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PLSA comments on DWP consultations responses

The Pensions and Lifetime Savings Association (PLSA) has commented on the government’s response to the ‘Incorporating performance fees within the charge cap’ consultation and the ‘Improving outcomes for members of defined contribution pension schemes’ consultation.
Posted on: Monday Jun 21

Inappropriate choices at retirement an area of value leakage

The Department for Work and Pensions has launched a consultation to understand the barriers to further consolidation of the occupational trust-based Defined Contribution market in the UK, following the consultation: Improving outcomes for members of DC schemes in September 2020. Mark Futcher believes these consultations are evidence that the drive to consolidate continues but there must be room for own trust schemes to continue.
Posted on: Monday Jun 21

Government stoking intergenerational storm on pensions

Comment from Steven Cameron following a report in the Telegraph that the government is again considering reducing the rate of higher rate tax relief on pensions, while also keeping the state pension triple lock.
Posted on: Monday Jun 21

IFoA supports consumer fairness in GI pricing

The professional standards and education syllabus which support actuaries involved in pricing for the UK home and motor insurance market should have an increased focus on consumer fairness. Given the increasingly complex use of data and models, there should also be continued efforts to ensure actuarial standards and education keeps pace.
Posted on: Monday Jun 21

On the Road to ADAS Data

Not too long ago, slowing down a car and bringing it to a stop relied purely on the attention and actions of the driver. Today, over 70% of new cars in the U.K. have Automatic Emergency Braking (AEB) as standard and more than 83% have a self-activating system . Globally, in the 5-year period between 2015 and 2020, the Advanced Driver Assistance Systems (ADAS) market doubled in size and is expected to reach nearly 32 billion U.S. dollars by 2023 .
Posted in: Articles
Posted on: Monday Jun 21

Surge in importance of ESG to trustees but barriers remain

ESG has soared in importance to become a “high” agenda item for more than half of trustee boards (53%[1]) since the Department of Work and Pensions consultation on climate risks in August 2020, according to respondents to a survey from the Pensions Management Institute (PMI) and BMO Global Asset Management.
Posted on: Monday Jun 21

Positive outcomes should be focus not additional reporting

The Association of Consulting Actuaries (ACA) in its evidence to the Work & Pensions Select Committee Inquiry into ‘Pension Stewardship and COP26’ is supportive of the Government’s drive to encourage pension schemes to engage with environmental, social and governance (ESG) concerns as asset owners and to provide greater transparency in this area. However, it is important that any new requirements on pension schemes are applied consistently with the other duties and responsibilities of pension scheme trustees and managers, and that they focus on achieving positive outcomes rather than be seen primarily as additional compliance reporting.
Posted on: Monday Jun 21

Charities could reduce contributions with Bespoke Funding

Charities facing the financial strain from the pandemic could reduce their annual cash contribution to their DB pension schemes by between 35 and 65 per cent if they pledge security to their pension scheme and choose a bespoke funding plan under the proposed new DB funding regime rather than adopting the alternative fast track option, according to analysis by Hymans Robertson.
Posted on: Friday Jun 18

Aon announces two new members of its DC team

Aon have announced that Andrew Turnbull and Scott Donaldson have joined their DC Pensions team
Posted on: Friday Jun 18

How much income do I need in retirement

When I started work in the late 1980s this was an easy question to answer - you’ll need a pension of around two-thirds of your pay at the point you retire, index-linked, of course. The truth is that the ‘two-thirds of final salary’ rule-of-thumb was probably outdated even then. It hadn’t changed since final salary schemes were established decades before.
Posted in: Articles
Posted on: Friday Jun 18

Scam warnings reach five month high

XPS Transfer Watch’s Red Flag Index rose again in May to 61%, its highest level in five months. The index reflects pension transfers with at least one warning sign of a potential scam or the potential for poor member outcomes.
Posted on: Thursday Jun 17

The Pensions Dashboards what do schemes need to do

It’s time to start preparing for the Pensions Dashboards. The first ‘volunteer’ schemes will start participating in 2022. Staged ‘onboarding’ for all schemes is expected to begin in 2023 and will be a legal requirement. What is the latest state of play? What are the key issues? What do you need to do to get your scheme ready?

