Actuarial Post News and Articles

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False insurance claims rise by twenty seven percent

Cifas, the UK’s leading fraud prevention service with over 450 members, has released new figures showing a marked increase in the number of individuals committing insurance fraud with false claims. Between 2017 and 2018, there has been a nationwide increase of 27% in fraudulent insurance claims.
Posted on: Wednesday Mar 20

You may miss car insurance savings by not using telematics

A survey conducted by YouGov and commissioned by Redtail Telematics, the long-established provider of integrated telematics solutions worldwide for the insurance, automotive and fleet sectors reveals that UK drivers over the age of 45 are missing the opportunity to save between 5 and 10% on their motor insurance premium by switching to a motor insurance policy that employs telematics technology.
Posted on: Wednesday Mar 20

CPI 12 month rate increases but still lower than BOE target

Following the publication of the Consumer Prices Index (CPI) 12-month rate for February, please see the below comment from Kate Smith, Head of Pensions at Aegon.
Posted on: Wednesday Mar 20

Saga comment on the Royal Mail CDC pension scheme

Following Work and Pensions Secretary, Amber Rudd, welcoming plans for the Collective Defined Contribution (CDC) pension scheme to be introduced in the UK, with the scheme being ‘trialled’ at the Royal Mail first, please see below for a reactive statement from Jeff Bromage, Managing Director, Saga Money.
Posted on: Wednesday Mar 20

DB maturity means consultants must manage the end game

The dawn of a new era for the pensions industry, as defined benefit (DB) schemes reach maturity, is shifting the strategic focus of many schemes to the potential end game of risk reduction, often leading towards buyout. According to our ‘Navigating Change’ report, which researches the views of senior trustees from large UK pension schemes, these structural shifts are transforming the way trustees manage schemes and have led to many seeking a new actuarial consultant.
Posted on: Wednesday Mar 20

Skilled actuaries required


Since the upheaval of pension freedoms in 2015 when drawdown rules were relaxed and annuity sales declined, the role of actuaries in the DC space has been fairly limited. But things may be set to change with the advent of Collective Defined Contribution (CDC) schemes.Towards the end of 2018 the government opened a consultation on this new type of pension saving vehicle which has proved popular in places like the Netherlands.
Posted in: Articles
Posted on: Wednesday Mar 20

Legal and General complete buy in for Howden Group Pension

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £230 million buy-in for all the pensioner and deferred members of the Howden Group Pension Plan, covering nearly 2,000 members in total - with around 2/3 being current pensioners.
Posted on: Tuesday Mar 19

Aegon comment on the ONS Labour Market figures

Kate Smith, Head of Pensions at Aegon, comments on the ONS Labour Market figures
Posted on: Tuesday Mar 19

Its not all avocado on toast for millennials

Research carried out by pension and investment company Aegon shows the generational divide that exists between younger and older age groups when it comes to attitudes towards finances, ability to respond to money pressures and being equipped to plan ahead financially.
Posted on: Tuesday Mar 19

Eight flaws in cyber insurance policies to refuse pay outs

Mactavish, the UK’s leading expert on insurance governance, has challenged insurers and brokers to guarantee that eight common flaws it has identified in policies will never be used as reasons to refuse pay-outs on cyber insurance claims.
Posted on: Tuesday Mar 19

The pensions quiz reveals if you are prepared for retirement

Back in 2016, pensions advice specialist, Portafina, set out to find what the nation knew about their pensions. Now, three years on, Portafina asked again to see whether in light of major pension reforms, are Brits any more clued up?
Posted on: Tuesday Mar 19

Landmark appeal ruling on fundamental dishonesty finding

Horwich Farrelly in conjunction with Aviva, has successfully won an appeal case that could transform the way courts interpret legislation on fundamental dishonesty and avoid any damages being awarded to claimants who are dishonest. The outcome of the appeal has the potential to save the industry significant amounts and increase the effectiveness of section 57 as a fraud deterrent.
Posted on: Monday Mar 18

Comments on DWP approving Royal Mail CDC Scheme

Aegon, Royal London and Hymans Robertson comment on the DWP approving the Royal Mail's CDC pension scheme
Posted on: Monday Mar 18

A step change is expected for DB pension scheme funding

Mike Smedley, Pensions Partner at KPMG in the UK discusses some of the changes expected for DB pension scheme funding in 2019
Posted in: Articles
Posted on: Monday Mar 18

Aon welcomes DWP response to consultation on CDC pensions

Aon has welcomed the Department for Work and Pensions’ (DWP) response to its consultation on delivering Collective Defined Contribution (CDC) pension schemes.
Posted on: Monday Mar 18

Young drivers benefit from lower car insurance costs

The overall cost of running a car for young drivers has fallen by over 6% in the past six months, primarily driven by a decrease in the cost of fuel and motor insurance. On average, a 17–24-year-old driver will now pay £2,292 to run their car in the first year, of which more than half (£1,281) is the cost of insurance.
Posted on: Monday Mar 18

Invesco publish their Global Fixed Income Study

Invesco has released its second annual Global Fixed Income Study, an in-depth report on the investment behaviour of fixed income investors.
Posted on: Monday Mar 18

Aegon comment on the ONS Caring in Later Working Life Report

Steven Cameron, Pensions Director at Aegon on today’s ONS report looking at the interplay between caring and working in later life
Posted on: Friday Mar 15

Redingtons five key takeaways from TPRs funding statement

Marian Elliott, Managing Director, Integrated Actuarial at Redington said:“The Pensions Regulator (TPR) issued their 2019 annual funding statement earlier this week. This statement marks the start of a more prescriptive approach from TPR which is likely to be cemented in the DB funding code later this year.
Posted on: Friday Mar 15

What does the ideal actuarial consultant look like

We recently published our Navigating Change report, which looks at the changing role of the actuarial consultant. One issue that struck me was the wide range of responses from pension scheme trustees as to what they look for in their ideal actuarial consultant, as well as the areas where actuaries have sometimes been found to fall short of expectations.
Posted in: Articles
Posted on: Friday Mar 15

Transfer values increased initially during February

Pension transfer values as measured by the XPS Pensions Group Transfer Value Index increased broadly throughout February, before dropping sharply to end unchanged over the month. The index ended February 2019 at £235,000, the same as at the end of January.
Posted on: Friday Mar 15

Aegon comment on FCA Platform Market Study paper

Commenting on the FCA’s Investment Platform Market Study paper, Steven Cameron, Pensions Director at Aegon said:
Posted on: Thursday Mar 14

FCA to improve competition in investment platforms market

The Financial Conduct Authority (FCA) has today set out a package of measures to help consumers who invest through investment platforms more easily find and switch to the right one for them. The package - set out in the final report of its Investment Platforms Market study - includes proposed FCA rules and actions industry is taking forward.
Posted on: Thursday Mar 14

LV partner with University of Bristol on Data Science

LV= General Insurance (LVGI), one of the UK’s largest personal insurers, and the University of Bristol have today announced a new partnership with the aim of working together to make advancements in the field of data science by sharing knowledge, skills and opportunities.
Posted on: Thursday Mar 14

Solvency II should embed sustainability

Insurance Europe has responded to a call for evidence by the European Insurance and Occupational Pensions Authority (EIOPA) on sustainability in Pillar I of Solvency II.
Posted on: Thursday Mar 14

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