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Only 1 week left to apply to the Financial Assistance Scheme

As previously announced by the Pension Protection Fund (PPF), the Financial Assistance Scheme (FAS) will be closed to new applications from schemes from 1 September 2016.

Posted on Friday Aug 26

18-35 year olds under pressure: Saving for the short term

The Pensions and Lifetime Savings Association (PLSA) released research showing 18 to 35 year-olds’ plans to save for the long-term are curbed by short-term necessity.
Posted on Friday Aug 26

What impact pension freedom may have on benefit entitlement

Commenting on the Citizens Advice report, ‘Life after pension choices’, Aegon’s Pensions Director Steven Cameron said,
Posted on Thursday Aug 25

Cash in the bank, not Lamborghinis, risk to pension freedoms

Commenting on the research report from Citizen’s Advice on pension freedoms, Steve Webb, Director of Policy at Royal London, said:
Posted on Thursday Aug 25

Annuities ’Perfect Storm’: Drawdown could be default option

As gilt yields fall further following the UK’s decision to leave the European Union, annuity prices, which are based on 15-year gilt yields will also fall further, ultimately making them unpalatable and pushing retirees towards income drawdown, says Alliance Trust Savings.
Posted on Thursday Aug 25

LCP calls for a better 'fair deal' for LGPS employers

LCP has called for the Department of Communities and Local Government (DCLG) to change the way it implements the new Fair Deal for employers participating as admission bodies in the Local Government Pension Scheme (LGPS).
Posted on Wednesday Aug 24

Buy in demand from DB schemes set to hit £350bn by 2026

Research conducted by Hymans Robertson, the independent pensions, benefits and risk consultancy, has found that demand from UK private sector DB schemes to complete bulk annuity buy-ins is set to grow to £350 billion over the next ten years*. That’s three times current levels of demand.
Posted on Tuesday Aug 23

80% don't know how many years NI qualifies for full pension

As the Government announces plans to communicate with 100,000 people at risk of completely missing out on the new state pension, the latest findings of the Aegon Readiness Report show the need to go much further in helping people understand the state pension. 80% of the UK population don’t know the number of years they need to make National Insurance (NI) contributions for to qualify for the full £155.65 a week state pension, and the majority (57%) underestimate the number of qualifying years needed.
Posted on Tuesday Aug 23

Radical rule changes on capital reserves for SIPP operators

Changes to the rules on capital reserves for SIPP operators take effect on 1 September. These changes are around how the amount of those capital reserves is calculated. They may sound boringly technical but they represent a radical change.
Posted on Tuesday Aug 23

Top locations around the world for financial fraudsters

Data uncovered by Phoenix has revealed that British pension savers are at a greater risk than ever of becoming the target of scams from across the world.
Posted on Monday Aug 22

What do you call a valuation with no discount rate? ...

... An improvement. Ok, so there's a reason actuaries aren't renowned for stand up. And I'm not going to break that perception here (even if I could … and I can't). But there is a serious point (bear with me!).
Posted on Monday Aug 22

£65m bulk annuity deal between Just Retirement and Amey OS

A £65m funding deal for one of the defined benefit pension schemes sponsored by engineering and public services firm Amey has been completed, PwC announces today.
Posted on Friday Aug 19

Pension income improving but many don't claim pension credit

Figures showing that pensioner household incomes continuing to climb above levels seen before the financial crisis are good news but shouldn’t obscure the high numbers failing to claim key benefits they are entitled to receive, says Just Retirement.
Posted on Friday Aug 19

TPR: Comply with news laws or face a mandatory fine

The Pensions Regulator (TPR) is again urging trustees of defined contribution (DC) schemes to comply with new pensions law or face a mandatory fine.
Posted on Thursday Aug 18

PLSA is in danger of jumping the gun with quality mark

Kate Smith, head of pensions at Aegon, comments on the Pension & Lifetime Savings Association’s (PLSA) Retirement Quality Mark, due to launch in the summer.
Posted on Thursday Aug 18

Cash-hungry generations turning pension into new heirloom

The family heirloom is under threat because younger generations are more interested in receiving a cash inheritance from their parents, say financial services provider, NFU Mutual.
Posted on Wednesday Aug 17

Aviva's new 'signature free' application process

Following the launch of its consumer savings platform (June 2015), Aviva is one of the first providers in the market to introduce a ‘signature free’ online application for customers looking to combine their pension or ISA savings into one account.
Posted on Wednesday Aug 17

Consultation finds support for Retirement Quality Mark

The Pension Quality Mark (PQM) Board has published an overview of responses to its consultation on developing a Retirement Quality Mark (RQM). The responses show widespread support for the role a RQM could play in helping savers secure a good retirement income and trustees to support pension scheme members.
Posted on Tuesday Aug 16

FTSE 100 companies: No knee jerk decisions on DB deficits

DB schemes are once again coming under close inspection with the news that FTSE 100 companies are experiencing a sharp rise in deficits. Richard Parkin Head of Pensions at Fidelity International urges businesses to take the longer term approach and not take “knee jerk” action.
Posted on Tuesday Aug 16

Inflation figures confirm a Brexit double whammy on pensions

Charles Cowling, Director, JLT Employee Benefits, comments on the impact on pensions of CPI rising to 0.6% in July:
Posted on Tuesday Aug 16

Aegon comments on ABI full year data

Following the figures published by the ABI detailing a full year of pension freedoms, please see below for comment from Barry Cudmore of Aegon.
Posted on Tuesday Aug 16

FTSE100:5 times more in dividends than pension contributions

According to LCP’s annual Accounting for Pensions report – out today – the combined pension deficit of the 56 companies in the FTSE 100 that disclosed a deficit at their 2015 year-end was £42.3bn. Those same companies paid dividends totalling £53.0bn, some 25% higher.
Posted on Tuesday Aug 16

PPF updates for restructuring & insolvency professionals

The Pension Protection Fund (PPF) has updated its Restructuring Principles and Guidance for Insolvency Professionals. In order to ensure employers do not ‘dump’ schemes in the PPF, the organisation works closely with The Pensions Regulator to ensure any scheme that enters the PPF is the subject of an actual or inevitable employer insolvency.
Posted on Tuesday Aug 16

Just Retirement comments on ABI pension withdrawal figures

Today’s figures from the ABI certainly show that retirees are using their pension freedoms but still leave a lot of questions about whether they are taking money wisely, said Stephen Lowe, group communications director at specialist financial services group Just Retirement:
Posted on Monday Aug 15

Rebalance contributions to minimise AE opt outs

Nearly a quarter (24%) of auto enrolled savers say they “definitely will” or “might” opt out, when minimum contributions hit 8% of qualifying earnings in 2019 according to research* from workplace pensions provider NOW: Pensions.
Posted on Monday Aug 15

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