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Firms to recommence GAP insurance sales following FCA action

The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value.
Posted on: Friday May 24

LGPS funds need clear evidence for compliance to TPR Code

LGPS Funds must provide clear evidence and maintain robust internal controls to demonstrate compliance with TPR’s General Code of Practice (the Code), says Hymans Robertson. With each Fund having its own specific actions to show that robust governance processes are in place, ongoing monitoring will be vital, warns the leading pensions and financial services consultancy.
Posted on: Friday May 24

PIMFA welcomes significant reduction in FSCS levy

PIMFA has welcomed news of a reduction in the annual Financial Services Compensation Scheme (FSCS) levy for 2024/25 from the forecast £415m in November 2023 to £265m today.
Posted on: Friday May 24

Over half of pensions will complete bulk annuity transaction

The Society of Pension Professionals (SPP) this week held an event for pension professionals to gain practical advice on preparing for Bulk Annuity transactions.

Over 200 attendees were asked what proportion of their schemes they expected to complete a bulk annuity transaction over the next 5 years.
Posted on: Friday May 24

Will general election call shake up pensions policy agenda

With the Prime Minister calling for a summer election, LCP Partner David Fairs looks at how this could affect the pensions policy agenda. What does the announcement of a general election do to the busy pensions policy agenda? Many of the significant policy issues announced in last year’s Mansion House speech require legislation and, with two days of Parliamentary time left, are unlikely to pass into legislation prior to the general election.
Posted in: Articles
Posted on: Friday May 24

What the Election means for your money 10 things to watch

Pensions will be key, with state pensions and the lifetime allowance in particular focus. The election announcement is likely to have pushed back plans for a Bank of England rate cut – with implications for savings, mortgages and annuities. Investors will be hoping for a clear-cut victory, one way or the other, which tends to settle markets. They’ll also have an eye on ISA developments.
Posted on: Thursday May 23

Political parties must give absolute clarity on Triple Lock

Aegon calls for Rishi Sunak and Sir Keir Starmer to give ‘absolute clarity’ on pension policy – including the State Pension Triple Lock and funding of Social Care – ahead of the general election.
Posted on: Thursday May 23

Health sector most at risk from AI related threats

The health and pharmaceuticals sector is set to be hardest hit by the adverse effects of artificial intelligence (AI) over the next decade, according to a new report by Swiss Re Institute.
Posted in: Life - Articles
Posted on: Thursday May 23

DB pension transfer activity at record low

The rate at which people are transferring out of their DB pensions hit a record low last month as the value of a typical transfer fell to its lowest point in six months, new analysis from XPS Pensions Group has found.
Posted on: Thursday May 23

Brits dangerously underestimating cost of retirement

New research from PensionBee, reveals a concerning knowledge gap among Brits when it comes to the critical question: “how much money will I need in retirement?”.
Posted on: Thursday May 23

Business interruption is top risk for food and drink firms

Almost half of food and drink companies (48%) said that business interruption was the biggest internal risk to their success, closely followed by supply chain risk (40%).
Posted on: Thursday May 23

General Election call means pension reform up in the air

TPT Retirement Solutions, My Pension Expert and The PMI all comment following Prime Minister Rishi Sunak’s general election announcement.
Posted on: Thursday May 23

Risk Transfer do more insurers mean more capacity

Nikhil Patel takes an in-depth look at current trends in the risk transfer market, including the implications of record-breaking demand and how new entrants could ease the capacity crunch. It’s an exciting time in the DB pensions risk transfer market; with record volumes of insurance transactions alongside increasing discussion on run-on strategies, government proposal on industry wide consolidation and a push for pension schemes to support the UK economy.
Posted in: Articles
Posted on: Thursday May 23

Pension schemes must get the basics right

Schemes must get the basics right on data quality to deliver on key areas such as pensions dashboards and value for money, TPR’s chief executive Nausicaa Delfas told industry today.
Posted on: Wednesday May 22

Greenwashing rules extend across multiple business functions

Insurance firms must recognise that the risk of greenwashing can’t be confined to a single business function or activity, as they prepare to comply with FCA’s anti-greenwashing rule which comes into force on 31 May, says Hymans Robertson.
Posted on: Wednesday May 22

Drop in inflation makes Pension Triple Lock more affordable

Steven Cameron, Pensions Director at Aegon, explains what today’s 2.3% inflation figure could mean for the future of the contentious State Pension Triple Lock.
Posted on: Wednesday May 22

Insurance Premium Tax receipts in April hit GBP615 million

After a record £8.1 billion IPT collections last year, 2024/25 began quickly with total IPT receipts reaching £615 million in April 2024, 12% higher than April 2023 (£548 million), and marking the highest total receipts recorded for this period.
Posted in: Life - Articles
Posted on: Wednesday May 22

Shipping losses hit all time low despite increasing risks

Allianz Safety and Shipping Review 2024: 26 large ships lost worldwide in 2023, down by one third year-on-year, the industry’s lowest ever total. War and geopolitical conflicts shake up the shipping industry, with a number of major consequences. Climate risks on the rise while decarbonization of fleets remains a major challenge.
Posted on: Wednesday May 22

Legal and General agrees buyin with ICI Pension Fund

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a c.£900 million buy-in with the ICI Pension Fund (“the Fund”), securing the benefits of over 7,000 retirees.
Posted on: Wednesday May 22

Inheritance Tax Receipts raise almost GBP1bn in one month

Inheritance tax receipts hit £0.7 billion in April 2024 according to data released by HM Revenue and Customs (HMRC) this morning. This is £85 million higher than in April of the previous tax year, and continues an upward trend over the last two decades. With such a strong start to the new tax year, predictions that Inheritance tax receipts top £9.5 billion before the end of the decade are looking increasingly realistic.
Posted on: Wednesday May 22

Comments as inflation drops close to 2 percent

Broadstone, Standard Life, XPS and Hymans Robertson comment on data released today by the ONS shows that The Consumer Prices Index (CPI) rose by 2.3% in the 12 months to April 2024, down from 3.2% in the 12 months to March. On a monthly basis, CPI rose by 0.3% in April 2024, compared with a rise of 1.2% in April 2023.
Posted on: Wednesday May 22

Employers with DB Schemes to avoid trapped surplus

Employers with Defined Benefit (DB) pension schemes focusing on insurance buy-out, must become more proactive to avoid the risk of trapped surplus, warns Hymans Robertson.
Posted on: Wednesday May 22

IMF brings UK government back down to earth with a bump

Lindsay James, investment strategist at Quilter Investors, comments on the IMF’s latest UK economic forecast: “Despite optimism beginning to flow after better than expected economic growth earlier this month, the IMF has sought to bring the government back down to earth with a bump warning that difficult choices lie ahead as the country faces challenges from multiple fronts.
Posted on: Tuesday May 21

FTSE100 DB pension schemes in surplus is the new normal

LCP’s latest annual Accounting for Pensions report, The New Normal has highlighted that for the 4th year in a row FTSE100 DB schemes are in a surplus, with the aggregate surplus sitting at £42bn as at December 31st 2023.
Posted on: Tuesday May 21

State pension rises but retirees receive less than expected

More than a fifth (22%) of retirees entered retirement unaware of how much they would receive from the state pension. A quarter (26%) don’t know how to calculate their state pension payments. Standard Life outlines ‘need-to know’ state pension information as research highlights widespread knowledge gaps.
Posted on: Tuesday May 21

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