Archive News
The Institutional Investors Group on Climate Change (IIGCC) has updated the Net Zero Investment Framework (NZIF) to NZIF 2.0, providing an overview for investors implementing net-zero commitments and addressing climate risks
Posted: 28/06/24
Phoenix Group has confirmed it is exploring the potential sale of its SunLife business
Posted: 28/6/24
Half (50 per cent) of Brits are not aware that they are paying annual fees on their pension schemes, and even amongst those who are aware, half (50 per cent) admit they have no idea what amount they are paying in fees is, research from Moneyfarm has found
Posted: 28/6/24
The latest news in brief and mandates from the past seven days
Posted: 28/06/24
The number of organisations adopting the Taskforce on Nature-related Financial Disclosures’ (TNFD) reporting recommendations has increased by 30 per cent since January, the initiative has revealed.
The additional 96 organisations brought the total number of companies committed to disclosing their material nature-related issues to investors and other stakeholders based on TNFD recommendations to 416
The additional 96 organisations brought the total number of companies committed to disclosing their material nature-related issues to investors and other stakeholders based on TNFD recommendations to 416
Posted: 28/6/24
The Marwyn Acquisition Company II (MAC II) has announced that its subsidiary, MAC II UK Limited, has entered into binding agreements to acquire 100 per cent of the issued share capital of InvestAcc Group Limited for £41.5m
Posted: 28/6/24
There has been an increase in the number of people over state pension age paying income tax, rising by 660,000 from 7.85 million in 2023/24 to 8.51 million in 2024/25, HM Revenue and Customs (HMRC) data has found
Posted: 27/06/24
The key political parties' manifestos have provided "very little information" on pension policy, the Pensions Policy Institute (PPI) has said, warning that it could be difficult to predict what pension policies will change with any new government
Posted: 27/6/24
The Access Pool has appointed Stafford Capital Partners and J.P. Morgan Asset Management (JPMAM) as timber managers, following a review carried out by Apex Investment Advisory
Posted: 27/06/24
The Rolls-Royce & Bentley Pension Fund has completed a £880m full scheme buy-in with Standard Life, securing the benefits of around 6,000 members
Posted: 27/06/24
Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, Broadstone has warned
Posted: 27/6/24
The majority of pension schemes are embracing The Pension Regulator's General Code and have not been overwhelmed by the new requirements, according to research from WTW, which found that 1 per cent expect significant changes to comply with the code
Posted: 27/6/24
Defined benefit (DB) pension schemes have taken advantage of last year’s “relative calm” to make progress on endgame planning, net-zero targets, and tackling diversity, equity and inclusion (DE&I) issues, research from LCP has revealed
Posted: 26/06/24
Independent Governance Group (IGG) has launched a services model, IGGnite, providing streamlined and cost-effective professional trusteeship and scheme management services for smaller pension schemes
Posted: 26/06/24
People renting in retirement could need an additional £391,000 in savings compared to those who have paid off their mortgage, research from Standard Life has revealed
Posted: 26/6/24
Nearly a quarter (24 per cent) of UK adults expect to ‘never really retire’, research from Phoenix Group has found, highlighting a "significant" difference in perceptions around how people have retired in the past and what this could look like in future decades
Posted: 26/06/24
The trustees of the European Metal Recycling Limited Pension and Life Assurance Scheme have completed a £33m buy-in with Aviva, covering the defined benefit (DB) pension liabilities of 217 deferred and pensioner members
Posted: 26/6/24
Defined benefit (DB) pension transfer activity increased slightly over the past month from the record low seen in April, whilst the value of a typical transfer remained stable after falling to its lowest point in six months in April, analysis from XPS Pensions Group has found
Posted: 26/5/24
The majority (76 per cent) of people are unaware that they can pay money into someone else’s pension, whilst even those who are aware are unlikely to consider doing it, research from Nucleus has revealed
Posted: 26/6/24
Nest has launched a mobile app, Nest Pensions, designed to help members access their pension information from their mobile devices
Posted: 25/06/24
Almost half (40 per cent) of people said guaranteed income was the most important to them when they thought about retirement, research from Hargreaves Lansdown has found
Posted: 25/06/24
Barnett Waddingham has launched Clarity, a technology suite designed to allow users to access their data and obtain more actionable insights within a secure digital environment
Posted: 25/6/24
Defined contribution (DC) pension transfer volumes in the UK have been steadily increasing over the past year, according to the latest figures from Origo
Posted: 25/6/24
Parents of disabled children could have an estimated £138,000 less in their pensions at retirement if their caring responsibilities prevent them from returning to work, analysis from People’s Partnership has revealed
Posted: 25/6/24
Accounting issues may deter defined benefit (DB) pension schemes from run-on and surplus sharing if a clear accounting framework isn’t considered by the sponsor, Hymans Robertson has warned
Posted: 24/06/24
Celebrating excellence within the pensions industry for another year, the Pensions Age Awards 2025 is now open to entries for all UK pension schemes and provider firms serving pension schemes in the UK
Posted: 24/6/24
Nearly half (48 per cent) of people with a defined contribution (DC) pension are not confident they will have a comfortable retirement, research from Barnett Waddingham has found
Posted: 24/6/24
Scottish Widows has launched a Retirement Matrix tool, after its research found a disconnect between what people want from their retirement income and what products they are actually choosing
Posted: 24/06/24
The rising cost of living has fuelled a "sharp decline" in retirement confidence, research from WTW has found, with 79 per cent of savers concerned they are not saving as much for retirement as they should be
Posted: 24/6/24
TPT Investment Management (IM) has launched two new pooled alternative investment funds for UK pension schemes, in conjunction with Carne Global Fund Managers (UK)
