Pensions - Articles

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55% of over 55s undecided how to take pension income

With the pension changes due to come into force next week, awareness of the changes is high with new research by LV= showing nine out of ten (89%) over 55s know about the imminent changes.
Posted on Wednesday Apr 1

Broadstone warns DB/DC transfers face significant obstacles

As a result of the new flexibilities that apply to DC pensions, many are expecting a flurry of interest in transfers from DB pension schemes. However, pension specialists at Broadstone believe that many DB scheme members who want to transfer may end up banging their head against a brick wall.
Posted on Wednesday Apr 1

Xafinity launches Transfer Value Index

There has been speculation that large numbers of people will transfer their final salary / defined benefit (“DB”) pensions into defined contribution (“DC”) plans in order to access the new range of flexibilities being introduced from 6th April 2015. They can do this by taking a “transfer value” from their DB pension scheme which would then be paid into a DC scheme.

Posted on Wednesday Apr 1

New pension freedoms top of pension scheme’s priorities

Just under two-thirds (65.3%) of pension managers and trustees state that implementing scheme changes as a result of the new pension freedoms will be the biggest administration challenge for the next year, according to new research from Capita Employee Benefits*.
Posted on Wednesday Apr 1

JLT EB monthly update on their index

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

Posted on Wednesday Apr 1

56% of employers unaware of Pension Wise or April reforms


Posted on Wednesday Apr 1

Is it a good idea to take all of your pension cash at once?

Andy James, head of retirement planning, Towry says “Huge changes to the pension landscape are now looming large on the horizon. From 6th April there will be complete flexibility as to how you take your pension benefits and you can therefore take all of your pension funds at once, if you choose to.
Posted on Tuesday Mar 31

Lamborghinis for industry insiders at the expense of savers

Professionals running workplace pension schemes should seize the opportunities presented by historic Government pension reforms on April 6 to better protect savers’ interests, says Responsible Investment charity ShareAction. While the majority of media attention on “Pension Freedom Day” will be focused on rich pension savers potentially cashing in their pots to buy sports cars, ShareAction hopes that those charged with protecting scheme members’ interests will take a firm line on the rip-off charges that have funded sports cars for some in the industry at the expense of the regular savers in workplace schemes.
Posted on Tuesday Mar 31

FCA’s ruling needs clarification to be effective

Portal Financial, one of the UK’s largest pensions advisers, has welcomed the FCA’s decision that pension companies must inform consumers of better deals, but worries how clear the information will be.
Posted on Monday Mar 30

Risk of running out of money is threat to pension freedoms

Nearly two out of five (37 per cent) advisers fear their clients could be targeted by potentially risky offers from unregulated firms following the launch of pension freedoms, according to new research from Prudential.
Posted on Monday Mar 30

Deloitte draws up Trustees 'checklist' ahead of April 6th

A week ahead of a major pensions shake up, Deloitte today draws up its final checklist for pension scheme Trustees to ensure they are fully prepared for the new legislation.
Posted on Monday Mar 30

Only 1 in 8 to cash-in on new pension freedoms

With just a week to go until the arrival of new pension freedoms, research from retirement specialists MGM Advantage finds that just 1 in 8 (13%) of those aged over 55 are intending to make use of the new freedoms by withdrawing cash from their pension pots above the 25% tax-free allowance.

Posted on Monday Mar 30

Small firms demand direction on auto-enrolment

Nearly two thirds (61%) of small and medium sized companies who are yet to undertake auto enrolment say they would welcome the publication of a definitive list of pension providers that accept all firms - regardless of size - to help them comply with their auto enrolment duties, according to new research* by workplace pensions provider NOW: Pensions.
Posted on Monday Mar 30

FTSE350 company new recruits are not opting out

New research into FTSE350 companies’ defined contribution pension plans shows that opt-out rates have remained very low amongst employees recruited after large firms began complying with automatic enrolment. However, as three quarters of employers offer matching contribution scales, employees who stick with the default enrolment position, rather than choosing to ‘opt-up’ to the maximum matching contribution level, could be missing out on a significant financial benefit.
Posted on Monday Mar 30

BW comments on ONS publication regarding contracting out

The Office for National Statistics (ONS) has today published an article on Contracting out of Private Sector Defined Benefit Pension Schemes, 2013. Commenting on the survey results, Martin Hooper, associate, Barnett Waddingham LLP says:
Posted on Friday Mar 27

Partnership signs £23m medically underwritten annuity deal

Partnership has announced that it has completed a £23 million medically underwritten bulk annuity deal to de-risk circa 140 pensioner members of a shipping company’s pension scheme.
Posted on Friday Mar 27

TW comment on HMRC sending GMP amounts to all members

Following the publication of the Pensions Regulator’s (tPR) ‘Record-keeping thematic review’ follow-up report, Phil Titchener, senior consultant at Towers Watson, commented on the announcement that HMRC will be communicating GMP (guaranteed minimum pension) entitlement by the end of 2018:
Posted on Friday Mar 27

Royal London propose national comparison of annuity products

The FCA’s Final Report on the Retirement Income Market published today demonstrates how far the regulator’s thinking has progressed since the announcement of freedom and choice in pensions one year ago.
Posted on Thursday Mar 26

ABI comments on FCA Retirement Income report

Responding to the report, Yvonne Braun, ABI’s Director of Long-Term Savings Policy, said:
Posted on Thursday Mar 26

tPR says 'better record keeping vital' for pension reforms

Pension scheme trustees must make accurate record-keeping a priority ahead of major changes to protect members’ retirement savings, The Pensions Regulator warned today.
Posted on Thursday Mar 26

Partnership comment on FCA Retirement Income report

Mark Stopard, Head of Product Development at Partnership, commented on the Financial Conduct Authority (FCA) Retirement Income Market Study:
Posted on Thursday Mar 26

EY comment on FCA dashboard and report in general

Chris Lamberton, Partner at EY, comments on the creation of a pensions dashboard:
“A dashboard which shows a customer’s collective savings in one place introduces a whole new way of managing money in retirement, and will allow providers to create new, innovative services for financial planning in later life. It will revolutionise how people view and control their savings, and demonstrates that the industry is focusing on how best to serve its customers.”

Posted on Thursday Mar 26

QROPS temporarily unable to benefit from UK pension freedoms

The recent Statutory Instrument* has confirmed QROPS (Qualifying Recognised Overseas Pension Schemes) will temporarily be unable to benefit from the full UK pension flexibilities. However, this does not apply to all QROPS. Some jurisdictions will be able to offer the pension flexibilities from 6 April 2015, depending on the qualifying rules relating to that specific jurisdiction and local jurisdiction amendments. Opportunities will exist post 6 April 2015 for those using a QROPS to gain flexible access to their pension savings in a tax efficient way.
Posted on Thursday Mar 26

NOW: Pensions comment on FCA Pensions Dashboard plan

Commenting on today’s news that the FCA will push ahead with the development of a Pensions Dashboard, NOW: Pensions CEO Morten Nilsson said: “The FCA’s decision to push ahead with a pensions dashboard is sensible, practical and fantastic news for savers.
Posted on Thursday Mar 26

PwC comments on the 'remedies' in the FCA report

The FCA published its Retirement Income Market study this morning. Its final confirmation that the retirement income market is not working well for customers should be a wake up call for providers. The study is expected to pave the way for significant changes in the way consumers are presented with their choices at retirement.
Posted on Thursday Mar 26

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