Pension news and articles written by actuaries for actuaries - read the latest research pieces, today's news and latest articles in the Pension's market.

A Retirement Revolution: Budget 2014 and Annuities

By Kim Durniat, Partner, Barnett Waddingham

The Budget delivered one of the biggest reforms to pension taxation since 1921. Something most were not expecting! At present retirees are all but forced into purchasing an annuity, with the alternative being a hefty tax bill. Once the new rules come into effect pensioners can do whatever they want with their money from the moment they turn 55, and pay tax on the income they draw down at the marginal rate. 

There will be no requirement to turn any savings into regular income via an annuity. The change is drastic, but what inspired it? 

The FCA’s Thematic Review

Annuities tend to be the second biggest purchase in an average person’s life, after their house. But despite numerous initiatives to encourage consumers to shop around, a large proportion of retirees fail to do so. Realising this, the FCA set out to research just how much consumers were missing out on, and why.

Published in February, the FCA’s thematic review highlighted that 60% of retirees purchase an annuity from their existing provider or through a third-party arrangement; of whom 80% could have got a better deal from elsewhere, increasing their income by £67 a year. Whilst that may not seem like much...Read More

Improvement or innovation? The corporate sponsor landscape

By Glenn O’Brien, Managing Director, Head of U.S. Distribution for Pension Risk Transfer, Prudential Financial (PFI)

In a recently published survey conducted as part of the Pension Plan De-Risking North America report, a growing number of pension plan professionals indicated they would consider de-risking. This trend helps confirm many of PFI’s observations regarding the future of the market as well as the behavior of large asset owners. The corporate sponsor landscape as we see it is divided into two categories – those sponsors focused on improving the situation as it stands today, and those sponsors focused on innovat...Read More

The benefits of good governance

By Martin Palmer, Head of Proposition, Corporate Benefits - Friends Life

New Year resolutions have come and gone, and all the best made plans to sort out our personal finances are by now a distant memory. But research we conducted over the New Year period found that three quarters of people (75%) believe that financial planning will be important to them in 2014. Retirement income (32%) and pension savings (29%) are seen as the top financial planning concerns, ahead of other financial planning concerns such as credit card bills (23%).

We also found that the gulf between what men and women are saving and what they would need to sav...Read More

Grumpy Old Pension Men: 26 April 2013

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Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month Travelling Actuary Eve Hartridge takes us to Greece's very own Emerald Isle located in the heart of the Ionian Sea, Corfu.

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