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Simple, fair, sustainable: ABI proposes new ‘Savers’ Bonus’

A new upfront Government ‘Savers’ Bonus’ based on a single rate of tax relief should replace the existing complex pension tax relief arrangements the ABI said today. This bonus would top up payments made into a pension at a rate of £1 for every £2 or £3 put in.
Posted on Monday Oct 5

6 months on from the pension freedoms

The Association of British Insurers (ABI) is setting out 6 top facts to mark 6 months this week since the biggest changes to private pensions for a generation. These include new figures which suggest around 80% of cash lump sum withdrawals were made by people who hadn’t reached the age of 65.
Posted on Monday Oct 5

More stability in the pensions system will encourage savings

Off the back of focus group research, Hymans Robertson, conducted an online survey of over 2000 people which looked at what would act as an incentive to save more for the long-term, in light of the Government’s consultation which closed last week.
Posted on Monday Oct 5

Opted out employees lose £535m of pension contributions

Data published today by workplace pensions provider NOW: Pensions reveals over the past three years a staggering £535 million* of pension contributions has been lost as a result of employees opting out of auto enrolment. Of this total, approximately £268 million would have been contributed by employers.
Posted on Friday Oct 2

L&G enters into US pension group annuity deal with Philips

Legal & General America announces it has entered into an agreement with the US subsidiary of Royal Philips to provide retirement payments under a group annuity contract to approximately 14,000 of Philips’ US retirees and other former employees, which will reduce the firm’s pension obligations upon the closing of the contract in early December.
Posted on Friday Oct 2

Auto-Enrolment – a happy third birthday?

Aon Employee Benefits, warns that auto-enrolment challenges remain, even while the Government will be celebrating success on its third birthday.
Posted on Friday Oct 2

Schemes should not rely on interest rates to reduce deficits

Pension funds need to position themselves for a possible world of sustained low interest rates and low inflation, Danny Vassiliades, Managing Director of Investment Consulting at Punter Southall, warned yesterday.Speaking to an audience of trustees and corporate sponsors at the firm’s Annual Pension Conference, Mr Vassiliades argued that schemes should not expect a “normalisation” of interest rates in the short to medium term and should be seeking to mitigate unrewarded interest rate risk.
Posted on Friday Oct 2

FCA retirement market announcement - PwC insurance comments

Following today's consultation paper by the Financial Conduct Authority (FCA) outlining proposed changes to its pension rules to address the risks and challenges faced by consumers in the new retirement market, Steve Folkard, director in PwC's insurance practice commented:
Posted on Thursday Oct 1

3 years of AE: Number of affected businesses grows by 3,500%

Three years ago today saw the introduction of automatic enrolment to the UK. With over 5 million workers enrolled to date and up to a further 5 million workers to be enrolled, today marks the halfway point for consumers.
Posted on Thursday Oct 1

Don’t gamble savers’ long-term interests for short-term gain

The National Association of Pension Funds (NAPF) today (Wednesday) published its response to H M Treasury’s consultation ‘Strengthening the incentive to save: a consultation on pensions tax relief’. In it, the NAPF argues clearly that over the long term a move to a pensions tax regime of either ‘taxed, exempt, exempt’ (TEE) or a single rate jeopardises both pension saving and the tax revenues of future governments.
Posted on Thursday Oct 1

Lincoln Pensions expand with appointment of Hamish Reeves

Lincoln Pensions Limited is expanding its fast growing team with the appointment of Hamish Reeves as Associate Director. This follows closely from the appointment of Director Nick Tinker.
Posted on Thursday Oct 1

Overhauling of pensions tax “risks destroying the system"

The Government’s consultation on the future of pensions tax relief closed on 30 September. The consultation looks at potentially radical changes to the current regime. Speaking today from Barnett Waddingham’s DC Conference, Mark Futcher, Partner and Head of DC said:
Posted on Thursday Oct 1

