Latest News
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Over £192m in overpaid pensions tax repaid in 2024
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AE thresholds to remain at 2024/25 levels
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Govt faces growing calls to reconsider IHT pension reforms
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Institutional investors ‘concerned’ about sustainability under Trump presidency
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DB funding improvements continue as govt bond yields spike
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TPO upholds complaint against employer for maladministration
Archive News
HMRC repaid nearly £50m to people who overpaid tax when they flexibly accessed their pensions in Q4 2024, the latest government Pension Schemes Newsletter has revealed, pushing the total repayments for 2024 up to £192.7m.
According to the update, HMRC repaid a total of £49,514,458 from 1 October 2024 to 31 December 2024
According to the update, HMRC repaid a total of £49,514,458 from 1 October 2024 to 31 December 2024
Posted: 22/1/25
FTSE350 defined benefit (DB) pension scheme sponsors could unlock £47bn of economic value via surplus refunds, following an increase in the estimated aggregate surplus, analysis from Barnett Waddingham has found
Posted: 22/1/25
Pensions Minister, Torsten Bell, has confirmed that all automatic enrolment (AE) thresholds will be maintained at their 2024/25 levels in 2025/26, as the government looks to balance adequacy and affordability considerations
Posted: 21/1/25
Association of British Insurers (ABI) senior policy advisor for long terms savings policy, George Ritchie, discusses the FCA's consultation paper on targeted support, and the key considerations for the government
Posted: 21/1/25
The Pensions Ombudsman (TPO) has upheld a complaint against The University for Creative Arts for failing to pay contributions into a worker's pension despite deducting contributions from her pay
Posted: 21/01/2025
Nearly all (93 per cent) UK and European institutional investors, including pension funds, have expressed significant unease over the future of sustainability practices under a Trump presidency, research from Pensions for Purpose has revealed
Posted: 21/1/25
Pension contributions are not considered among the top three financial priorities until individuals reach their fifties, specifically up to the age of 59, after which their importance begins to decline again, research from Standard Life has revealed
Posted: 21/1/25
The government's plans to reform the Local Government Pension Scheme (LGPS) offer a "compelling opportunity" for local investment, according to Better Society Capital (BSC) and the Impact Investing Institute
Posted: 21/01/2025
The government is facing growing pressure to rethink its plans to bring pensions into the scope of inheritance tax (IHT), with a number of industry organisations calling on the government to make "fundamental" changes to the current proposals
Posted: 21/1/25
The Greater Manchester Pension Fund (GMPF) has invested £100m into an affordable housing investment fund developed and managed by Legal and General (L&G)
Posted: 20/1/25
The government's plans to reform the Local Government Pension Scheme (LGPS) represent a “clear path forward” for LGPS pooling, although “stronger collaboration” will be needed to meet the March 2026 deadline, the Local Pensions Partnership Investments (LPPI) has said
Posted: 20/01/2025
The Royal National Institute of Blind People's (RNIB) Retirement Benefits Pension Scheme has appointed Schroders Solutions as its fiduciary manager (FM), awarding them a £170m mandate
Posted: 20/01/2025
Reach PLC has announced plans to provide an additional £5m in funding for the West Ferry Printers Pension Scheme, after recent due diligence revealed a historical error
Posted: 20/1/25
The average UK household is, on average, £31,546 short of the amount needed to maintain a moderate standard of living in retirement, Hargreaves Lansdown’s Savings and Resilience Barometer has revealed
Posted: 20/1/24
The government should consider “less costly, quicker, and ultimately more effective” alternatives to its plans to bring pensions into the scope of inheritance tax, the Society of Pension Professionals (SPP) has said
Posted: 20/1/25
The government has been urged to take action to increase support for pensioners most in need, after research from the Fabian Society revealed that 1.9 million pensioners (16 per cent) are living in poverty
Posted: 17/01/2025
The Pensions Ombudsman (TPO) has upheld a complaint against Premier Group Recycling Ltd for failing to pay contributions into a worker’s Nest pension due to maladministration
Posted: 17/1/25
Employers may be able to use salary exchange as a way to mitigate the additional costs they are set to face as a result of the increase in employer National Insurance contributions (NIC), analysis from Royal London has found
Posted: 17/1/25
The latest news in brief and mandates from the past seven days
Posted: 17/01/2025
The pensions industry should offer diverse communication and education channels to cater to different preferences and evolving member needs, Scottish Widows has said, after its annual member survey revealed a growing preference for digital engagement
Posted: 17/1/25
Pensions Age takes a look back at the top stories of the week, including the appointment of Torsten Bell as Pension Minister and responses to the government proposals for defined contribution (DC) and Local Government Pension Scheme (LGPS) megafunds
Posted: 17/1/24
The People’s Pension (TPP) has announced plans to invest a "significant" proportion of the £31bn of assets it manages in private markets later this year, with a target of growing this allocation to 10 per cent, or £4bn, by 2030
Posted: 16/01/2025
Pension experts have expressed support for the government’s plans to improve the Local Government Pension Scheme's (LGPS) scale, governance, and investment, although concerns have been raised over accelerated timelines and potential conflicts of interest
Posted: 16/1/25
The government has been urged to "take a step back" from its plans to bring pensions into the scope of inheritance tax (IHT) and plot a new way forward, following concerns that the current proposals could risk "forcing a round peg into a square hole"
Posted: 16/1/25
Pensions Dashboards Programme (PDP) principal, Chris Curry, discusses the programme's latest milestones, and its plans and ambitions for 2025
Posted: 16/1/25
Whilst industry experts have broadly welcomed the objectives behind the government's plans to introduce defined contribution (DC) megafunds, concerns around the proposed approach, unintended consequences and "challenging" timelines have been raised
Posted: 16/1/25
A third of Brits (32 per cent) do not have a retirement plan, according to a new survey by Checkbox
Posted: 16/01/2025
Pension crises “will start to bite” over the next decade in super-ageing societies, according to the World Economic Forum’s (WEF) Global Risks Report 2025
Posted: 15/01/25
Retirement savings are "under threat" after the announcement that pensions will be subject to inheritance tax (IHT) from 2027, according to research from Charles Stanley Direct
Posted: 15/01/2025
The pensions industry has welcomed the appointment of Torsten Bell as Pensions Minister, with hopes that Bell’s background of campaigning for high retirement living standards could “revive the necessary discussions about increasing auto-enrolment (AE) pension contributions”
Posted: 15/1/25
The aggregate funding level of the 87 participating funds in the Local Government Pension Scheme (LGPS) in England and Wales reached a record high of 125 per cent at the end of 2024, Isio has revealed
Posted: 15/1/25
Over one in five (21 per cent) people who withdrew a cash lump sum from their pension pot did so as soon as they turned 55, despite many not understanding the consequences of doing so, research from Legal & General (L&G) has revealed
Posted: 15/1/25
Holophane Retirement Benefits Scheme has completed a £24m buy-in with Pension Insurance Corporation (PIC), securing the pensions of 95 pensioners and dependants and 74 deferred scheme members
Posted: 15/01/2025
Labour MP for Swansea West, Torsten Bell, has been appointed as Pensions Minister after former Pensions Minister, Emma Reynolds, was named Economic Secretary to the Treasury
Posted: 14/1/25
Half (50 per cent) of workplace pension savers have never considered increasing their pension contributions with their current employer, despite 48 per cent understanding how to do so, according to research from the Pensions and Lifetime Savings Association (PLSA)
Posted: 14/1/25
The aggregate surplus of defined benefit (DB) pension schemes fell to £226.2bn at the end of December 2024, down from £235.5bn at the end of November, the Pension Protection Fund’s (PPF) 7800 Index has revealed
Posted: 14/1/25
The Pensions Regulator (TPR) could play a "leading role" in helping to promote sustainable economic growth, LCP partner, David Wrigley, has argued
Posted: 14/1/25
Charities with defined benefit (DB) pension schemes need to get prepared for the new funding regime and make sure they understand the changes it entails, according to LCP
Posted: 14/1/25
Nearly one in five (18 per cent) pension funds believe they do not have enough liquidity to withstand adverse scenarios, research from Ortec Finance has revealed
Posted: 14/1/25
Professional trustees of defined benefit (DB) schemes are grappling to balance risk and growth, with a growing divergence in hedging ratios and growth allocations, research from Charles Stanley Fiduciary Management has found
Posted: 14/1/25
The government has been urged to introduce a new ‘comply or explain’ regime for defined contribution (DC) pension investments, after LCP raised concerns that the drive to DC 'megafunds' was the "wrong place to focus" to help generate more economic growth
Posted: 13/1/25
Nearly three quarters (74 per cent) of people think the government should deliver “fair compensation” to Women Against State Pension Inequality (Waspi) women, a poll from the Waspi organisation has revealed
Posted: 13/1/25
Annuity rates continued to "surge" in value at the beginning of 2025, according to the latest data from Hargreaves Lansdown’s annuity search engine
Posted: 13/01/2025
The Prudential Regulation Authority (PRA) has outlined how it expects bulk purchase annuity (BPA) insurers in the UK to manage increased growth and complexity in the market, including on the use of funded reinsurance
Posted: 13/1/25
PensionBee has launched a climate investment plan that sets a "clear standard" for climate-focused pensions based on the goals of the Paris Agreement
Posted: 13/01/2025
Industry experts have suggested that the impact of the recent gilt yield surge will likely be contained for UK pension schemes, as improvements since the 2022 yield crisis mean schemes are better prepared to handle fluctuations
Posted: 10/1/25
Pensions Age takes a look back at the top stories of the week, including concerns over "woefully inadequate" pension savings, industry funding improvements, gilt yield concerns and more
Posted: 10/01/2024
The government has confirmed that it will maintain pension schemes’ exemption from the clearing obligation for the longer-term, after industry feedback revealed "clear evidence" that removing the exemption would reduce schemes' ability to invest in productive assets
Posted: 10/1/25
The Pensions Ombudsman (TPO) has upheld a complaint against The Bridge Agent Limited for failing to pay contributions into a worker's pension, despite deducting contributions from his pay
Posted: 10/01/2024
The Pension Protection Fund (PPF) has revealed an increase in women in its senior management roles, achieving 48 per cent female representation at senior management level
Posted: 10/1/25
Pension scheme trustees must ask the "right questions" about financial strength when selecting an insurer for a buy-in transaction, LCP has said, emphasising that choosing the right insurer is more than a box-ticking exercise
Posted: 10/1/25
The latest news in brief and mandates from the past seven days
Posted: 10/1/25
South Yorkshire Pensions Authority (SYPA) has announced the appointment of Northern Trust as the new custodian for the South Yorkshire Pension Fund
Posted: 09/01/2025
The UK 10-year gilt yield has hit its highest level since the financial crisis in 2008, while the 30-year yield is at its highest since 1998, prompting concerns among the industry about the road to recovery for the UK economy
Posted: 9/1/25
"Woefully inadequate" pension savings will fall far short of potential residential care costs in retirement, research from Barnett Waddingham has revealed
Posted: 9/1/25
The Compass Group Pension Plan has secured a £1.5bn buy-in with Standard Life, covering the benefits of over 14,000 pensioner members and 11,000 deferred members
Posted: 9/1/25
Industry experts have stressed that whilst progress has been made to improve diversity, equity and inclusion (DEI) within the pensions sector, there is much more still to be done, as Pensions Age launches its special focus shining a spotlight on DEI issues
Posted: 9/1/25
Defined benefit (DB) pension transfer redress continued to fall in the fourth quarter of 2024, with a typical complainant likely to receive no compensation, according to Broadstone’s quarterly update
Posted: 9/1/25
Utmost Life and Pensions has confirmed that it has entered the UK pension bulk purchase annuity (BPA) market, having successfully transacted with two external pension schemes in Q4 2024
Posted: 9/1/25
Pension saving remained a top three financial priority for 11 per cent of the public heading into 2025, according to research from Aegon
Posted: 08/01/2024
Defined benefit (DB) pension schemes are “ready to de-risk” following recent funding improvements, according to the Broadstone Sirius Index, with both half- and fully-hedged pension schemes finishing 2024 in better funding positions than they started.