Posted: 24/6/24
The aggregate surplus of FTSE 350 companies’ defined benefit (DB) pension schemes reached a record £79bn in May 2024, according to analysis from Mercer, marking the highest level ever recorded
Posted: 24/6/24
The trustees of the Contship Containerlines Limited 1979 Pension Scheme have agreed a £25m full scheme buy-in with Legal and General, securing the benefits of around 150 members
Posted: 24/06/24
Nearly 2.5 million pensioners would still pay tax on their state pension after the implementation of a ‘triple lock plus’ policy, according to analysis by LCP
Posted: 21/6/24
Pensions Age editor, Laura Blows, was among those to scoop honours at WTW's 2024 Media Awards, taking home the defined benefit (DB) Pensions Journalist of the Year award
Posted: 21/6/24
The latest news in brief and mandates from the past seven days
Posted: 21/06/24
A group of UK pension schemes have written to the Financial Conduct Authority (FCA) to raise concerns over its proposed listing rules, warning that the proposals could be “detrimental” to firm value and lead to worse outcomes for members
Posted: 21/6/24
The Pensions Administration Standards Association (PASA) has released updated master trust transition guidance, designed for situations involving transitions of savers to and from master trusts
Posted: 19/06/24
Rothesay has set a new short-term carbon intensity reduction target, highlighting this as a “key milestone” on its pathway to net zero
Posted: 20/6/24
Just Group has launched a specialist, regulated, financial advice service for its deferred bulk annuity buyout members to ensure they have access to financial advice at all stages of buyout
Posted: 19/06/24
An increasing number of workers fear they will never be able to retire, research from Wealth at Work has suggested, revealing that 39 per cent of people in full-time employment believe they won’t be able to retire due to the rising cost of living, up from 33 per cent in 2023
Posted: 20/6/24
Zedra has announced plans to embark on a ‘collaborative undertaking’ with Luxembourg-based independent provider of corporate, investment funds, and family office services CreaPartners
Posted: 20/6/24
Professional trustee appointments grew by 11 per cent in the past year, while growth for corporate sole trustee appointments was even higher at 14 per cent, research from WTW has revealed
Posted: 20/6/24
Aegon has announced plans to update its largest workplace default fund with new private market investment and enhanced environmental, social and governance (ESG) integration
Posted: 20/6/24
The Kent Pension Fund has reappointed Barnett Waddingham's public sector team to deliver actuarial, benefits and governance consultancy services to the fund for the next six years
Posted: 19/06/24
More than one in four (28 per cent) UK adults are unsure of how much income they would need in retirement, research from Scottish Widows has found
Posted: 18/06/24
K3 Advisory has launched a new buy-in to buyout service for small to medium schemes
Posted: 19/6/24
The Society of Pension Professionals (SPP) has published an environmental, social and governance (ESG) guide for pension trustees, setting out how trustees should engage with asset managers on ESG issues
Posted: 19/06/24
Despite concerns over potential capacity constraints in the bulk purchase annuity (BPA) market, the majority of consultants in the small scheme space have seen successful transaction rates, research from DLA Piper has found
Posted: 19/6/24
The Government Actuary’s Department (GAD) has announced the death of former government actuary, Martin Clarke, after a period in hospital
Posted: 19/6/24
The contributions paid by FTSE 350 defined benefit (DB) pension scheme sponsors into defined contribution (DC) schemes surpassed those paid into DB schemes for the first time in the year to 31 May 2024
Posted: 19/6/24
The Sibelco UK Occupational Pension Scheme has completed a £165m buy-in with Aviva, securing the benefits of all members of the scheme in full
Posted: 19/6/24
"Strong" solvency levels amongst UK insurers are expected to help boost the UK pension risk settlement market in the second half of 2024, analysis from Aon has suggested
Posted: 18/6/24
The next government should take a cross-party approach to pensions by establishing a cross-party working group to enable savers "to plan for retirement with greater certainty”, RSM UK has said
Posted: 18/06/24
The Financial Services Compensation Scheme (FSCS) has awarded PwC the contract for its core claims service following a competitive procurement process
Posted: 18/6/24
Cyber threats and artificial intelligence (AI) are the risks at the forefront of trustees’ minds, research from LCP has found, with nearly a quarter (23 per cent) of trustees identifying cyber and AI risks as their top worry
Posted: 18/6/24
The Financial Conduct Authority (FCA) has granted regulatory approval for Arcmont Asset Management and Carne Global Fund Managers (UK) to launch a Long-Term Asset Fund (LTAF) focused on private debt
Posted: 18/6/24
Defined contribution (DC) pension scheme employers have been urged to review their contribution compliance, after analysis from Hymans Robertson found that errors in DC scheme contributions are becoming increasingly commonplace
Posted: 18/6/24
Smaller insurers are to benefit from new Solvency UK thresholds, but need to consider non-Directive firm (NDF) rules, Broadstone has warned
Posted: 18/6/24
The Reform Party has published its 2024 manifesto, announcing plans to review the UK pension system amid concerns that the current pension system is “riddled with complexity, huge cost and poor returns leading to less uptake”
Posted: 17/06/24
It is vital that defined benefit (DB) pension scheme sponsors and trustees share a common vision when considering run-on as an endgame option, Hymans Robertson has argued
Posted: 17/6/24
Almost nine out of 10 (87 per cent) consumers said they have a strong desire for the next government to conduct a comprehensive review of the pensions and retirement savings system, a survey from PensionBee has found
Posted: 17/06/24
Railpen has acquired a 50 per cent shareholding in renewable energy and sustainable infrastructure developer, AGR Power, in what has been highlighted as a “significant milestone” for both the pension manager and AGR
Posted: 17/6/24
The next government must prioritise increasing minimum auto-enrolment contributions to 12 per cent during the next decade, former Financial Secretary and Chief Secretary to the Treasury, Stephen Timms, has said.
