News in brief - 27 January 2023

Robinson & Sons’ Pension Fund has proposed a full buyout following the completion of a recent buy-in.

In a trading update, Robinson confirmed that the scheme’s buy-in, announced in December 2022, had completed as planned on 14 December 2022 with the scheme having now paid the premium of £45.5m, which was financed entirely using assets held within the scheme. A full buyout is also proposed, after a data cleanse exercise, both of which are expected to complete before the end of 2023. Robinson also confirmed that any surplus remaining in the scheme after the full buyout would be used to augment member benefits.

Financial software provider EV has launched a series of quick tools based on the Pensions and Lifetime Savings Association (PLSA) Retirement Living Standards.

The digital guidance is designed to help consumers better understand their retirement options and to help answer members’ questions about how much they should be saving for retirement. EV also offers additional digital solutions for those closer to retiring using the individual’s pension data to provide more detailed information about their retirement income options and projected cash flow. The tools were initially launched to customers of TPT Retirement Solutions in October 2022, and are now being made available to the wider market.

The Pensions Management Institute (PMI) has appointed Phoenix CIS as an academy partner.

Under the partnership, Phoenix CIS will provide content on investment-only platforms to PMI members to help improve their understanding of how these platforms can benefit pension schemes. PMI CEO, Gareth Tancred, commented: "Investment-only platforms are an increasingly valuable tool for pension scheme management. As 2023 brings about changes to the pensions industry, many schemes may benefit from having a greater comprehension and understanding of how platforms can support them to achieve their investment objectives."

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