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CPI 12 month rate increases but still lower than BOE target

Following the publication of the Consumer Prices Index (CPI) 12-month rate for February, please see the below comment from Kate Smith, Head of Pensions at Aegon.
Posted on Wednesday Mar 20

Saga comment on the Royal Mail CDC pension scheme

Following Work and Pensions Secretary, Amber Rudd, welcoming plans for the Collective Defined Contribution (CDC) pension scheme to be introduced in the UK, with the scheme being ‘trialled’ at the Royal Mail first, please see below for a reactive statement from Jeff Bromage, Managing Director, Saga Money.
Posted on Wednesday Mar 20

Aegon comment on the ONS Labour Market figures

Kate Smith, Head of Pensions at Aegon, comments on the ONS Labour Market figures
Posted on Tuesday Mar 19

The pensions quiz reveals if you are prepared for retirement

Back in 2016, pensions advice specialist, Portafina, set out to find what the nation knew about their pensions. Now, three years on, Portafina asked again to see whether in light of major pension reforms, are Brits any more clued up?
Posted on Tuesday Mar 19

Comments on DWP approving Royal Mail CDC Scheme

Aegon, Royal London and Hymans Robertson comment on the DWP approving the Royal Mail's CDC pension scheme
Posted on Monday Mar 18

Aon welcomes DWP response to consultation on CDC pensions

Aon has welcomed the Department for Work and Pensions’ (DWP) response to its consultation on delivering Collective Defined Contribution (CDC) pension schemes.
Posted on Monday Mar 18

Aegon comment on the ONS Caring in Later Working Life Report

Steven Cameron, Pensions Director at Aegon on today’s ONS report looking at the interplay between caring and working in later life
Posted on Friday Mar 15

Redingtons five key takeaways from TPRs funding statement

Marian Elliott, Managing Director, Integrated Actuarial at Redington said:“The Pensions Regulator (TPR) issued their 2019 annual funding statement earlier this week. This statement marks the start of a more prescriptive approach from TPR which is likely to be cemented in the DB funding code later this year.
Posted on Friday Mar 15

Transfer values increased initially during February

Pension transfer values as measured by the XPS Pensions Group Transfer Value Index increased broadly throughout February, before dropping sharply to end unchanged over the month. The index ended February 2019 at £235,000, the same as at the end of January.
Posted on Friday Mar 15

Aegon comment on FCA Platform Market Study paper

Commenting on the FCA’s Investment Platform Market Study paper, Steven Cameron, Pensions Director at Aegon said:
Posted on Thursday Mar 14

National Pension Trust apply for master trust authorisation

Posted on Thursday Mar 14

Comments on the Chancellors Spring Statement

Aegon, Royal London and The Peoples Pension comment on the Chancellors Spring Statement
Posted on Wednesday Mar 13

CMA investigation into IC and FM markets closes

Patrick McCoy, Head of Investment at XPS Pensions Group comments on the CMA investigation into the Investment Consultancy and Fiduciary Management markets as the ‘Consultation on the draft Investment Consultancy and Fiduciary Management Market Investigation Order 2019’ closes
Posted on Wednesday Mar 13

Increase in FOS compensation may make advice gap bigger

Last week’s decision by the FCA to increase the FOS compensation limit from £150k to £350k could have knock on effects and a major bearing on the upcoming review of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR).
Posted on Wednesday Mar 13

Aegon on Governments response to CMAs recommendations

Steven Cameron, Aegon Pensions Director, on the Government’s response to CMA’s recommendations around investment consultancy and fiduciary management services:
Posted on Tuesday Mar 12

Future pension changes expected to impact corporate activity

Vicky Mullins, Senior Consultant at XPS Pensions Group, examines the future pension changes expected to impact corporate activity
Posted on Tuesday Mar 12

Pension Protection Fund publish their latest PPF 7800 Index

This update provides the latest estimated funding position, on a section 179 (s179)basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF).
Posted on Tuesday Mar 12

FCA decision on FOS limits has implications for DB advice

comment from Steven Cameron, Pensions Director at Aegon, on the implications for advice on DB transfers following the FCA’s decision to increase the Financial Ombudsman Service compensation limit to £350k from £150k.
Posted on Monday Mar 11

Understanding the challenges of LGPS administration is vital

Aon has worked with the Chartered Institute of Public Finance and Accountancy (CIPFA), to develop a new guide for pensions authorities ‘administration in the LGPS'. The guide, which is aimed at administering authorities throughout the UK responsible for managing Local Government Pension Scheme (LGPS) funds, highlights the importance of effective management and monitoring of administration matters.
Posted on Monday Mar 11

FCA decision to hike FOS compensation limit is shocking

The announcement today by the FCA that it is planning to more than double the compensate limit at the Financial Ombudsman Service to £350,000 has been condemned as ‘shocking’ by Royal London Director of Policy, Steve Webb.
Posted on Friday Mar 8

Opting out of a workplace pension could cost you GBP542k

As auto-enrolment minimum contributions are set to rise from 5% to 8% in April, Aegon analysis shows the cost of opting out of a workplace pension scheme
Posted on Thursday Mar 7

TPRs Master Trust authorisation update

Sharon Bellingham, senior consultant at Hymans Robertson responds to TPR’s latest Master Trust authorisation update:
Posted on Thursday Mar 7

FTSE350 pension gap grows by GBP4bn in February

Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for FTSE350 companies increased from £41bn to £45bn at the end of February. The move was caused by an increase in liabilities from £806bn to £811bn, partially offset by asset values increasing from £765bn to £766bn.
Posted on Thursday Mar 7

The way forward for GMP conversion

Yes GMP equalisation presents a new challenge for many pension schemes, but don’t panic, because the issues it presents can all be resolved and there is a genuine alternative now available through GMP conversion to potentially simplify and reduce the ultimate cost of pension schemes.
Posted on Thursday Mar 7

CMI model will reduce pension schemes liabilities

Aon has said that it expects use of the latest model from the Continuous Mortality Investigation to lead to a reduction of around 2.5% in the liabilities of a typical UK pension scheme. The exact impact will depend on the age profile of an individual scheme’s members and the valuation assumptions used.
Posted on Thursday Mar 7