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Retirement Income Riddle hits consumer health and wellbeing

Older people in the UK are facing a ‘Retirement Income Riddle’ that is leaving them more dissatisfied and depressed in retirement, new research by Legal & General and Demos has revealed. Analysis of the English Longitudinal Study of Ageing (ELSA) has found evidence of a link between health and wellbeing and the choices people make about how they use their pension savings. The results suggest that thousands are potentially choosing options or even defaulting into arrangements that are increasing their likelihood of feeling depressed in later life or unable to plan for the future.
Posted on: Friday Nov 16

Quarter of men slope off without winter travel insurance

A revealing new YouGov survey commissioned by travel tech specialist Aquarium Software has found that nearly a quarter of men (24 per cent) planning to go on a winter sports holiday in the next year admit they will not take out any travel insurance. This is compared to a 17 per cent national average and just eight per cent of women.
Posted on: Friday Nov 16

What is the deal with Brexit

After nearly two years of painful and protracted negotiations, the UK government and the European Union have finally agreed a text on the EU – UK Withdrawal Agreement, despite numerous delays and missed deadlines.
Posted on: Friday Nov 16

Health care benefit costs may increase by six percent

According to a survey of medical insurers by Willis Towers Watson employer-provided health care benefits costs are expected to increase modestly around the globe in 2019. Insurers blame the high cost of medical technology and the overuse and overprescribing of services as the major cost-driving factors and caution that soaring pharmacy costs will become a significant factor over the next five years.
Posted on: Friday Nov 16

Willis Towers Watson welcomes IASB decision to delay IFRS 17

Willis Towers Watson welcomes this week’s announcement by the International Accounting Standards Board (IASB), which has voted to propose a one-year deferral of the mandatory effective date for IFRS 17 to 1 January 2022.
Posted on: Thursday Nov 15

102 pages in two minutes on tier 3 employers in the LGPS

Aon released their report commissioned by the Scheme Advisory Board, identifying potential issues surrounding the participation of Tier 3 employers in the LGPS on 24 September 2018. In case you haven’t had time to read all 102 pages we’ve set out some of the key issues and findings.
Posted on: Thursday Nov 15

GMP equalisation judgement poses new challenges

Aon has said that while it believes insurers can cope with the flood of requests likely to emerge as a result of the recent judgment on GMP equalisation, it does mean that some £50 billion of buy-ins may need to be restructured to accommodate the changes.
Posted on: Thursday Nov 15

Withdrawal agreements impact on the insurance industry

Norton Rose Fulbright insurance partner Bob Haken commented on the withdrawal agreement and the impact on the insurance industry
Posted on: Thursday Nov 15

A timely reminder to check insurance cover pays off

Low levels of claims during times of critical illness and recovery has prompted Phoenix, the UK’s largest specialist consolidator of closed life and pension funds, to contact one million life and protection customers and remind them of the cover they hold with Phoenix.
Posted on: Thursday Nov 15

Illiquid assets and the PRA


A few weeks ago, I came very close to witnessing a drink thrown in someone’s face. The matter instigating the drama? Not a lovers’ spat, or a sinister betrayal. Not even the lack of canapés. No, the issue causing all the noise was insurance regulation. As an ex-regulator, this was especially thrilling for me. Most regulators understand their work is important but suspect that the industry does not feel the same way.
Posted in: Articles
Posted on: Thursday Nov 15

2019 predicted to break bulk annuity records

2018 has been a record breaking year for bulk annuity transactions according to Hymans Robertson’s annual Risk Transfer Report published today. The report shows that each of the eight insurers active in the bulk annuity market are expected to have had their record year for transaction volumes during 2018.
Posted on: Wednesday Nov 14

Two thirds of parents make no provision for their children

Almost two thirds (65 per cent) of parents have made no legal provision for who would raise their children if they were to pass away
Posted in: Life - Articles
Posted on: Wednesday Nov 14

DB pensions white paper on setting objectives for charities

The Department for Work and Pensions (DWP) issued a White Paper earlier this year, explaining their proposals for increasing protections for defined benefit (DB) pension scheme members and making improvements to the system.
Posted on: Wednesday Nov 14

