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L and G full buy in for Askews Retirement Scheme Legal & General completes £11m deal securing the benefits of all 86 scheme members. Broadstone’s SM&RT Insure preparation enabled use of L&G’s streamlined proposition. Scheme will now proceed towards wind up Posted in: Investment - Articles Posted on: Tuesday Nov 28

Hopes and fears for pensions in 2024 Aon has set out its “hopes and fears” for pensions in 2024. After a year in which UK pension schemes digested the events of 2022 and adjusted themselves to new circumstances, Matthew Arends, partner and head of UK retirement policy at Aon, looks at what the pension industry may have on its mind as it goes into 2024. “All those involved in running pension schemes may have mixed feelings as they face the New Year" Posted in: Articles Posted on: Tuesday Nov 28

New entrants to the bulk annuity market means more choice A number of new insurers are expected to enter the bulk annuity market, attracted by the record-breaking numbers and volumes of transactions. New entrants give more power of choice to trustees, but also raise some questions, says Hymans Robertson. Posted in: Pensions - Articles Posted on: Tuesday Nov 28

Oblivian Coalmine on pension funds fossil fuel industry ties This new film from Make My Money Matter, starring the Academy Award winner Olivia Colman, highlights that £88 billion of UK pension savers money is invested in fossil fuels. Richard Curtis, Co-Founder of Make My Money Matter, commented: I’ve seen some dark, dystopian characters in my career, and that doesn’t even include Hugh Grant in Love Actually. But I think Oblivia Coalmine is right up there with the worst. People across the UK want their money to help our planet, not harm it and all our pension schemes must now pay attention and take immediate and urgent action. Posted in: Articles Posted on: Tuesday Nov 28

More than half of DB trustees shift funding target in a year Professional trustees of DB pension schemes are making headway on setting their funding targets, with 39% confirming they’ve set theirs compared to 24% who said this in 2022. 44% of professional trustees reveal they have moved away from superfund consolidation. 75% of trustees say their overall appetite for investment risk has increased over the last 12 months. Posted in: Pensions - Articles Posted on: Monday Nov 27

FCA bans Nigel Lewis and Susan Jones for incompetent advice The Financial Conduct Authority (FCA) has banned Nigel Lewis and Susan Jones of West Wales Financial Services Limited (in liquidation) (WWFS) from advising customers on pension transfers and pension opt outs. Mr Lewis has also been banned from holding any senior management functions in a regulated firm. Posted in: Pensions - Articles Posted on: Monday Nov 27

Aon appoint Matthew Pinkney to lead Pensions Data Solutions Aon has appointed Matthew Pinkney to lead its UK Pensions Data Solutions Team. Matthew is an associate partner in Aon’s UK Retirement team, with 18 years’ experience at the company as a client lead and scheme actuary. Posted in: Lifestyle Article Posted on: Monday Nov 27

Typical DB transfer values fall to near record lows The transfer value a typical DB pension could expect to attract fell below £150,000 in October. This marked the first time since last year’s mini budget that transfer values have dropped so low. Posted in: Pensions - Articles Posted on: Monday Nov 27

The lifetime pension model In the Chancellor’s Autumn Statement Jeremy Hunt launched a call for evidence for a ‘pot for life’, also known as the lifetime pension model. As part of the Government’s wider Mansion House reforms, the pot for life will give savers "a legal right to require a new employer to pay pension contributions into their existing pension pot if they choose, meaning people can move to having one pension pot for life. The proposal has created a polarisation of views in the industry and a myriad of questions that must be answered by the consultation as a matter of urgency. Posted in: Articles Posted on: Monday Nov 27

Autumn Statement ushers in new era of welfare reform A bold new vision for welfare backed by nearly £30 billion has been set out by Work and Pensions Secretary Mel Stride. Posted in: Pensions - Articles Posted on: Friday Nov 24

TPR on Autumn Statement proposals to boost value for money The Pensions Regulator (TPR) reacts to announcements including a review of the master trust regime and responses to consultations/calls for evidence on small pots, decumulation and pension trustee skills. TPR has welcomed measures to enhance the quality of the pensions industry, support innovation and ensure savers are protected and get good value. Posted in: Articles Posted on: Friday Nov 24

