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Winter Fuel Payment reinstated for pensioners below GBP35k

The Treasury announced today all pensioners in England and Wales with an income of, or below, £35,000 a year will benefit from a Winter Fuel Payment. This means nine million pensioners will receive Winter Fuel Payments this winter.
Posted on Monday Jun 9

The retirement reality schism

Men underestimate their life expectancy by 4 years, women by 7 years. Planning for 17 years leaves men £20k and women £35k short on modest pension goals. With average pots of £50k, many face a £70k gap by retirement.
Posted on Monday Jun 9

Decumulation only CDC schemes could be a game changer

Following further detail on CDCs outlined in last week’s Pensions Bill and workplace pensions “roadmap”, Steven Taylor, Partner and Head of CDC at LCP says Guided Retirement requirements from as early as 2027 could be a game changer that will require Trustees and sponsors to investigate how CDC could benefit their members.
Posted on Monday Jun 9

75 percent of over 50s say risk appetite is key

76% of over 50s say appetite for risk is important when financial planning for retirement. Two-fifths (41%) of over 50s yet to retire expect to reduce their risk tolerance.
Posted on Monday Jun 9

LGPS and the landmark Pensions Bill

Hymans Robertson and PLSA comment on the LGPS and the landmark new Pensions Bill
Posted on Friday Jun 6

DB scheme funding improves in May as endgame options widen

Significant increase in 50% hedged scheme’s funding level to 105.8% (up more than 2%). Fully-hedged scheme sees slight improvement in its funding position, increasing from 69.1% to 69.3%. Release of Pensions Bill and Regulator Guidance encourages wider discussion on growing range of endgame options.
Posted on Friday Jun 6

Pension Bill moves the dial on Superfunds

Commenting on the Pensions Schemes Bill and how it has moved the dial on Superfunds, Richard Wellard, Head of Alternative Risk Transfer says: "A framework for Superfunds was what we expected, and a framework is what we got. Secondary legislation will set all the important numbers, define important things like ‘very high likelihood’ or ‘material likelihood’, and fundamentally dictate the commercial outlook for any superfund thinking about operating once the Pensions Schemes Bill is in force.
Posted on Friday Jun 6

Will the Pensions Bill produce better outcomes for savers

Barnett Waddingham, IFoA and Hymans Robertson ask will the Pensions Bill produce better outcomes for savers
Posted on Friday Jun 6

PPF comments on the levy and dashboards in new Bill

PPF comments on the introduction of the Pension Schemes Bill. The Bill, as introduced, contains a number of measures which directly relate to the Pension Protection Fund (PPF) and Financial Assistance Scheme (FAS).
Posted on Thursday Jun 5

FOS consultation on interest on pension compensation

The Financial Ombudsman Service (FOS) has issued a consultation on the interest applied to pension compensation payments. First Actuarial – which offers a pension transfer redress service for advisers – is calling for a simple and transparent solution. The firm intends to respond to the consultation in support of the fairest option proposed.
Posted on Thursday Jun 5

Retrospective actuarial confirmation of benefit changes

ARC Pensions Law comment as the Government will introduce legislation to deal with issues arising from the Virgin Media v NTL Pension Trustees judgment.
Posted on Thursday Jun 5

Trustees expectations grow as pension landscape transforms

New Pensions Schemes Bill will transform pensions system, changing the nature of trusteeship. The Pensions Regulator (TPR) CEO Nausicaa Delfas signals new trusteeship strategy, to bring trusteeship into line with other professions and corporate governance standards.

Posted on Thursday Jun 5

Government twists the arm of pensions industry

Following the announcement of the Pension Schemes Bill, Damon Hopkins, Head of DC Workplace Savings at Broadstone, commented:
Posted on Thursday Jun 5

Initial comments on the new Pension Schemes Bill

Comments from Standard Life, ABI, Aegon and Now Pensions on the new Pension Schemes Bill. The Bill targets consolidation both at a scheme and individual saver level and continues to prioritise value for money over cost alone. More than a decade on from auto-enrolment and the pension freedoms, changes start to address a number of unresolved issues. Default decumulation has the potential to be one of the most significant interventions industry can make to help people maximise their savings. VfM framework will enable comparison across a range of metrics and have consequences for those who are not delivering
Posted on Thursday Jun 5

Government launch new Pension Schemes Bill

The Pension Schemes Bill will tackle schemes delivering poor returns for savers, combine smaller pension pots, and create bigger and better pension funds. These measures will drive costs down and returns up on workers’ retirement savings – putting more money in people’s pockets as part of the Plan for Change.

Posted on Thursday Jun 5

Confirmation of no return to universal Winter Fuel Payment

Pensions minister Torsten Bell today confirmed to the Work and Pensions Committee that there is no prospect of returning to a universal Winter Fuel Payment
Posted on Wednesday Jun 4

Comments on TPR new models and options for DB pensions

Hymans Robertson, APPT, ACA and Aon comments on The Pensions Regulator’s guidance ‘New models and options in defined benefit pensions schemes’,
Posted on Wednesday Jun 4

TPRs modification order for trapped surplus to be refunded

The Trustee of the Littlewoods Pensions Scheme, advised by Arc Pensions Law, has successfully obtained a modification order from The Pensions Regulator (TPR) enabling surplus remaining at the end of winding-up to be paid to the sponsor. These orders can be made under Section 69 of the Pensions Act 1995 where a surplus would otherwise be trapped in an occupational scheme. Whilst this is not a new power, TPR has only used it once before, in 2010, and the circumstances were quite extreme.
Posted on Wednesday Jun 4

1 in 3 annuities bought by zombie buyers did not shop around

35% of adults aged over 50 bought their annuity from the same provider they saved with and 33% said that they did not compare rates between different providers. The gap between the best and worst standard rates on guaranteed income for life widened at the start of 2025 to more than £400 a year on a £50k purchase.
Posted on Wednesday Jun 4

Most DB schemes plan to share surplus or reviewing strategy

LCP’s latest survey of the defined benefit (DB) market reveals a growing interest in surplus distribution. More than half of the respondents said they were actively thinking about this, but the proportion increases with scheme size, to two-thirds of those over £1bn and 80% of schemes over £5bn.
Posted on Tuesday Jun 3

Call for Government to back Private Sector Dashboards

ABI’s new report makes the case for Private Sector Dashboards and calls on Government to reaffirm its commitment to the initiative. Private Sector Dashboards essential to reach projected user numbers and recover lost pension pots. By providing users with the option to take action over their pensions in regulated space, these dashboards will reduce risk of consumer harm
Posted on Tuesday Jun 3

Research reveals unique pension needs of LGBTQ+

New research from Barnett Waddingham sheds light on how LGBTQ+ individuals are approaching retirement - highlighting distinctive challenges and opportunities that demand more inclusive financial planning and engagement approaches
Posted on Tuesday Jun 3