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PLSA comments on DWP consultations responses

The Pensions and Lifetime Savings Association (PLSA) has commented on the government’s response to the ‘Incorporating performance fees within the charge cap’ consultation and the ‘Improving outcomes for members of defined contribution pension schemes’ consultation.
Posted on Monday Jun 21

Inappropriate choices at retirement an area of value leakage

The Department for Work and Pensions has launched a consultation to understand the barriers to further consolidation of the occupational trust-based Defined Contribution market in the UK, following the consultation: Improving outcomes for members of DC schemes in September 2020. Mark Futcher believes these consultations are evidence that the drive to consolidate continues but there must be room for own trust schemes to continue.
Posted on Monday Jun 21

Government stoking intergenerational storm on pensions

Comment from Steven Cameron following a report in the Telegraph that the government is again considering reducing the rate of higher rate tax relief on pensions, while also keeping the state pension triple lock.
Posted on Monday Jun 21

Positive outcomes should be focus not additional reporting

The Association of Consulting Actuaries (ACA) in its evidence to the Work & Pensions Select Committee Inquiry into ‘Pension Stewardship and COP26’ is supportive of the Government’s drive to encourage pension schemes to engage with environmental, social and governance (ESG) concerns as asset owners and to provide greater transparency in this area. However, it is important that any new requirements on pension schemes are applied consistently with the other duties and responsibilities of pension scheme trustees and managers, and that they focus on achieving positive outcomes rather than be seen primarily as additional compliance reporting.
Posted on Monday Jun 21

Charities could reduce contributions with Bespoke Funding

Charities facing the financial strain from the pandemic could reduce their annual cash contribution to their DB pension schemes by between 35 and 65 per cent if they pledge security to their pension scheme and choose a bespoke funding plan under the proposed new DB funding regime rather than adopting the alternative fast track option, according to analysis by Hymans Robertson.
Posted on Friday Jun 18

Scam warnings reach five month high

XPS Transfer Watch’s Red Flag Index rose again in May to 61%, its highest level in five months. The index reflects pension transfers with at least one warning sign of a potential scam or the potential for poor member outcomes.
Posted on Thursday Jun 17

Pensions Management Institute to accredit lay trustees

The Pensions Management Institute (PMI) is launching a new accreditation regime for lay trustees. This follows the highly successful accreditation programme for professional trustees, APTitude that was that launched last year. The accreditation will be announced as part of a roundtable discussion at the Trustee Workbench event.
Posted on Thursday Jun 17

UK trustees dont have resources to focus on social factors

The Association of Consulting Actuaries (ACA) has responded to the DWP consultation on social risks and opportunities for occupational pension schemes and says it agrees it is important for trustees to take financially material social factors into account in their investment decisions.
Posted on Thursday Jun 17

ACA warns of inadvertent damage to pension advice market

The Association of Consulting Actuaries (ACA) has welcomed HMRC’s initiative to improve standards in the “tax advice” market but made it clear in its response to an HMRC consultation that this should not be at the expense of inadvertently damaging the pension advice market or the provision of high-quality information to scheme members.
Posted on Wednesday Jun 16

Quarter of over 65s unaware of State Pension deferral option

Research by Just Group finds that a quarter (25%) of over 65s are unaware they could receive a higher weekly payment or even a lump sum by deferring the date they started to receive the State Pension, rising to 29% among 55-64 year olds.
Posted on Tuesday Jun 15

Consider employer covenant when assessing DB social risks

Lincoln Pensions has issued a stark warning that the impact of social risks on the employer covenant must be taken into consideration when understanding a DB pension scheme’s social risks and opportunities.
Posted on Tuesday Jun 15

Jump in pay puts state pension triple lock under pressure

Sarah Coles, personal finance analyst, Hargreaves Lansdown: “April’s jump in average pay is set to be the start of a run of bumper annual wage rise figures. These are due to feed into next year’s state pensions triple lock, which would give State Pensioners a huge pay rise at a time when the working population will likely be still clawing their way back from the economic effects of the crisis. At a time when the government is watching every penny, a double-digit rise in the state pension could call the triple lock itself into question.
Posted on Tuesday Jun 15

Scam checks remain critical following DWP consultation

XPS data reveals that one in three high risk pension transfers since July 2018 would have satisfied the ‘first condition’ of the Department of Work and Pensions’ proposed legislation designed to reduce scams. The data comes from XPS’ Scam Protection Service, which allows trustees to track, analyse and respond to developments in scam activity.
Posted on Monday Jun 14

5 things for policy makers to close the gender pensions gap

New research from Barnett Waddingham finds that women are far more likely to be relying on a state pension in retirement than men – raising concerns about women’s financial stability in later life.
Posted on Friday Jun 11

Modelling tools overtake fix rate methods on safe drawdown

Research from Aegon shows, that when it comes to retirement income, advisers are moving away from using a fixed rate method to determine a ‘safe’ withdrawal rate towards modelling tools, which have become more valuable than ever during the pandemic. The research also shows a continued move to using drip-feed drawdown, meaning some individuals are taking less of their tax-free cash immediately at retirement, although the picture is mixed.
Posted on Thursday Jun 10

Empowering trustees and protecting members on Pension Scams

Sackers has announced that The DWP’s consultation on draft regulations introducing new restrictions on statutory pension transfers closed today.
Posted on Thursday Jun 10

Pensions may be closer to their endgame than they realise

Aon has said that UK pension schemes are increasingly focused on their endgames - which are also becoming more achievable.
Posted on Thursday Jun 10

PLSA calls for national consensus on retirement adequacy

The Pensions and Lifetime Savings Association (PLSA) comments on the Pensions Policy Institute (PPI)'s ‘What is an adequate retirement income?’ report.
Posted on Wednesday Jun 9

Call for more time and guidance on pension scams

In the ACA response to the DWP consultation on regulations aimed at Pension scams: empowering trustees and protecting members the Association of Consulting Actuaries (ACA) calls for the reform to be accompanied by detailed guidance from the Pensions Regulator and for sufficient time to be given to administrators, on behalf of their trustee clients, to adapt their processes to this new system.
Posted on Wednesday Jun 9

BlackRock and Buck comment on latest PPF7800 figures

Sion Cole, Head of UK Fiduciary Business at BlackRock and Vishal Makkar, Head of Retirement Consulting at Buck in the UK comment on the latest PPF 7800 index figures
Posted on Tuesday Jun 8

Young pension savers to miss out due to COVID crisis

Purely Pensions has uncovered that many young people starting work in the wake of the crisis who may have chosen not to begin saving towards their pension, could miss out on tens of thousands in savings by the time they reach retirement age.
Posted on Tuesday Jun 8

Pension Protection Fund publish PPF7800 Index for May 2021

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). A scheme’s s179 liabilities represent, broadly speaking, the premium that would have to be paid to an insurance company to take on the payment of PPF levels of compensation. This compensation may be lower than full scheme benefits.
Posted on Tuesday Jun 8