Pensions - Articles

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Aegon comment on DWPs annual review of AE thresholds

Aegon comment on the DWP’s annual review of the earnings trigger and qualifying band for 2021/22.
Posted on Thursday Jan 21

New FCA data on DB transfer market highlight worrying trends

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

Comments as the Pension Bill passes through Parliament

Industry comments from LCP, EY and ISIO on the Pension Bill passing through Parliament
Posted on Wednesday Jan 20

Pension transfer values down but scam red flags up over 2020

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

Industry comments on TPR interim response to DB funding code

Industry comments from PLSA, Barnett Waddingham, Hymans Robertson and PwC on TPR interim response to DB funding code
Posted on Friday Jan 15

Lockdown means DB transfer market to remain subdued until Q2

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

PLSA comment on latest DWP review on pension charge cap

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

TPR response to plans to abolish certain pension flat fees

TPR response to government plans to abolish flat fees on auto-enrolment pension pots below £100
Posted on Thursday Jan 14

Aegon comment on latest ONS pension contributions data

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

Will turning interest rates negative prompt right reaction

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

PRAG updates Going Concern assessment for pension accounts

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

Industry comments on PPF7800 Index for December 2020

Buck and BlackRock comment on the Pension Protection Fund PPF7800 Index for December 2020
Posted on Tuesday Jan 12

Pension Protection Funds PPF7800 Index for December 2020

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

Confirmation that new Regulator powers will not be backdated

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

Governments response to expanding the Dormant Assets Scheme

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

Do we need a final round of state pension simplification

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

DC Pensions 2021 Outlook

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

Pension scammers are simply ignoring the law

Andrew Tully, technical director at Canada Life welcomes greater industry cooperation to tackle pension fraud:
Posted on Thursday Jan 7

Brexit deal saves state pension increases

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

New teachers in independent schools can opt out of TPS

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

Pensioner homeowners eligible for Benefits fail to claim

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

Risk settlement market in 2021 may be best yet for pensions

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

TPR bans corporate trustee and director for serious failings

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

Pension scam busting campaign hits over 100 pledges

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

Industry comments on DWPs Small Pots Working

Industry comments from TPR, PLSA, Dalriada Trustees and LCP on the DWPs Small Pots Working report
Posted on Friday Dec 18