Speaking at the International Longevity Centre (ILC) Retirement Income Summit, Timms said there was an urgent need to plan for increasing minimum contributions to 12 per cent during the next decade – and to explain to workers why this was necessary
Speaking at the International Longevity Centre (ILC) Retirement Income Summit, Timms said there was an urgent need to plan for increasing minimum contributions to 12 per cent during the next decade – and to explain to workers why this was necessary
Posted: 17/6/24
Industry experts have called for more radical changes to the pensions system and tighter regulation of defined benefit (DB) pension transfers, amid concerns that the current system disproportionately benefits the wealthy
Posted: 17/6/24
Paige Perrin reflects on her first four months in the pensions industry and the experiences she has gained from it
Posted: 17/6/24
The Local Government Pension Scheme (LGPS) has been urged to engage with any future governments over the next 10 years to prove it has the talent and skills to support the growth agenda
Posted: 14/6/24
The pensions industry has welcomed the sense of continuity on pensions policy seen in Labour’s 2024 manifesto, although industry experts have raised queries as to what will and will not be in scope of the party’s promised pensions review
Posted: 14/6/24
A new entrant to the UK bulk annuity market is expected by the end of the year, taking the market to 11 insurers, LCP has said
Posted: 14/06/24
Local Government Pension Scheme (LGPS) funds have been encouraged to have an open conversation with employers in their fund about contribution rates amid improved funding levels
Posted: 14/6/24
The latest news in brief and mandates from the past seven days
Posted: 14/6/24
The Local Government Pension Scheme (LGPS) will publish its guidance for administering authorities on pensions dashboards connection in late June or early July, according to The Pensions Regulator (TPR)
Posted: 13/6/24
The expected future living standard in retirement provided by defined contribution (DC) pensions increased in Q2 2024, Aon’s UK DC Pension Tracker has revealed, with older members benefiting the most from strong investment returns during the period
Posted: 13/06/24
The Labour Party has shared its 2024 manifesto, confirming plans to conduct a pensions review if elected, to consider what further steps are needed to improve security in retirement, and increase productive investment in the UK economy
Posted: 13/6/24
Local Government Pension Scheme (LGPS) funds and local councils are “diverging” over their differing trajectories on recruitment and resources, conference attendees have been told
Posted: 13/6/24
Legal & General (L&G) is expected to write £50-65bn in pension risk transfer (PRT) deals in the UK by year-end 2028, the group's refreshed strategy and financial targets have revealed
Posted: 13/06/24
As carers week shines a light on the invaluable work done by carers across the UK, Sophie Smith takes a closer look at the carer pension gap, and the changes needed to make sure that carers have a pension system that works for them, rather than against them
Posted: 13/6/24
More than half (55 per cent) of savers over 25 believe government support for older generations will decrease by the time today’s younger generations reach retirement age, research from the International Longevity Centre UK (ILC) and M&G plc has revealed
Posted: 13/6/24
The Green Party has published its 2024 manifesto, revealing plans to require UK pension funds to remove fossil fuel assets from their investment portfolios by 2030, and to equate the rate of pension tax relief with the basic rate of income tax
Posted: 13/6/24
There will be no changes to benefit levels in the Local Government Pension Scheme (LGPS) as a result of the 2020 valuation carried out by the Government Actuary’s Department, with the cost control mechanisms in a “standoff position”
Posted: 12/6/24
The ‘moderate’ and ‘comfortable’ levels of the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards (RLS) are becoming unrelatable as people find it increasingly difficult to save enough for retirement, pension professionals have warned
Posted: 12/6/24
The funding strategies of Local Government Pension Scheme (LGPS) funds will “need to move on” amid the changing investment landscape and current surplus environment, industry experts have said
Posted: 12/6/24
The ‘rapid’ change and reform of the Local Government Pension Scheme (LGPS) over the past decade is expected to continue by those who work in the sector, a survey by the Pensions and Lifetime Savings Association (PLSA) has found
Posted: 12/06/24
The Pensions Equity Group (PEG) has published a guide to help employers identify and reduce the gender pension gap, with statistics and advice on how to improve existing disparity between men’s and women’s pensions savings
Posted: 12/6/24
A high proportion of people dipping into their pensions between the age of 55 and retirement from full time work so without seeking financial advice, according to a survey by Just Group
Posted: 12/6/24
The Local Government Pension Scheme (LGPS) in England and Wales experienced a 2.6 per cent reduction in assets to £354bn in 2022/23, its annual report has revealed
Posted: 12/6/24
The pensions industry has welcomed the level of pensions continuity in the Conservative’s 2024 manifesto, despite disappointment at the lack of commitment around broader pension policies, such as auto-enrolment reforms and the potential for a pot for life model
Posted: 12/6/24
Independent Governance Group (IGG) has launched a new digital pensions platform, IGGiQ, designed to enhance pension scheme management
Posted: 12/06/24
Brunel Pension Partnership has accelerated its reporting progress ahead of the 2024 reporting round, with its latest Climate Change Progress report confirming that it has exceeded the current Task Force on Climate-Related Financial Disclosures (TCFD) requirements
Posted: 12/6/24
The UK residential rental sector needs vast institutional investment to help alleviate the issues affecting renters and homeless people, according to G2M head of corporate, James Lancaster
Posted: 11/6/24
Improved strategies are needed to boost participation and awareness, the Charities Pensions Club (CPC) has said, after its research found that nearly half (48 per cent) of defined contribution (DC) scheme members have registered for an online account
Posted: 11/06/24
More than a third (36 per cent) of Local Government Pension Scheme (LGPS) funds are planning to increase their allocations to private credit in 2025, according to an industry poll
Posted: 11/6/24
Mercer, a Marsh McLennan business, has reached an agreement to acquire long-term savings specialist Cardano, including Now Pensions, for an undisclosed amount
Posted: 11/6/24
The Conservative Party has published its 2024 manifesto, providing further detail on its plans to introduce a new ‘triple lock plus’, as well as its new pensions tax guarantee
Posted: 11/6/24
The next government should “focus on the biggest issue of all – providing a decent pension at the end of a lifetime of work", the Association of Member Nominated Trustees (AMNT) has said ahead of the UK’s fast-approaching general election
Posted: 11/6/24
Differing funding levels within the Local Government Pension Scheme (LGPS) are provoking investment-related “structural issues,” according to the latest index published by Isio
Posted: 11/6/24
The Society of Pension Professionals (SPP) has voiced its support for the Pension Scams Industry Group’s (PSIG) evolution or extinction consultation, but called for greater clarity on the group's remit and activities
Posted: 11/6/24
The Medical Protection Society Pension Scheme has completed a £125m buy-in with Rothesay, securing benefits for all 618 scheme members, comprising of 174 pensioners and dependants and 444 deferred members
Posted: 11/6/24
The aggregate surplus of the defined benefit (DB) pension schemes in the Pension Protection Fund (PPF) 7800 Index rose to £468.8bn at the end of May 2024, the pensions lifeboat has revealed.
