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DB pension deficit remains unchanged at end of July

The UK defined benefit (DB) pension deficit remained at £270bn at the end of July, the same as at the end of June, according to figures released from PwC’s Skyval Index.
Posted on Friday Aug 7

ONS figures show a fifth of workers are unaware of AE

Aegon comment on the publication of the ONS Wealth and Assets Survey, which provides uses attitudinal data to show individuals' attitudes towards pensions.
Posted on Thursday Aug 6

Savings now equally as important as pensions

In a survey conducted amongst 3,000 adults in the UK, 77.5% said that the recent pandemic has made them realise the importance of having savings to fall back on.

Posted on Wednesday Aug 5

GMPEWG launches Member Communications Guidance

The cross industry GMP Equalisation Working Group (GMPEWG) today published Guidance on member communication, entitled ‘Guide to GMP Communications - Early Planning Stage’. The GMPEWG is chaired by the Pensions Administration Standards Association (PASA), the Communications sub-group of this was set up earlier this year to support trustees in communicating the complexities of GMP Equalisation to their scheme members.
Posted on Tuesday Aug 4

72 percent have no access to workplace financial education

Research* from Aegon UK finds that 72% of employees said that their employer doesn’t offer any form of financial education.
Posted on Tuesday Aug 4

FTSE 350 pension deficit rises as COVID19 lockdown eases

Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased from £90bn at the end of June 2020 to £103bn on 31 July. Liability values rose by £13bn to £970bn at the end of July compared with £957bn at the end of June. Asset values were £867bn (unchanged since the end of June).
Posted on Monday Aug 3

No reclaim on pension contributions for furloughed staff

Kate Smith, Head of Pensions at Aegon comments, following the recent changes to the government’s Job Retention Scheme which mean employers can no longer reclaim pension contributions for furloughed workers under the Job Retention Scheme.
Posted on Monday Aug 3

Awareness of commercial consolidators soars in last year

Awareness of the two main commercial consolidators - The Pensions SuperFund and Clara-Pensions - has rocketed amongst DB pension trustees over the last year and started to influence long term objectives for DB schemes too, according to the annual Trustee Barometer research from Hymans Robertson.
Posted on Monday Aug 3

Industry comments on HMRC latest flexible pension payments

Just Group, Canada Life, Royal London and Aegon comment as HMRC release its latest figures on the number and value of flexible payments from pensions, which also marks the first five years of pension freedoms.
Posted on Friday Jul 31

PLSA launch new trustee investment disclosure duties guide

The PLSA has today published guidance to help DB and DC trustees navigate the new requirements to publicly disclose their investment and responsible investment activity over the previous year in an “Implementation Statement”.
Posted on Friday Jul 31

Comments on WPC inquiry into pension scams

Comments from Canada Life, Royal London, PIMFA and PSIG on the WPC inquiry into pension scams
Posted on Wednesday Jul 29

FCA insight into Intergenerational effects of Covid19

Please find commentary from Steven Cameron, Pensions Director at Aegon, on the FCA’s analysis of the pandemic’s effects on the nation’s financial lives:
Posted on Tuesday Jul 28

PLSA open input on support on confusing pension freedoms

Nearly three quarters (71%) of savers in defined contribution (DC) funds want support when deciding how to access their pension, including some wanting to be guided by their pension scheme to a ready-made retirement income option, according to research by the Pensions and Lifetime Savings Association (PLSA).
Posted on Tuesday Jul 28

75 percent of trustees say Covid19 will not impact endgame

Barnett Waddingham and Winmark’s latest Pensions Chair Remuneration Report found 75% of Trustee Chairs do not expect to adapt their endgame strategy due to the Covid-19 pandemic, with most of the rest (21%) saying it is still too early to know. Only 2% are sure it will need to change.
Posted on Tuesday Jul 28

1 in 5 have organised their finances better since pandemic

Research from Aegon UK finds that 21% of people say they have taken the time to review and better organise their finances since the start of the pandemic.
Posted on Tuesday Jul 28

Pensioners urged to check if they qualify for pension credit

Pensioners must check whether they qualify for Pension Credit ahead of 31st July or risk losing entitlement to their free TV licence according to Royal London.
Posted on Tuesday Jul 28

Call for Voluntary Scheme Pays clarification for NHS workers

Royal London has renewed its call on government to urgently clarify Voluntary Scheme Pays rules in England and Wales to ensure all overstretched NHS workers have much needed breathing space to resolve their pension tax affairs for 2018/19 before the current deadline of July 31st.
Posted on Monday Jul 27

Coronavirus leaves 1 in 3 worrying about their finances

Research from retirement specialist LV= highlights how the finances of the UK’s households have been affected by the coronavirus outbreak.
Posted on Monday Jul 27

Research shows most common advice requests during COVID19

Aegon’s latest research with over 200 financial advisers looks at how the current pandemic is changing attitudes towards advice. The research shows that three in ten (31%) financial advisers have seen an increase in client enquiries above normal levels since the coronavirus outbreak begun.
Posted on Monday Jul 27

Pensions Savers press pause in lockdown

Latest industry data shows dramatic decreases in pension withdrawals during lockdown as pension savers opt to ride out stock market volatility and employment uncertainty
Posted on Monday Jul 27

PMI launches new guidance service RetirementMatters

The Pensions Management Institute (PMI) has announced the launch of a new financial education and guidance service supported by WEALTH at work called ‘RetirementMatters’. The service launched today at the PMIs ‘Trustee Fortnight event’, has been specifically designed to support employees and pension scheme members approaching retirement.
Posted on Monday Jul 27

Risks of a more inflexible approach to regulating pensions

A major new report from consultants LCP has highlighted serious concerns about proposed changes to the way Defined Benefit pension schemes are regulated. The report warns that the new regime threatens to be too rigid and to have potentially damaging effects on schemes and employers.
Posted on Friday Jul 24

Statement on cybercrime and pensions administration

PASA is aware of current heightened interest from cybercriminals in the pensions sector.
Posted on Friday Jul 24

Fifth of over 50s retirement plans impacted by COVID19

Almost a fifth (18%) of people aged 50 and over say that the COVID-19 pandemic has already or may impact their retirement plans, according to a new study from Co-op Insurance.
Posted on Thursday Jul 23

Barnett Waddingham response to 95k cap consultation issued

Following several delays, HMT released a response to the much debated £95k cap consultation yesterday. With around 600 responses to the consultation which closed in July 2019, perhaps the delay was inevitable.
Posted on Wednesday Jul 22

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