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EU Referendum- PwC comments on pensions

Richard Cousins, PwC pensions partner, commented: “The uncertainty around our EU membership has contributed greatly to the volatility of the UK markets and this has affected funding deficits of defined benefit pension schemes. Our Skyval Index that tracks funding levels of these schemes shows the aggregate deficit has increased by almost £100bn since March, with the gap extended by almost £50bn in the last month alone.
Posted on Friday Jun 24

UK pension deficit jumps £80bn overnight due to Brexit

Hymans Robertson has shown that the hole in Defined Benefit (DB) pension funding has increased from £820bn yesterday to £900bn off the back of the referendum result. UK DB liabilities have now reached £2.2 trillion.
Posted on Friday Jun 24

Impact on Pensions from Brexit vote

Commenting on the impact on pensions of the EU referendum result, Steve Webb, Director of Policy at Royal London, said:
Posted on Friday Jun 24

PLSA responds to the UK's decision to leave the EU

The Pensions and Lifetime Savings Association (PLSA) has today (Friday) published its initial response to the UK’s decision to leave the European Union.
Posted on Friday Jun 24

The Pensions Management Institute Reacts to 'Brexit'

Commenting, CEO of The Pensions Management Institute, Gareth Tancred said; "The vote in favour of leaving the EU creates a new era, the full implications of which will not be apparent for a long time.
Posted on Friday Jun 24

ACA comments on British Steel Pension Scheme consultation

The Association of Consulting Actuaries (ACA) in its response to the DWP consultation on the British Steel Pension Scheme has expressed its concern that the consultation is driven primarily by politics rather than pensions. As a result, the need to respond to the crisis within the steel industry may lead to rushed changes to well-established pension legislation with the potential for adverse and as yet unforeseen consequences.
Posted on Thursday Jun 23

Aon says new mortality projection model is a positive step

Aon Hewitt has said that the changes proposed to the mortality projection model used by the Continuous Mortality Investigation (CMI), are a positive step which represent an effective evolution from the previous model.
Posted on Thursday Jun 23

Annuities get a new lease of life but the myths still abound

Retirement Advantage is warning that despite the renewed popularity of annuities following the introduction of pension freedoms, out-of-date myths about the product continue to abound. The company is urging people to get professional financial advice before making any decisions about their pensions.
Posted on Thursday Jun 23

Policy proposal to make pensions work at PensionsEurope 2016

Janwillem Bouma, Chair of PensionsEurope, will welcome delegates attending the second PensionsEurope conference to discuss among others how to get more people saving for retirement. “Today 60 per cent of EU citizens have no access to workplace pensions, which is a pressing problem with EU’s rapidly ageing population”, he will say.
Posted on Thursday Jun 23

Government to write to those who won't get a state pension

Aegon welcomes Government’s decision to contact individuals who won’t receive the new state pension, but calls for the Government to go further and send everyone a personalised projection
Posted on Wednesday Jun 22

The Secondary Annuity Market - Comment from the PLSA

Pensions and Lifetime Savings Association (PLSA) has broadly welcomed the new rules and guidance proposed by the Financial Conduct Authority (FCA) However, the PLSA believes there are additional actions that could be taken to maximise the success of this market. In particular, the FCA should consider what further action it would take to ensure what is likely to be a small market functions effectively for both the buyer and the seller.
Posted on Wednesday Jun 22

Aviva becomes first AE GPP provider to appear on tPR website

Aviva has been confirmed as the first auto-enrolment Group Personal Pension (GPP) provider that will feature on The Pension Regulator (TPR) website.
Posted on Tuesday Jun 21

Average DB buy-in/buyout size more than doubles since 2010

The estimated average size of pension scheme buy-ins and buyouts in the UK increased from £114 million in 2010 to £262 million in 2015, says Mercer. The change represents an increase of 2.3 times over the six years and highlights that UK pension plans of increasingly larger size are turning to pension buy-ins and buyouts to manage defined benefit pension risk.
Posted on Tuesday Jun 21

UK pension deficit grew £120bn over 6 weeks

Figures released from Hymans Robertson show that as at Thursday last week the collective UK DB pension deficit had reached £850bn, increasing by £120bn over a six week period. Since then it has bounced back by £30bn, thanks to yesterday’s rally in equities and an improvement in yields. This corresponds with shifting sentiments in the run up to Thursday’s EU referendum.
Posted on Tuesday Jun 21

L&G's Pension Risk Transfer appoints Senior Director

Legal & General’s Pension Risk Transfer business has appointed Ashu Bhargava as a Director in Strategic transactions. Ashu’s last role was as a Senior Consultant within Willis Towers Watson’s pension’s advisory business where he advised Trustee and corporate clients looking to de-risk. Prior to Willis Towers Watson, Ashu began his career as a trainee actuary at the Clay and Partners.
Posted on Tuesday Jun 21

'Sense check' should be mandatory for annuitants

Retirees considering trading their annuities on the proposed second hand market should be obliged to go through a Pension Wise guidance consultation as a first step in deciding whether to sell their guaranteed income.
Responding to the Financial Conduct Authority’s consultation on the Secondary Annuity Market – proposed rules and guidance – which closes today – the specialist financial services group said that consumer protection has to be at the heart of the new market.

Posted on Tuesday Jun 21

Greater awareness could boost the pensions of 11m people

A third (33%) of the UK population don’t know anything about the pension freedoms introduced by the Government in April 2015, according to the newest findings of the fifth UK Readiness Report* from Aegon.
Posted on Tuesday Jun 21

Secondary Annuity Market – No replacement for advice

Aegon responds to FCA consultation on secondary annuity market
Posted on Monday Jun 20

Broadstone comments on BHS pensions "mess"

Sir Philip Green may have claimed that he will sort out the BHS Pensions “mess” in the select committee meeting – but the reality of the situation may be a little more complex.
Posted on Monday Jun 20

Farmland, shops and industrial property stay strong in SIPPs

Xafinity has identified an increasing trend of SIPP clients buying land with their pension funds via SIPPs. Analysis of the properties bought since the start of last year by Xafinity SIPP clients show that 12% of these were farmland or land with planning permission.
Posted on Friday Jun 17

Aviva & Friends Life Independent Governance Committees merge

The Independent Governance Committees (IGC) of Aviva and Friends Life have merged to create one IGC which oversees the combined business. Friends Life became part of the Aviva Group in April 2015 and integration work has been ongoing since then to bring the two organisations together.
Posted on Friday Jun 17

BHS inquiry Chairs joint statement on Sir Philip Green

Commenting on Sir Philip Green’s evidence in Parliament today, Iain Wright MP, Chair of the Business, Innovation and Skills Committee, and Rt Hon Frank Field MP, Chair of the Work and Pensions Committee, said:

Posted on Thursday Jun 16

L&G appoint new mastertrust trustee and IGC committee member

Legal & General has announced the appointment of Ali Toutounchi as a trustee of the Legal & General Mastertrust and a member of the Legal & General Independent Governance Committee (IGC
Posted on Wednesday Jun 15

New research by Xafinity on Freedom & Choice

One year after the introduction of pension Freedom & Choice, research by Xafinity found that 80% of employers are providing either partial (61%) or full (19%) access to Freedom & Choice. For those offering it, the main reason given was to obtain the best deal for members (88%).

Posted on Tuesday Jun 14

Scottish Widows completes £630m bulk annuity transaction

Scottish Widows has today announced that it has secured a £630m pensioner buy-in with the ICI Pension Fund – the insurer’s largest external bulk annuity transaction to date
Posted on Tuesday Jun 14

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