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Towers Watson calls for accreditations to be mandatory

Towers Watson announced today that its master trust, LifeSight, has gained the master trust assurance framework (MAF) accreditation developed by the Pensions Regulator (tPR) and The Institute of Chartered Accountants in England and Wales (ICAEW). This adds to LifeSight’s other master trust accreditation, the PQM READY assurance, making it one of the few master trusts to have achieved both.
Posted on Wednesday Nov 25

ABI responds to DWP consultation on pensions with GAR

Responding to the announcement by the Department of Work and Pensions of a consultation into the valuation of pensions with a guaranteed annuity rate, Rob Yuille, Retirement Policy Manager at the Association of British Insurers (ABI), said:
Posted on Wednesday Nov 25

More support for trustees as tPR publishes new draft DC code

The Pensions Regulator is today going further to raise standards of governance and administration in defined contribution (DC) schemes, and to help trustees and their advisers, by publishing a draft revised code of practice for consultation.
Posted on Wednesday Nov 25

Scottish Widows completes 1st bulk annuity deal for £400m

Scottish Widows has today announced its first external bulk annuity transaction, a £400m pensioner buy-in with the Wiggins Teape Pension Scheme.
Posted on Tuesday Nov 24

Royal London comment on DWP call for Pensions GAR

Fiona Tait, Pensions Specialist at Royal London said:“When establishing the initial rules the Government rightly wanted to protect customers with guarantees in their pension. However, this is creating genuine problems for customers, with pension providers having to follow the legislation requirements, so insisting that they must seek financial advice if the safeguarded benefits mean the value is £30,000 or over.
Posted on Tuesday Nov 24

Youngest PMI members opposed to new pensions tax regime

The Pensions Management Institute (PMI) today reveals further findings from a survey conducted with its members in relation to the Government’s Consultation on ‘Strengthening the incentive to save: a consultation on pensions tax relief’. The findings show a surprisingly conservative outlook for younger PMI members, who back EET and are generally opposed to reform of the current tax relief system, with two out of three stating that they don’t believe it is necessary for any further change at all.
Posted on Monday Nov 23

Beware property over pensions

Portal Financial, recommends caution to people pinning their retirement hopes on property. House prices can fall sharply and buy-to-let carries its own risks, but the tax benefits of pensions can provide significant value.
Posted on Monday Nov 23

Aegon: How far new state pension is below living wage

Kate Smith: Aegon’s Regulatory Strategy Manager said:The idea of a living wage, has captured the public’s imagination as a way to increase wages for the lowest paid. The debate surrounding exactly how much is required to maintain a decent standard of living shouldn’t just apply to those in the workforce and we should consider the equivalent income or ‘living pension’ retirees require.
Posted on Monday Nov 23

Prudential: Mind the retirement expectation gap

People who are currently in work have potentially unrealistic expectations of when they will be able to retire and how much they will have to live on, and this expectation gap is at its widest among younger workers, according to new research by Prudential1. The results showed that workers of all age groups are confident that they will be able to afford to retire significantly earlier than their respective State Pension ages.
Posted on Friday Nov 20

Former Pensions Minister to give evidence on state pension

On Wednesday 25 November 2015 former Pensions Minister and architect of the new State Pension Steve Webb will give evidence to the Work and Pensions Committee in the first session of their new inquiry.
Posted on Thursday Nov 19

Autumn statement should be signal to save now

Pension savers should be looking to put as much as they can into their funds ahead of the Chancellor’sSpending Review and Autumn Statement announcement due to be delivered on Wednesday, November 25, according to leading wealth manager, Old Mutual Wealth.
Posted on Thursday Nov 19

Women in danger of losing out in retirement

The Decade of Divergence: women in danger of losing out in retirement as savings gap emerges when Brits hit their 30s. Women are most at risk of falling down the savings gap in their 30s, according to new research. Scottish Widows’ latest Women and Retirement report revealed that despite showing positive signs of engagement with retirement saving in their 20s, women could be faced with a significant retirement shortfall as the gap between both attitudes towards saving and savings levels widens with menas they get older.
Posted on Thursday Nov 19