The Broadstone Sirius Index revealed that funding levels for the 50 per cent hedged scheme increased from 101.4 per cent to 103.4 per cent in December, with a £0.5m increase in its surplus to £0.9m
The Broadstone Sirius Index revealed that funding levels for the 50 per cent hedged scheme increased from 101.4 per cent to 103.4 per cent in December, with a £0.5m increase in its surplus to £0.9m
Posted: 08/01/2024
Railpen and Royal London Asset Management have shared new guidance on cybersecurity risks in investment portfolios, urging investors to recognise the financial materiality of cybersecurity to their portfolios, and take the necessary steps to address this
Posted: 8/1/25
Confidence in retirement prospects among Brits "surged" in 2024, with PensionBee’s pension confidence indicator rising from -10 in December 2023 to +29 in December 2024, highlighting growing optimism about financial futures
Posted: 8/1/25
Increased pension contributions are top of the benefit wish list for employees in 2025, with nearly a third (30 per cent) of employees keen for higher employer pension contributions this year, research from Zest has found
Posted: 8/1/25
Pensions Administration Standards Association (Pasa) board director, Chris Tagg, discusses the government's plans to bring pensions into the scope of inheritance tax, and the potential pitfalls of its proposed implementation approach
Posted: 7/1/25
The Society of Pension Professionals (SPP) has shared new guidance videos designed for those who are new to, or in the early stages of, their careers as pensions professionals
Posted: 7/1/24
C&J Clark Pension Fund has completed a £540m buy-in with Pension Insurance Corporation (PIC), securing the pensions of almost 5,000 pensioners and dependants and over 3,000 deferred policyholders
Posted: 7/1/25
Lovell Minnick Partners has signed an agreement to make a strategic growth investment in Broadstone, which is expected to enable the company to broaden its client offerings
Posted: 7/1/25
Just Group has partnered with secure digital communication provider, Beyond Encryption, to support its clients with secure communications
Posted: 7/1/25
The Pensions Ombudsman (TPO) has upheld a complaint against Digital Express Limited for failing to pay contributions to a worker’s pension due to maladministration
Posted: 6/1/25
There are less than three weeks left to enter the Wealth and Asset Management Awards 2025, with the 24 January deadline fast approaching
Posted: 6/1/24
Women over 55 receive, on average, almost £6,000 less in annual pension income than men of the same age, according to research by Oxford Risk, which found that women over 55 are also more likely to face financial shortfalls than men
Posted: 6/1/25
Industry experts have warned that pensions are still being "widely underestimated" in divorce proceedings, with analysis from Interactive Investor revealing that spouses could be missing out on up to £665,000 by excluding pensions in divorce settlements
Posted: 6/1/25
Retirees have been encouraged to 'shop around' for the best annuity rates, after analysis by Just Group found that annuity rates on offer to a 70-year-old aren’t automatically better than those available to a 65-year-old
Posted: 6/1/25
Pensions Policy Institute policy researcher, Shantel Okello, discusses the shift towards alternative assets in defined contribution (DC) schemes, and whether this could help improve member outcomes
Posted: 3/1/25
Pensions Age takes a look at the key developments expected this year, and the considerations that should be top of the list for the industry in 2025
Posted: 3/1/25
The latest news in brief and mandates from the past seven days
Posted: 3/1/25
The Pensions Ombudsman (TPO) has upheld a complaint against Rowanmoor Group plc and other member trustees of the Alloy Sales Limited Executive Pension Scheme for inadequate due diligence for a small self-administered scheme (SSAS) transfer
Posted: 3/1/25
Pension scheme trustees should act now ahead of the pensions dashboards staging dates to avoid unnecessary costs, protect member benefits, and ensure a smooth transition to their endgame strategy, Cartwright has said
Posted: 3/1/25
Industry experts have stressed the need for the government to agree an income replacement target to help inform state pension and private pension policy, in new evidence for the Work and Pensions Committee's (WPC) inquiry into pensioner poverty
Posted: 2/1/25
British Business Bank (BBB) CEO, Louis Taylor, has been recognised in the King’s New Year Honours List 2025, alongside BBB interim CEO, Catherine Lewis La Torre, British Patient Capital interim CEO, Judith Hartley, and other industry figures
Posted: 2/1/25
Pensions Age reporter, Callum Conway, looks back on his first three months in the pensions industry, and what the year ahead has in store
Posted: 02/01/2025
The UK pension risk transfer (PRT) market is set for a "vibrant year" in 2025, according to LCP, as the number of transactions is expected to surpass 300 for the first time
Posted: 2/1/25
Nearly half (44 per cent) of pension professionals think they should consider environmental impacts when running a pension scheme, a poll from WTW has found
Posted: 23/12/24
As we come to the end of 2024, we take a look back at our year-long focus on financial literacy, taking a closer look at some of the progress made to improve financial understanding, and the work still to be done
Posted: 23/12/24
The past year has been another busy one for the pensions industry, with a 'landmark' Pensions Review, plans for a Pension Schemes Bill, and growing momentum around pensions dashboards. Sophie Smith takes a look back at the most read stories from the year
Posted: 23/12/24
Pensions Age reporter, Paige Perrin, reflects on the highs and lows of the pensions industry in 2024, assessing which developments earned a spot on Santa’s nice list and which areas ended up on the naughty list
Posted: 23/12/24
Pensions Dashboards Programme (PDP) principal, Chris Curry, looks back on the progress made towards making pensions dashboards a reality, and the work that lies ahead in 2025
Posted: 20/12/24
Pensions Age takes a look back at the top stories of the week, including the ‘widespread’ industry disappointment over the Pension Review delay, confirmation that no compensation will be paid to Waspi women over state pension age (SPA) changes, and more
Posted: 20/12/24
The Pension Protection Fund (PPF) has said that it would welcome any further government consideration of PPF and Financial Assistance Scheme (FAS) indexation rules, as concerns regarding the non-indexation of payments in respect of pre-1997 service persist
Posted: 20/12/24
The Pensions Scam Industry Group (PSIG) has said that feedback on its recent consultation was "encouraging", although it expressed "disappointment" that the industry is not yet ready to help fund its operation
Posted: 20/12/2024
The latest news in brief and mandates from the past seven days
Posted: 20/12/24
The General Council of the Bar (GCB) Pension and Life Assurance Fund has completed a £20m buy-in with Pension Insurance Corporation (PIC), covering the benefits of 103 members
Posted: 20/12/24
Society of Pension Professionals (SPP) Investment Committee member, Jos Vermeulen, discusses the endgame options available to defined benefit (DB) schemes, and the role longevity swaps can play in making de-risking goals more achievable
Posted: 19/12/24
The Financial Reporting Council (FRC) has published a draft three-year strategy for 2025-28 reaffirming its commitment to support UK economic growth and serve public interest
Posted: 19/12/24
Two fifths (40 per cent) of UK adults aged 55 or over - the equivalent of 8.5 million people - remain “completely unaware” of new rules that will bring pensions into the scope of inheritance tax (IHT) from April 2027, research from Canada Life has revealed
Posted: 19/12/2024
Defined benefit (DB) pension transfer values reached a 12-month low during November 2024, before recovering to their previous month-end position, according to analysis from XPS Group
Posted: 19/12/2024
The trustees of the Airways Pension Scheme have agreed a £340m longevity swap with Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, and Zurich Assurance Ltd
Posted: 19/12/24
The Financial Services Compensation Scheme (FSCS) has revealed that 13 firms were declared in default in October and November 2024
Posted: 19/12/24
Nearly three quarters (70 per cent) of pension schemes view capacity constraints within scheme administrators as the biggest risk to timetables for moving schemes to buyout and wind-up, a poll from LCP has revealed
Posted: 18/12/24
Technology changes will demand new levels of adaptability and forward-thinking, the CFA Institute has said, particularly if these technologies address the unique challenges pension funds face in generating sustainable income for future generations
Posted: 18/12/24
XPS Group has launched a tracker that benchmarks a typical defined contribution (DC) pension pot at retirement against industry living standards
Posted: 18/12/2024
The G R Wright & Sons Ltd Pension & Assurance Scheme has completed a £4m full scheme buy-in with Just Group, securing the benefits of all 13 members
Posted: 18/12/2024
Almost three quarters (74 per cent) of pension scheme managers said the scheme they work for would or was likely to increase contributions over the coming year, despite pension schemes experiencing an improvement in their funded status, research from Ortec Finance has found
Posted: 18/12/24
The Association of Consulting Actuaries (ACA), the Association of Pension Lawyers (APL) and the Society of Pension Professionals (SPP) have issued a joint statement following the Virgin Media ruling, encouraging the government to introduce retrospective regulations
Posted: 18/12/24
The government has accepted that there was maladministration in relation to how it communicated changes to women's state pension age (SPA), although it has rejected the Parliamentary and Health Service Ombudsman's (PHSO) proposed remedy
Posted: 18/12/24
Almost half (46 per cent) of defined benefit (DB) pension scheme trustees said market volatility remained a key challenge when it came to pursuing their endgame strategy, according to research from Standard Life
Posted: 17/12/24
Legal & General (L&G) has announced that it will introduce its Lifetime Advantage Funds as the new core default strategy for contract-based defined contribution (DC) clients beginning in 2025
Posted: 17/12/2924
Regulatory action will not be taken against pension schemes that are unable to meet their pensions dashboards connection date because they are using a third party that has not completed its connection journey, the Money and Pensions Service (Maps) has confirmed
Posted: 17/12/24
The Financial Conduct Authority (FCA) has fined Richard Fenech and Heather Dunne, and banned them from working in financial services, due to pension transfer advice failings
Posted: 17/12/24
Pension Insurance Corporation (PIC) has partnered with SEI to allow trustees to transfer defined contribution (DC) pension benefits and additional voluntary contributions (AVC) into the SEI Master Trust in bulk, as part of their buyout arrangements
Posted: 17/12/24
MoneyHelper has outlined plans for its Citizen User Testing exercise, which is set to begin in the new year
Posted: 17/12/24
The pensions industry has expressed its disappointment at the news of a potential delay to the second phase of the government's Pension Review, with particular concerns raised over the impact on auto-enrolment reforms.