This represents an increase of more than £10bn compared to the end of April, when the surplus was estimated at £458.3bn
This represents an increase of more than £10bn compared to the end of April, when the surplus was estimated at £458.3bn
Posted: 11/6/24
The Liberal Democrats have published their 2024 manifesto, announcing plans to develop measures to end the gender pensions gap, improve the state pension system, and require pension funds and managers to show their portfolio investments are consistent with the Paris Agreement
Posted: 10/6/24
The National Grid UK Pension Scheme (NGUKPS) has confirmed that its chief executive, Chris Hogg, will be stepping down from his role with the pension scheme this summer, after six years in the role
Posted: 10/6/24
The Nottingham Building Society (NBS) has selected Enplan as its defined benefit (DB) consolidation platform, becoming the fifth building society to join the platform
Posted: 10/6/24
The incoming government should consider scrapping “ineffective” tax relief and national insurance contribution (NIC) rebates on pension contributions, and instead replace it with savings-based bonuses, the Social Market Foundation (SMF) has said
Posted: 10/6/24
The aggregate surplus of the UK’s defined benefit (DB) pension schemes against long-term funding targets remained “extremely positive” in May, rising by £1bn from £178bn to £179bn, analysis from XPS Pensions Group has revealed
Posted: 10/6/24
The pensions industry has expressed its relief following reports that Labour has dropped plans to reintroduce the lifetime allowance if elected, as a result of industry concerns around the uncertainty for savers and the complexity involved
Posted: 10/6/24
Financial advice firms are “sitting on a ticking time bomb” of potential complaints, EV has warned, after its analysis revealed that pension drawdown clients are being exposed to high-risk investment without their knowledge
Posted: 10/7/24
The next government has been urged to conduct a holistic review of pensions adequacy, covering both private and state pensions, with particular calls for the incoming government to look to increase auto-enrolment minimum contributions
Posted: 10/6/24
The upcoming government has been urged to prioritise savers when forming pensions policy, with People’s Partnership outlining a four-point plan designed to ensure fairer retirement saving
Posted: 7/6/24
The heightened regulatory scrutiny for funded reinsurance (funded re) transactions is “well warranted”, according to S&P Global Ratings, with new measures from UK and Bermudian regulators expected to help improve risk management on funded re transactions
Posted: 7/6/24
My Pension Expert has acquired financial adviser Tenet&You, its first acquisition, as part of its effort to improve access to independent financial advice
Posted: 7/6/24
The next government will need to make some key pension decisions “urgently”, a report from the Institute for Fiscal Studies (IFS) has suggested, warning that a failure to address growing concerns could risk storing up greater problems for the future
Posted: 7/6/24
The majority (57 per cent) of defined benefit (DB) pension schemes now have a professional trustee on their board, a survey from Aon has found
Posted: 7/6/24
The latest news in brief and mandates from the past seven days
Posted: 7/6/24
Pension savers increased their average quarterly contributions by 63 per cent in Q1 2024 compared to Q4 2023, taking advantage of the end of the tax year, analysis from PensionBee has found
Posted: 6/6/24
The Pensions and Lifetime Savings Association (PLSA) has published an introductory guide to the Local Government Pension Scheme (LGPS), designed to help new councillors understand the workings of the scheme and their roles and responsibilities within it
Posted: 6/6/24
A pension pot of £1.3m is now required to fund a comfortable early retirement at 55-years-old, interactive investor has revealed
Posted: 6/6/24
Defined benefit (DB) pension schemes with assets between £10m and £250m could find themselves becoming the new ‘squeezed middle’, Hymans Robertson has said, warning that endgame options for these schemes are likely to be more limited
Posted: 6/6/24
Almost half (49 per cent) of working people approaching retirement, aged between 50 and 59, don’t know how they will access their pension savings, research from TPT Retirement Solutions has found
Posted: 6/6/24
Defined contribution (DC) master trust providers are expected to be "big investors" in illiquid assets in future, after research from Isio revealed that all 12 providers surveyed intend to incorporate illiquid assets into their default investment strategies
Posted: 6/6/24
Half-hedged defined benefit (DB) pension scheme funding levels reached a record high of 99.7 per cent near the end of May, as continued funding improvements pushed the scheme closer towards full funding, Broadstone’s Sirius Index has revealed
Posted: 6/6/24
Pensions Age news editor, Sophie Smith, reflects on a recent near miss with a scammer, to consider what the pensions industry can do to remove the stigma that often surrounds being a victim of fraud
Posted: 5/6/24
Nearly a fifth (19 per cent) of savers have never reviewed how much is in their pension savings, research from People’s Partnership has found
Posted: 5/6/24
A quarter (25 per cent) of trustees think there should be a new interpretation of fiduciary duty to allow trustees to consider climate and other systemic risks, according to data from LCP
Posted: 5/6/24
The South Yorkshire Pensions Authority has invested £50m into the Gresham House Forest Fund VI LP
Posted: 5/6/24