AXA Wealth unveils drip feed drawdown

AXA Wealth has launched a new drip feed drawdown feature for people looking to take some money out of their pension as regular income, but still keep their fund invested or retain some of their tax-free cash.
Posted on Thursday Nov 19

87% of over 55's wary of stock market crash harming pensions

Research from Portal Financial, one of the UK’s leading pensions advisers, shows that 87% of people aged 55-65 are concerned about their pensions being affected by a stock market crash, with almost half of the respondents being either ‘very’ or ‘extremely’ concerned.
Posted on Wednesday Nov 18

Tax confusion reigns over pension reforms

Against the back-drop of the recent report issued by the Work and Pensions Committee – ‘Pension Freedom guidance and advice - which concludes that the Pension Wise website is “not fit for purpose”, new research(1) from Portus, the employment benefits consultancy firm, reveals that 53% of people are still unsure what the tax rules are on taking cash out of pensions.
Posted on Wednesday Nov 18

Cyber Security the biggest risk for pensions organisations

With 90% of large organisations suffering a security breach this year*, Equiniti, which processes financial information for 1 in 3 of the UK population, warns that cyber security is the biggest risk facing Pensions organisations over the next decade.
Posted on Tuesday Nov 17

Barnett Waddingham: What to expect from the Autumn Statement

Ahead of next Wednesday’s Autumn Statement (25th November), Malcolm McLean, senior consultant at Barnett Waddingham gives his predictions on the possible pensions related outcomes:
Posted on Tuesday Nov 17

Government urged to defer changes to annual allowance

Commenting ahead of the Autumn Statement, Richard Parkin, Head of Retirement at Fidelity International said:
Posted on Tuesday Nov 17

PwC grows its pensions team with more new hires

PwC has expanded its pensions and investment consulting team with the appointment of Leo Ring and Hannah Carter. Leo Ring joins PwC as a director from KPMG’s pensions actuarial team, having started his career at Towers Watson. He specialises in helping companies manage the cost, risk and people aspects associated with pensions, and has held a number of leadership roles at his former employers and across the wider actuarial profession.
Posted on Tuesday Nov 17

Pension Quality Mark consults on Retirement Quality Mark

The Pension Quality Mark (PQM) asked its holders, friends and stakeholders to respond to its consultation paper on developing a Retirement Quality Mark. The consultation document outlines how the Board of PQM wishes to consider how a quality mark for retirement products could be developed to meet the needs of savers and trustees.
Posted on Tuesday Nov 17

Cost of pension freedom £104m

Retirement Advantage, the retirement specialist, has analysed industry data for the first six months of pension freedom, and calculated that the number of people who have not shopped around for their annuity will collectively miss out on £104m1 of income over the course of retirement.
Posted on Monday Nov 16

Pension freedoms drive growth in SSAS

The huge increase in pension awareness has led Xafinity to write a typical year’s worth of SSAS in just 6 months.
Posted on Friday Nov 13

Pension freedoms in ill health could be subject to IHT

Under current rules, those suffering from ill health could potentially see their pension assets ultimately subject to inheritance tax (IHT) if they transfer to a new pension scheme to access the range of flexibilities introduced by the pension freedom reforms in April 2015.
Posted on Friday Nov 13

PPF 7800 Index Update

The PPF 7800 Index has been updated to the end of October 2015.
Posted on Friday Nov 13

NOW: Pensions expanding to handle increase for AE services

Workplace pensions provider NOW: Pensions will today (Thursday 12 November) officially open its Nottingham office located at 37 Park Row. The ribbon-cutting ceremony will be attended by MP for Nottingham South Lilian Greenwood, Councillor Nick McDonald Portfolio Holder for Jobs, Growth & Transport at Nottingham City Council, NOW: Pensions’ CEO Morten Nilsson and NOW: Pensions’ Chairman Nigel Waterson.
Posted on Thursday Nov 12

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