Pensions - Articles

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Underprepared over 50s lurch towards Zombie Retirement

New research from Retirement Advantage paints a troubling picture of how many people in the UK are failing to consider their impending retirements. They are calling for a change of direction among a significant group of over 50s whose financial preparation is low, some of whom say they are “simply daunted” by retirement.
Posted on Friday Jun 23

Global Pension Risk Survey reveals UK progress on de-risking

Aon has said that the UK findings of its ‘Global Pension Risk Survey 2017’ show pension schemes are continuing to take positive steps to reduce their level of risk – and are employing a widening range of methods to do so.
Posted on Friday Jun 23

Pension Freedoms to face their peak test in 2020

New population data released today shows that the new pension freedoms will face their peak test in the coming five years. The most populous age-group in the UK today is those aged 51 – a total of 945,000 people. ?This group will gain access to the pension freedoms in 2020. This year will test if the new retirement rule of "no rules" will offer people a better financial future.
Posted on Thursday Jun 22

Data Protection Bill gives clarity for pension schemes

Trafalgar House has advised that the inclusion of the Data Protection Bill in yesterday’s Queen’s Speech provides valuable reassurance for the industry that a suitable regime will be in place after Brexit.
Posted on Thursday Jun 22

Divorcing him or her and your pension

New data reveals that the average age of divorce has reached an all-time high at 45 years and 11 months for men and 43 years and six months for women.
Posted on Wednesday Jun 21

Billions saved if stressed pensions put on sounder footing

The Pensions Institute, part of Cass Business School, launches today a new discussion paper calling on the Government to shift UK pensions policy towards delivering fair pensions for the greatest number of people who are members of private-sector defined benefit (DB) pension schemes. The Government needs to recognise the reality that many workers will not get their full pension because the sponsor will become insolvent well before their scheme is restored to full funding.
Posted on Wednesday Jun 21

Industry comment on FCA consultation on pension transfers

Industry comment from Hymans Robertson, Barnett Waddingham and the Pensions and Lifetime Savings Association on the FCA consultation on pension transfers
Posted on Wednesday Jun 21

More deals with The Pensions Regulator on the horizon

Low gilt yields and rising pension liabilities means companies are failing to meet their pension obligations according to the PwC. Their Pension Support Index, which rates the level of employer support to its pension schemes, has rated the FTSE 350 companies as 69 out of 100 – its worse score since 2009 and 13% lower than last year.
Posted on Wednesday Jun 21

Average of £26,000 lump sum for those approaching retirement

According to new research findings from Aegon’s UK Readiness Report more than half (54%) of working age people plan to take advantage of rules which allow them to take up to 25% of their pension as a tax-free lump sum at retirement .
Posted on Tuesday Jun 20

Companies' ability to fulfil pension promises at its lowest

New research by PwC reveals the ability of FTSE 350 companies to fulfil their defined benefit (DB) pension obligations has sunk to its lowest level since the recession. PwC analysis shows that despite growth in the FTSE, the relative support companies provide to their pension schemes has weakened significantly.
Posted on Monday Jun 19

Liabilities cut by a tenth as members cash in their benefits

Calum Cooper, Head of Trustee DB at Hymans Robertson commented on the news that the Defined Benefit (DB) scheme of an unnamed financial services group has seen its liabilities cut by a tenth in 6 months due to members cashing in their benefits.
Posted on Monday Jun 19

Paying minimum amount in could cost you hundreds of pounds

Workers could be missing out on hundreds of pounds a year by only saving the minimum into their pension pot. Unbeknown to many employees, some firms will match the employee contribution (up to a maximum amount), so if people saved more, their employer would also pay in more. It estimated that more than 3million workers could accumulate an additional £650 a year from their employer towards their retirement.
Posted on Monday Jun 19

One of the quietest Queen’s Speech on pensions for years

The Queen’s speech, due to be given today and now postponed until Wednesday, 21 June, will set out the Government’s proposed legislative programme for the new parliament. However, will pensions be featured?
Posted on Monday Jun 19

People choosing cash lump sum over regular pension income

A survey by Royal London of more than 800 financial advisers has found a growth of more than 50% in the volume of transfers out of final salary pensions taking place in the last year, with the most common transfer value lying in the £250,000 to £500,000 range. This compares with an average house price in the UK of £216,000 as at March 2017.

Posted on Monday Jun 19

Results of research paper into trustee decision making

Aon has shed light on the inter-relationships of pension scheme trustees, fund managers and investment consultants in the third report highlighting the research of its partnership with Leeds University Business School (LUBS).
Posted on Friday Jun 16

Comments on Guy Opperman becoming Pension Secretarys

Pensions Management Institute and Lincoln Pensions comment in the appointment of Guy Opperman as Under Secretary of State for Pensions and Financial Inclusion
Posted on Friday Jun 16

Reaction to latest workplace pension statistics

Royal London’s Director of Policy, Steve Webb, commented on the analysis of workplace pension coverage over the last decade
Posted on Friday Jun 16

Comment on DWP workplace pension trends

Commenting on the increase in participation in workplace pensions since the introduction of auto enrolment, cited in today’s DWP publication of workplace pension participation and savings trends, Lee Hollingworth, Head of DC at Hymans Robertson, said:
Posted on Thursday Jun 15

Pressure on pensions as Over-50s redundancy hits new high

Over-50s accounted for more than one in three workers made redundant last year, the highest proportion this century, according to official figures that raise concerns about the pressure on private pensions to produce sustainable incomes.
Posted on Thursday Jun 15

FTSE100 pension deficit worsens despite 2016 fall

Barnett Waddingham’s annual survey of FTSE100 pension disclosures shows deficit levels increased during 2016, reversing most of the gains made in 2015. Despite significant contributions by scheme sponsors the overall deficit rose by more than £10bn to almost £25bn.
Posted on Thursday Jun 15

Inflation is the hidden force to wreck retirement plans

Andrew Tully, pensions technical director, Retirement Advantage commented: ‘Households across the UK will be left reeling from the latest inflation numbers. We are feeling the financial pressure of rising prices and flat wage growth, as evidenced by the slowdown in consumer spending and impact on living standards.’
Posted on Thursday Jun 15

What the new Pensions Minister and Secretary need to address

Chris Noon, Partner, Hymans Robertson commented on what we’d like the new Pensions Secretary and Pension Minister to think about as they take up their posts,
Posted on Thursday Jun 15

DB pensions show strong affordability but higher deficits

The Pensions Regulator (TPR) said that the majority of defined benefit (DB) pension schemes remain affordable but many should do more to tackle increased deficits and reduce risk to pensioners,
Posted on Thursday Jun 15

Demand for DB pension transfers to increase by a third

A survey conducted by Old Mutual International, part of Old Mutual Wealth, shows the extent to which financial advisers expect defined benefit (DB) pension transfers to increase and that high levels of scheme deficits are fuelling this demand.
Posted on Thursday Jun 15

Pension triple-lock an easy target in Tory-DUP negotiations

Old Mutual Wealth head of retirement policy, Jon Greer argues that rising inflation makes a Tory concession on the state pension triple-lock an obvious compromise in negotiations with the DUP.
Posted on Wednesday Jun 14