The Pensions Administration Standards Association (Pasa) has published new guidance on data presence versus accuracy for pension schemes
Posted: 5/6/24
Nearly three quarters (71 per cent) of UK adults believe that the state pension either will not exist or will be less generous when they retire, research from Nucleus has revealed
Posted: 5/6/24
Whilst plans to reintroduce the lifetime allowance (LTA) could have "some merit", it would represent a "missed opportunity" to improve and rationalise the system of pensions taxation, according to the Institute for Fiscal Studies
Posted: 4/6/24
Railpen has published its 2023 Stewardship Report as part of its ongoing commitment to the 2020 UK Stewardship Code
Posted: 4/6/24
Two unnamed pension schemes have completed a £85m buy-in with Canada Life, securing member benefits across the two schemes for a total of 189 pensioners and 87 deferred members
Posted: 4/6/24
The majority (75 per cent) of financial advisers are looking to review their retirement offering following the findings of the Financial Conduct Authority (FCA)'s thematic review of retirement income advice, research from Wealthtime and Copia Capital has revealed
Posted: 4/6/24
The deadline for entries into the inaugural Corporate Finance Awards has been extended to Friday 28 June
Posted: 4/6/24
Broadstone has launched its standalone insurance, regulatory & risk advisory division
Posted: 4/6/24
Sophia Singleton has been elected as the news Society of Pension Professionals president, succeeding Barnett Waddingham partner, Steve Hitchiner, who has held the role since 1 June 2022
Posted: 3/6/24
More than 221 people fully withdrew a pension pot of £250,000 or more between October 2022 and March 2023, resulting in a minimum tax bill of £97,500 each, according to new analysis of Financial Conduct Authority (FCA) figures by Standard Life
Posted: 3/6/24
Defined benefit (DB) pension scheme trustees have been urged to start developing their long-term plans "sooner rather than later", amid concern that many DB triennial valuations will be taking place against a “background of change”
Posted: 3/6/24
Defined benefit (DB) scheme sponsors paid more into their defined contribution (DC) schemes than into their DB plans for the first time ever in 2023, research from WTW has found
Posted: 3/6/24
Several pension providers have announced new partnerships with investment platform providers, including the appointment of Mobius Life as the new investment platform for Smart Pension
Posted: 3/6/24
Former company director, Lee Bartholomew, has been ordered to pay a total of £15,000 for withholding information legally required in an investigation by The Pensions Regulator (TPR)
Posted: 3/6/24
The debate around how to best utilise defined benefit (DB) pension surpluses is “intensifying”, PwC has said, after its latest analysis revealed that the aggregate funding level of UK DB schemes reached a record high in May
Posted: 31/5/24
The aggregate funding level for the Local Government Pension Scheme (LGPS) in England and Wales rose from 106 per cent at the end of March to a record 109 per cent as at 30 April 2024, Isio’s latest Low-Risk Funding Index update has revealed
Posted: 31/5/24
Concerns as to whether Labour could potentially reinstate the pension lifetime allowance (LTA) have persisted, with the British Medical Association (BMA) warning that the current lack of clarity around Labour's plans could risk an “exodus” of the NHS's most senior clinicians
Posted: 31/5/24
The Institutional Investors Group on Climate Change (IIGCC) has identified policy-related barriers to achieving net zero created by the EU’s sustainable finance policy framework and outlined recommendations to address them
Posted: 31/5/24
The latest news in brief and mandates from the past seven days
Posted: 31/5/24
Pensions are expected to be a battleground in the upcoming election, with research from TPT Retirement Solutions revealing that three quarters (75 per cent) of savers are more likely to vote for a political party that reforms workplace pensions
Posted: 31/5/24
More than seven in 10 (71 per cent) UK adults said that the government should set out a plan to increase the minimum auto-enrolment pension contribution rate if it is too low for most people to achieve realistic retirement living, according to research from Phoenix Group
Posted: 30/5/24
Today (31 May) is the last day to enter the inaugural Corporate Finance Awards, with categories including asset manager of the year, sustainable investment strategy of the year, and more
Posted: 30/5/24
Industry experts have stressed the need for Labour to commit to completing the lifetime allowance (LTA) legislation if elected, amid concerns that any re-introduction of the LTA would cause an "incredible amount" of disruption and confusion
Posted: 30/5/24
If approximately 50 per cent of UK adults who regularly enter the National Lottery weekly used the amount of a ticket towards their pension, their pension pot could be worth £10,000 more by retirement, PensionBee has revealed
Posted: 30/4/24
Isio has launched a new platform to enable investors, including pension schemes, to sell illiquid assets more efficiently
Posted: 30/5/24
Almost half (48 per cent) of British adults under state pension age, equal to 20 million people, don’t know when they’ll receive their state pension, research from AJ Bell has found, raising concerns that millions of Brits risk “sleepwalking into a retirement shock”
Posted: 30/5/24
New Association of Consulting Actuaries (ACA) chair, Stewart Hastie, has emphasised the need for any incoming government to provide ongoing support for occupational pensions and help address the savings adequacy crisis
Posted: 30/5/24
