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Insurance lines must adapt as remote working is here to stay

More than two thirds of small and mid-size enterprises (SMEs) in the UK expect that remote-working levels will be higher than before the COVID-19 period, which will have lasting consequences on the insurance industry. As a result, insurers need to adapt to changing times as remote working is here to say, according to GlobalData, a leading data and analytics company.
Posted on: Friday Sep 18

Spotlight on McCloud

he Government’s consultation on tackling age discrimination in public sector pensions has upped the ante for your LGPS fund. View a discussion on how to prepare for solving the problem.

Andrew Lowe, Change and Data Solutions Director, Equiniti
Paul Harris, Programme Manager, MyCSP
Host: Rachel Pine, Events & Training Content Manager, PLSA
Posted in: Articles
Posted on: Friday Sep 18

The ethnicity pensions gap

With 86% of the UK population from a white ethnic background and pension schemes designed to meet the needs of the majority, are we confident 14% of the population from Black and Minority Ethnic groups will save adequately for their retirement? Diversity and Inclusion is certainly getting more attention and higher up on the agenda, but we should be doing more to help ethnic minority groups because their needs matter too.
Posted in: Articles
Posted on: Friday Sep 18

Bomad Bailout as parents extract cash from childrens savings

New research from Direct Line Life Insurance reveals the extent to which families have needed to rely on their children’s savings to get them through the tough financial situation caused by coronavirus. Since the beginning of lockdown on 23rd March, parents have had to raid their children’s savings to the total sum of £2.75 billion to support the family financially.
Posted in: Life - Articles
Posted on: Friday Sep 18

Aegon comment on interest rate decision

Comment from Richard Whitehall, Head of Portfolio Management at Aegon, following the Bank of England’s decision to keep the interest rate unchanged.
Posted on: Thursday Sep 17

PTL hire experienced actuary as fourth new Client Director

PTL have announced the fourth new client director to join its team this year, with the appointment of Louisa Harrold.
Posted on: Thursday Sep 17

Comment on Nest Insight and DWP Covid19 impact research

Kate Smith, Head of Pensions at Aegon, comments on the pensions messaging trials for the self-employed carried out by IPSE and NEST.
Posted on: Thursday Sep 17

XPS launch Red Flag Index as risk of pension scams increases

XPShave laumched a Red Flag Index as part of its monthly Transfer Watch tracker. The Index measures the incidence of possible scam red flags in cases covered by our scam protection service and will help give regular insights into activities that signal a threat to member outcomes.
Posted on: Thursday Sep 17

Insurance firms front and centre in a COVID19 world

With the arrival of the COVID-19 pandemic, insurance companies found themselves in the centre of the storm. In a matter of hours and days (not weeks), many carriers had to make their entire operations remote. At the same time, they were fielding calls about changing coverage; answering questions about business interruption policies; and continuing to pay claims for life, health and disability insurance.
Posted in: Articles
Posted on: Thursday Sep 17

Middle market cyber attacks rise during the pandemic

Specialist insurer Beazley has reported that middle market organisations have been especially hard hit by online social engineering attacks during the pandemic. In the second quarter (Q2) of 2020, cybercriminals targeted businesses that remained open during lockdown where many employees were working remotely, making them more susceptible to cyber attacks.
Posted on: Wednesday Sep 16

TPR updates COVID19 guidance

The Pensions Regulator (TPR) has updated its COVID-19 guidance setting out what is expected of pension scheme providers. At the start of the pandemic in March, TPR extended the maximum period defined contribution (DC) pension schemes and trustees had to report late contribution payments from 90 to 150 days. This extension gave struggling employers more time to work with pension providers to bring late or missing payments up to date before enforcement action was taken.
Posted on: Wednesday Sep 16

Energy transition will have transformative effect on Mining

Climate change and Environmental Social Governance (ESG) will transform the energy industry risk landscape, according to Willis Towers Watson at the launch of its annual Mining Risk Review. This transformation is taking place against the backdrop of the impact of both the COVID-19 pandemic and a rapidly hardening global insurance marketplace.
Posted on: Wednesday Sep 16