Largest single scheme transaction for Boots Pension Scheme Aon is lead adviser to the Trustee of the Boots Pension Scheme on £4.8 billion buy-in with L&G and Cardano acted as the lead broker to the transaction and lead strategic advisor to Walgreens Boots Alliance Aon has acted as lead adviser to the Boots Trustee (Boots Pension Limited) for the Boots Pension Scheme on its purchase of a £4.8 billion full scheme buy-in with Legal & General (L&G). Posted in: Investment - Articles Posted on: Friday Nov 24

Comments on the confirmation of the abolition of the LTA The SPP and Mazars comment on the Autumn Statement confirmation that the Government will press ahead with the abolition of the LTA on 6 April 2024. Posted in: Pensions - Articles Posted on: Thursday Nov 23

Outcome of consultation on pensions decumulation Kathryn Fleming, Partner, Hymans Robertson comments on the outcome of the Government’s consultation on pensions decumulation. Posted in: Pensions - Articles Posted on: Thursday Nov 23

Three quarters of pension savers would choose pot for life New research from PensionBee, reveals a notable enthusiasm among c.1,000 UK pension holders for the recently announced ‘pot for life’ pension model. Posted in: Pensions - Articles Posted on: Thursday Nov 23

Consultation on reforms to the Matching Adjustment framework Head of Regulatory Advisory Craig Turnbull introduces BW's in-depth response to the Prudential Regulation Authority's (PRA's) consultation paper on reforms to the Matching Adjustment (MA) framework. CP19/23 proposes reforms to several different and important aspects of the current Matching Adjustment (MA) regulatory system. Whilst many of these proposed reforms advance both the PRA’s and the government’s objectives, there are some important aspects of the reforms relating to the MA attestation that result in unnecessary ambiguity. Posted in: Articles Posted on: Thursday Nov 23

Complex changes to pension death benefits scrapped Complex changes to pension death benefits scrapped as part of Autumn Statement detail and challenges remain around implementation of LTA removal Posted in: Pensions - Articles Posted on: Thursday Nov 23

Reaction to DB scheme surplus reforms in Autumn Statement LCP, XPS pensions Group and TPT Retirement Solutions comment as the Government announce they will be consulting this winter on whether changes to rules around when DB scheme surpluses can be repaid, including new mechanisms to protect members, could incentivise investment by well-funded schemes in assets with higher returns and reducing the authorised surplus payments charge from 35% to 25% from 6 April 2024 Posted in: Investment - Articles Posted on: Wednesday Nov 22

Comment on 2 percent National Insurance cut in contributions Aegon and Standard Life comment on the Chancellor’s decision to cut National Insurance (NI) contributions during today’s Autumn Statement Posted in: Pensions - Articles Posted on: Wednesday Nov 22

Comments on Pot for Life pension reform Comments from Aegon, Standard Life and Barnett Waddingham on the Pot for Life pension reform in the Autumn Statement. Posted in: Pensions - Articles Posted on: Wednesday Nov 22

Triple Lock confirmation is music to pensioners ears Broadstone, Standard Life, Hymans Robertson, Aegon and Phoenix Insights comment on Triple Lock confirmation being music to pensioners ears as the Chancellor confirms State Pension will rise by 8.5% Posted in: Pensions - Articles Posted on: Wednesday Nov 22

Misleading nature of climate risk advice to pension funds EDHEC-Risk Climate Impact Institute newly released research confirms the misleading nature of climate-risk advice given to pension funds; points to flawed use of models and a failure to communicate uncertainty; warns that both markets and investors are underestimating potential climate damages. Posted in: Pensions - Articles Posted on: Wednesday Nov 22

Stewardship and engagement hiring grinds to a halt The number of asset managers hiring dedicated stewardship and engagement staff has plummeted over the past year as labour markets have tightened, new research reveals. Posted in: Lifestyle Article Posted on: Wednesday Nov 22

Top 10 predictions for insurers in 2024 EIS has released its insurance sector forecast for 2024. The global coretech platform provider believes there’s every reason to be optimistic. Despite the tough year, it's one that has brought greater clarity on the issues facing insurers and how they can be overcome. Speed of adaptability will become the cornerstone of transformation. Posted in: General Insurance Article Posted on: Wednesday Nov 22

Pot for life seems to be a lose lose lose policy Following the rumours that Jeremy Hunt will offer UK workers a ‘pot for life’ in tomorrow’s Autumn Statement, Mark Futcher at Barnett Waddingham shares his views on the risks of the plan. Posted in: Pensions - Articles Posted on: Tuesday Nov 21

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