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PPF run consolidator needed to bolster DB endgame options

More choice and capacity is needed in the Defined Benefit (DB) pension market to capitalise on improved scheme funding – evidence shows market challenges. Potentially up to 2,300 schemes with total assets of £130bn serving 960k members may struggle to obtain timely access to an appropriate endgame solution. PPF-run consolidator would offer a new option for schemes ‘unattractive’ to commercial providers and a secure home for transferring members. New Fund could potentially unlock c.£10bn for UK productive investments.
Posted on Friday Apr 19

Magnetic Pensions a better solution to small pension pots

Automatic enrolment into workplace pensions, introduced in 2012, has been a big success, bringing more than 10 million people into pension saving for the first time. But an unresolved side effect of the policy is that each new job brings a new pension, and those who change jobs frequently can end up with multiple pension pots, often small in value, scattered across the pensions landscape.
Posted on Friday Apr 19

Public consolidator would be an unjustified intervention

As part of its response to a Department for Work and Pensions (DWP) consultation on changes to Defined Benefit (DB) pension schemes, the Association of British Insurers (ABI) has said a public consolidator must not undermine a competitive and thriving buyout market, which caters to schemes of all sizes.
Posted on Thursday Apr 18

Call for certainty simplicity and protections for members

XPS has called for certainty, simplicity and protections for members in its response to DWP’s consultation on options for DB schemes.
Posted on Thursday Apr 18

Aviva launch free Find and Combine pension tracking service

2.8 million Brits have an average of £10k sitting in lost pension policies. Aviva is the only UK pension provider to offer an ‘end to end’ finding, checking & consolidation service. Aviva has successfully tracked down and reconnected customers with £87 million of lost pensions since the pilot launched
With this free service, customers only need 10 minutes to get started.

Posted on Thursday Apr 18

Declining use of advice and guidance when accessing pensions

An increasing proportion of pensions are being accessed without professional advice or guidance, raising concerns about the level of support being given to retirees making key financial decisions.
Posted on Thursday Apr 18

Focus on surplus extraction likely to have limited use

Surplus extraction unlikely to be often appropriate but still positive move. Minimum threshold and strong support for trustees necessary. Public sector consolidator model has merit but price of entry must be fair and must reach target market first. Government underwriting will be key to its success but presents risk in asking taxpayers to guarantee private sector DB pensions.
Posted on Wednesday Apr 17

Public trust in the pensions industry is on the up

Trafalgar House have announced the first batch of results from their latest Trust & Confidence Index of the pensions industry, revealing an increase in the public trust score for the fourth year running.
Posted on Wednesday Apr 17

DWP options for DB pension schemes

Commenting on the DWP Options for DB Schemes Consultation’s proposals and questions around sharing DB surplus, Calum Cooper, Head of Pension Policy Innovation, Hymans Robertson, says:
Posted on Wednesday Apr 17

FTSE350 DB schemes strong funding positions continue

Mercer analysis of FTSE 350 pension funds, shows an aggregate surplus across company accounts of £66bn at the end of March 2024, improving slightly over the month.
Posted on Wednesday Apr 17

Schemes have a long journey to go on dashboard preparedness

A survey of an audience of pension scheme trustees, lawyers and pension managers reveals that a huge amount of work will be needed if schemes are to be ready for pensions dashboards. At an industry webinar hosted by consultants LCP earlier this week, attendees were asked if they had prepared a pensions dashboard ‘project plan’.
Posted on Wednesday Apr 17

Comments on FCA Retirement Income market update

LCP, Just Group, Broadstone and OAC comment on the new ‘retirement income market’ data published by the FCA for the period October 2022-2023
Posted on Tuesday Apr 16

Crisis of confidence looms for Pots for Life

‘Pots for Life’ make their mark on savers, as over half (53%) see it as a positive change to the UK pension system. But new research from Barnett Waddingham reveals a crisis of confidence; while HALF would be more engaged with their pension (54%) a similar number are nervous of making bad decisions (49%).
Posted on Tuesday Apr 16

FCA retirement income market data 2022 to 2023

Find FCA analysis of the latest data, covering the year from April 2022 to March 2023, from firms in the retirement income market.
Posted on Tuesday Apr 16

Trustees willing to govern schemes that run on for surplus

75% of DB pension scheme trustees are willing to govern schemes that run on for surplus, a survey from XPS Pensions Group has found.
Posted on Tuesday Apr 16

SOS is an apt shout in response to proposed statement

The Association of Professional Pension Trustees (APPT), Broadstone and the ACA has issued a response to the TPR consultation on the Statement of Strategy
Posted on Tuesday Apr 16

Comments on TPRs Statement of Strategy consultation

With the new funding regime edging ever closer to the finishing line, Hymans Robertson and Sackers comment on TPR’s consultation on the new statement of strategy (“the Statement”) which closes today,16 April 2024. Forming an integral part of the new requirements for all DB schemes to have a funding and investment strategy, the consultation focused on the proposed form of the new Statement, including the extent of information that will need to be submitted (and evidenced) to TPR.
Posted on Monday Apr 15

Last minute SIPP surge as clients rush to use allowances

4pm on 5th April was the busiest hour for HL SIPP top ups in the run up to tax year end, with one top up every 11.3 seconds. This was closely followed by 10am on the 2nd April, where there was a top up every 11.76 seconds. In the last hour before tax year end, there was a SIPP top up every 20 seconds.
Posted on Monday Apr 15

Divorcing servicepeople losing out over pension confusion

Some military personnel are losing out on hundreds of thousands of pounds when they divorce due to a combination of the unique nature of Armed Forces pensions and lack of understanding.
Posted on Monday Apr 15

DB pensions overhaul backed but challenges highlighted

The Society of Pension Professionals (SPP) response to the Government consultation, “Options for Defined Benefit Schemes” has set out its members’ views on proposals to make surplus return easier, an opt-in option for 100% protection from the PPF and plans for a public sector consolidator.
Posted on Friday Apr 12

PPF could have crucial role in future of DB pensions

In response to the DWP’s consultation on ‘Options for Defined Benefit schemes’, which closes on 19th April, consultants LCP have argued that the Pension Protection Fund (PPF) could have a key role to play in the ‘endgame’ for DB pension schemes. But any new regime would need to play to PPF’s strengths, ensuring that it met needs not currently well served by the market.
Posted on Friday Apr 12

How pension trustees are addressing climate risks

A new review of climate-related disclosures has revealed that pension trustees are acting to address climate risks and opportunities. Since 2022, schemes with more than £1 billion in assets under management and authorised schemes have been required to publish climate reports.
Posted on Thursday Apr 11

Retirees report less in pensions than they hoped for

Retirees hoped to have a pension pot of £250k – but on average have £131k in retirement savings potentially reducing monthly income in retirement by £480. Half of retirees express regrets about their financial preparation: 53% wished they’d started saving earlier, 42% regret not accessing advice or guidance.
Posted on Thursday Apr 11

New Tax Year New You

Standard Life, part of Phoenix Group, shares tips to maximise pension savings now the new tax year has begun
Posted on Thursday Apr 11

TPR to lighten burden of Statement of Strategy proposals

The Society of Pension Professionals (SPP) submitted its response to The Pensions Regulator (TPR) Statement of Strategy consultation.
Posted on Thursday Apr 11

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