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Aon advises Smiths Industries on Canada Life annuity deal

Aon has advised the Smiths Group pension schemes on their seventh bulk annuity purchase.
Posted on Friday Oct 20

Pension cold-calling ban may not happen until 2019

Kate Smith, Head of Pensions at Aegon comments on the possibility that the pensions cold-calling ban won’t be included in the Financial Guidance and Claims Bill, meaning that implementation of the ban may be delayed until 2019. It’s likely that there will be a Finance Bill 2018, but any rules changes are not likely to be effective until 2019.
Posted on Thursday Oct 19

PPF launch consultation on contingent assets in the PPF levy

The Pension Protection Fund has opened a short consultation relating to contingent assets in the PPF levy. This will be of particular interest to schemes and employers that are considering putting a contingent asset in place, those who currently have one in place, and those who advise on them.
Posted on Thursday Oct 19

Comments on Pension Dashboard statement from Guy Opperman

Industry comment from Royal London, Just and The People's Pension and on the planned announcement at the PLSA annual conference by pensions minister Guy Opperman that the pensions dashboard will go ahead and that responsibility will be transferred to DWP
Posted on Thursday Oct 19

Pension Passport may increase numbers taking guidance

Deciding what to do with pension savings is one of the most significant financial decisions people have to make, and yet it is also one of the most complicated. Over the last two years, LV= has worked with Government and the Behavioural Insights Team (BIT) to trial a ‘Pension Passport’ with LV= members in place of the current pension wake up pack. The results, published today, suggest a ‘Pension Passport’ would lead to better consumer outcomes than wake up packs. As a result, LV= is committing to overhauling all wake up packs, based on the trial findings, to ensure customers are able to understand their options.
Posted on Wednesday Oct 18

LCP advises Pearson on £1.2bn pension plan buy in

The Pearson Pension Plan, a UK pension plan sponsored by Pearson plc, has purchased pensioner buy-in policies with both Aviva and Legal and General totalling £1.2bn. The buy-ins cover around two thirds of the pensioner liabilities and are split equally between the two insurers.
Posted on Wednesday Oct 18

Record number of people saving for retirement

The latest figures from the Office for National Statistics (ONS) have revealed a record number of people in the UK are now saving for retirement. The Department for Work and Pensions (DWP) announced that pension scheme membership had increased by 17% from last year and now stands at 39.2 million people. While this sounds like positive news for the pension industry, the Pensions and Lifetime Savings Association (PLSA) suggests the amount being saved is not nearly as impressive.
Posted on Tuesday Oct 17

Pension schemes need to check their cyber resilience

Given the spate of recent high profile corporate cyber-attacks, Aon is encouraging pension schemes and sponsors to review their cyber security approach as soon as possible.
Posted on Tuesday Oct 17

International comparison of employers pension contributions

A new report published today by the Pensions Policy Institute (PPI), commissioned by NOW: Pensions, shows that UK employers are bearing less of the pensions burden than other countries that have nationwide automatic enrolment schemes or nationwide DC schemes.
Posted on Tuesday Oct 17

One in five FTSE 100 pension schemes at risk of failure

New research from Cardano and Lincoln Pensions, the investment and risk specialists, has found that one in five FTSE 100 companies could struggle to meet their commitments to pension scheme members during an economic downturn.
Posted on Monday Oct 16

Hymans Robertson appointed to NESTs panel of advisers

Hymans Robertson, the UK’s leading, independent pension consultancy has been appointed to NEST’s panel of investment advisers.

Posted on Monday Oct 16

AE 5 years on providing a boost to pensions pots

October marks five years since auto-enrolment launched in the UK, with a minimum workplace pension contribution of 2% of income. During this half decade, more than 8 million people have been auto-enrolled into a workplace scheme1, and according to new analysis from Aegon, for the first wave of employers taking part in the programme, those 2% minimum contributions will have already generated a pension pot of £2,440. As minimum contributions rise to 5% in April 2018, and 8% in April 2019, those choosing to remain enrolled for the next five years will have built a pot of £11,430.

Posted on Monday Oct 16

Industry needs to be energised about the Pensions Dashboard

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has commented on the report ‘reconnecting people with their pensions’, published by The Association of British Insurers (ABI) today. As one of the original advocates of the Dashboard project, PASA has been working with the project team to help create the emerging standards.
Posted on Thursday Oct 12

Aegon comments on ABIs pensions dashboard plans

Comment from Aegon in response to the ABI's pensions dashboard blueprint
Posted on Thursday Oct 12

ABI launch Pensions Dashboard Roadmap

A roadmap of what needs to be done to give everyone in the UK online access to all of their pension information is being set out by the Association of British Insurers (ABI), as it calls for firm Government direction on its plans for pensions dashboards.
Posted on Thursday Oct 12

Poorly performing workplace pensions mean savers missing out

According to research by JLT Employee Benefits (JLT) the disparity in the investment performance of the UK’s top ten defined contribution (DC) default funds* is so large that savers in the worse fund could be missing out on over £300,000 of additional savings by the time they are 55. This sum is far in excess of the value of the average UK home.
Posted on Thursday Oct 12

NOW Pensions appoints Joanne Segars and Dalriada Trustees

NOW: Pensions has today announced the appointment of Joanne Segars OBE and independent trustees Dalriada Trustees to its Board of Trustee Directors.
Posted on Wednesday Oct 11

Development of biometrics key to pension schemes efficiency

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has stressed that the use and development of Biometrics must be higher on the trustee agenda, if schemes are to drive efficiency and continue meeting member needs in the long term.
Posted on Wednesday Oct 11

Hymans Robertson respond to PLSA consultation

Lee Hollingworth, Head of DC Consulting at Hymans Robertson responds to the PLSA’s Hitting the Target consultation
Posted on Wednesday Oct 11

Consultation to improve retirement launched by the PLSA

The Pensions and Lifetime Savings Association (PLSA) has launched a major new consultation (Hitting the Target) designed to help people plan for and meet their retirement goals as 78% of people aged 18 to 64 years old saying they were not sure or did not know where to look to tell if they were on track with their retirement savings.
Posted on Wednesday Oct 11

Pensions have Bank of England to thank for turn of fortune

Andy Tunningley, Head of UK Strategic Clients at BlackRock, comments on the latest PPF 7800 Index figures:
Posted on Tuesday Oct 10

Latest Pension Protection Fund 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 Oct 10

Young savers want ethical pensions

YouGov announced this week that young savers are twice as likely as older generations to ensure their pension pot was invested ethically. The survey, out of 2,100 people, found that 13% of 18 to 34-year-olds with a pension felt responsible to make certain their money was invested in ethical causes, while only 7% of over 55s and just 6% of 45 to 54-year-olds agreed.
Posted on Tuesday Oct 10

All change for the Autumn Budget 2017…

With just a few weeks until the first Autumn Budget in 30 years, the rumour mill is rumbling into action once again. Will this be the Budget that sees a curtain call for higher rate pensions tax relief? Will the Chancellor continue to shave the Lifetime Allowance (LTA)? Or will he complicate things, by adding yet another layer of Annual Allowance (AA) rules?
Posted on Monday Oct 9

Pensioners on SMI have to take Government second mortgage

Thousands of low income pensioners and working age benefit claimants have started to receive official letters warning that the help they receive with their mortgages will end in April 2018 unless they sign up to a second mortgage with the government. But the letters are not clear about the interest rate on the loan and recipients are getting little help with this decision according to mutual insurer, Royal London. If they fail to comply they will lose help with their mortgage and could face repossession if they get into arrears as a result.
Posted on Monday Oct 9

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