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Retirement Income Riddle hits consumer health and wellbeing

Older people in the UK are facing a ‘Retirement Income Riddle’ that is leaving them more dissatisfied and depressed in retirement, new research by Legal & General and Demos has revealed. Analysis of the English Longitudinal Study of Ageing (ELSA) has found evidence of a link between health and wellbeing and the choices people make about how they use their pension savings. The results suggest that thousands are potentially choosing options or even defaulting into arrangements that are increasing their likelihood of feeling depressed in later life or unable to plan for the future.
Posted on Friday Nov 16

102 pages in two minutes on tier 3 employers in the LGPS

Aon released their report commissioned by the Scheme Advisory Board, identifying potential issues surrounding the participation of Tier 3 employers in the LGPS on 24 September 2018. In case you haven’t had time to read all 102 pages we’ve set out some of the key issues and findings.
Posted on Thursday Nov 15

GMP equalisation judgement poses new challenges

Aon has said that while it believes insurers can cope with the flood of requests likely to emerge as a result of the recent judgment on GMP equalisation, it does mean that some £50 billion of buy-ins may need to be restructured to accommodate the changes.
Posted on Thursday Nov 15

2019 predicted to break bulk annuity records

2018 has been a record breaking year for bulk annuity transactions according to Hymans Robertson’s annual Risk Transfer Report published today. The report shows that each of the eight insurers active in the bulk annuity market are expected to have had their record year for transaction volumes during 2018.
Posted on Wednesday Nov 14

DB pensions white paper on setting objectives for charities

The Department for Work and Pensions (DWP) issued a White Paper earlier this year, explaining their proposals for increasing protections for defined benefit (DB) pension scheme members and making improvements to the system.
Posted on Wednesday Nov 14

Outline for the guidance for the Pension Benefit Statement

The European Insurance and Occupational Pensions Authority (EIOPA) published today its Report on the "Implementation of IORP II in relation to the Pension Benefit Statement: Guidance and Principles based on Current Practices".The Report is part of EIOPA's work to facilitate the national implementation of IORP II and focusses on the new requirement for Institutions for Occupational Retirement Provision (IORPs) to draw-up a pension benefit statement (PBS). This statement should be concise and made available to each member at least annually.
Posted on Wednesday Nov 14

BlackRock comment on the latest PPF 7800 Index update

Andy Tunningley, Head of UK Strategic Clients at BlackRock, comments on the latest PPF 7800 Index figures:
Posted on Tuesday Nov 13

Pension Protection Fund publish their latest PPF 7800 Index

Since July 2007 the Pension Protection Fund has published the latest estimated funding position, on a s179 basis, for the defined benefit schemes in its eligible universe.
Posted on Tuesday Nov 13

Top themes for the longevity reinsurance market

Amy Kessler, head of longevity risk transfer at Prudential Financial, provides her outlook for the longevity reinsurance market over the next 12 months. Amy’s top themes for the market include:
Posted on Tuesday Nov 13

NEST Insight launches its sidecar savings trial

NEST Insight has officially launched its sidecar savings trial and announced which organisations are taking part in the research.
Posted on Tuesday Nov 13

DWP to launch consultation on a new DB consolidation market

XPS Pensions Group welcomes the proposed consultation from the Department for Work and Pensions (DWP) on defined benefit (DB) pension scheme consolidation, which will hopefully lead to a defined framework in which consolidators can operate.
Posted on Monday Nov 12

How over 40s think about financial choices at retirement

Just Group’s “Retirement Risk Index” shows half of over-40s have the basic knowledge required to make good pension decisions. However, one in 14 at high risk of making poor later-life financial choices. Half of today’s over-40s have a basic understanding of the key retirement factors that will influence their retirement decisions, suggests a new “Retirement Risk Index” released by Just Group.


Posted on Monday Nov 12

Why now for the drive to maximise value in DB

Value for money has become a hot topic in the UK Defined Benefit (DB) landscape. There’s been a noticeable push from the Pensions Regulator (TPR) for schemes to demonstrate that they are maximising value in order to secure a better future for their scheme, sponsor and members.
Posted on Friday Nov 9

XPS Pension Index shows transfer values rose during October


Posted on Thursday Nov 8

With Profits funds show they are not dead yet

With-profits funds offered by UK insurers have had a poor reputation since the near-collapse of Equitable Life, with many depicted as “zombie” funds producing poor investment returns. But, this just isn’t the case for the majority of funds.
Posted on Wednesday Nov 7

PTL announces results of fourth quarterly DB risk survey

PTL, the leading independent trustee and governance services provider, today announced the results of its fourth quarterly DB Risk Survey. The survey, which has been running since July 2017, asks respondents to indicate the top three risks currently facing DB pension schemes.
Posted on Wednesday Nov 7

Approaching retirement with a blindfold on

According to research from Aviva two in five (40%) working adults aged 46-55 are approaching retirement without knowing how much they have saved in their pensions, despite closing in on the age they can access their pension savings for the first time.
Posted on Wednesday Nov 7

Aegon and Hymans Robertson on DWP CDC consultation

Aegon and Hymans Robertson comment on the Department for Work and Pensions (DWP) consultation to ‘shape future legislation’ for collective defined contribution schemes.
Posted on Tuesday Nov 6

GBP39bn hit to FTSE350 pension schemes finances in October

Mercer’s Pension Risk Survey data shows that the accounting position of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies deteriorated by £39bn in October resulting in the largest deficit since October 2017.
Posted on Tuesday Nov 6

Pensions in the public sector after Budget 2018

Given the focus on pensions in recent budgets, we were all hoping that the Chancellor would leave public sector pensions alone. Largely this was the case in Monday’s budget. There are a few elements that will affect public sector pensions but thankfully, some were already expected and so will not impact the LGPS materially.
Posted on Tuesday Nov 6

New DWP consultation on CDC is a step forward for pensions

Aon has welcomed the Department for Work & Pensions’ (DWP) formal consultation on enabling Collective Defined Contribution (CDC) pension schemes in the UK.
Posted on Tuesday Nov 6

Government and regulators must stop pension transfers limbo

According to Royal London’s Policy Director, Steve Webb the DWP, the FCA and the Pensions Regulator need to act quickly to clear up confusion in the pensions market following the recent Lloyds Bank case over Guaranteed Minimum Pensions (GMPs),
Posted on Monday Nov 5

EIOPA calls for cross border insurance continuity

In December 2017, the European Insurance and Occupational Pensions Authority (EIOPA) issued an Opinion on service continuity in insurance linked with the withdrawal of the United Kingdom from the European Union. In the Opinion, EIOPA urged insurance undertakings to take necessary steps in good time to ensure the continuity of cross-border insurance contracts between the United Kingdom and the European Economic Area without the United Kingdom (EEA30) after the withdrawal of the United Kingdom.
Posted on Monday Nov 5

The defined benefit odyssey

Defined benefit (DB) pension schemes are widely acknowledged to be in decline and entering an era of run-off. However, as is often the case with pensions, the timeframe over which this is expected to play out is, shall we say, a little longer than you might think!
Posted on Monday Nov 5

One in four over 55s unaware that pension savings are taxed

New research by Legal & General has found that more than one in four people approaching retirement don’t know that they have to pay tax on their pension savings if they take the money as cash. In a survey of more than 2000 over-55s, Legal & General found that 27% of people think they can access their pension pot tax-free, potentially leaving them facing higher tax bills than they had planned for.
Posted on Monday Nov 5

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