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Pension contributions could be reviewed in 2021

Pensions Minister Guy Opperman has announced a possible auto enrolment review next year to assess the need to increase pension contribution rates and increase the number of people who are eligible for the system.
Posted on Friday Oct 23

Only a third of DB pensions extend recovery end date in 2019

Fewer schemes needed to lengthen their recovery plan end dates in 2019 than in the previous year according to new analysis from Hymans Robertson. It looked in detail at the TPR ‘tranche 13’ valuations and discovered that only a third (32%) of schemes increased the length of their recovery plan, compared to half (50%) of schemes that had to this in the previous year (2018). This reflects that they are in better shape, but the leading pensions and financial services consultancy warns that this year is likely to see more schemes lengthening end dates again as companies struggle with the fallout from Covid 19.
Posted on Thursday Oct 22

Pensions transfers bounce back from Covid induced dip

Pensions transfer volumes have bounced back from the initial effects of the Covid-19 crisis, following a steady upward path towards pre-Lockdown levels the latest data from the Origo Transfers service show.
Posted on Thursday Oct 22

Industry comment on TPRs new guidance on DB superfunds

LCP, Hymans Robertson, Clara-Pension, Lincoln Pensions, Aon and Mercer comment on TPRs new guidance for trustees and employers considering a DB superfund
Posted on Wednesday Oct 21

State pensioners in line for three in a row increase

Under current rules, the State Pension is increased by the ‘triple lock’ which is the highest of earnings growth, price inflation or a 2.5% minimum guarantee. The price inflation figure used is the CPI annual rate for the year to September, which was announced today as 0.5%. The earnings growth figure used is that to July, (seasonally adjusted and including bonuses) which was already announced as minus 1%. This means the 2.5% guaranteed increase will kick in, offering pensioners 2% above inflation.
Posted on Wednesday Oct 21

TPR publish new guidance on DB pension superfunds

Trustees need to ensure they are confident a superfund is the right option for them and in their member’s interests. New guidance for trustees and sponsoring employers of defined benefit (DB) pension schemes considering transferring to a DB superfund has been published today by The Pensions Regulator (TPR).
Posted on Wednesday Oct 21

Retirement Living Standards accessible to over 14m savers

Over 14 million savers now have access to the PLSA’s Retirement Living Standards (RLS) helping them to picture their retirement futures.
Posted on Wednesday Oct 21

Pensioners set for rise of five times the rate of inflation

Despite the announcement of an annual increase in the Consumer Prices Index (CPI) of 0.5%, state pensioners are set to benefit from a 2.5% increase next April – five times the rate of inflation - according to LCP partner Steve Webb. A single pensioner currently on the full new state pension of £175.20 would get an extra £4.40 per week, whilst an older single pensioner on the old basic state pension of £134.25 would get an extra £3.35 per week. (All figures rounded to nearest 5p).
Posted on Wednesday Oct 21

Scheme sponsors prepare for a tsunami of pension changes

Corporate sponsors of pension schemes are being urged to brace for a tsunami of regulatory and legislative change on top of the impact of Covid-19 in a new report from LCP.
Posted on Wednesday Oct 21

Phoenix Group and PLSA comment on simpler annual statements

Phoenix Group and the PLSA comment on the Government response to Simpler Annual Benefit Statements
Posted on Tuesday Oct 20

Pension Index uncovers Covid19 impact on future pensions

The widespread economic impact of COVID-19 is heightening the financial pressures which retirees face, both now and in the future. Coupled with increasing life expectancies and the rising pressure on public resources to support the health and welfare of ageing populations, COVID-19 is exacerbating retirement insecurity, according to the 12th annual Mercer CFA Institute Global Pension Index.
Posted on Tuesday Oct 20

Comments on response to simpler annual benefit statements

Aegon and Smart Pension comment on the governments response to simpler annual benefit statements
Posted on Monday Oct 19

Impact investing risk from poor measurement standards

Impact investing risks being marred by subpar measurement and reporting, leaving investors disenchanted with asset managers’ overly positive claims, says Brunno Maradei, Global Head of Responsible Investment at Aegon Asset Management.
Posted on Monday Oct 19

Will new superfund guidance set too high a hurdle

For many schemes with weaker sponsors, a superfund transfer could improve the likelihood of members getting their benefits paid in full. The Pensions Regulator (TPR) is shortly expected to publish its updated guidance for trustees who are exploring such a transfer. This will be another significant milestone for the superfund market, and the guidance needs to provide clarity on what trustees are expected to demonstrate to TPR for a transfer to be deemed acceptable.
Posted on Monday Oct 19

Comment on The Pensions Regulator corporate discussion paper

Kate Smith, Head of Pensions, comments on the Pensions Regulator’s corporate strategy discussion paper.
Posted on Friday Oct 16

Tax simplification for public servants on McCloud remedy

The Association of Consulting Actuaries (ACA) has today called for effective communications, coupled with simplification of pensions tax rules, to help millions of public service employees understand and value their pensions as part of McCloud age discrimination remedy.
Posted on Friday Oct 16

Comment on PLSAs Climate Investment Report

Commenting on today’s publication of the PLSA’s Climate Investment Report, Simon Jones, Head of Responsible Investment, Hymans Robertson, says:
Posted on Friday Oct 16

TPR launches discussion on its 15 year corporate strategy

The Pensions Regulator today announced that protecting the future financial wellbeing of savers will sit at the heart of its work for the next 15 years as it delivers on its statutory objectives.
Posted on Friday Oct 16

Advice confusion rife among pension dippers

Many pension savers who think they have received regulated financial advice before accessing a pension may have missed out, new figures from Just Group suggest. The research shows that the concept of “advice” means different things to different people.
Posted on Thursday Oct 15

Comment on HMT call on Pensions tax relief administration

Comment below from Kate Smith, Head of Pensions, Aegon comments on HMT call for evidence on Pensions tax relief administration which closed yesterday.
Posted on Wednesday Oct 14

Pension funds embrace climate aware investment

The pensions industry has identified solutions to the barriers that prevent pension funds from fully embracing climate-aware investment. To explore and help resolve the issue, the PLSA has published its climate investment report during the organisation’s first-ever virtual Annual Conference, identifying some key recommendations to overcome some of the obstacles.
Posted on Wednesday Oct 14

Comment on PLSA DC Decumulation recommendations

Commenting on the PLSA’s publication of DC Decumulation: Evolving the Pensions Freedoms – Final Recommendations, Mark Jaffray, Head of DC Consulting, Hymans Robertson, says:
Posted on Wednesday Oct 14

Millions may need help with public service pension options

Millions of teachers, nurses and civil servants may need a great deal of support over their pension options as the Government decides how to respond to the ‘McCloud judgment’ on age discrimination according to consultants LCP in their response to a Government consultation.
Posted on Wednesday Oct 14

Pension Protection Fund publish Septembers PPF7800 figures

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).
Posted on Tuesday Oct 13

Call for new regulatory framework to help savers

The Pensions and Lifetime Savings Association (PLSA) is calling for the establishment of a new regulatory framework to help savers with the complex decisions they face when choosing how to access their pension at retirement.
Posted on Tuesday Oct 13

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