New data from the FCA shows that although the general standard of pension transfer advice seems to be improving, there are still some worrying trends in the market. Posted on Wednesday Jan 20
XPS Transfer Watch 2020 review shows 20% fall in transfer activity but 49% of transfers processed indicated at least one red flag warning sign of a pension scam Posted on Tuesday Jan 19
According to latest analysis from LCP, the DB transfer market is set to remain depressed until Q2 when an easing of lockdown and the ending of government support schemes may combine to bring about a swift revival of the market. Posted on Thursday Jan 14
The Pensions and Lifetime Savings Association (PLSA) comments on the DWP Review of the Default Fund Charge Cap and Standardised Cost Disclosure. Posted on Thursday Jan 14
Kate Smith, Head of Pensions at Aegon on the ONS statistics, which show a dramatic fall in pension contributions made to occupational pension schemes in the immediate aftermath of the Covid-19 pandemic. Posted on Wednesday Jan 13
Prompted by the pandemic, the Bank of England cut the base rate to 0.1% and has held it there since 19 March 2020. With the UK once again in lockdown, and the cost of the Government’s support measures ever higher, there’s a growing likelihood that we could see the Bank of England move the base rate into negative territory. Most recently, one of the Bank of England’s policymakers* is reported as arguing this could be a ‘crucial tool’ to shore up the economy. Posted on Wednesday Jan 13
The Pensions Research Accountants Group (PRAG) has published updated guidance to assist trustees and auditors in dealing with the concept of Going Concern when they are preparing and auditing pension scheme financial statements. This updates guidance issued in April 2018 to reflect both the latest version of ISA (UK) 570 and the impact of the COVID-19 pandemic. Posted on Wednesday Jan 13
This update provides the latest estimated funding position, 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 Jan 12
The Pension Schemes Bill is still awaiting its final stages in the House of Lords, but one outstanding issue has now been resolved following the publication this week of a written Parliamentary Answer by pensions minister Guy Opperman. Posted on Tuesday Jan 12
Kate Smith, Head of Pensions at Aegon, comments on the Government’s response to the consultation on expanding the Dormant Assets Scheme*. Posted on Monday Jan 11
Former pensions minister and LCP partner Steve Webb is calling on the government to consider whether further simplification is needed to the state pension system, following major changes in April 2016. Posted on Monday Jan 11
Impact of climate change. David Attenborough’s “Climate Change – the facts” demonstrated to the TV watching population the stark impact of changing climate on the future of our world. Many members within our DC schemes will be invested for 30 or 40 years – perhaps more. Pension schemes can have a huge impact on the actions of companies in relation to climate change through the influence of the stewardship of their fund managers and the benchmarks they use. Posted on Friday Jan 8
Steven Cameron, Pensions Director at Aegon, comments on how the last minute Brexit deal means those moving to live abroad from 2021 onwards will still benefit from UK state pension increases. Posted on Wednesday Jan 6
FROM spring, independent schools across England and Wales will be allowed to opt out of the Teachers' Pension Scheme (TPS) for future teaching staff while existing teaching staff can remain members of the TPS. Posted on Tuesday Jan 5
Cash-strapped pensioner homeowners are missing out on thousands of pounds of extra income by failing to claim their full entitlement to State Benefits. Posted on Tuesday Jan 5
Aon has said that it expects the UK risk settlement market to continue to thrive in 2021. However, significant growth will depend on the number of ‘jumbo’ transactions taking place and on the speed at which the market for commercial consolidation develops. Posted on Monday Jan 4
The Pensions Regulator (TPR) has banned a corporate trustee and one of its directors from acting as pension scheme trustees after multiple governance failures highlighted a lack of competence, capability and integrity. TPR’s determination panel also appointed Dalriada Trustees as an independent trustee to Audax Pension Trust (Audax). Posted on Thursday Dec 24
A scam-busting campaign calling on the pensions industry to commit to six key saver-protecting actions has seen more than 100 pledges since its launch. Posted on Wednesday Dec 23