Whilst Pensions Minister, Emma Reynolds, previously suggested that the pensions industry “won’t have too long to wait” for the second phase, with further updates expected by the end of year, a government spokesperson has now said that it will set out more details on the second phase "in due course"
Whilst Pensions Minister, Emma Reynolds, previously suggested that the pensions industry “won’t have too long to wait” for the second phase, with further updates expected by the end of year, a government spokesperson has now said that it will set out more details on the second phase "in due course"
Posted: 16/12/24
Eight in ten (81 per cent) working-age adults aren't sure where all their pension pots are, prompting renewed concerns of a future pension savings crisis in the UK, research from pension-finding platform, Raindrop, has revealed
Posted: 16/12/2024
The Tennants Consolidated Limited Pension Scheme has completed a £102m full scheme buy-in with Royal London, covering 463 pensioners and 241 deferred members
Posted: 16/12/24
The bulk annuity market saw “significant” shifts in market dynamics in 2024, including the emergence of new entrants, increased capacity to meet demand, and evolving insurer priorities, DLA Piper has said
Posted: 16/12/24
FTSE350 defined benefit (DB) pension scheme sponsors could unlock £45bn of economic value via surplus refunds, analysis from Barnet Waddingham has revealed
Posted: 16/12/2024
The Hunt Brothers and Company Limited Pension Fund has secured a £1.4m full scheme buy-in with Just Group, covering the benefits of eight pensioner members
Posted: 16/12/24
The latest news in brief and mandates from the past seven days
Posted: 13/12/2024
The Pensions Regulator (TPR) achieved 15 out of 20 key performance indicators (KPIs) in 2023/24, its latest Annual Report and Accounts has revealed
Posted: 13/12/24
Defined benefit (DB) pension schemes are struggling to set long-term funding targets, despite pressure from The Pensions Regulator to do so, research from Charles Stanley Fiduciary Management has shown
Posted: 13/12/24
Pensions Age takes a look back at the top stories of the week, including consultations from the Financial Conduct Authority (FCA), the outlook for defined benefit (DB) and defined contribution (DC) schemes in 2025, and more
Posted: 13/12/2024
Nest's scheme membership rose to 13 million in 2023/24, according to its latest Annual Report and Accounts, with this recent growth and the persistency of pension savings enabling member contributions to out-perform expectations
Posted: 13/12/24
The trustee of the Wates Pension Fund, together with Wates Group, have agreed to transfer members' defined benefit (DB) pension benefits to Clara, marking the first superfund transaction with a scheme with an active sponsor
Posted: 12/12/24
The Pension Protection Fund (PPF) has confirmed that it will postpone its decision regarding the 2025/26 levy, to allow more time for legislative changes to provide greater flexibility and ultimately enable it to set a zero levy
Posted: 12/12/24
Flexibility is "key" when selecting a run-on strategy for a defined benefit (DB) scheme, Hymans Robertson has said, arguing that insurance should always remain a possibility if things change
Posted: 12/12/2024
Almost a third (30 per cent) of UK defined benefit (DB) pension schemes are yet to decide their endgame target, with many more willing to consider their options rather than move automatically to buyout, research from Russell Investments has revealed
Posted: 12/12/24
The pensions and advice industries have broadly welcomed the Financial Conduct Authority’s (FCA) proposals to introduce targeted support for pensions, but have warned there will be issues that will be challenging to overcome
Posted: 12/12/24
The expected future living standard in retirement provided by defined contribution (DC) savings fell for young savers in Q3, following "flat" investment returns, Aon’s UK DC pension tracker has revealed
Posted: 12/12/2024
The Department of Health and Social Care (DHSC) has launched a consultation on proposed amendments to the NHS Pension Scheme, as part of its efforts to ensure it continues to help the NHS attract and retain the staff needed to deliver high-quality care for patients
Posted: 12/12/24
The defined benefit (DB) and hybrid pensions landscape continued to shrink at a yearly rate of 3 per cent in 2024, analysis from The Pensions Regulator (TPR) has revealed
Posted: 12/12/24
The Financial Conduct Authority (FCA) has published a consultation on proposals to introduce targeted support for pensions as part of the Advice/Guidance Boundary Review
Posted: 12/12/24
Healthy defined benefit (DB) pension scheme funding levels are expected to continue in 2025, Legal & General (L&G) has said, with average UK pension risk transfer (PRT) market volumes expected to reach £45bn per annum
Posted: 11/12/24
Strong activity levels and improved communications for members at-retirement in the bulk purchase annuity (BPA) market are set to continue in 2025, according to industry experts
Posted: 11/12/24
Global pension schemes are expected to increase their allocations to private assets and Asian emerging markets, a report from Create-Research and Amundi has revealed
Posted: 11/12/24
Given the improved funding position of defined benefit (DB) schemes, some which have moved into surplus, over two-fifths (43 per cent) of UK private equity firms have factored the DB funding landscape into their investment strategies, research from Cardano has found
Posted: 11/12/24
Targeted state support could help mitigate the impact of state pension age (SPA) increases, particularly for vulnerable groups, according to the Institute for Fiscal Studies (IFS)
Posted: 11/12/24
The trustees of an unnamed pension scheme have completed a £17m full-scheme buy-in with Just Group, insuring the benefits of all 54 scheme members
Posted: 11/12/24
Nearly half (44 per cent) of pension professionals think new tax reliefs or financial incentives would be the most effective way for the government to deliver greater pension investment in UK productive assets, a poll from the Society of Pension Professionals (SPP) has found
Posted: 11/12/24
Railpen has updated its global voting approach for 2025, strengthening its engagement and voting commitments on issues such as shareholder protections and audit quality
Posted: 10/12/24
Thames Water Utilities Limited has agreed a recovery plan with the trustees of the Thames Water Pension Scheme (TWPS) and Thames Water Mirror Image Pension Scheme (TWMIPS), which is aimed at reducing the deficit to zero by 2029
Posted: 10/12/24
The latest defined benefit (DB) funding level provides an “encouraging outlook” for DB schemes, with revised data from the Pension Protection Fund (PPF) showing that the aggregate surplus of DB pension schemes increased to £235.5bn in November.
The update reflected several changes to the roll-forward calculation methodology used to estimate asset and liability values, which led to "significant" changes in the data produced by the PPF
The update reflected several changes to the roll-forward calculation methodology used to estimate asset and liability values, which led to "significant" changes in the data produced by the PPF
Posted: 10/12/2024
The Work and Pensions Committee (WPC) has launched an inquiry into pensioner poverty, looking at the impact of pensioner poverty and its potential mitigations, and the costs that should be covered by the state pension and other pension age benefits
Posted: 10/12/24
The Trustee Sustainability Working Group (TSWG), a cross-industry trustee group, has launched, aimed at accelerating good investment practice around sustainability across the pensions industry
Posted: 10/12/24
The Hays Pension Scheme has completed a £370m buy-in with Pension Insurance Corporation (PIC), covering the benefits of 853 pensioners and dependents and 3,368 deferred members
Posted: 10/12/24
Major issues are continuing to “plague” pension transfer regulations three years on from their introduction, according to Quilter
Posted: 9/12/24
The combined IAS19 pensions surplus for defined benefit (DB) UK pension schemes of FTSE 100 companies increased to over £65bn in November, according to LCP’s Pensions Explorer
Posted: 9/12/24
The Institute and Faculty of Actuaries (IFoA) has published a thematic review into the role of actuaries in managing cyber risk
Posted: 9/12/24
Less than a fifth (19 per cent) of all UK savers have fully considered getting a serious illness in their retirement plan, but only 16 per cent of over-50s said they were prepared for this, compared to 25 per cent of those under 50, research from Barnett Waddingham has found
Posted: 9/12/24
The pensions industry has split opinions on which is the better endgame option for defined benefit (DB) pension schemes, run-on or buyout, according to a poll from the Society of Pension Professionals (SPP)
Posted: 09/12/2024
The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to Technical Actuarial Standard (TAS) 300: Pensions, seeking to reflect recent developments in pension scheme funding
Posted: 9/12/24
The Pensions Regulator CEO, Nausicaa Delfas, reflects on recent changes in the pensions landscape, taking a closer look at how the regulator plans to change its approach to become more proactive and market-facing
Posted: 6/12/24
The Department for Work and Pensions (DWP) has been urged to repeal or amend the regulations in relation to the contents of pension schemes' annual reports, amid concerns over the level of complexity and duplication in current reports.
An open letter from the Joint Industry Forum (JIF) on workplace pensions pointed out that pension scheme annual reports and accounts have become very long and, in some cases, longer than corporate annual reports
An open letter from the Joint Industry Forum (JIF) on workplace pensions pointed out that pension scheme annual reports and accounts have become very long and, in some cases, longer than corporate annual reports
Posted: 6/12/24
The latest news in brief and mandates from the past seven days
Posted: 06/12/2024
HMRC has shared further clarifications about regulations around the abolition of the lifetime allowance (LTA) after receiving “several queries” since the publication of the amending legislation
Posted: 6/12/24
The Pensions Ombudsman (TPO) has upheld a complaint against Guardian Industrial UK, ordering the employer to pay the complainant £1,000 for the serious distress and inconvenience it caused her
Posted: 6/12/24
Pensions Age takes a look back at the top stories of the week, including guidance from The Pensions Regulator (TPR), the latest defined benefit (DB) funding level estimates, and more
Posted: 6/12/24
The net funding position for defined benefit (DB) pension schemes has remained largely stable over the past year, with a net surplus of £219bn, the Pension Protection Fund's (PPF) latest Purple Book has revealed
Posted: 5/12/24
HMRC has found that the combined tax reliefs for pensions, including reliefs on contributions and tax-free investment growth, accounted for approximately £52bn in 2023/24
Posted: 5/12/24
The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) have amended their actuarial models to take account of benefit payments and future accrual, in an effort to create more alignment across their defined benefit (DB) funding models
Posted: 5/12/24
While automatic enrolment has improved pension participation, challenges remain in ensuring adequate contribution levels and addressing the affordability concerns of lower-income workers, research from the Pensions Policy Institute (PPI) has found
Posted: 5/12/24
UK defined benefit (DB) pension schemes’ funding positions remained at record levels in November, according to an analysis by XPS
Posted: 05/12/2024
Fully hedged defined benefit (DB) pension scheme funding levels saw a small improvement in November, up from 69.4 per cent at the end of October to 69.5 per cent at the end of November, according to analysis from Broadstone
Posted: 5/11/24
Working women "significantly underestimate" how much they will rely on the state pension in retirement, research from Aegon has revealed
Posted: 04/12/2024
The total value of buy-in and buyout transactions completed in the third quarter of 2024 reached around £20bn, marking the largest volume of transactions in the third quarter of any calendar year, according to analysis by Hymans Robertson
Posted: 4/12/24
The Pensions Dashboards Programme (PDP) has confirmed that two of its volunteer participants (VPs) have completed integration testing, with wider industry connection "getting started next year"
Posted: 4/12/24
The majority (65 per cent) of pension funds have a commitment to net zero in place, while 22 per cent of the third who do not have one expect to adopt a commitment within five years, research from the Pensions and Lifetime Savings Association (PLSA) has found.