Chris Curry, Principal, Pensions Dashboards Programme
Nigel Peaple, Director of Policy and Advocacy, PLSA; Member of Pensions Dashboards Programme Steering Group
Richard Smith, Pensions Dashboards Consultant, PLSA
Chair: James Walsh, Head of Member Engagement, PLSA
Posted in: Articles
Posted on: Thursday Jun 17

L and G complete buy in with QinetiQ

Legal & General announces that it has completed a £130m buy-in transaction with the QinetiQ Pension Scheme (the “Scheme”), covering the pension benefits for over 390 new retirees since a previous pensioner buy-in in April 2019.
Posted on: Thursday Jun 17

Regulatory change has altered investment advice

59% of advisers surveyed in Aegon’s 2021 Adviser attitudes report say PROD and MiFID II have impacted their investment proposition. These two pieces of legislation, introduced in 2018, have challenged the industry to be more transparent about the benefits, risks and charges associated with investment products and to demonstrate how these meet customer needs.
Posted on: Thursday Jun 17

Pensions Management Institute to accredit lay trustees

The Pensions Management Institute (PMI) is launching a new accreditation regime for lay trustees. This follows the highly successful accreditation programme for professional trustees, APTitude that was that launched last year. The accreditation will be announced as part of a roundtable discussion at the Trustee Workbench event.
Posted on: Thursday Jun 17

L and G partner with Sir Michael Marmot on health inequality

Legal & General announces that it has formed a long-term partnership with Sir Michael Marmot, Director of the University College of London (UCL) Institute of Health Equity (IHE) and professor of epidemiology. The partnership will lead to a multi-million pound charitable Fund - “The Legal & General IHE Places Fund” - to examine how improvements to the design and construction of our towns and cities can help to address health inequalities and support “levelling up” across the UK’s regions.
Posted on: Thursday Jun 17

UK trustees dont have resources to focus on social factors

The Association of Consulting Actuaries (ACA) has responded to the DWP consultation on social risks and opportunities for occupational pension schemes and says it agrees it is important for trustees to take financially material social factors into account in their investment decisions.
Posted on: Thursday Jun 17

Aon and Willis Towers Watson on US Dept of Justice action

Aon and Willis Towers Watson shared the following statement today in response to the legal action taken by the U.S. Department of Justice:
Posted on: Thursday Jun 17

The true cost to business from Ransomware

Cybereason, the leader in future-ready attack protection, today released research findings from a global ransomware study of nearly 1,300 security professionals that reveals more than half of organisations have been the victim of a ransomware attack. In the UK specifically, 305 companies were contacted and 84% of businesses that chose to pay a ransom demand suffered a second ransomware attack, often at the hands of the same threat actor group (53%).
Posted on: Wednesday Jun 16

Home sweet home

After a hiatus due to the pandemic, sales of equity release products have bounced back strongly to where they were pre-Covid. Sales have been growing steadily year on year since 2015 but are still nowhere near their full potential. Surprisingly, when one considers the amount of wealth that is tied up in equity in the UK, equity release plans are still a relatively niche product.
Posted in: Articles
Posted on: Wednesday Jun 16

Live Next Week The Future of Insurance USA 2021

Next week - Reuters Events: The Future of Insurance USA 2021 (June 22-24), the high-level industry event of the year goes live. Over 1,000 insurance professionals from all major US carriers will join forces to drive the transformation of insurance in the digital era. Traditional insurance as we know it is over. We must evolve. You can register today (before registration closes):
Posted in: Articles
Posted on: Wednesday Jun 16

ACA warns of inadvertent damage to pension advice market

The Association of Consulting Actuaries (ACA) has welcomed HMRC’s initiative to improve standards in the “tax advice” market but made it clear in its response to an HMRC consultation that this should not be at the expense of inadvertently damaging the pension advice market or the provision of high-quality information to scheme members.
Posted on: Wednesday Jun 16

Quarter of over 65s unaware of State Pension deferral option

Research by Just Group finds that a quarter (25%) of over 65s are unaware they could receive a higher weekly payment or even a lump sum by deferring the date they started to receive the State Pension, rising to 29% among 55-64 year olds.
Posted on: Tuesday Jun 15

COVID19 cut macroeconomic resilience by 18 percent in 2020

Swiss Re Institute has published its Resilience Index for the third consecutive year, revealing that the COVID-19 crisis reduced global macroeconomic resilience by close to a fifth in 2020. Global economic growth is expected to recover strongly this year after the pandemic-induced recession in 2020.
Posted on: Tuesday Jun 15

Consider employer covenant when assessing DB social risks

Lincoln Pensions has issued a stark warning that the impact of social risks on the employer covenant must be taken into consideration when understanding a DB pension scheme’s social risks and opportunities.
Posted on: Tuesday Jun 15

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