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.

CDCs will be a culture shock to UK pension choice

By Kate Smith, Regulatory Strategy Manager at Aegon UK
 
2014 was already shaping up to be a pivotal year in pension reform, but with an election fast approaching, the Pensions Minister Steve Webb, is showing no sign of slowing down the pace of change. The Queen’s Speech contained a proposal to enable UK employers, from 2016, to set up new Collective Defined Contribution (CDC) schemes for their employees. The Private Pensions Bill will introduce a new pension legislative framework later this year. This will set out the definitions for three different categories of ‘pension promise’ schemes for individuals in the savings phase. A scheme will be either Defined Contribution (DC), Defined Benefit (DB) or, the new ‘middle way’, Defined Ambition (DA).
 
Under DC schemes, including personal pensions, individuals bear all the risks including investment, inflation and longevity, whereas under DB schemes the employer bears all the risks of a pension promise. The new legislation, for DA schemes and the new CDCs, will allow greater risk sharing between employees and employers, which should drive market innovation. Over time it’s possible that very different DA models could develop, but this depends to a large extent on employer de...Read More

Are we giving auto enrolment a fighting chance?

By David White, Managing Director of Creative Auto Enrolment

It has been a busy year for the pensions market. Not only have we seen thousands of businesses stage for auto enrolment, we’ve also seen pensions come to the forefront of national debate.

Since October 2012, when the first employers staged for auto enrolment, we have seen at least ten changes, or proposed changes, to pensions; from the scrapping of compulsory annuities to the reduction of the lifetime and annual allowances. Although these changes are designed to be improvements, they betray contrad...Read More

Queen's Speech: Great opportunities, serious challenges

By Malcolm Kerr, Senior Adviser EY Financial Services

In the space of a few weeks we have seen two proposals which will transform the pensions landscape. First - completely out of the blue - the decision to abolish the compulsory purchase of annuities for all. Second, and less of a surprise, the proposal to introduce collective defined contribution (CDC) funds to the UK market. These moves open up great opportunities for consumers, advisers and providers. But they also present some serious challenges.

Good bye CPA

As we know, annuity purchase has been an option and not a ...Read More

Grumpy Old Pension Men: 26 April 2013

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Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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