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Origo comment on Pensions Dashboard speculation

Following todays’ speculation on whether Pension Dashboard would be scrapped because it should not be provided by the state, Michael Roe, Development Director Origo, says:
Posted on Wednesday Jul 18

Projections show cost of public sector pensions to plummet

New data from the UK’s budget watchdog demonstrates that government rhetoric about the unaffordability of public sector pension schemes is overblown, a leading trade union has argued.
Posted on Wednesday Jul 18

Comment on Esther McVey plan to scrap Pensions Dashboard

Responding to reports that Esther McVey is planning to scrap the Pensions Dashboard, Andy Tarrant, Head of Policy at The People’s Pension, said:
Posted on Tuesday Jul 17

Trustees risk losing track of over GBP50bn in DC assets

Trustees must regularly monitor and assess the security of their members’ assets as unprecedented levels of change transform the DC provider marketplace warns the Security of DC Assets Working Party. It makes this claim as continued provider consolidation is likely to see over £50bn of DC members’ assets invested with either a new provider or in a different fund structure before the end of 2018.
Posted on Monday Jul 16

Graduates tough decision on student debt or pension pot

As young people around Britain attend graduation ceremonies this summer, many will face a choice when they start their first job between staying in a workplace pension or opting out and putting the money saved towards paying off their student debt.
Posted on Monday Jul 16

Royal Mail CDC deal could change the UK pension landscape

In a report published by the Work and Pensions Select Committee calls on Government to move quickly to enable the creation of the UK’s first Collective Defined Contribution (CDC) pension scheme, following the ground breaking agreement between Royal Mail and the Communication Workers Union.
Posted on Monday Jul 16

XPS Pension Index reveals Transfer Values remain stable

Pension transfer values as measured by the XPS Pensions Group Transfer Value Index fluctuated mildly during June 2018, with a small fall during the month. The index was £234,000 at the end of May and £233,000 at the end of June.
Posted on Monday Jul 16

Visible and proactive TPR becomes quicker and tougher

The Pensions Regulator (TPR) has evolved into a more visible and proactive regulator and is working in a clearer, quicker and tougher way.
Posted on Friday Jul 13

Call for Government to extend GMP reconciliation deadline

Willis Towers Watson is calling on the UK Government not to switch off support for pension schemes trying to reconcile their Guaranteed Minimum Pension (GMP) records with those held by the State – something it plans to do in October.
Posted on Friday Jul 13

Delay on cold calling ban finally confirmed in Parliament

According to Royal London the Treasury has chosen the date of publication of the Brexit white paper and the visit of the US President to sneak out a written statement to Parliament admitting further delays in the ban on pensions cold-calling.
Posted on Friday Jul 13

Lack of innovation in pensions leaves DC members unprepared

Nearly half (41%) of pension professionals see improving member education as the main issue that must to be tackled for the DC industry to ensure members achieve good retirement outcomes, according to in a poll held at Hymans Robertson’s ‘Assessing the Future of DC’ event yesterday. However a panel of experts called for the industry to prioritise developing effective drawdown options alongside suitable, low cost, guidance if individuals are to have sustainable incomes in retirement. It concluded that a lack of innovation in the industry post pension freedoms leaves DC members woefully unprepared.
Posted on Thursday Jul 12

Retirees face possibility of outliving their pension pot

More than a quarter (28%) of retirees face decisions that could see them outlive their pension pot in retirement, new research by the Pensions Policy Institute (PPI) has revealed. The Evolving Retirement Outcomes report, sponsored by Legal & General, found that borrowers approaching retirement with high levels of defined contribution savings, but little or no defined benefit pension, could see their retirement income vary by up to 70%, based on decisions they make about their private pensions.
Posted on Thursday Jul 12

PASA launch Administration Governance Checklist for trustees

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, announces the publication of its Administration Governance Trustee Checklist. This has been developed in response to The Pensions Regulator’s (TPR) drive to improve the Governance of Pension Schemes, under its 21st Century Trusteeship initiative.
Posted on Thursday Jul 12

Trustee fined GBP25k by TPR for failing to submit valuations

A trustee has been fined £25,000 by The Pensions Regulator (TPR) for failing to complete two valuations for its defined benefit (DB) scheme.
Posted on Wednesday Jul 11

Second buy in completed for IET pension scheme

The IET Superannuation and Assurance Scheme, sponsored by the Institution of Engineering and Technology, has completed a pensioner buy-in with Pension Insurance Corporation covering all 300 of the Scheme’s uninsured pensioner members.
Posted on Tuesday Jul 10

Aviva and BlackRock comment on the latest PPF 7800 Index

Aviva Investors and BlackRock comment on the latest Pension Protection Fund's PPF7800 Index update
Posted on Tuesday Jul 10

No surprise half of us plan to work past retirement age

Life insurance provider, Prudential, has found that half of us are planning to continue working after reaching retirement age. The report looked at around ten thousand non-retired UK adults aged over 45, 50% of whom said they would rather keep working if it meant an increased retirement income.
Posted on Tuesday Jul 10

New figures show pensioners pay over GBP24bn in income tax

Figures obtained under the Freedom of Information Act by Royal London show the large and growing tax bills faced by pensioners in different parts of the UK. Analysis of the FOI reply combined with published sources shows:
Posted on Monday Jul 9

Pension liabilities hedged by LDI heads towards GBP1trn

XPS Pensions Group, the largest pure pensions consultancy in the UK specialising in pensions actuarial, investment consulting and administration services, has revealed that the total value of liabilities hedged by LDI strategies at the end of 2017 has increased to £965bn representing protection of nearly half of UK pension scheme exposure to hedge interest rate and inflation risk.
Posted on Monday Jul 9

One in seven face still paying a mortgage at seventy

Traditionally, mortgages were paid off well before typical retirement ages but new research from Aegon has found that 14% of people believe they will still be paying their mortgage at age 70.
Posted on Monday Jul 9

Hymans Robertson comment on PLSAs Hitting The Target

Commenting on the recommendation of a target for retirement income by the PLSA in its ‘Hitting the Target’ consultation, Paul Waters, Head of Guided Outcomes, Hymans Robertson says:

Posted on Friday Jul 6

Pension confusion leaves millions unsure of saving enough

The PLSA is setting out the recommendations of its ‘Hitting the Target’ consultation to help more people achieve the income they want in retirement
Posted on Thursday Jul 5

FTSE350 pension gap more than halves in first half of 2018

Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies decreased from £72bn at the start of 2018 to £29bn on 29 June. The decrease in the gap in H1 2018 is more than three times the decrease for the whole of 2017.
Posted on Thursday Jul 5

Three key trends in health of FTSE350 DB Pensions report

Commenting on the findings of Hymans Robertson’s 2018 IAS 19 Assumption report, published today, Alistair Russell-Smith, Head of Corporate Consulting, Hymans Robertson, says
Posted on Tuesday Jul 3

One in four people think they will be working at age 70

A new survey from Aegon reveals that many people believe they will be working either full or part time at age 70. To mark the 70th anniversary of the NHS, Aegon asked a panel of 700 consumers from age 18 to 64 to reflect on aspects of life that might influence their financial well-being at age 70 such as work, health and caring responsibilities.
Posted on Monday Jul 2