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Industry comments on Mansion House speech


Posted on Thursday Nov 14

DB pension surpluses rise to record levels over October

XPS Group estimates that the aggregate surplus of UK pension schemes on long-term targets remains extremely positive at ~£208bn, up significantly from £187bn in September 2024. A rise in long term gilt yields of around 0.3% led to a reduction in liability values, and improved scheme funding levels. However, this improvement was partially offset by a decline in aggregate scheme assets over the month, driven by schemes’ hedging strategies and negative returns on bonds and UK equities.
Posted on Wednesday Nov 13

TPR publish CDC pension compliance and enforcement policy

The Pensions Regulator (TPR) has published its new compliance and enforcement policy for collective defined contribution (CDC) pension schemes, which sets out its risk-based regulatory approach and how providers can expect it to supervise them.
Posted on Wednesday Nov 13

20 years away from closing the gender pension gap

The gender pensions gap will take at least 20 years to close unless decisive action is taken, according to the latest Women and Retirement Report from Scottish Widows.
Posted on Wednesday Nov 13

Pensions Dashboards could accelerate pension transfer losses

The introduction of Pensions Dashboards could see losses due to ‘poorly informed’ transfers into higher charging pensions soar beyond £2 billion before the end of the decade, leading workplace provider People’s Partnership has warned today.
Posted on Wednesday Nov 13

Comments on latest PPF update for PPF 7800 Index for October

Standard Life, Broadstone and Gallagher comments on The Pension Protection Fund’s 7800 Index October update on the latest estimated funding position for all PPF eligible defined benefit pension schemes
Posted on Tuesday Nov 12

New DB funding code comes into force today

The Pensions Regulator’s (TPR's) new defined benefit (DB) funding code setting out guidance and expectations on how schemes should comply with the funding and investment strategy (FIS) requirements comes into force today.
Posted on Tuesday Nov 12

PPF publish latest PPF7800 figures for October 2024

This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of the schemes’ annual scheme returns, 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 Nov 12

Bridging the income gap when retiring early

Four fifths of over-50s (42%) have reduced their working hours or plan to as they approach retirement. 85% of over 50’s expect to use their State Pension to fund part of their retirement. One in five (19%) of those who have or plan to purchase a fixed term annuity do so to help plug the income gap

Posted on Tuesday Nov 12

Impact of NI hike on pension pots

Following the Government Budget, independent consultancy Barnett Waddingham has calculated the potential impact of the NI change on individual pension pots at retirement - specifically, that if employers crunch pay rises as a result, a typical 35 year-old contributing 8% of their salary could end up with a pot 4% smaller by the time they get to retirement – and an annual income in retirement over £700 smaller in today’s money.
Posted on Monday Nov 11

Gen X slip between DB and DC pension cracks

The tail-off in defined benefit (DB) pension provision around the millennium and a lack of compulsion around defined contribution (DC) saving until 2012 has had a lasting impact according to Standard Life’s Retirement Voice report.
Posted on Monday Nov 11

Average time to buyout for FTSE350 DB pensions falls

As of 31 October 2024, the DB End Gauge index is 5.2 years to buyout. The index fell over the last month from 30 September 2024 to 31 October 2024, from 5.7 years to 5.2 years
Posted on Friday Nov 8

FCA confirms commercial Pensions Dashboards rules

The FCA has today published the rules firms must follow when designing and operating a commercial Pensions Dashboard
Posted on Friday Nov 8

DB pension schemes reach new record funding level

PwC’s Buyout Index recorded another record surplus of £330bn in October, demonstrating that the UK’s 5,000 corporate defined benefit (DB) pensions schemes continue to show a significant surplus above the estimated cost for schemes to ‘buyout’ their pension promises. This is driven by an improvement in the buyout pricing PwC has seen from insurers in recent deals, with a slower than expected H1 for some insurers leading to increased appetite for the rest of 2024.
Posted on Thursday Nov 7

IHT on pensions disincentivises retirement saving

The Chancellor’s decision to make unused pensions liable to inheritance tax (IHT) will reduce the motivation to save for retirement, when many are already saving too little or not at all, says RSM UK.
Posted on Wednesday Nov 6

Return to rising interest rates improves scheme funding

Half hedged scheme sees funding improve to the extent a reasonable surplus has been disclosed. Fully hedged scheme reduces deficit, but funding level remains stable. Relief that the end of month budget has not caused significant volatility.
Posted on Wednesday Nov 6

Dual Income No Kids

As people in the UK choose to have fewer children, Standard Life analysis shows the potential long-term impact of DINK’s prioritising their pensions
Posted on Wednesday Nov 6

DB Endgame plans must allow for flexibility

A change in key Trustee or Company stakeholders can significantly impact a DB Pension Scheme’s endgame investment strategy, says Hymans Robertson. It warns that a change of personnel can transform the objectives the DB scheme is trying to achieve.
Posted on Wednesday Nov 6

Investment reserve fund for Mineworkers pension transferred

Barnett Waddingham have noted that, post budget, the Government has announced that it will transfer the "investment reserve" fund for the Mineworkers' scheme to the trustees. Ian Mills has shared a comment below on what this can mean for members and companies.
Posted on Monday Nov 4

Six steps to deal with pension Budget changes

What happens next after taking tax-free cash? Contribution allowances and tax relief unchanged. Make full use of your gifting allowances - but don’t leave yourself short later in life. Contributing to a spouse/child’s pension. A JISA or LISA may be nicer. Consider a life insurance policy to cover any inheritance tax bill.
Posted on Monday Nov 4

Schemes must manage moves to buyout and windup carefully

LCP highlights the importance of schemes carefully managing their moves to buy-out and wind-up, with insurers and administrators working hard to overcome industry-wide resource challenges
Posted on Friday Nov 1

HMRC warning strengthens case for Pensions Tax Lock

HMRC warning on accessing pension cash early. Firms ‘claim to allow individuals early access to their pensions to reduce their tax bill, or to reduce their exposure to changes that may come at a budget’. Speculation in the run up to the Autumn Budget led many pension savers to access their tax-free cash earlier than planned over fears of tax-free cash restrictions. While many will have legitimately taken tax-free cash, pension liberation scams also often use speculation about pensions tax as a tool to target victims
Posted on Friday Nov 1

The Chancellors Gambit

Quantum Advisory have shared their takeaways on the budget announcement and share what does it mean for pensions. The budget has made history, with it not only being the first Budget announcement made by a Labour led Government in over 14 years, but also the first ever Budget to be announced by a female Chancellor.
Posted on Thursday Oct 31

New IHT rules a bureaucratic nightmare for grieving families

The Budget decision to include pensions and pension death benefits within estates for Inheritance Tax could lead to massive bureaucracy and delays for grieving families, according to LCP partner Steve Webb.
Posted on Thursday Oct 31

Petition to support Pension and Investment Fraud victims

The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today launched an industry wide petition to secure support for change in the way HMRC treats Pension and Investment Fraud victims.
Posted on Thursday Oct 31

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