Posted: 4/12/24
The Pensions Regulator (TPR) has published updated covenant guidance for trustees of defined benefit (DB) pension schemes, in alignment with its new DB Funding Code.
The new guidance, which is intended to provide greater certainty over how the regulator expects trustees to assess their employer covenant, was hailed as the "last piece of the jigsaw" in helping schemes carry out valuations under the new DB funding regime
The new guidance, which is intended to provide greater certainty over how the regulator expects trustees to assess their employer covenant, was hailed as the "last piece of the jigsaw" in helping schemes carry out valuations under the new DB funding regime
Posted: 4/12/24
The Avimo Pension Scheme has completed a £50m buy-in with Rothesay, securing retirement benefits of all 611 scheme members, including 416 pensioners and dependants and 195 deferred members
Posted: 04/12/2024
Brits could boost their pension by thousands of pounds by retirement if they paid themselves an annual Christmas contribution bonus, according to a new analysis by PensionBee
Posted: 03/12/2024
Three quarters (73 per cent) of senior pension fund executives said the pension fund they work for would increase their budget for, and focus on, scenario modelling, asset-liability management, and stress testing over the next two years, Ortec Finance has found
Posted: 3/12/24
Nearly a third (29 per cent) of people don’t know how much they should save for their pensions, according to research by Hargreaves Lansdown (HL)
Posted: 03/12/2024
The trustee of the Merchant Navy Ratings Pension Fund (MNRPF) has agreed a £450m longevity swap with Metropolitan Life Insurance Company (MetLife).
The deal provides long-term protection to MNRPF against costs resulting from pensioners or their dependants living longer than expected, as well as enhancing security for MNRPF members
The deal provides long-term protection to MNRPF against costs resulting from pensioners or their dependants living longer than expected, as well as enhancing security for MNRPF members
Posted: 3/12/24
The Pensions Administration Standards Association (PASA) has launched guidance on data scoring, aimed at improving the consistency and quality of data within the pension industry
Posted: 3/12/24
Over 100,000 former mineworkers across the UK have received the first boost to their pensions, following the government's promise to reverse a "historic injustice" suffered by the Mineworkers' Pension Scheme (MPS) members
Posted: 2/12/24
Origo’s Unipass Letter of Authority (ULoA) is being made available to all Openwork Partnership advisers, seeking to support them in achieving faster, whole of market processing of their LoA requests
Posted: 2/12/24
The Financial Conduct Authority (FCA) has fined former Capital & Income Solutions (C&I) director, Philip Pryke, £1.38m for unsuitable pension transfer advice
Posted: 2/12/24
Nearly half (41 per cent) of companies with defined contribution (DC) schemes are 'very likely' to introduce a collective DC (CDC) pension scheme or a risk-sharing alternative, according to research by Hymans Robertson
Posted: 2/12/24
KION Group has completed a £250m full scheme buy-in transaction with Canada Life, securing the benefits of over 3,000 members and covering five different UK defined benefit (DB) pension schemes within the group
Posted: 2/12/24
The Bank of England (BofE) has shared the results of its system-wide exploratory scenario (SWES) exercise, revealing that UK pension funds have significantly improved their resilience with respect to liability-driven investment (LDI) over the past two years.
The Pensions Regulator (TPR) welcomed the next steps outlined in the report, including plans for TPR to explore potential improvements to existing data collections to improve contingency planning by pension schemes
The Pensions Regulator (TPR) welcomed the next steps outlined in the report, including plans for TPR to explore potential improvements to existing data collections to improve contingency planning by pension schemes
Posted: 29/11/24
Pensions Age editor, Laura Blows, discusses the importance of raising awareness around pension scams, after an EastEnders storyline highlighted the devastating impact missing key pension scam warning signs can have
Posted: 29/11/24
The Pensions Regulator (TPR) has urged the pensions industry to report scams and suspicions of scams to Action Fraud, after an EastEnders storyline highlighted the devastating impact of pension scams, in a fresh warning for savers to stay vigilant
Posted: 29/11/2024
UK pension organisations have expressed "strong support" for the government’s Mansion House reforms in a joint letter to Chancellor, Rachel Reeves, welcoming their potential to foster economic growth, drive consolidation, and improve outcomes for savers
Posted: 29/11/24
The latest news in brief and mandates from the past seven days
Posted: 29/11/2024
The Pensions Ombudsman (TPO) has ordered two trustees, Brambles Administration, and and two trustee companies to repay £5.2m into three pension schemes, meaning that TPO's Pensions Dishonesty Unit (PDU) has now issued directions totalling more than £40m since its launch in 2022
Posted: 29/11/24
Defined benefit (DB) pension schemes should consider non-price factors when assessing buy-in or buyout insurers, Hymans Robertson has said
Posted: 29/11/24
Pensions Age takes a look back at the top stories of the week, including adequacy concerns, The Pensions Regulator’s (TPR) plans to move toward a more prudential-style of regulation, an influx of bulk purchase annuity (BPA) deals, and more
Posted: 29/11/24
The Royal Mail Collective Pension Plan, which officially launched on 7 October, will be delivered using the EQ Retirement Solutions’ (EQRS) Compendia platform, it has confirmed
Posted: 29/11/24
The Pensions Regulator (TPR) is moving towards a more prudential-style of regulation amid a "rapid" acceleration in the scale of workplace pension schemes, TPR CEO, Nausicaa Delfas, has said.
According to Delfas, recent analysis from TPR suggested that, even without government intervention, the master trust market will contain schemes of "systemically important size" in 10 years' time
According to Delfas, recent analysis from TPR suggested that, even without government intervention, the master trust market will contain schemes of "systemically important size" in 10 years' time
Posted: 28/11/24
Nearly three quarters (74 per cent) of UK defined contribution (DC) pension savers felt they were not on track to achieve a reasonable standard of living in retirement, a survey from BlackRock has found
Posted: 28/11/24
The majority (83 per cent) of advisers think that some combination of increasing minimum auto-enrolment (AE) contributions, lowering the age when contributions start, or both, should be made, analysis from Ipipeline has revealed
Posted: 28/11/24
Planning to achieve a comfortable retirement tops clients’ financial advice ‘wish lists’ over the next six months, but the peak age for it being an advice priority is not reached until the age of 55, according to research from St. James’s Place (SJP)
Posted: 28/11/24
UK pension funds are expected to be more resilient against climate change than their global peers, although some UK schemes could see their investment return declines exceeding 20 per cent from transition risks, analysis from Ortec Finance has revealed
Posted: 28/11/24
More than a third (39 per cent) of pension professionals think that wider promotion of pensions administration as a career is a priority in addressing pensions administration capacity challenges, according to a poll from the Society of Pension Professionals (SPP)
Posted: 28/11/24
The notion of a traditional retirement will be “retired” due to increasing life expectancy and financial necessity, according to a report by the International Longevity Centre (ILC)
Posted: 27/11/2024
Pensions Minister, Emma Reynolds, has been announced as the keynote speaker at the Pensions Age Spring Conference 2025
Posted: 27/11/24
Changes to inequality and saving patterns should be treated as “early warning signs” that can signal widening differences in living standards ahead, a new report from the Pensions Policy Institute (PPI) has warned
Posted: 27/11/24
Aviva Investors has launched its third Long-Term Asset Fund (LTAF), the Aviva Investors Multi-Sector Private Debt LTAF
Posted: 27/11/2024
The trustees of the Mitchells & Butlers Executive Pension Plan (MABEPP) have agreed a full scheme buyout with Legal and General Assurance Society Limited, the group's latest annual accounts have revealed
Posted: 27/11/24
The government has been encouraged to consider alternatives to its proposal of bringing pensions into scope of inheritance tax (IHT)
Posted: 27/11/24
The Rothesay Foundation has made a £2.47m donation to expand the Age UK benefits check service for older people, building on its 2023 pilot campaign
Posted: 26/11/24
An All-Party Parliamentary Group (APPG) call for evidence report has found “very significant shortcomings” at the Financial Conduct Authority (FCA)
Posted: 26/11/24
Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned
Posted: 26/11/24
More than half (53 per cent) of pensioners don't like to ask for support from their friends or family, even if they need it, research from Royal London has found
Posted: 26/11/2024
The Pensions Ombudsman (TPO) has upheld a complaint against Mid Air Site Services Ltd for failing to pay contributions into a worker’s pension due to maladministration
Posted: 26/11/24
The Wednesbury Pension Scheme has completed a £43m buy-in with Just Group, securing the benefits of all 384 scheme members
Posted: 26/11/2024
Defined benefit (DB) pension transfer values fell by almost 2 per cent during October 2024, falling to their lowest value since October 2023, according to analysis from XPS Group
Posted: 26/11/24
Brits are delaying their retirement by an average of 3.9 years due to the high cost of living, research from Compare the Market has revealed
Posted: 25/11/2024
Defined contribution (DC) pension savers are at risk of an advice gap both at and in retirement, according to a study from Invesco
Posted: 25/11/24
The world's largest 100 asset owners now hold a record $26.3trn in total assets, although pension funds saw the smallest growth rate, with assets held rising by 8.9 per cent from the previous year, analysis from Thinking Ahead Institute (TIA) has revealed
Posted: 25/11/24
Almost a fifth (16 per cent) of people do not know when they will retire, including 16 per cent of those over 55, research from Hargreaves Lansdown has found
Posted: 25/11/24
The National Grid Electricity Group section of the Electricity Supply Pension Scheme has completed a £1.7bn buy-in with Aviva
Posted: 25/11/2024
An unnamed UK pension scheme has agreed a £500m bulk purchase annuity (BPA) transaction with M&G, in what is thought to be the market's first BPA deal to share value with a corporate sponsor
Posted: 25/11/24
Pensions Age takes a look back at the top stories of the week, including industry repsonse to the government's plans to extend collective defined contribution (CDC), updates on the Advice/Guidance Boundary review, and more
Posted: 22/11/24
Advised clients feel more confident about achieving their retirement goals after receiving financial advice, as demand looks set to increase amid a changing regulatory landscape, analysis from BNY Investments and NextWealth has found
Posted: 22/11/24
Defined contribution (DC) master trust outcomes for members have improved "significantly" since the period of gilt market volatility seen in 2022, Hymans Robertson's latest Master Trust Insights report has revealed
Posted: 22/11/24
The latest news in brief and mandates from the past seven days
Posted: 22/11/2024
Higher numbers of pension cyber incident reports have increased the response time of the Information Commissioner’s Office (ICO), according to research by law firm Eversheds Sutherland
Posted: 22/11/24
The majority of advisory firms expect to see a continuing "surge" in professional corporate sole trustee (PCST) appointments in the next 12 months, research from the Independent Governance Group (IGG) has revealed.
