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Early resolution will speed up unfounded disputes

Sackers has responded to the dispute resolution and jurisdiction consultation launched by the Department for Work and Pensions (DWP) and The Pensions Ombudsman (TPO) in December 2018 and closed on 18th January 2019.

Posted on Monday Jan 21

Beefeaters to go on strike at Tower of London over pensions

Beefeaters and other staff working for Historic Royal Palaces (HRP) will be picketing outside the Tower of London and Hampton Court Palace tomorrow (Tuesday 22 January) after discussions between GMB and HRP over pensions ended without an agreement.
Posted on Monday Jan 21

TPR to sharpen decision making scrutiny after Kodak decision

The Pensions Regulator is introducing greater levels of scrutiny after its decision to allow Kodak to jettison it pension liabilities faced criticism.
Posted on Friday Jan 18

Response to DWP consultation on CDC pension schemes by Aon

Aon has responded to the Department for Work and Pensions (DWP) consultation on delivering Collective Defined Contribution (CDC) pension schemes.
Posted on Thursday Jan 17

Paying pension tax charges is not always a bad thing

The common perception is that people should do all they can to avoid paying these charges. This can lead to some people choosing to leave their pension scheme to prevent further benefit accrual. However, according to the mutual insurer there are instances where paying the charge is in the clients’ best long term interests.
Posted on Thursday Jan 17

CDC schemes could provide better outcomes for members

In responding to the DWP’s consultation on delivering collective defined contribution pension schemes which closed yesterday, XPS Pensions Group believe CDC schemes could provide better pension outcomes for members over traditional DC schemes.
Posted on Thursday Jan 17

ACA welcomes CDC schemes but calls for robust governance

In a response to the DWP consultation on Collective Defined Contribution (CDC) schemes, submitted today, the Association of Consulting Actuaries (ACA) expressed support for the concept of CDC pension schemes. The ACA welcomed the Government’s desire to facilitate this new type of scheme for the Royal Mail and noted that similar designs might be helpful elsewhere too.
Posted on Wednesday Jan 16

Rothesay Life first insurer to achieve PASA accreditation

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today announces Rothesay Life as the latest organisation to be awarded Accreditation – the first insurance company to undergo the process.
Posted on Wednesday Jan 16

Workers urged to top up state pension now to avoid cost rise

People thinking about paying voluntary National Insurance Contributions to fill past gaps in their contribution record are being urged to do so before 6th April by pensions experts.
Posted on Wednesday Jan 16

Hymans Robertson on key themes for DC pensions in 2019

Hyman Robertson's DC experts give their views on the key themes that look set to dominate the news agenda in 2019.
Posted on Tuesday Jan 15

Quilter and Aegon comment on changing GPs Pension Tax rules

Comment from Quilter and Aegon as Matt Hancock is in discussions with the Treasury about changing GP pension tax rules
Posted on Tuesday Jan 15

One in five may face large tax bills over pension payments

According to new research from Canada Life those approaching or in retirement could be faced with unexpected tax bills due to levels of awareness of the Money Purchase Annual Allowance (MPAA).
Posted on Tuesday Jan 15

Sandwich carers face pensions double whammy

On the day that the Office for National Statistics publishes research on Britain’s 1.3 million ‘sandwich carers’ – those looking after children and elderly relatives at the same time – mutual insurer Royal London is highlighting a pensions injustice making life even more difficult for this group.
Posted on Monday Jan 14

Aegon comment on FCA Sector Views Report

Following the latest publication of the FCA’s Sector Views Report please see the below comment from Steven Cameron, Pensions Director at Aegon.
Posted on Friday Jan 11

Pension deficit increases by GBP60bn in December 2018

New figures released from PwC’s Skyval Index show the deficit of defined benefit (DB) pension funds stood at £290bn at the end of December 2018, up £60bn from the deficit at the previous month end.
Posted on Thursday Jan 10

Novelty of a pay rise only lasts forty three days

New research from Direct Line Life Insurance reveals that the novelty of a salary increase for UK workers wears off after just the first pay slip. Analysis shows UK employees, who have received a pay rise within the last five years, take on average just six weeks to ‘level up’ their spending habits after receiving a salary increase, with one in six (17 per cent) upgrading their lifestyle immediately.
Posted on Thursday Jan 10

Transfer values experience volatile end to 2018

Pension transfer values as measured by the XPS Pensions Group Transfer Value Index remained high during 2018, remaining relatively stable throughout the year until a more volatile December. The Index ended the year at £235,000, little changed from the figure of £236,000 at the end of 2017. These figures were also relatively unchanged compared to the Index at the end of 2016, which was £234,000.
Posted on Thursday Jan 10

Fresh thinking may square the circle on contingent charging

A potential solution to the issues around ‘contingent charging’ for pension transfer advice has been proposed by Royal London’s Director of Policy, Steve Webb.
Posted on Wednesday Jan 9

Pensioner homeowners fail to claim full benefits entitlement

Just Group calls for benefits information to be at heart of retirement guidance. Cash-strapped pensioners are missing out on thousands of pounds of income by failing to claim their full entitlement to State Benefits.
Posted on Wednesday Jan 9

How poorer pensioners are gambling most with pension freedom

comment from Emma Byron, Managing Director, Retail Retirement Income, Legal & General Retail Retirement following the research from retirement firm Responsible Life, that shows how retirees with smaller pension pots are taking the biggest financial risks, leaving them acutely vulnerable to a downturn.
Posted on Wednesday Jan 9

BlackRock comment on latest PPF 7800 Index figures

Andy Tunningley, Head of UK Strategic Clients at BlackRock, comments on the latest PPF 7800 Index figures:.
Posted on Tuesday Jan 8

Mercer publish their 2018 Pensions Risk Survey

Mercer has published its 2018 Pensions Risk Survey which shows that the deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased from £32bn at the end of 2017 to £41bn at the end of 2018; a 28% increase in the deficit. Overall, the quoted funding level decreased by 1% to 95% for the full year.
Posted on Tuesday Jan 8

Derisking predictions show need for bulk annuity mega deals

2018 saw unprecedented large-scale bulk annuity transactions, which is predicted to continue in 2019, but how are small schemes faring in their wake? The potential for asset shortages, buyout alternative innovation and macro headwinds are all likely to sway the wider de-risking market in the year ahead.
Posted on Tuesday Jan 8

15 FTSE companies could offload their pension plans by 2021

New analysis by Lane Clark & Peacock (LCP) shows that as many as 15 FTSE 100 companies will be able to offload their UK defined benefit pension schemes in the next three years.
Posted on Tuesday Jan 8

The Pension Protection Fund issues 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 Jan 8