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What to look out for in Rishi Sunaks Economic Update


Ahead of the Chancellor’s statement this week, please see the below commentary from Steven Cameron, Pensions Director at Aegon, on potential changes this week and 6 areas the Chancellor may return to in the Autumn Budget. Short term stimulus measures for employment and spending likely. Statement may pave the way for more significant changes in the Autumn Budget including to state pensions, pensions tax relief and wealth taxes
Posted in: Articles
Posted on: Monday Jul 6

Customers give thumbs up to remote claims journey

Positive response to remote medical assessments paves the way for digital claims to make further inroads. Remote medical assessments for motor-related personal injury claims during the lockdown have had an overwhelmingly positive response from customers, according to a new survey from Minster Law.
Posted on: Monday Jul 6

COVID19 drags North America M and A deals to lowest level

The impact of the COVID-19 pandemic on dealmaking in the first six months of 2020 was significant but not unexpected, yet regional differences in deal performance and volume revealed by M&A data1 from Willis Towers Watson have been more dramatic.
Posted on: Monday Jul 6

Aegon report drop in Critical Illness claims during lockdown

Aegon statistics show that 37% fewer policyholders claimed on their critical illness (CI) insurance policies during May this year compared to the same month last year.
Posted on: Monday Jul 6

Trustees should be better equipped to manage climate risk

The Taskforce on Climate-Related Financial Disclosures (TCFD) consultation closed at 11.45pm yesterday, Amanda Latham believes trustees have been given the tools that needs to be applied.
Posted on: Friday Jul 3

Covid19 drives down car insurance prices in 2020

MoneySuperMarket releases quarterly research into car insurance policy pricing trends. Average fully comprehensive policy costs down year-on-year by 2% from £486 in Q2 2019 to £475 in Q2 2020
Posted on: Friday Jul 3

European P and C insurers face pressure on profitability

The profitability of European property and casualty (P&C) insurers will come under increasing pressure as interest rates are likely to stay low for longer than previously expected amid the slowdown in global growth, and with government bond yields falling in 2020, Moody's Investors Service said in a report
Posted on: Friday Jul 3

ACA welcomes climate risk guidance for pensions

The Association of Consulting Actuaries (ACA) has published its response to the Pensions Climate Risk Industry Group (PCRIG) and DWPs consultation on guidance to align pension schemes with TCFD recommendations. The ACA welcomes the comprehensive guidance and the clear actions it sets out. The ACA is supportive of the implementation of guidelines and has suggested steps to encourage adoption.
Posted on: Friday Jul 3

Dalriada Trustees appoint actuary David Fogarty as Director

Dalriada Trustees has announced the appointment of David Fogarty as Director in the London office.
Posted on: Thursday Jul 2

PLSA and Investor Forum publish Effective Stewardship guide

The Pensions and Lifetime Savings Association (PLSA) and the Investor Forum have today published a practical and accessible toolkit to help pension schemes assess the effectiveness of their asset managers’ delivery of stewardship.
Posted on: Thursday Jul 2

Auto Insurance USA Virtual The New Rules for The Decade

The virtual event of the year is here! Auto Insurance USA set to define the future of auto insurance. There is no avoiding the impact of Covid-19 and the unprecedented disruption it has caused; the way we live our lives and how we conduct our business. But it will take more than a pandemic for the insurance industry to falter. We know just how tenacious, innovative, and committed the auto insurance community is.
Posted in: Articles
Posted on: Thursday Jul 2

FTSE350 pension deficit rises as COVID19 lockdown continues

Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased from £72bn at the end of May 2020 to £90bn on 30 June. Liability values rose by £24bn to £957bn at the end of June compared with £933bn at the end of May. Asset values were £867bn (an increase of £6bn compared to the corresponding figure of £861bn at the end of May).
Posted on: Thursday Jul 2