The survey found that, among the firms who expect to see more growth in PCST appointments, 31 per cent anticipate a ‘significant increase’ in demand during 2025, while the remaining 69 per cent expect a ‘slight increase’
The survey found that, among the firms who expect to see more growth in PCST appointments, 31 per cent anticipate a ‘significant increase’ in demand during 2025, while the remaining 69 per cent expect a ‘slight increase’
Posted: 22/11/24
A coalition of global investors managing assets worth more than $4trn has called on policymakers in the UK, US and EU to prevent rolling back equal voting rights for investors, citing evidence that robust investor protections are “vital for healthy capital markets”
Posted: 21/11/24
Liquid alternative assets can help UK pension schemes position their portfolios for greater resilience, while still meeting their return objectives, Aon has said
Posted: 21/11/2024
Retirees in 2034 will live for longer but will face "significant" challenges in achieving an adequate quality of life in retirement, according to a report from the Pensions Policy Institute (PPI)
Posted: 21/11/24
The winners of the 13th annual Irish Pensions Awards were announced on Wednesday night at the highly anticipated gala dinner at The Round Room at the Mansion House in Dublin
Posted: 21/11/24
The New Crown Motor Sales Limited Staff Pension Scheme has completed a £2.2m buy-in with Just Group, securing the benefits of 36 members
Posted: 21/11/2024
Fidelity International has announced plans to integrate private assets into its £16.9bn default investment strategy for UK workplace pension schemes, Futurewise, through its first long-term asset fund (LTAF)
Posted: 20/11/24
Gender differences in the ages at which people retire have almost disappeared, with both men and women retiring at an average age of 64 years old, according to a report published by longevity thinktank Phoenix Insights
Posted: 20/11/24
More than one in five (22 per cent) UK adults wish they had learned to save for retirement earlier, a report from Aqua has found
Posted: 20/11/2024
Fiduciary managers (FM) saw modest growth in mandates within the defined benefit (DB) market over the past year, although FM assets under management (AUM) saw a "significant boost", according to a report into the latest fiduciary sector trends published by Isio
Posted: 20/11/24
The update on the Advice/Guidance Boundary Review in the Mansion House speech “offers hope” on closing the advice gap, with retirement and pensions the most likely financial issues people will seek advice on, according to Hargreaves Lansdown
Posted: 20/11/24
Pension superfunds have "come of age", Hymans Robertson has said, after its latest report on alternative risk transfer revealed a shift in opinions on superfunds, from a place of "widespread scepticism" to viewing them as a "valuable addition" to the market
Posted: 20/11/2024
The Pensions Dashboards Programme (PDP) has published an updated version of its reporting standards, as the programme continues to move forward "with pace"
Posted: 20/11/24
Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves
Posted: 20/11/24
Aviva has launched a Shariah investment strategy that includes a suite of funds compliant with Islamic principles
Posted: 19/11/2024
The Pensions Research Accountants Group (PRAG) has shared a new paper looking at the required accounting treatment of the various financial sustainability models found across the UK’s defined contribution (DC) master trusts
Posted: 19/11/24
The government is working to provide a response to the Work and Pensions Committee's (WPC) report on defined benefit (DB) pensions "in the new year", Secretary of State for Work and Pensions, Liz Kendall, has confirmed
Posted: 19/11/24
UK ‘job hoppers’ have over £15,000 more in pension savings than the average person, research from Wealthify showed
Posted: 19/11/2024
Industry experts have welcomed the Department for Work and Pensions' (DWP) consultation on legislation to extend collective defined contribution (CDC) provision beyond single or connected schemes, but have expressed concerns over governance requirements
Posted: 19/11/24
The Pensions Ombudsman (TPO) has ordered a former company director to repay over £9.7m into the Uniway Systems Limited Retirement Benefit Scheme and the Genwick Limited Retirement Benefit Scheme, following an investigation by its Pensions Dishonesty Unit
Posted: 19/11/24
Defined benefit (DB) pension schemes should make sure they "tackle the tough questions" when deciding on their endgame strategy, LCP has stated
Posted: 18/11/2024
Investment planning is an “increasingly influential” element in steering UK defined benefit (DB) pension schemes to successful risk settlement solutions, Aon has said
Posted: 18/11/24
The government’s proposed draft collective defined contribution (CDC) pension legislation to extend CDC beyond single or connected schemes may be “unduly onerous”, the Society of Pension Professionals (SPP) has warned
Posted: 18/11/24
Nearly one in five employees (19 per cent) do not know how much they and their employer are contributing to their pensions, according to research from Hargreaves Lansdown
Posted: 18/11/24
The majority (82 per cent) of workplace pension holders plan to use dashboards when launched, emphasising the importance of having scalable solutions that can cope with surges in demand, research from Bravura has found
Posted: 18/11/24
The Money and Pensions Service (Maps) met its pension guidance and Pension Wise targets in 2023/24, its latest annual report has revealed
Posted: 18/11/24
The Financial Conduct Authority (FCA) has outlined the next steps of the Advice/Guidance Boundary Review, including a consultation on targeted support for pensions in December
Posted: 15/11/24
Pensions Age takes a look back at the top stories of the week, including pension reforms announced in the Mansion House speech, the latest from the government's Pension Investment Review, and progress on pensions dashboards
Posted: 15/11/24
Industry experts have broadly welcomed the Chancellor’s plans to create defined contribution (DC) and Local Government Pension Scheme (LGPS) ‘megafunds’ but warned that the “devil is the detail” over implementation and timescales
Posted: 15/11/24
The latest news in brief and mandates from the past seven days
Posted: 15/11/2024
The pensions industry has expressed its disappointment at the omission of reform to defined benefit (DB) pensions in the Mansion House speech
Posted: 15/11/24
The government has published two consultations on its plans to create defined contribution (DC) and Local Government Pension Scheme (LGPS) 'megafunds', alongside the Pensions Investment Review interim report.
The reforms are intended to set the DC workplace market and LGPS on a path of fewer, larger funds, which are better positioned to invest in productive assets, more able to deliver greater returns for members of DC schemes, and give greater value for local taxpayers
The reforms are intended to set the DC workplace market and LGPS on a path of fewer, larger funds, which are better positioned to invest in productive assets, more able to deliver greater returns for members of DC schemes, and give greater value for local taxpayers
Posted: 15/11/24
Over half (51 per cent) of pension professionals believe that the best outcome of the Defined Benefit (DB) Funding Code has been clearer links between funding, investment and covenant, a poll from the Society of Pension Professionals (SPP) has found
Posted: 15/11/24
The British Business Bank (BBB) and Phoenix Group have invested a combined £500m with Schroders Capital under the Long-Term Investment for Technology and Science (LIFTS) initiative to create a new investment vehicle available to pension schemes and other institutional investors
Posted: 15/11/24
Aegon UK and NatWest Cushon have committed to working with the British Business Bank (BBB) on the launch of the British Growth Partnership (BGP), an investment vehicle that seeks to increase pension investment in UK high-growth companies
Posted: 15/11/24
The Walkers Shortbread Limited Retirement Benefits Scheme has completed a £34m buy-in with Legal and General (L&G), securing the benefits of 161 retirees and 238 deferred members
Posted: 14/11/24
Performing arts and entertainment trade union, Equity, has called on the Chancellor to use the Pension Schemes Bill to make "smart, strategic reforms" that could unlock a "staggering" £1.2trn from the pension sector for growing clean energy and infrastructure in the UK
Posted: 14/11/24
The government should expand the Mansion House Compact to include real estate, infrastructure and UK-listed smaller companies, Abrdn has said
Posted: 14/11/24
Independent financial advisers (IFA) are “broadly supportive” of pension reforms being included in the Mansion House speech this evening (14 November), research from Opinium has revealed
Posted: 14/11/24
An increasing number of financial advisers are changing their retirement propositions following the Financial Conduct Authority’s (FCA) thematic review of retirement income advice, analysis has shown
Posted: 14/11/24
The trustee of the G4S Pension Scheme has completed a £1.8bn full buy-in with Just Group, covering the benefits of around 22,500 members
Posted: 14/11/24
Chancellor, Rachel Reeves, is set to announce plans to create 'pension megafunds' in her upcoming Mansion House speech, as part of a "radical" set of pension reforms designed to unlock billions of pounds of investment in infrastructure and local projects
Posted: 13/11/24
Industry experts have broadly welcomed the Chancellor's plans to create pension 'megafunds', highlighting the pensions investment review as an "opportunity" to accelerate consolidation progress
Posted: 13/11/24
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, which showed that the gender pensions gap remains at a "stubborn" 30 per cent
Posted: 13/11/24
The Pensions Regulator (TPR) has shared its new compliance and enforcement policy for collective defined contribution (CDC) pension schemes, which outlines how providers can expect it to supervise them.
TPR said that it will supervise CDC schemes in a "collaborative and proportionate" way, although it will use new powers, such as risk notices, when it is concerned a CDC pension scheme is not being effectively run, governed or funded
TPR said that it will supervise CDC schemes in a "collaborative and proportionate" way, although it will use new powers, such as risk notices, when it is concerned a CDC pension scheme is not being effectively run, governed or funded
Posted: 13/11/24
UK defined benefit (DB) pension scheme surpluses reached record levels in October, with an aggregate surplus of over £208bn, XPS Group analysis has revealed
Posted: 13/11/2024
UK-listed companies with defined benefit (DB) schemes issued 20 profit warnings in the third quarter of 2024, the highest quarterly total in 2024 so far, EY-Parthenon has revealed
Posted: 13/11/24
Defined contribution (DC) pension scheme members' pension pots could be increased by an estimated 40 per cent if employers productively invested their defined benefit (DB) scheme surpluses, research from Van Lanschot Kempen Investment Management suggested
Posted: 13/11/24
UK insurers share a "strong appetite" for continued UK investment through their pension books, although a lack of market opportunities could be limiting their ability to invest, according to a report from DLA Piper
Posted: 13/11/24
An unnamed defined benefit (DB) pension scheme has completed a £20m buy-in with Utmost Life and Pensions
Posted: 13/11/24
The introduction of pensions dashboards could see losses from pension transfers “soar” beyond £2bn before the end of the decade, research from People’s Partnership has suggested
Posted: 13/11/24
The Pensions Regulator's (TPR) new Defined Benefit (DB) Funding Code officially came into force today (12 November), with the regulator now set to improve its regulatory grip in order to ensure savers get the benefits they expect.
