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PASA announces revised standards

The Pensions Administration Standards Association (PASA), today issued their revised standards to market. Key to the changes is a clarification of what administrators need to do to become PASA Accredited, and making the initial stage of Accreditation more straight forward.
Posted on Thursday May 5

Comment on sale of Axa's & BlackRock's pension platforms

Commenting on the recent sales of Axa’s Elevate and BlackRock’s UK pension platform, Sharon Bellingham, Senior Consultant at Hymans Robertson, said:
Posted on Wednesday May 4

Value for Money in DC workplace pensions

Those responsible for pension schemes need to consider how contribution levels, governance and charges interact in terms of identifying value for money for their members says Pensions Policy Institute
Posted on Wednesday May 4

Pensions industry signals a ‘YES to Bremain’ for EU vote

The imminent EU Referendum has been described as a ‘huge deal’ for the UK by the pensions industry, with three in five (61%) of solutions providers, trustees and consultants signalling that they will vote to remain in the EU on the 23rd June. The findings are taken from new Brexit-focused research from mallowstreet, the platform bringing the institutional pensions industry together to help solve the institutional pensions crisis.
Posted on Wednesday May 4

Royal London seeks members for Governance Committee

Royal London has written to over 800,000 of its members to invite them to apply to become a member of Royal London’s Independent Governance Committee (‘IGC’). This committee’s role is to assess the ongoing value for money offered by Royal London’s workplace pensions. In line with current regulations, the committee already has a majority of independent members but the IGC and Royal London agree that the work of the committee would be further strengthened by an additional committee member, and are particularly interested in applications from customers to provide wider customer insight. It is understood that Royal London IGC will be the first business to seek applications from its customers.
Posted on Wednesday May 4

Aegon to acquire BlackRock’s DC platform and admin business

Aegon to acquire approximately £12 billion of assets and 350,000 customers, creating a £30 billion platform-based workplace savings business
Posted on Tuesday May 3

Livingbridge completes acquisition of Broadstone

Independent private equity investor Livingbridge has today announced it has completed the acquisition of Broadstone Corporate Benefits Ltd and Broadstone Risk & Healthcare Ltd from Oakley Capital Private Equity.
Posted on Tuesday May 3

Funding update for UK private sector DB pension schemes

JLT Employee Benefits has updated its monthly index, showing the funding position of all UK private sector defined benefit (DB) pension schemes under the standard accounting measure (IAS19) used in company reports and accounts.

Posted on Tuesday May 3

Budget 'silent revolution' will choke off pension saving

The Lifetime ISA Budget announcement allied to repeated sizeable reductions in pension tax relief amounts to a ‘silent revolution’ that is threatening to progressively choke off pension saving down the income scale says David Fairs, Chairman of the Association of Consulting Actuaries (ACA). Despite public pronouncements that the objective is to simplify the pensions and savings regime, constant tinkering is simply adding greater complexity to an already ‘mind boggling’ array of products, choices and options.
Posted on Friday Apr 29

tPR auto-enrolment enforcement figures comment from Aegon

Kate Smith, Head of Pensions comments: “The Pensions Regulator’s latest statistics show that employers, on the whole, are continuing to back automatic enrolment, by complying with their duties on time . This is good news for employees, as the employer contribution can make a real difference in helping individuals save for their retirement, and it simply isn’t fair if they fail to pay contributions that employees are legally entitled to.
Posted on Thursday Apr 28

Employers warned not to ignore penalty notices

Employers who fail to heed 28-day warning notices risk a fine which increases each day, a report published today by The Pensions Regulator (TPR) shows.
Posted on Thursday Apr 28

Increase in those accessing pension pot ‘of little surprise’

Commenting on figures released by the Treasury today which show an increase in the number of people accessing their pension pot, Rona Train, Partner at Hymans Robertson says:
Posted on Thursday Apr 28

The pension penny drops for UK savers

12% of the UK population are now on track for the retirement they aspire to have, up from 7% in April 2015, according to new research from Aegon UK. The pension freedoms and auto-enrolment have together contributed to better engagement and collectively helped 2 million** more people get on track for the retirement they want. In addition, the UK’s average readiness score has also risen, highlighting an overall improvement in the UK’s saving behaviour.
Posted on Wednesday Apr 27

W&P Committee to look into impact of BHS pension liabilities

Kate Smith, Head of pensions at Aegon UK, comments on the announcement that the Work and Pensions Committee will look into the impact of BHS pension liabilities on the Pension Protection Fund:
Posted on Tuesday Apr 26

Committee questions Ros Altman on taking state pension early

House of Commons Work and Pensions Select Committee. At 09.30 tomorrow morning, Wednesday 27 April 2016, the Committee will hear from Pensions Minister Ros Altman on two major current pension policy issues.
Posted on Tuesday Apr 26

Hugh Nolan named as new president of the SPP

The Society of Pension Professionals (SPP), the representative body for the wide range of providers of advice and services to work-based pension schemes and to their sponsors, is pleased to announce that Hugh Nolan has been elected to the position of Society President with effect from 1 June 2016.
Posted on Tuesday Apr 26

2,200 employers a day set for AE as new service takes off

New technology, launched by NEST, is revolutionising pension administration by putting pensions into payroll. In a little over 3 years, 6 million workers have already been enrolled into a qualifying scheme. Last week nearly 4,000 employers signed up to use NEST and on Tuesday alone, 832 chose to sign up.
Posted on Tuesday Apr 26

Peter Kane appointed by Mercers

Mercer, a global consulting leader in advancing health, wealth and careers, has announced the appointment of Peter Kane as a Principal in its Glasgow office. Mr Kane will primarily support the growth of Mercer’s Retirement business in Scotland and Northern Ireland, enhancing its UK wide growth activities.
Posted on Tuesday Apr 26

Scottish Widows to move workplace pensions into default fund

Scottish Widows today announces that it will be one of the first providers to bulk switch its workplace pension customers into a pension freedoms-friendly default fund by Q4 this year.
Posted on Tuesday Apr 26

Just Retirement comments on FCA Pension reforms

Stephen Lowe, group communications director at Just Retirement, welcomed the focus on sustainability of retirement income in today's FCA Policy Statement responding to CP15/30.
Posted on Monday Apr 25

Retirement income at risk for ‘Generation Freedom’

Volatile markets could have wiped up to two years of retirement income off the savings pots of those entering drawdown in April 2015, according to new research from Aegon. If market conditions continue on this trajectory, five years of volatility could become a decade of lost income.
Posted on Monday Apr 25

"Forgotten Army":4.4m self-employed people not covered by AE

Pension scheme membership among employees has risen by more than five million in the last four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed is not just low but it is falling and has now reached crisis levels.
Posted on Monday Apr 25

PiP reaches first close of Infrastructure Fund

The Pensions Infrastructure Platform (PiP) has today (Monday) reached the first close of its PiP Multi-Strategy Infrastructure Fund (the Fund) with £125 million of pension scheme investor commitments.
Posted on Monday Apr 25

Insurance Europe raise concerns over misunderstanding of UFR

There seems to be a misunderstanding over how Solvency II liabilities are currently calculated, including the discount rates, according to Insurance Europe, the European insurance and reinsurance federation.
Posted on Friday Apr 22

Pension savers could lose up to £58,500 in tax relief

Alliance Trust Savings warns that pension savings could miss out on substantial tax relief due to confusion around the new annual allowance taper rules which come into force this month.Savers currently benefit from tax relieved pension accrual up to the annual allowance of £40,000 for the 2016/17 tax year.
Posted on Thursday Apr 21

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