Income withdrawal strategy (IWS) is top of the list of focus areas for financial advisers following the publication of the Financial Conduct Authority’s (FCA) Retirement Income Review, analysis from Standard Life has found
Posted: 29/5/24
EP UK Bidco has agreed to continue working with Royal Mail and the trustee of the Royal Mail Collective Pension Plan (RMCPP) to bring about the launch of the scheme as "soon as reasonably practicable", with hopes for the scheme to launch in October 2024
Posted: 29/5/24
Just over a third (36 per cent) of savers know that their pension is invested in the stock market, research from Hargreaves Lansdown has revealed
Posted: 29/5/24
Mercer has partnered with financial services technology provider EV to deliver the defined contribution (DC) forecasting capabilities and financial application programming interfaces (APIs) needed for its upgraded pension modeller
Posted: 29/4/24
The Arqiva Defined Benefit (DB) Pension Plan has secured a £204m full scheme buy-in with Pension Insurance Corporation (PIC), securing the retirement benefits of all deferred and pensioner members of the scheme
Posted: 29/5/24
XPS Pensions Group has launched a new solution to enable small and medium-sized defined contribution (DC) schemes to target a 20 per cent allocation to private market assets in their default strategies
Posted: 29/5/24
The Nortel Networks UK Pension Plan has completed its third and final buyout with Legal & General (L&G), with £2.5bn of the plan's liabilities now insured with L&G
Posted: 28/5/24
The UK pension risk settlement market is “functioning well” for smaller schemes, despite previous concerns that they could get crowded out by an increasing number of ‘mega deals’, Aon has stated
Posted: 28/5/24
The Work and Pensions Committee (WPC) has revealed that it was unable to agree a report in conclusion to its Norton pension schemes and the Fraud Compensation Fund inquiry before the prorogation of parliament on 24 May
Posted: 28/5/24
The trustee of the Telereal Pension Plan has completed a £130m full scheme buy-in with Aviva, securing the defined benefit (DB) liabilities for around 500 scheme members
Posted: 28/5/24
The Financial Services Compensation Scheme (FSCS) has confirmed that its annual levy for 2024/25 will be £265m, following a fall in average compensation values on pension transfer claims, and the number of new claims expected
Posted: 28/5/24
The Conservative Party has announced plans to increase the tax-free pension allowance through a ‘triple lock plus’ if they remain in power following the general election
Posted: 28/5/24
The average time for FTSE 350 companies’ defined benefit (DB) pension schemes to reach buyout fell to the lowest level in 12 months in April, dropping from 5.2 years at the end of March to 4.7 years at the end of April, analysis from Barnett Waddingham has revealed
Posted: 24/5/24
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Posted: 24/5/24
More than half of defined benefit (DB) pension schemes are expected to complete a bulk annuity transaction over the next five years, according to research from the Society of Pension Professionals (SPP)
Posted: 24/5/24
Industry experts have outlined their key pension priorities for any incoming government, with auto-enrolment reforms, plans to extend collective defined contribution (CDC), and at-retirement support all high up on the industry’s list of asks
Posted: 24/5/24
Local Government Pension Scheme (LGPS) funds should implement a four-step action plan to ensure they have evidence that demonstrates they are compliant with The Pensions Regulator’s (TPR) General Code of Practice, according to Hymans Robertson
Posted: 24/5/24
PensionBee has entered into a final binding agreement, subject to regulatory approval, with relevant parties as part of its proposed expansion into the US defined contribution (DC) pensions market
Posted: 24/5/24
Universities Superannuation Scheme (USS) has announced that it will be moving to Procentia’s pensions administration platform after signing a seven-year contract with the service provider
Posted: 24/5/24
The Pensions Age Autumn Conference, taking place in London on Thursday 19 September 2024, is now open for registration
Posted: 23/4/24
Industry experts have raised concerns over potential delays to The Pensions Regulator's (TPR) Defined Benefit (DB) Funding Code, following the news that a summer general election will be held on 4 July 2024
Posted: 23/5/24
Pensions Minister, Paul Maynard, has provided more detail on plans to examine fiduciary duty, including plans to review current climate change disclosures, and consult on bringing investment consultants within the Financial Conduct Authority's (FCA) regulatory perimeter
Posted: 23/5/24
The continued reduction in the headline Consumer Prices Index (CPI) figure offers a welcome return towards stability for the UK’s defined benefit (DB) pension schemes, industry experts have stated
Posted: 23/5/24
Defined benefit (DB) pension transfer activity hit a record low in April 2024, as the value of a typical transfer also fell to the lowest point in six months, analysis from XPS Pensions Group has revealed
Posted: 23/5/24
Insurance companies are ahead of pension funds with their investments in funds or strategies allocating to transitioning companies, a new report published by Robeco has stated
Posted: 23/5/24
The majority of British workers are “dangerously underestimating” the amount of money they will need to ensure a basic standard of living in retirement, according to research from PensionBee
Posted: 23/5/24
Industry experts have been outlining their key pension priorities for any incoming government following the news that a general election will be held on 4 July.
