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No excuse: Don't ignore the Workplace Pension

Employers are being reminded that workplace pensions law applies to everyone with staff.
Posted on Thursday Oct 27

Three new ‘Made Simple’ Guides launched by PLSA

The Pensions and Lifetime Savings Association (PLSA) launched three new Made Simple Guides at its Annual Conference in Liverpool. The three publications, Generating Income from Private Markets (sponsored by BlackRock), Exchange Traded Funds (ETFs) (sponsored by iShares) and Low Volatility Investing (sponsored by Acadian) provide an introduction to these complex areas of investment and pensions management.
Posted on Thursday Oct 27

Charge cap guidance brings uncertainty around property

Pitmans Trustees (PTL), the leading independent trustee and governance services provider, said the recent charge cap guidance issued by the Department for Work & Pensions (DWP) leaves the door open for a great deal of confusion for DC schemes investing in property.
Posted on Wednesday Oct 26

Partial Transfers - The best of both worlds for DB schemes

Motivated by a combination of the pension freedoms, high transfer values and defined benefit (DB) sustainability scare stories, more individuals are showing an interest in transferring their defined benefits to defined contribution (DC) flexi-access drawdown. However, the majority of DB schemes insist individuals wishing to transfer, take all of their benefits out of the scheme, with very few allowing individuals to transfer a percentage of their benefits despite regulations permitting this. While this is perhaps due to administrative complexity, Aegon believes both members and scheme sponsors could benefit from allowing partial transfers.
Posted on Tuesday Oct 25

Simplicity essential to success of Pensions Advice Allowance

Joanna Smith, Associate Director at Sackers, comments: “Members of contract-based and trust-based pensions are likely to welcome the Pensions Advice Allowance when assessing the range of retirement options available under the DC flexibilities.
Posted on Tuesday Oct 25

Aegon welcomes Pensions Advice Allowance

Responding to the Treasury proposals around a new Pensions Advice Allowance, which will allow those in pension schemes to deduct up to £500 to pay for advice, Aegon is calling for simplicity and flexibility with no minimum age or limit on frequency of use. Aegon is also highlighting the challenges in persuading trustees to offer it. Aegon also believes savers should be allowed to use the Pensions Advice Allowance to cover the cost of future forms of guidance offered by regulated adviser firms as well as advice.
Posted on Monday Oct 24

One in five uncertain about saving

Research from Equiniti shows that uncertainty about what to do is preventing savers from investing as much as they want to. A survey of over 6,000 savers and investors found that more than half (58%) do not save or invest as much as they want, with around one in five (19.1) blaming that on uncertainty about what to do next.
Posted on Monday Oct 24

UK drops 2 places on Melbourne Mercer Global Pension Index

The Victorian Government of Australia and The Australian Centre for Financial Studies today launched the 8th annual Melbourne Mercer Global Pension Index (MMGPI), which objectively ranks both the publicly funded and private components of 27 countries’ pension systems, looking at the impact of rapidly ageing populations and the preparedness of countries’ retirement systems to deal with the significant financial pressures this presents.
Posted on Monday Oct 24

PwC team sparks £750m pension deficit cost-cutting at WPD

A company supplying the cabling that provides electricity to a quarter of homes in the UK has become the first to identify a potential £750m reduction to its pension scheme deficit after an initiative demanded by customers and driven by the industry regulator, PwC can announce.
Posted on Friday Oct 21

PLSA says Pensions Bill needs scrutiny

The Pensions and Lifetime Savings Association (PLSA) has welcomed the new Pensions Bill published today which will put in place a robust regulatory framework for master trusts to protect savers.
Posted on Thursday Oct 20

Aegon responds to new master trust legislation

Kate Smith, head of pensions at Aegon comments: “We welcome the raft of measures set out in the Pensions Bill designed to bring the governance standards of all master trusts up to a consistent level, giving greater protection to members’ savings. New measures include ensuring that the scheme is financially secure, those running the scheme are fit and proper, systems and processes are sufficient and there’s a mechanism in place to protect members if the scheme withdraws from the market or fails.
Posted on Thursday Oct 20

Measures introduced in Pensions Bill are much needed

Commenting on the Bill, Morten Nilsson, NOW: Pensions’ CEO said: “When we entered the market we were shocked at how easy it was to set up a master trust. It was simply a case of sending a form off to HMRC and The Pensions Regulator, nothing more.

