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The key to pensions prosperity is earlier intervention

The Association of British Insurers (ABI) has today released a new report with a five point plan aimed at engaging consumers with their retirement options far earlier in their life than is currently the case.
Posted on Thursday Apr 26

Royal London offer actuarially fair exchange for guarantee

According to FCA estimates, over half of savers with ‘guaranteed annuity rates’ attached to their pension pots are throwing them away in retirement and are choosing to access their pension funds without taking an annuity.
Posted on Thursday Apr 26

Government fails to legislate for default pension guidance

According to Stephen Lowe, director at Just Group, nudging pension savers towards more informed financial decisions at retirement could still be many years off due to the Government’s failure to legislate for default pension guidance. Commenting on the Financial Guidance and Claims Bill passing another key milestone yesterday, he said:
Posted on Wednesday Apr 25

Call to double tax exemption for employer led pension advice

Aegon is calling for the limit on income tax and national insurance (NI) relief on employer-arranged pension advice to be extended from £500 to £1,000. This follows the findings of the Engaging with saving workplace pensions report* the CBI published in partnership with Aegon in March.
Posted on Wednesday Apr 25

IFoA aims to help consumers make retirement saving plans

According to Institute and Faculty of Actuaries (IFoA) policy briefing, ‘Can we help consumers avoid running out of money in retirement?’ consumers should consider how to balance the age at which they start pension withdrawals and the amount they withdraw if they want to secure a sustainable income in retirement.
Posted on Wednesday Apr 25

TPR prosecutes Brewery and chairman for failure to comply

The Pensions Regulator (TPR) is to prosecute Samuel Smith Old Brewery (Tadcaster) and company chairman Humphrey Smith for failing to provide information and documents required for an ongoing TPR investigation.
Posted on Tuesday Apr 24

White Paper offers better protection to pension schemes

Aon has said that two-thirds of respondents to a recent survey stated they believed that members’ benefits in defined benefit schemes will be better protected in the future as a result of the recent Department of Work & Pensions (DWP) White Paper which proposed the new DB Chair’s Statement and additional powers for the Pensions Regulator (TPR).
Posted on Tuesday Apr 24

Car insurance injury claims lowest this decade

The number of personal injury motor insurance claims has fallen to the lowest level in almost a decade, Government figures published today reveal.
Posted on Monday Apr 23

Comment on Which statistics on pensions

Steve Webb, Director of Policy at Royal London comments on the publication of the ‘Which’ statistics over the weekend on state pension outcomes for men and women under the new state pension system.
Posted on Monday Apr 23

EIOPAs cooperation platforms address cross border issues

The European Insurance and Occupational Pensions Authority (EIOPA) has published its 2017 oversight activities report addressed to the European Parliament. During last year, EIOPA conducted a number of activities that contributed to high-quality effective supervision, as well as overseeing the level playing field and appropriate application of supervisory measures within the European Union.

Posted on Thursday Apr 19

PMI announce Legal and General as Insight Partner

The Pensions Management Institute (PMI) announces Legal & General (L&G) as its latest Insight Partner, offering specialist support on pension risk transfer to PMI members.
Posted on Wednesday Apr 18

Trustees should engage with investment chain on climate risk

International law firm Pinsent Masons is calling for pension scheme trustees to proactively address climate risk. Trustees who fail to consider the impact of environmental factors on investment performance risk breaching their fiduciary duties.
Posted on Wednesday Apr 18

Pensions Dashboard may face requests from 15 million people

Origo has calculated that the Pensions Dashboard could be used by up to 15 million consumers. Therefore, the infrastructure underpinning the Pensions Dashboard must be built from the outset to support significant volumes of consumers from day one, cope with peaks and troughs in usage and scale to the target of 15 million consumers.
Posted on Wednesday Apr 18

Pension freedoms set to cost UK companies GBP25bn

Xafinity Punter Southall has revealed that pension freedoms could cost UK companies £25bn.
Posted on Wednesday Apr 18

Take down HMRC pension tax website giving the wrong answer

HMRC has been urged to take down a web page which allows users to check how much money they can put into a pension after blunders were spotted by tax experts at Royal London. HMRC has admitted in writing that the site is giving incorrect figures, but it continues to be in use and contains no warning that the figures may be wrong.
Posted on Wednesday Apr 18

Little employment growth amongst the sixty five plus range

Employment growth among people aged 65+ has stalled in recent years despite the ageing population. Commenting on the release by ONS of new employment figures today, Stephen Lowe, group communications director at Just Group, said:
Posted on Tuesday Apr 17

New cyber guidance a good start but pensions need to do more

Aon has welcomed new guidance from the Pensions Regulator on how pension schemes can deal with cyber risk. However, Aon is also cautioning that trustees need to think carefully about how it might be implemented in practice and what represents the best approach for their own scheme.
Posted on Tuesday Apr 17

Baby boomers fear running out of money before they die

While younger generations may think baby boomers have ‘never had it so good’, new research from SunLife shows one in five people over 55 feels worse off than they expected to be, while four in ten worry whether they have enough money in their pension to cover their retirement, and 43% are concerned that their money will run out before they die
Posted on Tuesday Apr 17

Thousands of changes made makes pensions terminology simpler

Following a two-year industry initiative to make pensions language simpler, clearer and more consistent – the Association of British Insurers today reports that thousands of changes have been made to consumer materials. The improvements will make it easier for consumers to understand their options at retirement, particularly in the wake of new and sometimes confusing options arising from pension freedoms.
Posted on Monday Apr 16

Pensions increasingly a priority in acquisition activity

Scrutiny on company pension schemes is increasingly impacting possible acquisition activity in the UK. Recently, both a US private equity firm’s plan to buy rail operator FirstGroup and Melrose’s plans to takeover GKN have been impacted by their ability to fund pension liabilities.
Posted on Monday Apr 16

Pension transfer values rise over March

Pension transfer values as measured by the Xafinity Transfer Value Index rose during March 2018. The index was £232,000 at the end of February and £235,000 at the end of March. Over the first quarter of 2018, transfer values initially dropped, before returning to levels seen at the beginning of the year.
Posted on Thursday Apr 12

Women in drawdown have lower retirement income than men

According to a new report, Drawdown: Is it working for consumers? from Zurich UK, women in drawdown face a 37% shortfall in their annual retirement income compared to men, leaving them more than £47,000 worse off. The study also warns of a potential new gender gap in drawdown, with a range of factors including lack of advice, placing more women at risk of outliving their savings.
Posted on Wednesday Apr 11

Millennials pension wealth declines since auto enrolment

Detailed analysis of ONS statistics from Equiniti, one of the UKs largest pension’s administrators, reveals that millennials have seen total wealth saved towards retirement drop between the period 2010-2012 to 2014-2016.
Posted on Wednesday Apr 11

Comment on the PPFs latest update from Aviva Investors

Boris Mikhailov, Investment Strategist, Global Investment Solutions at Aviva Investors comments on the latest figures from the PPF issued in its monthly funding update showing that the aggregate deficit of the 5,588 schemes in the PPF 7800 Index is estimated to have increased over the month to £115.6 billion at the end of March 2018 . This compares to an aggregate deficit of £72.1 billion at the end of February 2018.
Posted on Tuesday Apr 10

The Pension Protection Fund publishes latest 7800 Index

Since July 2007 the Pension Protection Fund has published the latest estimated funding position, on a s179 basis, for the defined benefit schemes in its eligible universe.
Posted on Tuesday Apr 10