COVID19 may be watershed for climate resilience investment

COVID-19 provokes turning point, as industry leaders drive action to invest in climate resilient infrastructure Finance and infrastructure investment experts use London Climate Action Week to stress the need for robust climate risk data and analytics, incentives and collaboration.
Posted on: Thursday Jul 2

Pandemic fails to dampen buy in buy out market

2020 is set to be the one of the biggest years on record for the buy-in and buy-out market despite Covid-19, according to LCP’s latest pensions de-risking report. LCP predicts that volumes in 2020 will reach £20bn to £25bn, in part driven by attractive pricing in the wake of the pandemic. This has the potential to exceed the £24.2bn in 2018 which would make 2020 the second largest year on record after £43.8bn in 2019.
Posted on: Wednesday Jul 1

Comment on House of Lords amendments to Pension Bill

Kate Smith, head of pensions at Aegon, comments on the House of Lords amendments to the Pension Schemes Bill 2020.
Posted on: Wednesday Jul 1

Rothesay Life complete buy in with IPC Media Pension Scheme

Rothesay Life announces that it has insured the pensioner liabilities of IPC Media Pension Scheme (the “Scheme”) through a £290m pensioner buy-in, which was completed in May 2020.
Posted on: Wednesday Jul 1

One in five pension schemes are considering superfunds

One-in-10 (11%) UK defined benefit (DB) pension schemes have already discussed superfunds as an option for their target end-game, while a further 9% are planning to do so shortly, according to a survey conducted by Willis Towers Watson following the Pensions Regulator’s (tPR) announcement on how it will regulate the superfunds regime.
Posted on: Wednesday Jul 1

Government face headache over multiple Pensions Bill defeats

The Government faces difficult decisions on how to respond after being defeated no fewer than four times in the House of Lords last night in votes on the Pension Schemes Bill.
Posted on: Wednesday Jul 1

The Rise of the Scammers

I’ll be blunt here. There are many awful things that we are experiencing as a result of the Coronavirus pandemic. But one that really angers me is the rise of scammers. Just when we’re all facing economic uncertainty, learning to cope with being shut in our houses, not seeing friends and family, home-schooling…these despicable people emerge ready to take advantage.
Posted in: Articles
Posted on: Wednesday Jul 1

Aegon Asset management appoint Russ Morrison

Aegon Asset Management has appointed Russ Morrison as its new global chief investment officer responsible for managing its €170 (US $188) billion fixed income investment platform. Morrison, who joined on June 29, will lead the firm’s 140 fixed income investment professionals globally.
Posted on: Wednesday Jul 1

Atradius publish their financial forecast for the year

Economists from leading trade credit insurer Atradius have published their global forecast for the year ahead, predicting that the global economy may be bracing for recession.
Posted on: Wednesday Jul 1

XPS calls for streamlined year end accounting process

XPS Pensions Group has released its third annual pensions accounting survey and calls for a new approach to the year-end accounting for pensions process.
Posted on: Tuesday Jun 30

Covid19 crash widens FTSE350 DB funding chasm

FTSE350 companies with defined benefit (DB) pension schemes have been hit especially hard by the economic crisis caused by Covid-19, according to new research from Barnett Waddingham. As market cap values have plummeted, DB pension obligations have shot up, leading to a widening funding gap.
Posted on: Tuesday Jun 30

Government reveals plans on small scheme consolidation

n a little noticed sentence in last week’s consultation paper on the charge cap for automatic enrolment, the government has indicated that it plans to move forward with plans to press small pension schemes to consolidate. The comment is made in a paper about the charge cap for DC schemes, but once the principle is accepted it could also apply to DB schemes according to LCP partner Steve Webb.
Posted on: Tuesday Jun 30

Shell write down questions investing in fossil fuels

Commenting on Shell’s decision to write down up to $22bn from the value of its assets Charles Ward, a professional trustee at Dalriada Trustees, said:
Posted on: Tuesday Jun 30

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