Speaking outside of 10 Downing Street earlier today (22 May), Prime Minister, Rishi Sunak, confirmed that the general election will be held on 4 July
Speaking outside of 10 Downing Street earlier today (22 May), Prime Minister, Rishi Sunak, confirmed that the general election will be held on 4 July
Posted: 22/5/24
The Merchant Navy Ratings Pension Fund (MNRPF) has appointed Schroders Solutions as its new fiduciary manager, following an open and competitive tender process
Posted: 22/5/24
Marks & Spencer’s (M&S) defined benefit (DB) pension surplus fell by £400.2m to £77.2m on an IAS 19 basis in 2023/24, its full year results report has revealed
Posted: 22/5/24
The ICI Pension Fund has completed a £900m buy-in with Legal & General Assurance Society (L&G), securing the benefits of over 7,000 retirees
Posted: 22/5/24
Employers with defined benefit (DB) pension schemes focusing on insurance buyout must become more proactive to avoid the risk of trapped surplus, Hymans Robertson has warned
Posted: 22/5/24
More than a quarter (28 per cent) of defined contribution (DC) savers have never logged in to check their pension online or on their phone, research from Barnett Waddingham has revealed, raising concerns savers could be “burying their heads in the sand”
Posted: 22/5/24
Reforms to unlock pension savings for higher-return investments should not undermine financial stability or pensioner outcomes, the International Monetary Fund (IMF) has said, also emphasising the need for broader pension adequacy improvements
Posted: 22/5/24
Pension administrators could inadvertently be included in the scope of HMRC’s proposals on raising standards in the tax advice market, the Pensions Administration Standards Association (PASA) has warned
Posted: 22/5/24
FTSE 100 companies’ defined benefit (DB) pension schemes were in surplus for the fourth year in a row at the end of 2023, according to LCP
Posted: 22/5/24
Industry experts have warned against the government’s proposed lifetime provider model, with a report from the Society of Pension Professionals (SPP) arguing that there are more effective alternatives already underway that would be a better use of resources
Posted: 21/5/24
The most important factor for building the public’s trust with the pensions industry is better communication, research from Trafalgar House has found
Posted: 21/5/24
A fall in the projected volume of jumbo transactions means that the second half of 2024 is expected to provide an attractive environment for medium-sized pension schemes considering a risk settlement deal, Isio has said
Posted: 21/5/24
The Fire Brigades Union (FBU) is seeking permission to appeal to the Supreme Court over the government’s proposed method of paying for the costs incurred by the McCloud ruling in relation to public sector pension schemes
Posted: 21/5/23
An “overwhelming" majority (94 per cent) of pension professionals agree that UK pensions require some form of further change, with 31 per cent expressing pessimism regarding the current system, research from Aon has found
Posted: 21/5/24
Nearly two thirds (63 per cent) of defined contribution (DC) savers make a decision on their pension savings one year before or closer to retirement, research from AllianceBernstein has revealed, emphasising the importance of default DC strategies
Posted: 21/5/24
More than half (58.4 per cent) of savers, equal to around 18.5 million people, would vote in favour of wanting Shell to commit to reducing its greenhouse gas emissions by 2030, research from PensionBee has revealed
Posted: 20/5/24
More than nine in 10 (91 per cent) pension funds in the UK have underperformed a FTSE All Share tracker over the past 10 years, according to analysis from AJ Bell
Posted: 20/5/24
Plumbing Pensions has announced that Stephen Graham has been appointed as its chief executive, effective from 1 July 2024
Posted: 20/5/24
Aviva, Mintago and Scottish Widows have joined the coalition of potential pension dashboard operators, working collectively with the government and regulators to help support the successful launch of dashboards for consumers
Posted: 20/5/24
Independent Governance Group (IGG) supported the completion of more than £8.5bn of bulk annuity transactions in 2023, according to figures from the professional trustee and governance services firm
Posted: 20/5/24
More than one fifth (22 per cent) of savers are unsure where their pensions are held, while a further 16 per cent don’t know, research from Hargreaves Lansdown has found
Posted: 20/5/24
The Independent Parliamentary Standards Authority (IPSA) has concluded that Pensions Minister, Paul Maynard, broke expenses rules when he used IPSA-funded equipment beyond the bounds of his agreement with the watchdog
Posted: 17/5/24
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Posted: 17/5/24
UK Economic Secretary to the Treasury, Bim Afolami, has said UK pension funds do not invest “enough” in unlisted equity in the UK, highlighting this as one of the three “major” challenges facing the UK economy
Posted: 17/5/24
Pension scheme trustees should challenge fixed income managers on their engagement activities to ensure they are taking full advantage of additional opportunities to push for more sustainable policies, AXA Investment Managers (AXA IM) has said
Posted: 17/5/24
Up to 209,553 NHS pension scheme members could be losing out on pension payments due to a lack of awareness around the recent pension scheme changes, a freedom of information request from Quilter has revealed
Posted: 17/5/24
State pension underpayments in the UK totalled £470m in 2023/24, whilst state pension overpayments rose to £170m in 2023/24, new data from the government has revealed
Posted: 17/5/24
Defined benefit (DB) pension scheme trustees should think “carefully” before deciding on insurance endgame options, Hymans Robertson has said, emphasising the value of a strategic pause
Posted: 16/5/24
Pensions Age news editor, Sophie Smith, discusses the connection between financial issues and mental health, and whether people are being tempted to doom-spend, rather than save for retirement
Posted: 16/5/24
The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found
Posted: 16/5/24
Younger workers have “significantly” more pension pots than older workers, according to analysis from Interactive Investor, which found that more than one fifth (21 per cent) of savers aged 18-34 years old already have five or more pension pots
Posted: 16/5/24
Concentration in the defined contribution (DC) pension landscape continued at a similar rate to previous years in 2023, data from The Pensions Regulator (TPR) has revealed, as the number of non-micro DC and hybrid schemes fell by 11 per cent in 2023
Posted: 16/5/24
