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Advisers top five priorities for retirement planning

A new adviser research study by the lang cat on behalf of Aviva, reveals the key priorities facing advisers today as they balance the changing demands of clients in a shifting retirement landscape five years on from the introduction of pension freedoms.
Posted on: Friday Jan 17

Industry comment on the 14th edition of the PPFs Purple Book

Industry comment from Hymans Robertson Lincoln Pensions and Clara Pensions on the 14th edition of the PPFs Purple Book
Posted on: Friday Jan 17

The Governance Gap just what does great governance look like

With the growing focus on good governance, how do trustees and consultants meet best practice and ensure good outcomes for pension beneficiaries? What is great governance and what is being missed? The Pensions Regulator provides guidance on best practice around governance, focused on people, structure and processes, all of which bring their challenges. Our discussion looks at the ‘governance gap’ – areas that trustees and their advisors should give thought to that currently may not be fully addressed – and we go ‘under the bonnet’ to identify how using new technology can improve governance outcomes.
Posted in: Articles
Posted on: Friday Jan 17

The PPF launch the 14th edition of The Purple Book

In its fourteenth edition of The Purple Book, the Pension Protection Fund (PPF) reveals a strong link between investment risk and underfunding in defined benefit pension (DB) schemes.
Posted on: Friday Jan 17

Brits optimistic about impact of Brexit on personal finances

With a fortnight to go until the UK is due to leave the European Union, the proportion of Brits who think their finances will improve after Brexit rose by 5 percentage points in the last quarter, from 6 per cent in August 2019 to 11 per cent of the population in the days following the General Election – the highest level of optimism since December 2018.
Posted on: Friday Jan 17

PIMFA brands FSCS Indicative Levy as unsustainable

Reacting to FSCS’ announcement of a budgeted levy of £635 million, PIMFA, the UK’s trade body for the personal investment services and financial advice profession, has said that yet again, the FSCS compensation cost is at an all-time high and the cost burden falling upon their member firms is totally unsustainable. Compensation cost is a material item for all firms, large and small, and is ultimately borne by the consumers of firms whose activities do not give rise to consumer detriment.
Posted on: Thursday Jan 16

EIOPA publish their draft Solvency II review advice

Insurance Europe has today published its “Ambitions for Europe”, in which it sets out policy suggestions on four topics that reflect some of the key objectives of the new European Commission.
Posted on: Thursday Jan 16

Potential changes to the tapered annual allowance

Commenting on reports that The Treasury are looking at raising the threshold for the tapered annual allowance, from £110,000 to £150,000 as a direct result of the unexpected tax bills being received by NHS Doctors, Fiona Tait, Technical Director, Intelligent Pensions comments:
Posted on: Thursday Jan 16

Key priorities for DC Consulting in 2020

The next 12 months promise to be a very busy time for DC pensions. With increased focus on Responsible Investment and the final consultation expected on the Future of Trusteeship and Governance, the regulatory landscape continues to evolve. We also now have clearer targets in regard to retirement living standards, presenting an opportunity to really engage members with their savings and help them work towards a decent income in retirement.
Posted in: Articles
Posted on: Thursday Jan 16

Final report of ACA 2019 Pension trends survey

ACA survey report says momentum of pension reform needs to be built upon with plans set out to increase automatic enrolment minimum contributions alongside tax and benefit simplification
Posted on: Thursday Jan 16

PTL appoint Actuary Steve Longworth as Client Director

PTL have announced the appointment of Steve Longworth as a Client Director.
Posted on: Wednesday Jan 15

Hymans Robertson comment on TPR funding code consultation

Laura McLaren, Partner at Hymans Robertson commented on today’s confirmation that TPR will be consulting on the new funding code in March:
Posted on: Wednesday Jan 15

2019 A year in pensions and a 2020 preview

2019 was a big year for pensions. But the way the British public took it in their stride, you would be forgiven for forgetting all about it. Cast your mind back to April. Spring was in the air, the days were getting longer and warmer, and auto-enrolment (AE) minimum contributions were about to rise for the second time in 12 months, from 5% of earnings, up to 8%. We watched with bated breath to see what people would actually do.
Posted in: Articles
Posted on: Wednesday Jan 15

Retirement Class of 2020 faces significant debt issues

With the State Pension Age due to start moving to 66 for men and women in 2020, Key has undertaken a unique study into the finances and ambitions of over 1,000 people who are expecting to finish full-time work in 2020.
Posted on: Wednesday Jan 15

Sir Steve Webb to join LCP as Partner

LCP has announced that former Pensions Minister Sir Steve Webb is to join the firm as a Partner. He joins from Royal London where he has been Policy Director since 2015.
Posted on: Tuesday Jan 14

Research reveals January as the riskiest month for drivers

insurethebox data reveals January as the riskiest month of the year to drive – with motorists in Scotland, the North and West of England facing the highest risk
Posted on: Tuesday Jan 14

Pet travel abroad could cost 152 percent more

With the Brexit deadline fast approaching, MoneySuperMarket has revealed the rise in the cost of pet travel if the UK leaves the EU without a deal.
Posted on: Tuesday Jan 14

Dominic Chappell ordered to pay over GBP9m into BHS pension

The Pensions Regulator (TPR) has today published a Determination Notice outlining its decision to issue Contribution Notices for £9.5 million against Dominic Chappell in respect of the two pension schemes connected to the collapsed high street chain BHS.
Posted on: Tuesday Jan 14

BlackRock and Buck comment on latest PPF7800 Index figures

BlackRock and Buck comment on the latest PPF 7800 figures from the PPF
Posted on: Tuesday Jan 14

Pension Protection Fund publish December 2019 PPF7800 Index

This update provides the latest estimated funding position, on a section 179 (s179)basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF). A scheme’s 179 liabilities represent, broadly speaking, the premium that would have to be paid to an insurance company to take on the payment of PPF levels of compensation.
Posted on: Tuesday Jan 14

December 2019 completes a turbulent year for transfer values

December 2019 marked the fourth month in a row where the XPS Pensions Group (XPS) Transfer Value Index fell, but the number of members taking a transfer value rose, according to XPS’s Transfer Watch.
Posted on: Tuesday Jan 14

Rising cost in pension regulation sparks concern

Research from the Pensions Management Institute’s (PMI) latest PMI Pulse survey reveals that there is concern across the pensions industry around the increasing costs of regulation. Over one third (34%) of pension professionals said they think that the cost of regulation is now too high with 39% of respondents thinking that the cost of regulation is about right. Increasing expenditure of the Department for Work and Pensions’ arm’s length bodies has increased, in turn leading to levy issues, which has led to calls for more transparency over appropriate funding models.
Posted on: Tuesday Jan 14

PMI launch Mentoring and Development Programme

The Pensions Management Institute (PMI) has launched a Mentoring & Development Programme, delivered in conjunction with the Institute of Leadership and Management and sponsored by The People’s Pension.
Posted on: Monday Jan 13

ESAs proposals on PRIIPs is going from bad to worse

Insurance Europe has serious concerns about the review currently being undertaken of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulatory Technical Standards (RTS). Proposals put forward in a consultation by the Joint Committee of the European Supervisory Authorities (ESAs) on changes to the PRIIPS RTS would make things worse for both consumers and insurers.
Posted on: Monday Jan 13

Older savers least likely to consolidate multiple pensions

Older savers aged 55 and above are more likely to have multiple private pension pots (33% vs. 31% of all UK adults with a private pension) but are the least likely of any age group to have considered consolidating them (31% vs. 58%), new research from Canada Life reveals.

Posted on: Monday Jan 13

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