TPR also confirmed that it will look to share covenant guidance "later this year"
TPR also confirmed that it will look to share covenant guidance "later this year"
Posted: 12/11/24
The Pensions Age Spring Conference 2025 is now open for registration, offering pension schemes and those working in the industry the opportunity to both learn and network alongside their peers
Posted: 12/11/24
Just over two fifths (42 per cent) of workers over-50 have reduced their working hours or plan to do so as they approach retirement, according to research from Standard Life
Posted: 12/11/24
Defined benefit (DB) pension scheme sponsors have been encouraged to consider including some narrative disclosures around the status of any risks, following the Virgin Media judgment
Posted: 12/11/24
The aggregate surplus of defined benefit (DB) pension schemes increased to £485.1bn at the end of October 2024, up from £476bn at the end of September, the Pension Protection Fund’s (PPF) 7800 Index has found
Posted: 12/11/24
The Pensions Management Institute (PMI) has appointed Mortality Manifest (MM) as an Insight Partner to help schemes improve their pension data capabilities
Posted: 11/11/24
WTW has secured five UK defined benefit (DB) investment advisory appointments over the past nine months, totalling £30bn in assets
Posted: 11/11/24
Retirees with a guaranteed income reported higher levels of satisfaction and faced fewer affordability challenges, a study from Legal & General and the Happiness Research Institute has found
Posted: 11/11/24
Plans to further consolidate the Local Government Pension Scheme (LGPS) could 'unlock' more than £200bn in private investment in infrastructure and help crowd in "huge" sums from private investors, analysis from Pension Insurance Corporation (PIC) has revealed
Posted: 11/11/24
Industry experts have urged Chancellor, Rachel Reeves, not to overlook defined benefit (DB) pension schemes in her upcoming Mansion House speech, as speculation over the potential pension reforms included in the speech has continued to grow
Posted: 11/11/24
Fulcrum Asset Management has received regulatory approval to launch its first commingled Long-Term Asset Fund (LTAF), the WS Fulcrum Diversified Private Markets LTAF
Posted: 11/11/24
Aegon has announced its intention to launch a commercial pension dashboard, following the Financial Conduct Authority’s (FCA) publication of a regulatory framework for pension dashboard service (PDS) firms
Posted: 11/11/24
The combined IAS19 pensions surplus for defined benefit (DB) UK pension schemes of FTSE100 companies increased in October to around £65bn, according to LCP's Pensions Explorer
Posted: 8/11/24
The latest news in brief and mandates from the past seven days
Posted: 8/11/24
The Financial Conduct Authority (FCA) has published its final rules and regulatory framework for pensions dashboard service (PDS) firms, in what has been highlighted as a "big step forwards" for the programme
Posted: 8/11/24
The first half of 2024 saw a record number of bulk purchase annuity (BPA) deals completed, driven by a “surge” in smaller transactions, according to analysis from Aon
Posted: 8/11/24
An unnamed pension scheme in the mechanical and electrical industry has completed a £2m full buy-in with Legal and General, securing the benefits of 16 pensioners and 3 deferred members
Posted: 8/11/24
The average time to buyout for FTSE350 defined benefit (DB) pension schemes fell to 5.2 years at the end of October, marking the biggest monthly drop seen since February, analysis from Barnett Waddingham has revealed
Posted: 8/11/24
A ‘low level’ of defined benefit (DB) pension provision may make a return to UK workplace pension saving, actuary James Smith has predicted
Posted: 7/11/24
The Pension Protection Fund (PPF) has published its fifth annual Responsible Investment Report, which outlined its progress in 2023/24 on responsible investment
Posted: 7/11/24
TPT Investment Management (TPTIM) has launched a new liability driven investment (LDI) solution for UK defined benefit (DB) pension schemes, in conjunction with Insight Investment
Posted: 7/11/24
UK defined benefit (DB) pension schemes reached a new record funding level in October, with a surplus of £330bn, PwC's Buyout Index has revealed
Posted: 7/11/24
There is “still a lot of work to do” to effectively communicate and educate scheme members of the Royal Mail collective defined contribution (CDC) scheme, Royal Mail Group director of pensions, Angela Gough, has said
Posted: 7/11/24
The Atradius UK Pension Scheme has completed a £190m buy-in with the Pension Insurance Corporation (PIC)
Posted: 7/11/24
The Halma Group Pension Plan and the Apollo Pension and Life Assurance Plan have secured £250m of buy-ins with Standard Life, securing retirement benefits for 2,200 pension scheme members
Posted: 7/11/24
The Department for Work and Pensions (DWP) had repaid £736m to individuals impacted by historical state pension underpayments as of 30 September 2024, having identified 119,050 underpayments
Posted: 7/11/24
More than three quarters (78 per cent) of asset managers in the UK and US with a presence in Europe are considering launching a Long-Term Asset Fund (LTAF) amid increased investor demand for private markets access
Posted: 7/11/24
The European Pensions Awards 2025 are open for entries
Posted: 7/11/24
Natwest Group has agreed a buy-in transaction with a third party insurer, with around a third of the main section of its defined benefit (DB) pension scheme now covered by insurance policies
Posted: 7/11/24
Pensions Minister, Emma Reynolds, has said the government intends to present regulations to extend collective defined contribution (CDC) provision beyond single or connected schemes to parliament “as soon as [they] are able to”
Posted: 7/11/24
The deadline for submitting entries to the Pensions Age Awards 2025 has been extended to the 15 November 2024
Posted: 6/11/24
Pension specialist for defined benefit (DB) and hybrid schemes, Cartwright, has announced the first phase of a fresh brand identity for the firm
Posted: 6/11/24
Marks & Spencer has announced that it is in discussions with the trustees of its UK defined benefit (DB) pension scheme, after its 2024 valuation indicated that the scheme continues to be well funded
Posted: 6/11/24
Nearly half (47 per cent) of Brits have expressed concern about the government's plans to bring pensions into the scope of inheritance tax, according to research by PensionBee
Posted: 6/11/24
A change in key trustee or company stakeholders could “significantly” impact a defined benefit (DB) pension scheme’s endgame investment strategy, Hymans Robertson has warned
Posted: 6/11/24
The West Bromwich Building Society Staff Retirement Scheme has completed a £70m buy-in with Canada Life, securing the benefits of all uninsured scheme members, including around 490 deferred members and 400 pensioner members
Posted: 6/11/24
Half-hedged defined benefit (DB) pension scheme funding improved in October, leading to a reasonable surplus, according to analysis from Broadstone
Posted: 6/11/24
Defined benefit (DB) pension scheme sponsors have been urged to be proactive and take advantage of new opportunities, with a report from LCP highlighting a number of new endgame options that are available under the revised DB Funding Code
Posted: 6/11/24
News that a UK pension scheme has bought into Bitcoin is not expected to spark a "stampede" into the asset class, AJ Bell has said, raising specific concerns around the idea of Bitcoin as a diversifier
Posted: 5/11/24
Not having children could boost a saver’s pension pot by over 50 per cent, analysis from Standard Life has revealed
Posted: 5/11/24
A group of firms from the UK wealth management industry has written to asset management companies, calling on them to ‘embrace’ net zero
Posted: 5/11/24
Further clarifications and streamlining are needed around the government's plans to bring pensions into the scope of inheritance tax, industry experts have said, amid concerns that the changes could cause a "bureaucratic nightmare for grieving families"
Posted: 5/11/24
Aon has taken on an additional £3.5bn in assets under management (AUM) with three new clients for its UK outsourced chief investment officer (OCIO) service
Posted: 5/11/24
Scottish Widows has introduced the ability for workplace pension customers to access ready-made investments via its app, in an effort to make investing easier for savers
Posted: 4/11/24
Mercer, a Marsh McLennan business, has completed its acquisition of long-term savings specialist Cardano, for an undisclosed amount
Posted: 4/11/24
The Pensions Ombudsman (TPO) has upheld a complaint against Vermuyden Care Limited for failing to pay contributions into a worker’s Nest pension due to maladministration
Posted: 4/11/24
Muse and Pensions Insurance Corporation (PIC) have agreed a £54m affordable housing deal with Homes England, the government's housing and regeneration agency
Posted: 4/11/24
The trustees of an unnamed UK pension scheme have made a 3 per cent allocation to Bitcoin, in what is thought to be a "first of its kind" investment in the UK pensions industry
Posted: 4/11/24
The Local Government Pension Scheme's (LGPS) Scheme Advisory Board (SAB) has shared legal advice for LGPS funds, after being made aware of concerns that LGPS funds could be investing in “companies in violation of international law”
Posted: 4/11/24
The pensions sector should go "beyond" Taskforce on Climate-Related Disclosures (TCFD) reporting requirements and capture the interdependencies between climate, nature, and society, the trustees of the Legal and General (L&G) Mastertrust have said
Posted: 4/11/24
The latest news in brief and mandates from the past seven days
Posted: 1/11/24
Pension schemes should plan ahead to avoid delays during “the home stretch” of their risk transfer journeys, LCP has argued
Posted: 1/11/24
Fears of a repeat of the 2022 gilt market crisis, which saw rising yields trigger a liquidity squeeze for many defined benefit (DB) pension schemes, are "not justified", according to partner and head of DB endgame strategy at Barnet Waddingham, Ian Mills
Posted: 1/11/24
The Pensions Ombudsman (TPO) has upheld a complaint against Figril Limited for failing to pay contributions into a worker’s Nest pension due to maladministration
Posted: 1/11/24
The Pensions Regulator (TPR) interim director of supervision, David Walmsley, discusses the regulator's plans to expand engagement with administrators to drive better outcomes for savers
Posted: 1/11/24
The Financial Conduct Authority (FCA) has banned Vintage Investment Services (Vintage) partners, Steven Hodgson and Paul Adams, from advising any customers on pension transfers and opt outs
Posted: 1/11/24
The People’s Pension delivered a 53 per cent reduction in total carbon emissions within its Global Investments Fund in the past 12 months, its annual Taskforce on Climate-Related Disclosures (TCFD) report has revealed
Posted: 31/10/24
The Pensions Scams Industry Group (PSIG), established in 2014 to help protect pension scheme members from scams, has launched a petition to change how HMRC treats pension and investment fraud victims
Posted: 31/10/24
Over half (60 per cent) of institutional investors and managers think the UK government is “on track” to meet its goal of reducing emissions by 68 per cent by 2030, analysis from Pensions for Purpose found
Posted: 31/10/24
Industry experts have broadly welcomed the omission of any "drastic" pension tax changes in the Autumn Budget, although there are concerns that this could have been a “missed opportunity” for some broader areas of reform
Posted: 31/10/24
The Armfield Limited Pension and Life Assurance Scheme has completed a £7m buy-in transaction with Just Group, securing the retirement benefits of the scheme's 24 pensioners and 15 deferred members
Posted: 31/10/24
The Transition Plan Taskforce (TPT) has officially concluded its work and published its final report, summarising the next steps for advancing transition planning globally
Posted: 31/10/24
Chancellor, Rachel Reeves, has announced plans to reduce tax-free overseas transfers of tax relieved UK pensions, and to update the requirements for European Economic Area Overseas Pension Schemes
Posted: 31/10/24
Chancellor, Rachel Reeves, has confirmed that the state pension will rise by 4.1 per cent from April 2025, to match the average earnings element of the triple lock
