Pensions - Articles

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Uber urges rivals to join cross industry pension

Kate Smith, Head of Pensions at Aegon, as Uber rolls out its pension plan for drivers for the first time and urges other companies to create a cross-industry pension scheme.
Posted on Friday Sep 24

Pensions industry urged to rethink member engagement

Gallagher urge the industry to fundamentally rethink member engagement, considering the five key trends that are shaping member communications and engagement.
Posted on Thursday Sep 23

Smaller schemes must prove their worth to savers or wind up

Smaller defined contribution (DC) pensions schemes are reminded they must prepare a more rigorous value for money (VFM) assessment in line with regulations coming into force with effect from next month (1 October).
Posted on Thursday Sep 23

New climate risk reporting rules for pension funds

James Wintle, Managing Director, Retirement at Willis Towers Watson on the main points of how the U.K.’s largest pension schemes must take steps now to comply with mandatory reporting on climate-related risks and opportunities.
Posted on Thursday Sep 23

Almost half of furloughed workers change retirement plans

As the government’s furlough scheme comes to an end this month, new research from Canada Life reveals that nearly half (46%) of currently furloughed workers have changed their retirement plans.
Posted on Thursday Sep 23

Financial wellbeing is the next big challenge for employers

Employers have warned that financial wellbeing is a critical concern, with two thirds (65%) of HR decision-makers predicting that this will become the next big employee challenge for companies.
Posted on Wednesday Sep 22

Pensions Minister commits to AE Review proposals

Kate Smith, Head of Pensions at Aegon, comments on the Pensions Minister’s commitment to the 2017 Automatic Enrolment Review proposals to be implemented in the mid-2020s in response to a parliamentary written question
Posted on Wednesday Sep 22

Over one billion pounds worth of state pensions underpaid

Commenting on the findings by the National Audit Office that over £1 billion worth of state pensions have been underpaid, Sarah Pennells, Consumer Finance Specialist at Royal London says:
Posted on Wednesday Sep 22

Half of DB trustees need to invest in member engagement

Half of DB Scheme Trustees (50%) believe the pandemic has increased the need for schemes to invest in engagement strategies about member options and provide access to financial advice for members, according to research from Hymans Robertson. The fallout from Covid-19 has also compounded the need for those approaching retirement to review their plans, according to the leading pensions and financial services consultancy, as it warns that Trustees must take action to implement these changes.
Posted on Tuesday Sep 21

A look back over 10 years of retirement saving behaviour

Nest Insight has published Retirement saving in the UK 2021 one of the largest annual studies of retirement saving behaviours in the UK. This year’s expanded report takes stock of the last 10 years, painting a rich portrait of the lived experience of almost 10 million Nest members who are saving for their retirement – a sample that includes around a third of the UK working population.
Posted on Tuesday Sep 21

Pension tracker shows schemes hit by increase in liabilities

XPS Pensions Group’s DB:UK tracker reveals pension schemes hit by £46bn increase in liabilities in September as inflation rises
Posted on Tuesday Sep 21

The pension preparedness vacuum

Nearly half (47%) of people in work do not know how to plan for their retirement, according to new research from Aviva which calls on businesses and industry to step up efforts to help avert a national retirement income crisis.
Posted on Monday Sep 20

Hymans Robertson and Aegon comment on FCA TPR consultation

Hymans Robertson and Aegon comment on the joint FCA and TPR consultation on Driving Value for Money in Defined Contribution Schemes
Posted on Friday Sep 17

FCA and TPR consultation on value for money in DC pensions

The FCA and The Pensions Regulator (TPR) have published a joint discussion paper on developing a common framework for measuring value for money (VFM) in defined contribution (DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector
Posted on Thursday Sep 16

PASA Benefit Statements Working Group deliver first analysis

The Pensions Administration Standards Association (PASA) has delivered the first output from its Benefit Statements Working Group. It was launched last month to evaluate the opportunities and concerns for the pensions community in delivering government’s objectives.
Posted on Thursday Sep 16

Lethargy in employment on pensions and financial wellbeing

Aon has found signs of lethargy from both UK employees and employers in the results of two recent research surveys.
Posted on Thursday Sep 16

Pension savings may be at risk during the Great Resignation

New research from PensionBee finds that 63% of UK workers are currently thinking about or in the process of changing their job, in what has been dubbed the ‘Great Resignation’.
Posted on Thursday Sep 16

Insurers welcome EIOPA stance on pension tracking services

Insurance Europe has published its response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft advice to the European Commission on pension tracking services (PTS).
Posted on Thursday Sep 16

Simplicity called for when pension access age increases

The Association of British Insurers (ABI) is calling for a simpler approach when the Government delivers its planned increase of the age that you can first access your pension from 55 to 57. The proposals set out in a consultation closing today will cause enormous confusion for pension savers navigating the already complicated UK pension system. For clarity for savers, the ABI is calling for everyone to be able to access their private pension at 57 years old with some limited exceptions.
Posted on Thursday Sep 16

Retirement plans reveal gender divide

New research by Canada Life has uncovered a gender divide when it comes to retirement confidence. In a survey of UK adults who had received advice from a professional adviser, nearly two-thirds of men (64%) were confident they will retire at the age they plan, compared to one in two (53%) women.
Posted on Wednesday Sep 15

PLSA offers five key facts on pensions savings

Almost half of non-retirees (46%) are unable to identify how much per year they believe retirees receive from their state pension, research conducted by the Pensions and Lifetime Savings Association (PLSA) has revealed ahead of this year’s Pensions Awareness Week.
Posted on Wednesday Sep 15

Buck comment on the latest update from the PPF

The PPF7800 Index update showed that the aggregate surplus of the schemes in the PPF 7800 Index is estimated to have increased over the month to £83.2 billion at the end of August 2021, from a surplus of £62.4 billion at the end of July 2021. The funding ratio increased from 103.5% to 104.7% per cent.
Posted on Tuesday Sep 14

Potential Government saving from suspending triple lock

Growth in average total pay (including bonuses) for three months to July was 8.3%, highlighting labour market distortions during pandemic. Decision to move from triple to double lock for one year potentially saves government around 5bn compared to sticking to the triple lock unadjusted
Posted on Tuesday Sep 14

The PPF publish the PPF7800 Index for August 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).
Posted on Tuesday Sep 14

Concerns raised about EIOPAs pension dashboard proposals

Insurance Europe has published its response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft technical advice to the European Commission on the development of pension dashboards and data collection.
Posted on Tuesday Sep 14