadstone, one of the UK’s leading employee benefits and pensions consulting businesses, has announced the acquisition of 3HR Benefits Consultancy. This move represents Broadstone’s third acquisition in as many months following the recently announced purchases of Liverpool-based CS Financial Solutions and Thomson Dickson Consulting located in Glasgow.
Posted on: Tuesday May 21

What would you do if you had twelve months to live

Most Brits would spend time with family, go on a once in a lifetime trip and make plans for their funeral if they found out they only had 12 months to live, according to research from SunLife.
Posted on: Tuesday May 21

Hymans Robertson appoints new equity partners and partners

Hymans Robertson has made two new high level promotions, appointing Stephen Birch and James Mullins as equity partners of the firm. At the same time it has also appointed seven new partners.
Posted on: Monday May 20

State pension top up for looking after your grandchildren

New figures revealed to insurer Royal London under the Freedom of Information Act show that more than 10,000 grandparents and other family members received help with their state pension in 2017/18 for looking after grandchildren. This represents a sevenfold increase on two years ago. But Royal London estimates that lack of awareness of this scheme means that many hundreds of thousands more family carers are still missing out on help.
Posted on: Monday May 20

What do trustees want to see in the new funding code

TPR has shared some hints about the likely areas of focus in the upcoming DB funding code consultation. But will it address the issues trustees want it to?
Posted on: Monday May 20

The Pensions Regulator publishes their Corporate Plan

Improving the participation, accountability, protection and confidence in occupational pension schemes forms the heart of The Pension Regulator’s (TPR) new corporate plan
Posted on: Monday May 20

Exciting times for actuaries predicted

Pensions are supposed to be boring – public sector pensions even more so. Actuaries are only supposed to get excited very occasionally and when they do, it’s often hard to tell that they are excited. 2019 will no doubt go down in history for many reasons – probably mainly for what didn’t happen rather than what did. It is also of course valuation year in the LGPS in England and Wales, and for lots of reasons the 2019 valuation year has the potential to be one of the most exciting valuation years yet.
Posted in: Articles
Posted on: Monday May 20

Harnessing big data to understand members

J.P. Morgan has, in recent years, been increasingly innovative in its use of big data to shape both their customer offer and the broader policy debate. In the second keynote from NEST Insight 2018, Anne Lester discusses some of the work they’ve done, including around understanding better the spending patterns savers exhibit immediately pre- and post-retirement.
Posted in: Articles
Posted on: Friday May 17

FCA Business Plan and regulatory priorities and their impact

It is worth remembering that the modern pension market is not just bound by legislation and tax relief. Last week the FCA published its 2019/20 business plan which introduces some fundamental changes to the way in which financial services firms will be run.The regulator’s priorities are laid out in the context of addressing the biggest risks to consumers and split into the big picture issues that affect the industry as a whole, and those which affect specific sectors such as retirement planning.
Posted in: Articles
Posted on: Friday May 17

HMRCs announcement is delaying GMP Equalisation data

Commenting on the announcement that HMRC is delaying the provision of data that will enable pension schemes to confirm the GMP benefits to pay to members until towards the end of the year Matt Davis, Head of GMP Equalisation, Hymans Robertson said:
Posted on: Friday May 17

Global insurance prices up three percent

London, 16 May 2019 - Marsh today released its Global Insurance Market Index for the first quarter of 2019. Key findings include:
Posted on: Thursday May 16

New report highlights loss of trust in financial services

New Report highlights loss of confidence in financial services: The Transparency Task Force (TTF) has released a report with RSA and Newgate Communications which highlights a worrying loss of trust and confidence in financial services, across all developed economies. TTF has established a global network of interested groups to tackle this issue, increase trust and improve consumer outcomes.
Posted on: Thursday May 16

Do you save more or less than the rest of your generation

New research from personal loan provider, Hitachi Personal Finance, reveals which age groups are the most financially secure, and where their priorities lie when it comes to spending their income.
Posted on: Thursday May 16

Comment on contingent charging correspondence

The Work and Pensions Select Committee has published correspondence between Frank Field and Andrew Bailey at the FCA on Contingent Charging. While the Committee continues to call for a ban, it has accepted that this could create unintended harm, particularly for vulnerable customers, and has suggested some other avenues the FCA might wish to explore.
Posted on: Thursday May 16

XPS Pensions partner again with Tax Help for Older People

Since the introduction of pension freedoms in 2015, the options available to members at retirement have increased and as a result the complexity of taxation. With more choice members need more help and an increased level of support is required to ensure they make the best informed choices when making life-long non-reversible decisions.
Posted on: Thursday May 16

Expected casualties from the 38 submissions for master trust

tPR has announced that 38 applications submitted for master trust authorisation as extension period closes. Mark Futcher, Partner at Barnett Waddingham, thinks there may be a number of causalities from this list.
Posted on: Thursday May 16

Aon say schemes are increasing member support at retirement

Aon has said that UK defined benefit (DB) pension schemes are continuing to offer more support to members for their decision making at retirement, with almost one in five schemes now including personalised transfer value figures in retirement packs.
Posted on: Thursday May 16

LifeSight appoint Richard Everitt as Head of Implementations

LifeSight, Willis Towers Watson’s DC master trust, has appointed Richard Everitt as Head of Implementations.
Posted on: Thursday May 16

Aon and Guy Carpenter partner with The Institutes

The Reinsurance Solutions business of Aon and Guy Carpenter are pleased to announce a joint effort with The Institutes RiskStream™ Collaborative to bring greater efficiency to the reinsurance placement process through distributed ledger technology (DLT).
Posted on: Thursday May 16

TPR targets law breaking employers in compliance checks

Employers who flout their automatic enrolment pension duties are being targeted with short-notice inspections by The Pensions Regulator (TPR).
Posted on: Wednesday May 15

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