Posted on Thursday Oct 20

Xafinity's National Pension Trust receives RQM

Xafinity’s National Pension Trust is delighted to announce that it is one of the first to be presented with the Retirement Quality Mark (RQM) accreditation by Richard Harrington MP, Parliamentary Under Secretary of State for Pensions.
Posted on Thursday Oct 20

Nationwide sign up to Hymans Robertson's GO™

Hymans Robertson, the pensions and benefits consultancy has announced that Nationwide, the world’s largest building society, is the latest blue-chip employer to adopt the firm’s award-winning Guided Outcomes technology.
Posted on Thursday Oct 20

LifeSight is first drawdown provider to gain RQM

LifeSight, Willis Towers Watson’s DC master trust, has announced that it is one of the first master trusts in the UK to be awarded the new Retirement Quality Mark (RQM) in recognition of the outstanding governance, communications, investment options and value for money displayed by its drawdown product.
Posted on Thursday Oct 20

1 in 5 retirees used property to finance retirement

The Pensions and Lifetime Savings Association (PLSA) has released the first findings from new research looking at how 35-85 year olds currently use or plan to use property to fund their retirement.
Posted on Thursday Oct 20

Aegon comments on decision to scrap secondary annuity market

Steven Cameron, Aegon’s Pensions Director provides further comment on the Treasury’s decision to scrap plans for a secondary annuity market
Posted on Wednesday Oct 19

PLSA launches Master Trust committee

The Pensions and Lifetime Savings Association (PLSA) has announced the launch of a Master Trust Committee to be the voice of master trust pension provision within its membership.
Posted on Wednesday Oct 19

Hymans Robertson comments on secondary annuity market U-Turn

Commenting on the Government’s U-turn on secondary annuities, Douglas Anderson, Partner at Hymans Robertson said: “This is good news for consumers. While some retirees may feel a sense of disappointment as they feel trapped in a product they didn’t want to buy, in reality, getting value for money from cashing in annuities would have been a tall order. With freedom to sell came the risk of making poor decisions. There simply would not have been enough protection in place for consumers come April.
Posted on Wednesday Oct 19

68% of people unaware that AE contributions set to increase

Nearly seven in 10 (68%) of people are unaware that over the next few years there will be increases to the minimum contributions they will have to make into their workplace pension scheme, according to the latest Scottish Widows Workplace Pensions Report. But despite this lack of knowledge about the mechanics of the initiative, nearly four in five (78%) say they will stay enrolled, with only 3% saying they will opt out when contributions increase.
Posted on Wednesday Oct 19

Over a third of small firms planning well ahead for AE

Of the companies that signed up with workplace pensions provider NOW: Pensions in the third quarter of 2016, over a third (38%), signed up six months or more ahead of their staging date. But, an almost equal percentage (37%) signed up either very close to their staging date, or after their staging date deadline had passed.
Posted on Tuesday Oct 18

Rising inflation one of the major risks to retirement income

Changes to the state pension, rising inflation and concerns about meeting care costs top the list of income worries for people in the UK approaching and in retirement. According to the latest findings of the ‘The Golden Age of Retirement’ report by Aegon, these threats to income carry different weight depending on the age of the person.
Posted on Tuesday Oct 18

Zurich completes £50m longevity swap

Leading insurer Zurich has entered into a longevity swap transaction covering liabilities of £50m for an unnamed pension scheme.
Posted on Tuesday Oct 18

AA respond to GMB call for TPR to investigate trustees

“It’s worth pointing out up-front that the GMB are not the ‘union for staff in the AA’ as stated in their press release. The IDU are in fact the recognised union for staff at the AA. In terms of pensions, discussions between the AA Pension Trustees and the AA are ongoing. You can rest assured that the AA pension trustees always act with the utmost propriety and it is scandalous for the GMB to suggest otherwise.
Posted on Monday Oct 17

GMB call on TPR to investigate role of AA pension trustees

The role played by the AA pension fund trustees as the pension deficit reaches £622m must be rigorously investigated by the Pensions Regulator says GMB
Posted on Monday Oct 17

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