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State pension correction urged to expand as errors emerge

Former pensions minister and LCP partner Steve Webb is calling on DWP to expand its current state pension correction exercise to include divorced women, following the discovery of underpayments to divorcees of up to £60,000 in some cases. Divorced women are currently excluded from the exercise as the DWP believes there is no ‘significant evidence’ of errors amongst this group.
Posted on Monday Dec 6

Omicron and inflation drives pension deficits up

Deficits of UK pension schemes have increased by around £64bn over the month to 30 November 2021 against long-term funding targets, an analysis from XPS’s DB:UK funding tracker has revealed.
Posted on Monday Dec 6

Widespread support for CDC schemes grows

In the fourth of a series of reports outlining the findings of the ACA’s 2021 Pension trends survey, the Association of Consulting Actuaries (ACA) has found widespread support for the new Collective Defined Contribution (CDC) schemes. Over half of survey respondents support extending CDC beyond the Royal Mail scheme, to allow industry-wide and multi-employer. One in five businesses are also considering CDC for their own business.
Posted on Monday Dec 6

FCA announces plans for stronger nudge to pension guidance

The FCA have published final rules requiring firms to implement the stronger nudge to Pension Wise guidance.
Posted on Thursday Dec 2

FTSE350 pension deficits increase

Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes and other post-retirement benefit plans for the UK’s 350 largest listed companies rose by £10bn over the course of November, standing at £104bn at the end of the month, an increase from £94bn at the end of October.
Posted on Wednesday Dec 1

Cut in universal credit taper gives low earners more money

Kate Smith, Head of Pensions at Aegon, comments: “We welcome the Government taking steps to put more money in the pockets of hard-working individuals and making work pay in what will no doubt be a welcome early Christmas present for many.
Posted on Wednesday Dec 1

Bulk annuities and navigating the derisking journey

The slower start to the bulk annuity market in 2021 could lead to some heightened appetite amongst certain insurers going into the early part of 2022 according to new analysis from BW.
Posted on Wednesday Dec 1

Survey reveals over a third are not saving for retirement

The EU pension savings gap persists, with more than a third of respondents not saving for their retirement, according to the results of Insurance Europe’s second Pan-European Pension Survey.
Posted on Wednesday Dec 1

Comments as Clara Pensions named 1st TPR approved superfund

Pensions industry comments from Isio, BW, Mercer, Hymans Robertson and Cardano as Clara Pensions named the first TPR approved superfund
Posted on Tuesday Nov 30

PLSA comment on DWPs enabling investment

The Pensions and Lifetime Savings Association (PLSA) comments on the DWP consultation on enabling investment in productive finance.
Posted on Tuesday Nov 30

TPR names first DB superfund to meet its expectations

The first new defined benefit consolidation vehicle (DB superfund) to have met tough standards of governance and administration set out by The Pensions Regulator (TPR) to protect savers has been added to a new online list.
Posted on Tuesday Nov 30

Strong support for DB Funding Code wish list

In the third of a series of reports outlining the findings of the ACA’s 2021 Pension trends survey[i], the Association of Consulting Actuaries (ACA) has found strong support for ‘Seven Key Elements’ to be contained in the promised second consultation on a new DB Funding Code, expected in the next few months.
Posted on Monday Nov 29

FCA consults on improving outcomes in non workplace pensions

The FCA is proposing that firms offer a new 'default' investment option to help non-workplace pension customers save for their retirement.
Posted on Friday Nov 26

DWPs pension statement season plans risks becoming new scam

New research from leading online pension provider, PensionBee, finds that 10.6 million pension savers could be at risk of sensitive financial information ending up in the hands of fraudsters should the Pensions Minister’s plans for a ‘statement season’ go ahead.
Posted on Thursday Nov 25