Nest and DWP research to help self employed saving solutions

Nest Insight and the Department for Work and Pensions (DWP) have today announced that they are conducting new survey research to examine the financial impact of Covid-19 on self-employed people. The analysis will assess the need and appetite for different types of savings solutions, including emergency and hybrid savings tools.
Posted on: Wednesday Sep 16

Motorcycle insurance merger raises competition concerns

The CMA has found that Ardonagh’s completed purchase of Bennetts could lead to higher prices, less choice and worse services for motorcyclists in the UK.
Posted on: Wednesday Sep 16

Exit pay proposals may mean pension cuts for civil servants

Public sector members of the Local Government Pension Scheme aged 55+ who are made redundant and want to retire early will face a significant cut to their benefits, if changes proposed in the Government’s exit pay consultation are implemented, Hymans Robertson warns.
Posted on: Tuesday Sep 15

BlackRock comments on Pensions Awareness Day

Commenting on Pensions Awareness Day today, Tuesday 15 September, Alex Cave, Managing Director, Head of UK Defined Contribution, BlackRock, said:
Posted on: Tuesday Sep 15

PwC comment on Business Interruption test case from the FCA

PwC comments on the verdict regarding the Financial Conduct Authority’s (FCA)’s business interruption insurance test case.
Posted on: Tuesday Sep 15

Free retirement planning course with L and G and The OU

4.8 million people over 50 and in work fear losing their job because of the Covid-19 pandemic, according to new research from Legal & General Retail Retirement1. The research also reveals fears of finding a new role, with one in three (31%) concerned about finding new employment in the event of losing their job.
Posted on: Tuesday Sep 15

State pension triple lock may yet survive

Comment from Steven Cameron, Pensions Director at Aegon, following today’s publication of the ONS labour market statistics and average weekly earnings figures.
Posted on: Tuesday Sep 15

Do not stop trustees helping members

In its response to the FCA's consultation on advising on pension transfers (GC20/1) the Association of Consulting Actuaries (ACA) says it has significant concerns over the comments regarding illustrative figures.
Posted on: Tuesday Sep 15

Pensions superfund industry to hit over 5bn annually by 2023

LCP has predicted that if the superfund industry reaches £1bn over the next 12 months, there could be a rapid expansion to £5bn or more annual volume by 2023, in a new report which urges pension scheme sponsors to take a proactive role in setting pension scheme strategy.
Posted on: Tuesday Sep 15

One in five have no idea what happens to pension savings

Nearly one in five (19%) workplace pension holders have ‘no idea’ what happens to their pension contributions, with 8% thinking their pension is saved in a bank account, Royal London research reveals.
Posted on: Tuesday Sep 15

Pensions must not be put on the back foot

A recent report from Canada Life suggests that one in ten employees in the UK have frozen their pension contributions during the COVID-19 pandemic potentially reducing their future pension savings by thousands of pounds.
Posted on: Tuesday Sep 15

Insurance sector gains new powers to forecast perils risks

From the Increasing Risk of Flash Floods to Windstorms, LexisNexis® Map View Shows and Tells. As late summer brings the threat of flash floods , LexisNexis®, Map View, the geospatial data visualisation tool can now offer insurance providers even greater visibility into environmental and perils risks across the whole of their book to help price more accurately, plan resources for extreme weather events and manage claims.
Posted in: Articles
Posted on: Monday Sep 14

Algorithms powerful but not perfect

Intelligent algorithms can make decisions that are far more accurate than human computations can achieve. Hence governments everywhere are using them to justify decisions that affect people in their day-to-day lives, saying that the algorithms are far better at analysing the situation than people and therefore the results of their calculations must be better than ones which are human-made.
Posted in: Articles
Posted on: Monday Sep 14

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