Pensions - Articles

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1 in 3 employees has an AE pension but UK coverage patchy

More than one in three British employees now has a pension set up via the Government’s auto enrolment initiative, a new survey of British employees has found
Posted on Friday Sep 30

Schemes and sponsors should explore funding flexibilities

Schemes should embrace pragmatism with regards to their investment strategy, valuation method and longevity assumptions, representatives of Punter Southall claimed today at the firm’s Annual Conference.
Posted on Thursday Sep 29

FTSE 350 profits could shrink by £2bn due to pension costs

Mercer’s Pensions Risk Survey shows that the annual accounting cost of building up new defined benefit (DB) pensions for the UK’s largest 350 listed companies has increased by over £2 billion since the start of 2016.
Posted on Thursday Sep 29

Workplace DC savers sleepwalking into income black hole

According to new research commissioned by Columbia Threadneedle Investments and conducted by the Pensions Policy Institute (PPI), a large percentage of those paying into the most common form of workplace pension - a defined contribution (DC) scheme – are not proactively choosing where to invest their savings. Instead, they are automatically opting for the default fund, a generic fund chosen by their employer, which may not generate the return required to meet their retirement needs.
Posted on Thursday Sep 29

3 in 5 young adults don't know what a workplace pension is

Nearly half (40%) of 18-30 year olds consider their knowledge of pensions to be poor or very poor and three in five (60%) don’t know what a workplace pension is according to research* from workplace pensions provider NOW: Pensions.
Posted on Thursday Sep 29

Graduate dilemma: pay student debt or save for retirement

With the autumn recruitment season in full swing, thousands of university leavers are starting to enter the workforce. Burdened with student debt, pensions are unlikely to be at the front of these new workers’ minds, but opting-out could be a costly mistake as Kate Smith, head of pensions at Aegon explains:
Posted on Wednesday Sep 28

Pension savers being hit by £2bn of unnecessary fees

Hard-working savers caught in ‘the financial advice gap’ are paying over £2bn in unnecessary pensions management charges each year. Profile Financial, the UK’s leading Independent Pension Professionals, is today launching a report** that shines a light on the UK’s lazy pension pots.
Posted on Tuesday Sep 27

PASA set to launch #GetInvolvedOctober

The Pensions Administration Standards Association (PASA) today announced the launch of #GetInvolvedOctober with a call to the industry’s individuals and organisations to get involved and join PASA in the aim of raising standards in pension administration.
Posted on Tuesday Sep 27

Pension Industry works on new Workplace Pensions Initiative

Independent Governance Committees (IGCs), in conjunction with their UK workplace pension providers, are collaborating in an important new initiative to understand pension scheme member attitudes to ‘value for money’.
Posted on Tuesday Sep 27

L&G Retirement on track to double new business sales in 2016

Legal & Genera said its Retirement Division was on track to double its new business sales in 2016, with sales now at £5.4 billion (£2.9 billion, FY 2015).
Posted on Tuesday Sep 27

FTSE 100 pension costs could double in next 3 years

FTSE 100 defined benefits pensions’ currently have ongoing costs of approximately £7 billion per annum, but this could double to £14 billion over the next three years, if no action is taken, according to analysis by JLT Employee Benefits.This huge increase is likely to precipitate the closure of most, if not all, of the remaining DB pension schemes.
Posted on Monday Sep 26

PwC comments on the PPF 2017/18 Levy consultation

Commenting on the release of the Pension Protection Fund's (PPF) 2017/18 Levy Consultation document, Chris Jackson, PwC accounting advisory leader, said

Posted on Friday Sep 23

PPF announces levy estimate for 2017/18

The Pension Protection Fund (PPF) has today published its consultation document on changes to the Pension Protection Levy for 2017/18.
Posted on Friday Sep 23

AE alone not enough to guarantee income security

Kate Smith, Head of Pensions at Aegon, comments on the ONS’s Occupational Pension Schemes Survey UK 2015:
Posted on Friday Sep 23

Gaping hole still left in pensions

David Newman, Head of Pensions at Close Brothers Asset Management, commented on the Occupational Pension Schemes Survey UK 2015:
Posted on Friday Sep 23

4% workplace pension contribution 'a shocking figure'

Commenting on record levels of workplace pension membership, Steve Webb, Director of Policy at Royal London, said:
Posted on Friday Sep 23

Improved customer understanding is key to consultation paper

Commenting on the HM Treasury plans announced today to redefine financial advice, Fiona Tait, Pensions Specialist at Royal London, said:
Posted on Thursday Sep 22

Understanding long-term trends is more important

Mercer found that the number of deaths registered over the twelve months prior to the August Bank Holiday weekend 2016 appears to be around 12,000 lower than for the corresponding period in 2014/2015, a reduction of just over 2%. However, relatively high numbers of deaths among the over-65s were detected in mid-July, coinciding with a notable spell of hot weather.
Posted on Wednesday Sep 21

PwC response to PRA's general insurance consultation paper

Jim Bichard, PwC's London Market insurance leader, commented on the PRA's consultation paper on the ability of general insurance firms to deal with a market turning event:
Posted on Wednesday Sep 21

Barnett Waddingham comment on Treasury consultation paper

The Treasury has today launched a consultation paper on amending the definition of advice so that consumers only receive regulated advice when they are offered a personal recommendation for a specific product.
Posted on Wednesday Sep 21

Employers see value in at-retirement financial advice

The Pensions Policy Institute (PPI) is today publishing “At-retirement financial advice in the workplace”, a report sponsored by LV=.
Posted on Tuesday Sep 20

5 Key Areas of Focus for the 2017 AE review

Workplace pension provider NOW: Pensions, is calling for The Department for Work and Pensions to consider a number of key areas in its 2017 review of auto enrolment to safeguard the long term success of the policy.
Posted on Tuesday Sep 20

Hybrids retirement solutions now mainstream

Retirement Advantage has suggested that the new hybrid retirement solutions have quickly become mainstream as new research1 points to around 8 out of ten advisers having either used the new products or are actively considering doing so. 18% of advisers also said they were aware of the products but had not yet considered, leaving only 1% who had considered but had no plans to use them (5% said they were unaware of the products).
Posted on Tuesday Sep 20

PASA Chair to sit on HMT dashboard steering group

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today announced its Chairman, Margaret Snowdon OBE, has been appointed by HM Treasury to the senior level Steering Group for the Pensions Dashboard prototype project, which was launched by the Economic Secretary to the Treasury at Aviva’s Digital Garage on Monday 12th.
Posted on Monday Sep 19

Pensioners to benefit from reforms to long service cap

Hundreds of members of the Pension Protection Fund (PPF) are set to benefit from changes to the compensation cap. Anyone who was a member of a scheme for more than 20 years and has their compensation capped will see an increase by 3% for each year above 20 years of scheme membership.
Posted on Friday Sep 16

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