Nest Insight teams up with SUEZ recycling on savings trial

Nest Insight have announced that it has launched a new UK research trial in collaboration with SUEZ recycling and recovery UK and TransaveUK to test the effectiveness of an opt-out approach to workplace emergency saving. This innovative trial, believed to be one of the first of its kind, will examine whether making payroll saving the default enables many more workers, who want to build up a savings buffer, to get started. Nest Insight’s opt-out payroll savings programme has been made possible by the support of the BlackRock Foundation and the Money and Pensions Service (MaPS).
Posted on Thursday Nov 25

You can access more funds from property than pension pots

Homeowners in 53% of areas in England and Wales could access more than the average pension pot (£61,930) by using equity release, according to analysis by Legal & General Home Finance (LGHF) of median local house price data from the Office for National Statistics (ONS).
Posted on Wednesday Nov 24

Superfunds are a strong Plan B for pension schemes

UK pensions lawyers overwhelmingly believe that superfund transfers will become a strong consideration for defined benefit pension schemes with weak sponsors, as an alternative to the Pension Protection Fund (PPF) or an insurer led buy-out of liabilities.
Posted on Wednesday Nov 24

Survey reveals regulatory overload heaping costs on pensions

In the second of a series of reports outlining the findings of the ACA’s 2021 Pension trends survey[i], the Association of Consulting Actuaries (ACA) has found that the onslaught of regulatory and legislative change has three-quarters of employers expecting trustees to consider resigning. Almost 9 in 10 employers expect to struggle to find individuals prepared to become trustees. The growing regulatory burden is leading to more employers considering sole trusteeship by professional trustees.
Posted on Monday Nov 22

Falling gilt yields push DB transfer values to record high

XPS Pension Group’s Transfer Value Index rebounded during the month, with DB pension transfer values hitting a new record high of £265,200 on 28 October, before falling back to end the month at £260,000. This new peak surpassed the previous record of £264,300 which was hit on 24 August of this year. The increase was driven by continued high future inflation expectations combined with a dip in gilt yields.
Posted on Thursday Nov 18

Soaring inflation may cause base rate to be lifted

ONS has published inflation figures this morning, announcing that CPI has risen to 4.2%.
Posted on Wednesday Nov 17

DB pensions endgame threatened

A lack of understanding about ‘company beliefs’ and how they impact decision making around pensions schemes could endanger the success of DB endgame strategies claims Hymans Robertson. The leading pensions and financial services consultancy warns that as these beliefs shape company decisions it’s imperative for them to align with strategic pensions choices. It’s worried that this is being neglected and can lead to unnecessary and damaging misunderstanding between sponsors and trustees.
Posted on Wednesday Nov 17

Scrapping Bauer judgement raises pension protection issues

The Department for Work and Pensions is planning to overturn a December 2019 ruling by the European Court of Justice which protected workers against falling below the poverty line when their company pension failed. According to papers seen by former pensions minister Steve Webb, the DWP is setting up meetings with the title: “Removing the effects of the Judgment by Court of Justice of the European Union in the case of Pensions-Sicherungs-Verein VvaG v Gunter Bauer from retained EU law” and wants to discuss options with interested parties.
Posted on Wednesday Nov 17

Women lagging behind men in workplace pensions savings

Brand new research from Barnett Waddingham shows women are lagging behind men on workplace pensions – 37% of women don’t have a workplace pension, compared to 32% of men, leaving more women at risk of being financially underprepared for retirement and having to rely on a state pension alone.
Posted on Tuesday Nov 16

Double whammy for pensioners as old inflation figure remains

The Government has rejected calls from the House of Lords to think again over the suspension of the state pension triple lock for next year, sticking with a less generous ‘double lock’, meaning the state pension rise by September’s CPI rate of 3.1%.
Posted on Tuesday Nov 16

Third of pensions have set targets to reduce climate risk

In the first of a series of reports outlining the findings of the ACA’s 2021 Pension trends survey, the Association of Consulting Actuaries (ACA) has identified an emerging division in pension scheme attitudes to climate risk.
Posted on Monday Nov 15