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Supercharge your SIPP

With the pension freedoms recently celebrating their first birthday, Maike Currie, investment director for Personal Investing at Fidelity International offers six tips to get the most out of your self-invested personal pension (SIPP)
Posted on Tuesday May 31

EIOPA updates technical documentation for Solvency II RFR

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published an updated technical documentation on the methodology to derive the relevant risk-free interest rate term structures (RFR) for Solvency II.

Posted on Tuesday May 31

Pension confusion leaves most people unready for retirement

People are still being left confused by pensions, with almost two thirds not understanding their key features, according to new research by Wesleyan.
Posted on Tuesday May 31

New research questions CFO's on risk to their DB scheme

Research released today from Hymans Robertson which canvassed the views of CFOs of UK companies with DB pension schemes, found that a third are paying out more from their DB scheme in pensions than is being received in contributions. These CFOs say their primary focus for managing their schemes is ensuring they don’t have to sell assets at depressed prices to meet pensions promised to retired or former workers. 1 in 5 identified this as the biggest risk to their scheme.

Posted on Tuesday May 31

Impact of Brexit on pensioners

Regarding the Treasury's announcement today on the impact of Brexit on pensioners, Hugh Nolan, President-Elect of the Society of Pension Professionals and Director at consulting firm Spence & Partners, comments:
Posted on Tuesday May 31

How many more pensions are following BHS & British Steel

Announcing the upcoming launch of a new inquiry to follow on from the inquiries into BHS, Chair of the Work and Pensions Committee Rt Hon Frank Field MP said:
Posted on Tuesday May 31

Keeping British Steel out of PPF could save members 10%

Government’s proposals to keep the British Steel Pension Scheme out of the PPF could save 10% of pension for scheme members under age 65
Posted on Friday May 27

Phoenix acquire AXA Wealth’s pensions & protection business

Phoenix Group Holdings announces that its subsidiary, Pearl Life Holdings Limited, has entered into conditional agreements with AXA UK plc to acquire AXA Wealth’s pensions and protection businesses.
Posted on Friday May 27

ABI sets out how to take Pensions Dashboard forward

The Association of British Insurers has today set out its intention to take forward the next phase to deliver the Pensions Dashboard, including potentially creating a prototype. Speaking at the launch of the Pension Finder White Paper at the ABI, Director of Policy, Long Term Savings and Protection, Yvonne Braun, set out why the ABI is best placed to drive forward the project’s delivery.
Posted on Thursday May 26

Hymans Robertson comment on Tata Steel's pension liabilities

Clive Fortes, Partner at Hymans Robertson says a move from RPI to CPI will reduce Tata Steel’s pension liabilities by £2.5bn
Posted on Thursday May 26

Over a quarter of savers admit never reviewing their pension

Figures released by Aviva have shown the startling lack of engagement millions of savers currently have with their pension. More than a quarter of savers (28%) admitted to never reviewing their retirement savings, while almost a fifth (19%) of those with a pension said they review it less than once every 5 years1.
Posted on Thursday May 26

Scottish Widows completes £54m bulk annuity transaction

Posted on Thursday May 26

FCA proposes cap on early exit charges

The Financial Conduct Authority (FCA) has today announced the level at which it will consult to cap early exit charges for those consumers wishing to make use of the pension freedoms.
Posted on Thursday May 26

58% of advisers think pension dashboards will help them

A Royal London poll of advisers shows that nearly three fifths, (58%) believe that the introduction of a Pensions Dashboard will encourage people to be more engaged with their retirement planning. The majority of advisers1 would appear to support Royal London’s view that savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in the successful delivery of a Pensions Dashboard2.
Posted on Wednesday May 25

Possible scams in 11% of pension transfer cases say Xafinity

The analysis comes from Xafinity’s pension scam identification unit which helps Trustees identify potential pension scams connected with member transfers. The service shows that cold calling is increasingly common and that many scammers are enticing members by offering “free pension reviews” and “free advice”.

Posted on Wednesday May 25

EIOPA launches EU-wide insurance stress test 2016

The European Insurance and Occupational Pensions Authority (EIOPA) launched today an EU-wide stress test for the European insurance sector. This regular exercise aims to assess insurers’ vulnerabilities and should not be interpreted as a pass-or-fail test. It is designed to assess the resilience of the European insurance sector to severe adverse market developments based on a common analytical framework. Furthermore, this stress test will examine the potential increase of systemic risks in situations of stress.
Posted on Tuesday May 24

Aegon welcomes Lord Turner’s thinking on State Pension

Steven Cameron, Pensions Director at Aegon said: “We support Lord Turner's call for creativity around how and when individuals in future can access their state pension.
Posted on Tuesday May 24

PASA says not enough action on GMP reconcilliation

The Pensions Administration Standards Association (PASA), today urged schemes to move forward with their GMP reconciliation while they still have time.
Posted on Tuesday May 24

"Quick Fix" on Tata Steel risks undermining pension security

A 'quick fix' on the British Steel pension scheme to help save jobs at Tata Steel UK could risk undermining the pension security of millions of people, according to Steve Webb, Director of Policy at Royal London.
Posted on Monday May 23

L&G acquires £3bn UK annuity portfolio from Aegon

Legal & General today announced it has acquired a £3bn annuity portfolio from Aegon. The transaction has been structured initially as a reinsurance contract and covers approximately 27,000 of in-payment policyholders who will remain customers of Aegon during this period. They will continue to be serviced by Aegon until the effective date of a Part VII Transfer which is subject to regulatory and court approval.
Posted on Monday May 23

Getting to grips with AE as 100,000 sign up

NEST has announced that 100,000 UK employers have now signed up to use NEST. Tens of thousands of smaller employers including florists, hairdressers and retailers have joined household names who were among the first to sign up to use NEST when auto enrolment began in 2012.
Posted on Thursday May 19

Queen's Speech: PwC comments on Pensions

Raj Mody, head of PwC’s pensions consulting business, commented: “The details will be important, but the Pensions Bill measures appear sensible changes to help improve outcomes for savers and for people seeking to use the new pensions flexibilities.
Posted on Thursday May 19

tPR welcomes proposed new powers to regulate master trusts

Lesley Titcomb Chief Executive at The Pensions Regulator (TPR) said: “We welcome the announcement today of a new Pensions Bill which proposes to give us new powers to regulate master trust schemes.
Posted on Thursday May 19

AE is breeding neglect as employee ignorance grows

Almost one and a half million private sector employees do not know what funds their pension has been allocated to or have never taken the time to review their investments, according to Aviva’s latest Working Lives Report and analysis of data from the Office for National Statistics (ONS)¹.
Posted on Thursday May 19

Mercer welcomes removal of 15 year rule for pension deficits

Mercer has welcomed the second consultation from Ofgem which clarifies its commitment to provide funding for established pension deficits and removes the fixed 15 year recovery plan end date for energy network operators (NWOs). One of Ofgem’s key concerns was that imposing an arbitrary time limit on funding pension deficits payments could have resulted in a negative impact on consumers, if, for example, NWOs were forced to increase energy prices at the end of the period to pay for the deficit.
Posted on Thursday May 19

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