Outline for the guidance for the Pension Benefit Statement

The European Insurance and Occupational Pensions Authority (EIOPA) published today its Report on the "Implementation of IORP II in relation to the Pension Benefit Statement: Guidance and Principles based on Current Practices".The Report is part of EIOPA's work to facilitate the national implementation of IORP II and focusses on the new requirement for Institutions for Occupational Retirement Provision (IORPs) to draw-up a pension benefit statement (PBS). This statement should be concise and made available to each member at least annually.
Posted on: Wednesday Nov 14

BlackRock comment on the latest PPF 7800 Index update

Andy Tunningley, Head of UK Strategic Clients at BlackRock, comments on the latest PPF 7800 Index figures:
Posted on: Tuesday Nov 13

Marsh to form new business called Marsh JLT Specialty

Marsh announced the formation of Marsh-JLT Specialty. Marsh-JLT Specialty will be a new specialty business within Marsh that combines the specialty teams of Marsh and Jardine Lloyd Thompson Group plc (JLT), effective upon closing of the transaction between Marsh’s parent company, Marsh & McLennan Companies and JLT, which remains subject to the receipt of certain antitrust and financial regulatory approvals.
Posted on: Tuesday Nov 13

Pension Protection Fund publish their latest PPF 7800 Index

Since July 2007 the Pension Protection Fund has published the latest estimated funding position, on a s179 basis, for the defined benefit schemes in its eligible universe.
Posted on: Tuesday Nov 13

Top themes for the longevity reinsurance market

Amy Kessler, head of longevity risk transfer at Prudential Financial, provides her outlook for the longevity reinsurance market over the next 12 months. Amy’s top themes for the market include:
Posted on: Tuesday Nov 13

Recruitment and retention a key reason for offering GIP

Recruitment and retention are among the main reasons employers offer group income protection (GIP) to their staff, shows research* from industry body GRiD, which represents the group risk protection sector (employer-sponsored life assurance, income protection and critical illness cover). Equally important to businesses, is using the benefit to help them meet their obligation to look after staff and families.
Posted on: Tuesday Nov 13

NEST Insight launches its sidecar savings trial

NEST Insight has officially launched its sidecar savings trial and announced which organisations are taking part in the research.
Posted on: Tuesday Nov 13

Cyber Operational Risk Scenarios for Insurance Companies

Louise illiamson, Director from Willis Towers Watson and on the Risk management Board at the IFoA introduces a video on Cyber Operational Risk Scenarios for insurance companies featuring Rory Egan from Munich Re, Vanessa Jaeger from Aon and Ramiz Mohamed from Hiscox
Posted in: Articles
Posted on: Monday Nov 12

DWP to launch consultation on a new DB consolidation market

XPS Pensions Group welcomes the proposed consultation from the Department for Work and Pensions (DWP) on defined benefit (DB) pension scheme consolidation, which will hopefully lead to a defined framework in which consolidators can operate.
Posted on: Monday Nov 12

Insurers who prioritise digital transformation grow faster

The World Economic Forum has stated “the greatest impact of disruption [in the financial services industry] is likely to be felt in the insurance sector”. Technological advancements in Insurance across areas such as automation, machine learning and data analytics are redefining business models and risk management capabilities, and the organisations embracing them are gaining a substantial competitive advantage.
Posted in: Articles
Posted on: Monday Nov 12

The most influential capital on the planet revealed

The Asset Owner 100 – the world’s 100 biggest asset owners – account for around US$19 trillion, or nearly 35% of capital held by all asset owners globally, according to a new report from Willis Towers Watson’s Thinking Ahead Institute.
Posted on: Monday Nov 12

How over 40s think about financial choices at retirement

Just Group’s “Retirement Risk Index” shows half of over-40s have the basic knowledge required to make good pension decisions. However, one in 14 at high risk of making poor later-life financial choices. Half of today’s over-40s have a basic understanding of the key retirement factors that will influence their retirement decisions, suggests a new “Retirement Risk Index” released by Just Group.

Posted on: Monday Nov 12

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