Posted: 30/10/24
Chancellor, Rachel Reeves, has announced plans to remove the concession for pension pots to be passed on to anyone free of inheritance tax (IHT) as part of her Autumn Budget
Posted: 30/10/24
In the Autumn Budget, Chancellor, Rachel Reeves, has committed to keeping Labour's promise to the Mineworkers' Pension Scheme (MPS) members, delivering a 32 per cent boost to the annual pensions of 112,000 former mineworkers
Posted: 30/10/24
Chancellor, Rachel Reeves, has announced plans to increase the rate of employer National Insurance contributions (NIC), in a move that industry experts have warned could represent a “major setback” to hopes of progress on Britain’s undersaving crisis
Posted: 30/10/24
The Universities Superannuation Scheme (USS) has announced that it will offer a Pension Committee internship to a trainee from Standard Life’s Trustee Accelerator Programme (TAP)
Posted: 30/10/24
Isio has announced the completion of its investment from Aquiline Capital Partners, focused on supporting Isio’s next phase of growth and delivering value for clients
Posted: 30/10/24
The House of Commons has formally appointed the Work and Pensions Committee (WPC) membership
Posted: 30/10/24
ECI Partners has made an investment in Independent Governance Group (IGG), marking an initial exit for LDC
Posted: 30/10/24
The Pensions Ombudsman (TPO) has upheld a complaint against Campbell Meyer & Co Limited for failing to pay contributions into a worker’s pension due to maladministration
Posted: 30/10/24
The St Modwen Pension Scheme has completed an £18m full-scheme buy-in with Just Group
Posted: 29/10/24
The Pension Protection Fund (PPF) has confirmed that marginally overfunded defined benefit (DB) schemes with less than £50m in liabilities will now have the option to use bespoke discount rate for section 143 (s143) valuations
Posted: 29/10/24
Pension provider and retirement services firm Alltrust Services has acquired the self-invested personal pension (SIPP) business of PSG SIPP, excluding its Unity SIPP scheme
Posted: 29/10/24
Changes to pension lump sums are the Budget measure that would cause the biggest disruption, according to a new poll of advice professionals conducted by Abrdn
Posted: 29/10/24
Defined benefit (DB) pension transfer activity increased slightly in September, with an annualised rate of 15 members in every 1,000 transferring their benefits to alternative arrangements, XPS data has revealed
Posted: 29/10/24
The Deutsche Bank Pension Scheme has completed a £1.1bn full buy-in with Legal & General (L&G), securing the retirement benefits of around 4,000 members
Posted: 29/10/24
The Wolseley Group has announced that the Aon Mastertrust will be the new pension provider for its £230m defined contribution (DC) scheme, which has over 13,000 members
Posted: 28/10/24
The RAC (2003) Pension Scheme has completed a £1.3bn full buy-in with Aviva, securing retirement benefits for all of the scheme's 19,000 members
Posted: 28/10/24
The Pensions Ombudsman (TPO) has upheld a complaint against Simon Marshall Holdings, ordering the employer to pay the complainant £1,000 for the “serious” distress and inconvenience it caused
Posted: 28/10/24
Negative changes to pensions taxation in the Budget could “derail” the government’s chances of meeting its pledge to cut National Health Service (NHS) waiting lists, the British Medical Association (BMA) warned
Posted: 28/10/24
More than a third (38 per cent) of pre-retiree defined benefit (DB) pension scheme members do not feel confident about planning their retirement, according to research from Just Group, which highlighted a "clear need" for greater support at retirement
Posted: 28/10/24
The Pensions Regulator (TPR) has announced the appointment of three new permanent executive directors, after receiving formal approval from Pensions Minister, Emma Reynolds
Posted: 25/10/24
The latest news in brief and mandates from the past seven days
Posted: 25/10/24
The “vast majority” of pension schemes are confident in their ability to securely integrate with the pensions dashboards, according to a survey of Pensions and Lifetime Savings Association (PLSA) members
Posted: 25/10/24
The Department for Work and Pensions (DWP) should provide "urgent" clarity on issues arising from the Virgin Media and NTL case, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 25/10/24
Arthur J. Gallagher & Co has announced the acquisition of London-based investment consulting firm, Redington
Posted: 25/10/24
There has been no long-term negative impact on the nation’s defined benefit (DB) pensions schemes from the 2022 liability-driven investment (LDI) crisis, research from PwC has suggested, although data management could be heading for a "perfect storm"
Posted: 25/10/24
With Scams Awareness Week in full swing, Paige Perrin explores the critical role of the pension industry in fighting scams and why its efforts are essential in protecting members
Posted: 25/10/24
There is "strong" demand for run-on from defined benefit (DB) pension trustees, with nearly two fifths (38 per cent) wanting the government to encourage surplus creation instead of buyout, research from Charles Stanley Fiduciary Management has found
Posted: 25/10/24
The number of complaints received by The Pensions Ombudsman (TPO) last year dropped from 7,280 in 2022/23 to 6,923 in 2023/24, its Annual Report and Accounts has found
Posted: 24/10/24
The Pension Protection Fund (PPF) has delivered “strong investment performance” over the past year, as investment returns helped its reserves grow from £12.1bn last year to £13.2bn, its 2023/24 Annual Reports and Accounts has revealed
Posted: 24/10/24
HMRC has provided further clarity on the tax position when refunding a defined benefit (DB) pension scheme surplus to employers, confirming that the 25 per cent tax payable is based on the surplus within the pension scheme
Posted: 24/10/24
Pension scheme trustees and administrators are the first line of defence against pension scammers, The Pensions Regulator (TPR) has said, urging the industry to adopt higher standards of anti-scam practice to prevent fraudsters reaching savers
Posted: 24/10/24
Average annuity rates for a healthy 65-year-old have increased by 2.5 per cent since January 2024, according to the Standard Life annuity rate tracker
Posted: 24/10/24
The aggregate funding level of Local Government Pension Scheme (LGPS) funds in England and Wales remained at 112 per cent in the third quarter of 2024, analysis from Isio has revealed
Posted: 24/10/24
HMRC repaid more than £44m to people who overpaid tax when they flexibly accessed their pensions in Q3 2024, the latest government Pension Schemes Newsletter has revealed
Posted: 24/10/24
The value of lost pension pots in the UK has risen by 60 per cent, or £12bn, since 2018, with around £31.1bn lying in unclaimed, inactive, or lost pension pots, research from the Pensions Policy Institute (PPI), sponsored by the Pension Attention campaign, has found
Posted: 24/10/24
Nearly one in five (19 per cent) UK adults felt certain they have lost or probably lost a pension pot, equating to around 8.8 million people, analysis by the Centre for Economics and Business Research, on behalf of PensionBee, has found
Posted: 24/10/24
'Generation rent' are facing a “ticking time bomb” in retirement due to unaffordable rents and inadequate pensions, according to a report from the International Longevity Centre (ILC), commissioned by Brightwell
Posted: 23/10/24
Calls to cut the Pension Protection Fund's (PPF) levy to zero have continued to grow, with industry organisations arguing that the PPF should reduce its levy even in the absence of legislative changes
Posted: 23/10/24
Pension savers need more support in navigating the decumulation process to help them make the right decisions, according to Standard Life, with the government and regulators urged to consider three ‘key policy asks’ to help address challenges
Posted: 23/10/24
The Pension Tracing Service received 31,505 calls between 1 January and 24 May this year, putting it on course to overtake last year's record of 63,381
Posted: 23/10/24
A global coalition of investors, including 27 pension funds and asset owners, has urged governments around the world to take "ambitious" policy and regulatory action to halt and reverse global biodiversity loss
Posted: 23/10/24
The pensions industry is split on whether run-on is a viable endgame option for defined benefit (DB) schemes, according to a poll
Posted: 23/10/24
The investment strategy Now Pensions implemented in Q1 2024 has enabled the master trust to be “on track” to achieve net zero by 2050 and a 50 per cent reduction by 2030, based on 2019 levels, the provider has stated
Posted: 22/10/24
The Pensions Regulator (TPR) has published its new digital, data and technology strategy, outlining how TPR and the industry should adapt to, and embrace, evolving technology and a changing pensions market to drive better saver outcomes
Posted: 22/10/24
More than half (55 per cent) of annuity buyers in the past year have shopped around for the best terms and switched from their existing provider, Origo data has revealed
Posted: 22/10/24
Financial advisers have witnessed a surge in queries regarding pension taxation and wealth protection ahead of the much-anticipated Budget on 30 October, according to AJ Bell
Posted: 22/10/24
Industry experts have argued that the Chancellor’s Autumn Budget will “test the seriousness” of the government’s approach to improving pension outcomes, with concerns raised over the long-term impact of raising employers’ national insurance contributions (NIC)
Posted: 22/10/24
Pensions Minister, Emma Reynolds, has announced that the Pensions Dashboards Programme (PDP) will be prioritising work on the launch of the MoneyHelper dashboard service, before turning to the work of connecting commercial dashboard services
Posted: 22/10/24
The Broadcasting Support Services Pension Scheme has completed a £6m buyout with Aviva, securing retirement benefits for 59 members
Posted: 22/10/24
The total assets under management (AUM) at the world’s 500 largest asset managers reached USD 128trn at the end of 2023, according to research from the Thinking Ahead Institute
Posted: 21/10/24
The trustee of the Rotork Pension and Life Assurance Scheme has agreed a £70m buy-in transaction with Aviva, covering the pension benefits for 19 current pensioners and dependants and 322 deferred members
Posted: 21/10/24
Chancellor, Rachel Reeves, has held the first meeting of the British Infrastructure Taskforce, as the government looks to 'unlock' private investment by building business confidence in UK infrastructure investments
Posted: 21/10/24
The Pensions Regulator (TPR) has announced plans for two new regulatory approaches as part of its push to ensure that all savers get good outcomes from pensions
Posted: 21/10/24
Pensions dashboards have “lots of flaws, and lots of gaps”, and their “one-size-fits-all” approach will not help improve awareness amongst those that struggle to engage with their pensions, Isio head of benefit design and change, Scott Kendrick, has warned
Posted: 21/10/24
Run-on is almost as popular as buyout as a defined benefit (DB) endgame strategy, State Street Global Advisors’ (SSGA) survey, in partnership with Van Lanschot Kempen and Clara Pensions, has found
Posted: 21/10/24
The Pensions Regulator (TPR) has begun contacting pension schemes to urge them to improve their data quality in the run up to pensions dashboards’ launch, warning that it “will challenge those that are not able to demonstrate how they meet [its] expectations"
Posted: 21/10/24
The latest news in brief and mandates from the past seven days
Posted: 18/10/24
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have confirmed that further refinements to the proposed value for money framework are expected, emphasising that "nothing is set in stone" at this point
Posted: 18/10/24
Vidett independent trustee, Mike Birch, discusses the challenging situation facing pension scheme trustees at UK water companies, particularly given the recent financial strains faced by Thames Water and the questions surrounding the future of the wider UK water industry
Posted: 18/10/24
More than two thirds (69 per cent) of UK adults believe retiring in your 60s will become a ‘thing of the past’, according to a survey from Canada Life