PwC comments on FCA measures to enhance consumer protection

The Financial Conduct Authority (FCA) has outlined its proposed changes to its pension rules to address the risks and challenges faced by consumers in the new retirement market. Peter McDonald, pensions partner at PwC, said:
Posted on Thursday Oct 1

FCA proposes changes to pension rules to protect consumers

The Financial Conduct Authority (FCA) has today outlined proposed changes to its pension rules to address the risks and challenges faced by consumers in the new retirement market.
Posted on Thursday Oct 1

Royal London comment on 3rd anniversary of AE

Fiona Tait, Pensions Specialist at Royal London, commenting on the third anniversary of the launch of auto-enrolment:
Posted on Thursday Oct 1

Latest monthly update - DB pensions schemes funding position

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 Thursday Oct 1

Dunstan Thomas launch online annual benefit statements

Dunstan Thomas is breaking new ground with the launch of its pensions annual benefit statement electronic delivery toolset called Imago Auto Engage. Launched today, Imago Auto Engage enables pension scheme providers and master trusts to deliver all annual benefit statements electronically so that members can review all their pots in one secure location online.
Posted on Wednesday Sep 30

ACA says pension tax reform options offer no ‘quick fix’

In its detailed response to HM Treasury’s paper on Strengthening the incentive to save: a consultation on pensions tax reform, the Association of Consulting Actuaries (ACA) has concluded that each of the pension tax reform options for the future proposed in the paper has advantages and real disadvantages, none offers a quick or easy fix.
Posted on Wednesday Sep 30

Prudential enters non-advised drawdown market

The Pension Choices Plan facilitates the full range of pension freedom reforms aimed at Prudential customers who choose not to take financial advice.
Posted on Wednesday Sep 30

New report from Royal London: Pensions Through The Ages

New research by Royal London, the UK’s largest mutual life, pensions and investment company, ‘Pensions Through the Ages – Generation 2050 and beyond’ shows that the cost of living in retirement is forecast to soar by nearly 150%.
Posted on Wednesday Sep 30

Aegon respond to the HMT Consultation on Pensions Tax Relief

Steven Cameron, Regulatory Strategy Director, comments on key aspects of Aegon’s response: “The Pension ISA may look simpler to brand new savers and would save the Chancellor money in the short term, but in every other respect, it would be highly damaging to UK pensions, placing huge burdens on future generations of workers to support a growing retired population.
Posted on Tuesday Sep 29

JLT EB win 1st deal with hybrid solution developed with L&G

JLT Employee Benefits has completed its first buyout using its new ‘hybrid’ solution developed with Legal & General. As a result of the transaction, Open Trustees was able to insure the remaining liabilities in the Trigon Snacks Pension Scheme with Legal & General. Members’ Guaranteed Minimum Pension (GMP) underpins were insured alongside their residual defined contribution (DC) assets.
Posted on Tuesday Sep 29

Wider pensions reform needed to tackle savings shortfall

PwC research reveals that someone starting work today aged 22 will need to save a total of 15% of their annual salary towards their pension in order to reach their desired retirement income. If they don’t increase their current contribution levels, they could end up with a £4,000 per year shortfall between their pension savings and desired retirement income.
Posted on Tuesday Sep 29

L&G appoint new Director of Bulk Annuities and Longevity

Legal & General’s Retirement business has appointed Dr. Russell Lee as a Director in Bulk Annuities and Longevity Insurance business.
Posted on Tuesday Sep 29

PTL urges DWP and Pension Commission to review RIR

PTL urges DWP and Pension Commission to review RIR to ensure next generation of retirees have adequate income in retirement
According to Pitmans Trustees (PTL), a leading independent trustee and governance services provider, the basis of Replacement Income Ratios (RIR) produced by the Pension Commission and the Department of Work and Pensions may be flawed, as it fails to take into account changes in the extent of home ownership.

Posted on Tuesday Sep 29

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