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Comment on the DWPs objectives for the next four years

Kate Smith, Head of Pensions at Aegon comments on the DWP’s objectives for the next four years
Posted on Friday Jan 19

PPF issue revised contingent asset agreements

The Pension Protection Fund (PPF) has published updated standard form contingent asset agreements along with revised guidance. The final rules for the PPF Levy for 2018/19 were published on 19 December 2017 and explained that the PPF would publish updated standard form contingent asset agreements (used for group-company guarantees, securities over certain assets, or bank guarantees) in mid-January 2018.
Posted on Friday Jan 19

PPF can take the strain after Carillion insolvency

Carillion’s dramatic and sudden insolvency is likely to push its 13 defined benefit (DB) schemes, and their 28,000 members, into the Pension Protection Fund (PPF). However, as reports emerge of a combined section 179 (s179) shortfall of as much as £0.9bn, First Actuarial says that the PPF is well-equipped to absorb this.
Posted on Thursday Jan 18

Collective Defined Contribution schemes can improve pensions

Aon has submitted its written response to the Work and Pensions Committee's inquiry (headed by Frank Field MP) into Collective Defined Contribution (CDC) pension schemes.
Posted on Wednesday Jan 17

Pension transfer values remained high during 2017

Pension transfer values as measured by the Xafinity Transfer Value Index remained high during 2017, fluctuating throughout the year but ending the year at £236,000, little changed from the figure of £234,000 at the end of 2016. These figures were relatively high compared to the Index at the end of 2015, which was £203,000.
Posted on Wednesday Jan 17

NOW Pensions enrols their 1.5 millionth member

Workplace pension provider NOW: Pensions has today announced its enrolled 1.5 million members and signed up 30,000 employers - just six years on from accepting its first member.
Posted on Tuesday Jan 16

What happens next for Carillions workers pensions

With the news that construction giant Carillion has gone into liquidation with a pension deficit of nearly £1bn, Stuart Price, Partner and Actuary at pension experts Quantum Advisory, explains what will likely happen to the 28,500 employees who have a pension with the collapsed company.
Posted on Tuesday Jan 16

Top five legal challenges facing DC pensions this year

Sackers has outlined the top five legal challenges that trustees and employers should ensure are a key focus for DC schemes over the coming 12 months.
Posted on Tuesday Jan 16

Authorisation system for Master Trusts supported by the PLSA

The Pensions and Lifetime Savings Association (PLSA) has responded to the Department for Work and Pensions’ (DWP) consultation, Draft Occupational Pension Schemes (Master Trusts) Regulations 2018.
Posted on Monday Jan 15

Target cost of living rather than pension pot size

In a response to the PLSA’s Hitting the Target consultation, which aims to develop a set of national retirement income targets, Cardano welcomes the ambition to demystify pension saving and engage members on the financial outcomes they need in retirement. DC plans should be targeting the cost of living rather than focusing on pot size, according to Cardano.

Posted on Monday Jan 15

1.4m pensioners are among the poorest in Britain

The number of pensioners among the poorest 10% of people in Britain grew to 1.4m (38%) in Fiscal Year (FY1) 2016/17 up from 1m (28%) in FY 2014/15, finds Just Group. New government figures reveal the yawning chasm between the richest and poorest UK pensioners, as Parliament sets the date for its latest pension reform debate

Posted on Monday Jan 15

PPF will not be threatened by Carillion liquidation

Despite its large pension deficit, the liquidation of Carillion will not threaten the pensions ‘lifeboat’, the Pension Protection Fund (PPF), according to Steve Webb, Director of Policy at Royal London.
Posted on Monday Jan 15

Volume and value of pension transfers increase again

Year-on-year data from Origo via its Options Transfers service, reveals the volume and value of pension transfers have increased for yet another year, with almost £31 billion of pensions money being moved by the service in 2017. The service carried out over half-a-million transfers during the year while keeping the average transfer time down to 10 calendar days.

Posted on Friday Jan 12

Prediction that the State Pension pot will run dry by 2035

Comments from Adrian Boulding, Director of Policy at NOW: Pensions and Calum Cooper, Partner at Hymans Robertson on the prediction that the State Pension pot will run dry by 2035.
Posted on Wednesday Jan 10

Disposable income grows slower for retired households

Disposable income grows slower for retired households than non-retired households over the past year, with State support making crucial difference for the poorest pensioners
Posted on Wednesday Jan 10

2017 was a purple patch for UK pension schemes

Andy Tunningley, Head of UK Strategic Clients at BlackRock, comments on the latest PPF 7800 Index figures
Posted on Tuesday Jan 9

Pension Protection Fund publish latest PPF 7800 Index

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 Jan 9

David Gauke goes as Secretary of State for Work and Pensions

Steve Webb, Director of Policy at Royal London comments on the departure of David Gauke as Secretary of State for Work and Pensions.
Posted on Tuesday Jan 9

Defined ambition pensions not a cure for stressed DB schemes

Over half of pension professionals think that collective defined contribution schemes (CDCs) – also known as “defined ambition” schemes – are not a solution for stressed defined benefit (DB) schemes. 57% said that if underfunded DB schemes were allowed to be converted to CDC arrangements, it would potentially be detrimental for members of those schemes, with regulation and maintaining funding being the main issues.
Posted on Tuesday Jan 9

Scheme failing carers to build state pension entitlement

A scheme designed to help carers of disabled people build better state pension entitlement has failed to reach 97% of its target group, according to a new Freedom of Information reply from DWP obtained by mutual insurer Royal London. The FOI reply indicates that just 3,524 people claimed the national insurance credit in 2016/17, compared with an earlier DWP estimate when the scheme was introduced that 160,000 carers could benefit.
Posted on Monday Jan 8

Will the Treasury ever be persuaded to scrap the LTA

In a Budget that was remarkable for its lack of attention to pensions, it was good to see the government sticking to its promise to implement an inflation-linked increase to the Lifetime Allowance (LTA).In April 2018 the LTA on pension contributions will increase in line with the current Consumer Price Index (CPI) by £30,000 from £1 million to £1.03 million. Although the increase isn’t huge, it will provide some relief to those currently on the threshold of exceeding the allowance and represents a welcome change of direction after continuous reductions since 2012.
Posted on Friday Jan 5

What is in store for pensions in 2018 asks Hymans Robertson

Experts from Hymans Robertson share their views on what to expect for the coming year across investment, workplace savings and defined benefit pensions.
Posted on Thursday Jan 4

Not all master trusts are going to opt for authorisation

Helen Ball, Partner at Sackers discusses master trust pension schemes opting for authorisation.

Posted on Thursday Jan 4

Comment on Fat Cat Thursday from the PLSA

FTSE-100 chief executives will have earned more money than the average worker will do in an entire year, according to calculations by the High Pay Centre and the CIPD.
Posted on Thursday Jan 4

PASA announces members of Transfers Working Group

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today announced the members of its new Transfers Working Group.
Posted on Wednesday Jan 3

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