Posted: 18/10/24
The first half of 2024 was a "record-breaking" period in the UK pension risk transfer market, which saw an "unprecedented" number (134) of buy-ins with an overall value of £15.2bn, Hymans Robertson has found
Posted: 18/10/24
The Pensions and Lifetime Savings Association (PLSA) will “continue to advocate alongside the Department for Work and Pensions” (DWP) on their guided retirement income choices, PLSA senior policy lead defined contribution, master trusts and standards, Rurai Grant, has said
Posted: 17/10/24
More than a third (36 per cent) of pension professionals would prefer the government apply national insurance (NI) to employer pension contributions, if pensions need to contribute to the overall tax saving, a poll at the PLSA Annual Conference 2024 has found
Posted: 17/10/24
Pension funds’ shift away from investing in domestic equities and companies has contributed to the decline of small businesses in the UK, research from Abrdn haa suggested, prompting calls policy changes
Posted: 17/10/24
Industry experts have argued that defined contribution (DC) is “broken”, suggesting that a conversation at board room level about this could create change
Posted: 17/10/24
The UK can learn from Australia on what to avoid when reforming its pension system, rather than just replicating the Australian model, according to Hostplus former group executive, Paul Watson
Posted: 17/10/24
Three in five retirees (62 per cent) with a pension pot started planning their pension income in the final year before retirement, according to a study from Legal & General Retail Retirement
Posted: 17/10/24
Aon has launched the Zone framework to support pension schemes with decision-making as the industry moves into a new environment, where improved funding levels provide more endgame options
Posted: 17/10/24
Defined contribution (DC) pension scheme trustees need to listen to members “in the right way” to meet their pension expectations, Now Pensions head of DC platform, David Bird, has emphasised
Posted: 16/10/24
The Pensions Regulator (TPR) has announced plans to extend its regulatory approach with professional trustee firms, with plans to form new relationships with the 10 largest professional trustee firms before Christmas
Posted: 16/10/24
The Department for Work and Pensions (DWP) is looking at the role collective defined contribution (CDC) pensions can play in decumulation as it considers the next step for CDC
Posted: 16/10/24
Artificial intelligence (AI) can create ‘dangerous’ errors when answering pension questions, potentially leading people towards scams, Quietroom development lead, Joe Craig, has warned
Posted: 16/10/24
More than half (52 per cent) of vulnerable defined benefit (DB) pension scheme members worry about money when thinking about retirement, a survey from Just Group has shown
Posted: 16/10/24
The majority (92 per cent) of industry experts think that members should have a default retirement pathway, according to a poll conducted at the PLSA Annual Conference,
Posted: 16/10/24
Nearly a third (31 per cent) of defined benefit (DB) pension schemes have already reached endgame, according to research from Aon
Posted: 16/10/24
Pension transfer times have reached their lowest level since the end of the pandemic in 2021, despite a continuous rise in transfer volumes, data from the OrigoTransfer Index has found
Posted: 16/10/24
Smart Pension has announced that the Crystal Trust has been consolidated into the Smart Pension master trust
Posted: 16/10/24
The Pensions and Lifetime Savings Association (PLSA) has said the value for money framework needs more work, warning that its breadth and complexity risks undermining saver outcomes
Posted: 16/10/24
Workplace pensions lack an objective and are in need of reframing to ensure that savers understand what to expect from the system, SEI managing director, defined contribution, Steve Charlton has argued
Posted: 16/10/24
Financial inclusion is the “next biggest risk” that the pensions industry needs to grapple with, according to Standard Life senior workplace proposition manager and master trust DE&I lead, Femi Adigun
Posted: 16/10/24
The state pension is set to rise by £473 under the triple lock, after the Office for National Statistics revealed that the Consumer Price Index measure of inflation stood at 1.7 per cent in September
Posted: 16/10/24
Industry bodies should have more “drive” to get online and into a space that young people are, Aviva Wealth Academy lead, Mesoo Ubadigha has argued
Posted: 16/10/24
Redefining the government’s key debt measure in its Budget rules would “unlock” pension investment in the green transition, according to COP26 president and former UK Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma
Posted: 16/10/24
Clara-Pensions has appointed RSM UK as its audit partner
Posted: 16/10/24
Pensions Minister, Emma Reynolds, has confirmed that the government is still considering a potential public sector consolidator (PSC), with further updates on this, as well as the work to improve pension transfer regulations, expected “in the coming months"
Posted: 15/10/24
Pensions Minister, Emma Reynolds, has refused to rule out the option of mandating pension investments as part of the push to encourage greater pension investment in UK growth
Posted: 15/10/24
The industry needs to think quite “holistically” about adequacy and how it wants to address this going forward, Pensions Policy Institute (PPI) director, Chris Curry has said
Posted: 15/10/24
Pensions Minister, Emma Reynolds, has confirmed that the initial findings from the government’s pensions investment review will be shared in an interim report in 'autumn' this year, with auto-enrolment reforms to be looked at as part of the second phase of the review.
Speaking at the Pensions and Lifetime Savings Association (PLSA), Reynolds confirmed that the government is currently working through responses to its recent pension investment review call for evidence, with over 200 industry responses received
Speaking at the Pensions and Lifetime Savings Association (PLSA), Reynolds confirmed that the government is currently working through responses to its recent pension investment review call for evidence, with over 200 industry responses received
Posted: 15/10/24
The government remains “steadfast” in its commitment to delivering pensions dashboards, Pensions Minister, Emma Reynolds, has said
Posted: 15/10/24
The UK has fallen out of the Mercer CFA Institute Global Pension Index 2024 top ten, ranking 11 in the latest index, with a score of 71.6
Posted: 15/10/24
The Financial Conduct Authority (FCA) has announced plans to launch two consultations relating to the Advice/Guidance Boundary Review next year
Posted: 15/10/24
Carne Group and WTW have gained regulatory approval for the launch of a private equity-focused Long Term Asset Fund (LTAF)
Posted: 15/10/24
Chancellor, Rachel Reeves, has outlined the next steps for the National Wealth Fund (NWF) and the new British Growth Partnership, in a move that is expected to release "hundreds of millions" of pension fund investment
Posted: 14/10/24
The Pensions Regulator (TPR) has urged pension scheme trustees to go beyond minimum compliance with environmental, social and governance (ESG) duties, as it shared new resources on ESG considerations
Posted: 14/10/24
The government should back its UK growth mission with a “bold and creative” stance on pension fund investment that will benefit UK pension savers, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 14/10/24
With the Pension Attention campaign back in full swing for its third year, Pensions Age chats with this year's spokespeople, reality TV star, Gemma Collins, and money expert, Iona Bain, about the lessons they've taken away from the campaign
Posted: 14/10/24
With the value for money (VFM) consultation due to close later this week, industry experts have argued that several components of the VFM requirements are “overly complicated” and “inflexible”
Posted: 14/10/24
British adults’ confidence in their retirement prospects has fallen slightly ahead of what is expected to be a ‘painful’ first Budget from the new Labour government, analysis from PensionBee has revealed
Posted: 14/10/24
Nest has appointed WTW and Hymans Robertson to help develop a new retirement income offering for defined contribution (DC) retirees
Posted: 14/10/24
More than half (51 per cent) of non-retired workers think that workplace pension contributions should increase, amid signs that the cost-of-living crisis could be easing, analysis from the Pensions and Lifetime Savings Association (PLSA) has revealed
Posted: 14/10/24
The Pensions Administration Standards Association (PASA) has released a new Dashboards Toolkit in response to a need for further help in implementing dashboard responsibilities
Posted: 14/10/24
Nearly two thirds (64 per cent) of individuals aged 50-59 would be interested in receiving targeted support suggestions from regulated firms, according to research by Aegon
Posted: 14/10/24
The latest news in brief and mandates from the past seven days
Posted: 11/10/24
Trustees can “uncross their fingers” as the latest government regulations have brought clarity to the new pension tax regime, LCP has said
Posted: 11/10/24
The majority (94 per cent) of pension funds are expecting a rise of at least 10 per cent in hedge fund sector fundraising over the next three years, according to research from Beacon Platform
Posted: 11/10/24
Isio has announced plans to acquire insurance and risk settlement specialist, K3 Advisory, subject to Financial Conduct Authority (FCA) regulatory approval
Posted: 11/10/24
The government has appointed former Darktrace CEO, Poppy Gustafsson, as its new Investment Minister as part of a wider ‘shake up’ aimed at strengthening the government’s partnership with businesses and investors
Posted: 11/10/24
The Church of England Pensions Board has completed a £145m buy-in with Aviva, meaning that all pensions within the Church Workers Pension Fund (CWPF) Defined Benefit (DB) Scheme are now backed by insurance policies
Posted: 10/10/24
Defined contribution (DC) pension schemes should prepare for the impact of changes in the forthcoming Budget, Hymans Robertson has warned
Posted: 10/10/24
The drive to increase pension scheme investment in productive UK assets is continuing to gain momentum following recent defined benefit (DB) funding improvements, although this could trigger greater competition with defined contribution (DC) pension funds, PwC has warned
Posted: 10/10/24
The majority (87 per cent) of UK workers have specific retirement goals, including travel, family time, hobbies, and spending time with partners, yet just 15 per cent have set clear financial goals and budgets, a study from Barnett Waddingham has revealed
Posted: 10/10/24
The EDF Group of the ESPS (EDFG) Pension Scheme has completed its full administration transfer of over 30,000 members to Trafalgar House
Posted: 10/10/24
Future auto-enrolment reforms should focus on flexible pension saving in order to reflect the different challenges that low, middle and higher earners face, a report from the Resolution Foundation has suggested
Posted: 10/10/24
Scottish Widows has added a new ‘insure’ space in its app for workplace pensions customers in order to make it easier for members to be more connected to their finances by seeing all of their insurance policies in one place
Posted: 9/10/24
The majority (90 per cent) of self-employed workers aged 55 and over are off track for a moderately comfortable retirement, with less than £250,000 in their pension, research from Interactive Investor has found
Posted: 9/10/24
"Careful policy action" is needed to unlock pension capital to help deliver on the government's clear power by 2030 mission, an industry report, Mobilising pension capital for net zero: a policy blueprint for the UK, has suggested
Posted: 9/10/24
Time for CDI
Laura Blows speaks to AXA Investment Managers (AXA IM) senior portfolio manager for fixed income, Rob Price, about cashflow-driven investing (CDI) in Pensions Age’s latest video interview
Closing the gender pension gap
Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview
Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets
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