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Pensions Pandemic and how to prepare

The ongoing Coronavirus outbreak is a 'here and now' reminder of a disease which could become a pandemic[i]. The potential human impact is awful: 45,000 infected and 1,100 lives lost and counting. Extrapolating from here, one (fairly pessimistic) estimate has put the potential death rate at as many as 50 million lives globally (source: new scientist).
Posted on Friday Feb 14

PMI launch accreditation programme for professional trustees

The Pensions Management Institute (PMI) is pleased to announce the launch of APTitude ‘Accreditation for Professional Trustees’, the accreditation programme designed to build credibility and raise governance standards across the pensions industry.
Posted on Thursday Feb 13

House of Lords amendments to Pension Bill are a big surprise

Simon Jones, head of responsible investment at Hymans Robertson comments on the House of Lords climate risk disclosure amendment:
Posted on Thursday Feb 13

Transfer values regain lost ground in January

Defined benefit (DB) transfer values regained much of the ground they had lost in the last quarter of 2019, according to XPS Transfer Watch, and the number of members taking a transfer value reached the highest level in almost a year.
Posted on Thursday Feb 13

Government amendments to Pension Bill on Climate Change Risk

The Pensions and Lifetime Savings Association (PLSA) comments on new Government amendments to the Pension Schemes Bill to impose requirements on pension schemes to manage climate change risk.
Posted on Wednesday Feb 12

Aegon and Aviva call for more flexibility in State Pension

Aegon joins Aviva to call for more flexibility in state pension but is focussing on giving people the option to take their state pension early subject to a reduction in its weekly amount to make it financially fair.
Posted on Wednesday Feb 12

Willis Towers Watson Financial Wellbeing Report

Two-in-five (40%) UK employees say they are living payday-to-payday and have no emergency savings, and nearly a third (29%) have financial problems that are negatively affecting their lives, according to a study of more than 4,000 UK employees by Willis Towers Watson. Women were a third more likely than men to be financially stressed (48% vs 34%), and younger ‘millennial’ workers were nearly three times more likely than older ‘baby boomers’ (56% vs 20%).
Posted on Wednesday Feb 12

PLSA comment on TISAs Getting Retirement Right report

The Pensions and Lifetime Savings Association (PLSA) has commented on The Investing and Saving Alliance (TISA)’s report, ‘Getting Retirement Right: Plan, Prepare, Enjoy.’
Posted on Wednesday Feb 12

PASA launches DB Transfers Code of Good Practice

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, launched a Consultation on its DB Transfers Code of Good Practice at its annual conference held in London
Posted on Tuesday Feb 11

The PPF publish January 2020 PPF7800 Index

The latest PPF 7800 Index below which shows the most recent estimated funding position, on a s179 basis, for the defined benefit schemes in the PPF eligible universe. This month’s update takes account of the underlying data from the newly published Purple Book 2019 for the calculation of funding ratios, reflecting the latest data available.

Posted on Tuesday Feb 11

TPRs final response on Future of Governance consultation

Hymans Robertson and Smart Pension comment on TPRs final response on Future of Governance consultation
Posted on Tuesday Feb 11

TISA insights into saving enough for retirement

Steven Cameron Pensions Director at Aegon comments on the TISA report ‘Getting Retirement Right: Plan, Prepare, Enjoy’
Posted on Tuesday Feb 11

Global pension assets up 15 percent to USD46.7tn

Global institutional pension fund assets in the 22 largest major markets (the “P22”) bounced back in 2019, soaring by 15% to US$46.7 trillion at year end, according to the latest figures in the Thinking Ahead Institute’s Global Pension Assets Study.
Posted on Monday Feb 10

TPRs response to the Future of Trusteeship and Governance

Commenting on TPR’s response to the Future of Trusteeship and Governance consultation, John Wilson, Head of Technical, Research and Policy at Dalriada Trustees said:
Posted on Monday Feb 10

Rushing to cut pensions tax relief could do long term damage

With speculation growing that the Chancellor might seek to raise revenues by cutting the tax relief on pension contributions for higher earners, Aegon Pensions Director Steven Cameron highlights there are many long term benefits in pension saving and calls on the Chancellor to consult fully rather than going too far, too fast and creating adverse unintended consequences.
Posted on Monday Feb 10

Limited RPI change factored into firms pension disclosures

Companies with large pension schemes typically made a limited allowance for proposed changes to the Retail Prices Index when preparing their 2019 accounts, Willis Towers Watson has found.
Posted on Friday Feb 7

Pensions safer as 9 out of 10 save in largest master trusts

A new report shows more than 16 million people have saved £38.5 billion into master trusts - with nine out of 10 people saving into the largest master trusts.
Posted on Thursday Feb 6

Half of workers do not know the size of their pension pot

The news comes as the PLSA released its latest consumer research figures that highlighted the concerns of savers about their pension contributions and the knowledge gap for their own pension savings.
Posted on Thursday Feb 6

Employers say pensions for higher earners remain a challenge

Since 2016, anyone earning over £150k finds themselves limited in the amount they can contribute to a pension scheme, unless they want to pay a high tax charge. Recent pensions research from Smarterly found that as a result of this change, nearly 40% of employers say that the issue of pensions tax relief for their higher earners is now a challenge and they need to look for other products to support and satisfy the needs of their employees.

Posted on Wednesday Feb 5

FCA policy on workplace pension scheme costs and charges

Commenting on the publication of the FCA’s policy on disclosing costs and charges to workplace pension scheme members, Rona Train, Partner, Hymans Robertson, says:
Posted on Wednesday Feb 5

The half a million pound pension gap

Whatever your plans for retirement, you’ll need the financial means to provide the lifestyle you’ve dreamt of. And recent research by pensions advice specialist, Portafina, reveals the shocking gap between how much retirement income Brits think they’ll need and the reality.
Posted on Wednesday Feb 5

FTSE 350 pension deficit increases sharply as UK exits EU

Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased from £40bn at the end of December 2019 to £57bn on 31 January. Liability values increased by £34bn to £916bn compared to £882bn at the end of December. The increase was primarily driven by falls in corporate bond yields. Asset values were £859bn (an increase of £17bn compared to the corresponding figure of £842bn at the end of 2019).
Posted on Tuesday Feb 4

Ban on petrol and diesel cars to 2035 will impact pensions

Amy Sutherland, Actuarial consultant at Hymans Robertson comments on the Government’s carbon commitments and how this will be felt by the pensions and asset management industry
Posted on Tuesday Feb 4

Concerns over FCA remedies for DB advice will reduce supply

Based on research with 227 financial advisers, Aegon’s Retirement Advice in the UK* report provides insight into the increasingly important area of retirement advice. With continued intense regulatory attention on the defined benefit (DB) transfer market, the report looks at adviser attitudes towards future changes proposed by the Financial Conduct Authority (FCA).
Posted on Tuesday Feb 4

Scottish Widows in GBP10bn longevity swap for Lloyds

Scottish Widows has facilitated a longevity swap between the Lloyds Banking Group Pensions Trustees Limited (the Trustee) and Pacific Life Re Limited.
Posted on Monday Feb 3