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Make 2022 the year sponsors engage proactively on pensions

LCP are urging sponsors of DB pension schemes to work with trustees now to review and set long term pension funding and investment strategies, to ensure that the pensions journey is aligned with wider business needs.
Posted on Monday Jan 24

Cost of living crisis means half cannot afford to save

Almost half (47%) of those not retired say that they cannot afford to save right now due to the rising costs of everyday living, a Pensions and Lifetime Savings Association (PLSA) survey has revealed.
Posted on Monday Jan 24

Pension transfer activity falls to lowest level in 4 years

XPS Pension Group’s Transfer Activity Index showed that an annualised rate of 50 members out of every 10,000 transferred their pensions in December, the lowest rate since XPS started tracking this activity in July 2018.
Posted on Monday Jan 24

Most with an annuity wont move for less than GBP500 per year

Canada Life has analysed the price point at which customers who plan to buy an annuity - would consider switching pension provider. The research shows that £500 in additional annual income would be enough of a ‘tipping point’ to encourage shopping around. For customers who have a direct relationship with their pension provider (i.e., no financial adviser), the ‘tipping point’ is slightly higher at £600 additional annual income.
Posted on Friday Jan 21

Interactive pensions dashboards to boost pension engagement

New research by the Association of British Insurers (ABI) has found that pensions dashboards, which will show savers all their pension pots in one place, present a once in a generation opportunity to help people engage with their pension. But the ABI is recommending that the forthcoming legislation and regulatory regime should allow dashboards to be interactive to meet younger age groups’ digital demands.
Posted on Friday Jan 21

Comment on Cushon purchasing Creative Pension Trust

Commenting on the Cushon purchase of Creative Pension Trust, Michael Ambery, Partner, Hymans Robertson says:
Posted on Thursday Jan 20

Timetable needed for implementing auto enrolment changes

Ahead of the government’s annual review of the auto-enrolment thresholds, Kate Smith, Head of Pensions at Aegon, suggests a continued freezing, rather than phasing out, of the earnings trigger and thresholds in April will help in the immediate term during the cost of living crisis, but the government should publish a timetable to implement the 2017 auto-enrolment review recommendations without delay.
Posted on Thursday Jan 20

WTW forecast 65bn pounds of derisking transactions in 2022

Posted on Thursday Jan 20

XPS report on the impact to pensions from record inflation

UK prices rose by 5.4% over the year to 31 December 2021, a peak for 2021 and the highest rise since the as the CPI inflation measure was established nearly 25 years ago as the cost of living continues to soar. The last time inflation hit such heights by any measure was March 1992.
Posted on Thursday Jan 20

Industry comments as inflation hits 30 year high

Comments from Aegon, Legal and General and Canada Life as inflation hits a 30 year high, rising to 5.4%. In march 1992 inflation sat at 7.1%.
Posted on Wednesday Jan 19

Hymans Robertson publish Closer Look at Clara update

Transferring a DB scheme into a superfund such as Clara-Pensions can provide savings of as much as 10% for employers, according to the analysis by Hymans Robertson in its revised paper ‘A Closer Look at Clara’. The paper has been updated following the TPR announcement that Clara-Pensions had successfully completed the assessment process for defined benefit consolidators.
Posted on Tuesday Jan 18

IFoA supports CDC innovation and boost to pensions guidance

Reacting to the publication of the UK Government’s Work and Pensions Committee second stage report on its inquiry into accessing pension savings, Leah Evans, Pensions Board Chair at the Institute and Faculty of Actuaries (IFoA), said:
Posted on Tuesday Jan 18

Any pension Charge Cap changes must improve members outcomes

The Pensions and Lifetime Savings Association (PLSA) see no case for removing performance fees from the Defined Contribution (DC) Charge Cap, arguing that any potential changes must demonstrate a positive impact on members’ outcomes.
Posted on Tuesday Jan 18

DWP consultation Enabling Investment in Productive Finance

In its response to the DWP consultation Enabling Investment in Productive Finance (which closes 18 January), Aegon has highlighted more pressing barriers that first need addressed before removing performance-based fees from the auto-enrolment charge cap is likely to lead to an increase in DC pension investment in illiquid investments.
Posted on Tuesday Jan 18

Pension Freedoms recommendations must be implemented now

The Work and Pensions Committee has published the second of its reports into Pension Freedoms. LCP submitted written evidence to the Committee and LCP partner Laura Myers gave oral evidence as part of the inquiry, and this written and oral evidence is extensively quoted in the final report.
Posted on Tuesday Jan 18

HMRC forced to refund overpaid tax on pension withdrawals

HMRC has today published the latest quarterly figures for the amount of money which is has had to repay to people who have been overtaxed when they accessed their pension pot under Pension Freedoms (see: Pension schemes newsletter 136 January 2022 - GOV.UK (1) (www.gov.uk)).
Posted on Monday Jan 17

Seven thousand NHS staff to retire to avoid pension penalty

New data obtained by Quilter, the wealth manager and financial adviser, shows that the expiry of Coronavirus Act powers in March 2022 risks triggering thousands of nurses and doctors to leave the NHS to avoid a financial penalty.
Posted on Monday Jan 17

Plea change in multi million pound pension fraud prosecution

A defendant charged in connection with a multi-million-pound pension fraud investigation by The Pensions Regulator (TPR) has changed his plea to guilty at a hearing at Southwark Crown Court.
Posted on Monday Jan 17

Comment on the latest ONS population figures

Club Vita comment on the ONS national population projections released this week
Posted on Friday Jan 14

22 percent plan to use homes to fund retirements

22% of people planning ahead for their retirement expect to use the value of their home, according to research by Legal & General Home Finance (LGHF).
Posted on Friday Jan 14

Top 10 priorities for 2022 for DB pension schemes

I don’t know about you, but for me 2021 felt a bit like the year we pulled together to tackle unpredictable times (that I’m sure we all could have done without!).
Posted on Friday Jan 14

Bulk annuity insurers are upping their game on ESG

LCP’s biennial review into how the eight bulk annuity insurers approach Environmental, Social and Governance (ESG) factors and stewardship highlights the significant resource that the insurers have been investing in this area with most insurers scoring highly in the management of climate risk.
Posted on Thursday Jan 13

Rethink needed on SPA after new life expectation figures

New figures published by the Office for National Statistics provide further evidence that the DWP will have to ‘rethink’ its plans to continue with rapid increases in state pension age, according to Steve Webb, partner at consultants LCP.
Posted on Wednesday Jan 12

Paying pension contribution may mean paying less income tax

Analysis by the House of Commons Library shows more than 1.2 million additional workers will find their earnings going over the 40% tax threshold as a result of the government’s decision to freeze the higher rate tax threshold.
Posted on Wednesday Jan 12

FTSE350 DB pension schemes bounce back to buyout in a decade

Between 30th November 2021 and 31st December 2021, the average time to buyout for the FTSE350 DB pension schemes fell from 11.4 years to 10.1 years, according to Barnett Waddingham’s DB End Gauge analysis. This means the average scheme will be in a position to reach endgame in a decade.
Posted on Tuesday Jan 11