Pensions - Articles

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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 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 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 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 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 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 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 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 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 on Thursday Nov 23

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 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 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 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 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 on Tuesday Nov 21

FTSE 350 pension surplus continues to grow

At October 31 2023, the FTSE 350 accounting surplus stands at £68bn; virtually a complete reversal from the deficit of 18 months ago. 2024 could be a busy year for restructuring and M&A activity. With much stronger funding positions, many DB schemes have become a more valuable part of merger considerations

Posted on Tuesday Nov 21

IFoA calls for long term thinking on pension reforms

Ahead of the Autumn Statement on November 22 2023, the Institute and Faculty of Actuaries (IFoA) is calling on the UK Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, to focus on long-term thinking with a particular focus on pensions. This follows his Mansion House speech earlier this year where Hunt provided a broad overview on policy ideas to promote investment in productive finance and drive better outcomes for members and pension schemes.
Posted on Tuesday Nov 21

Over 1m pensioner households dependant on State Pension

Over a million retired households in the UK are largely dependent on the State Pension for their retirement income, according to analysis of ONS data from retirement specialist Just Group.
Posted on Tuesday Nov 21

Index reveals State Pension key to confidence in the future

The State Pension has emerged as a key factor behind whether people feel good or bad about their future, according to a new index tracking the nation’s level of confidence in pensions. More than half (51%) of Brits feel negative about their retirement outlook, according to the newly launched Pension Confidence Index, from PensionBee.
Posted on Monday Nov 20

Looking ahead to the Autumn Statement

Iain McLellan, Head of Research and Development at Isio, shares his predictions for the upcoming Autumn Statement.
Posted on Monday Nov 20

No sign of slowdown in the buyout market for pension schemes

Aon has said that the market for buying-out UK defined benefit pension schemes continues to grow, even though it has seen several changing dynamics in the past 18 months.
Posted on Friday Nov 17

Free service launched aimed at simplifying pension documents

Complex pensions documents are ‘turning members off’ engaging with their pensions. 27% of members don’t understand their pension, with long documents considered ‘overwhelming’. XPS Pensions Group launches Syntax, a free-to-access online tool to allow schemes to test readability of their communications
Posted on Thursday Nov 16

Comments on the appointment of new Minister for Pensions

The Pensions Management Institute and Dalriada Trustees comment on the appointment of Paul Maynard as the new Minister for Pensions.
Posted on Wednesday Nov 15

Drop in inflation piles pressure on Triple Lock decision

If honoured in full, state pensioners could potentially receive an increase of double the ruling rate of inflation next April
Posted on Wednesday Nov 15

Comments on latest PPF 7800 figures for October 2023

Broadstone and Standard Life comments on The Pension Protection Fund’s 7800 Index November update on the latest estimated funding position for all PPF eligible defined benefit pension schemes
Posted on Tuesday Nov 14

PPF publish latest PPF 7800 Index figures for October 2023

This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of the schemes’ annual scheme returns, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF).
Posted on Tuesday Nov 14