Nearly half (45 per cent) of advisers' clients believe they will retire earlier than if they didn’t have help from a financial adviser or wealth manager, with 48 per cent estimating they will retire by at least 60 years old, research from Investec Wealth & Investment UK has revealed
Posted: 15/5/24
Pensions Policy Institute (PPI) senior policy analyst, John Adams, takes a look at the pension-related pledges that could appear in an upcoming general election, and the potential impact on the industry
Posted: 15/5/24
The Financial Conduct Authority (FCA) has charged Kristofer McGuire, Keith Williamson and Karla Walker with fraud for their alleged involvement in a high-risk trading scheme, which targeted people’s pension savings
Posted: 15/5/24
Defined contribution (DC) pension schemes have been being urged to better understand how their members are accessing their information, after analysis from LCP revealed that, on average, 7 per cent of users logged into their app each quarter over the past two years
Posted: 15/2/24
More than three quarters (78 per cent) of retirees have already dipped into their pension pots by the time they retire, data from the Scottish Widows has revealed
Posted: 15/5/24
Whilst the number of Section 72 requests from The Pensions Regulator (TPR) has fallen, the increasing size of schemes means these requests are more difficult, invasive and expensive for schemes than ever before, Eversheds Sutherland has warned
Posted: 15/5/24
The Environment Agency Pension Fund (EAPF) has made a £170m commitment to Schroders Greencoat's UK private markets fund, Greencoat Renewable Income (GRI)
Posted: 14/5/24
The aggregate surplus of defined benefit (DB) pension schemes increased from £455.5bn at the end of March 2024 to £458.3bn at the end of April 2024, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 14/5/24
The Church of England (CofE) Pensions Board has cautioned against a proposed takeover of mining company, Anglo American, raising concerns over the long-term risks posed to asset owners’ interests
Posted: 14/5/24
Investment stewardship resources need to double at an industry level, a report from the Thinking Ahead Institute (TAI) has said, after it found that stewardship is currently under-resourced in the global investment industry
Posted: 14/5/24
The number of people reducing or stopping their pension contributions has decreased, with only 17 per cent doing so in the past six months, compared to 22 per cent a year ago, according to a survey by Opinium on behalf of Hargreaves Lansdown
Posted: 14/5/24
An “overwhelming” three quarters (75 per cent) of pension savers want to see shareholders of Mondelez vote for the company to better evidence their work at ending child and forced labour at the upcoming AGM, research from PensionBee has revealed
Posted: 14/5/24
The Norgine Limited Retirement Benefits Scheme has secured a £28m full buy-in with Canada Life, securing the retirement benefits of 308 members, including 152 deferred members
Posted: 14/5/24
AJ Bell has announced the launch of a new ‘Ready-made’ pension and consolidation service, in an effort to help savers track down lost pensions and keep better track of their retirement savings for the future
Posted: 13/4/24
Any incoming government must commit to the timely completion of existing pension initiatives where there has been broad cross-party support, the Association of Consulting Actuaries (ACA) has said
Posted: 13/5/24
The Superannuation Arrangements of the University of London (SAUL) has announced plans to adopt pass-through voting for both its defined contribution (DC) and defined benefit (DB) plans, in what is thought to be a UK first
Posted: 13/5/24
Over a million people have taken out a new mortgage that will run past state pension age in the past three years, a freedom of information request from LCP has revealed
Posted: 13/5/24
Demand for international pension schemes and savings vehicles is continuing to rise beyond just expatriate communities, to protect local employee groups from growing political and economic instability, according to WTW
Posted: 13/5/24
Nest has appointed Northern Trust as its new fund administrator and custodian, providing key services for Nest’s investment strategy
Posted: 13/5/24
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Posted: 10/5/24
The court has ruled in favour of the government in a legal case against Railpen-owned freeholder, Grey GR, giving residents at Stevenage's Vista Tower assurance that their homes will be made safe without further delay
Posted: 10/5/24
Industry experts have argued that insurance transactions are “entirely achievable” for small defined benefit (DB) schemes, highlighting a number of recent small scheme deals as evidence of the opportunities available for schemes that are prepared and ready
Posted: 10/5/24
The Rathbone Group 1987 Pension Scheme and the Laurence Keen Retirement Benefits Scheme has completed a £100m buy-in deal with Canada Life, insuring the defined benefit (DB) pension liabilities for around 480 members
Posted: 10/5/24
Fully hedged scheme funding has been on the decline over the past month, whilst half-hedged scheme funding improved notably from 96.7 per cent to 98.3 per cent, Broadstone’s Sirius Index has revealed
Posted: 10/5/24
Delays to pensions dashboards have pushed the estimated cost of the Pensions Dashboards Programme (PDP) up by 23 per cent since 2020, rising from £235m to £289m in 2023, a report from the National Audit Office (NAO) has revealed
Posted: 10/5/24
The Department for Work and Pensions (DWP) has rejected MPs calls to extend its state pension underpayment review to include divorcees
Posted: 9/5/24
Pensions Management Institute (PMI) president, Robert Wakefield, discusses whether members are getting enough support at retirement and the improvements the industry could look to make
Posted: 9/5/24
The value of pension pots increased by 16 per cent over the past year, rising from £17,379 in March 2023 to £20,077 in March 2024, although the gender pension gap remains, analysis from PensionBee has found
Posted: 9/5/24
Former company director, Nicholas Marks, has denied allegations he defrauded his workers’ pensions, pleading not guilty to both charges at Southwark Crown Court yesterday (8 May)
Posted: 9/5/24
The John Turner Construction Group Ltd Staff Pension Scheme has secured a full final salary pension scheme buy-in with Aviva, securing the benefits of one pensioner and 18 deferred members
Posted: 9/5/24
More than one million families are expected to contain more than one retired generation by 2034, marking a 32 per cent increase on the 813,000 multi-retiree families that exist currently, research from St James’s Place has revealed
Posted: 8/5/24
Just Group has completed 400 bulk annuity transactions since it entered the defined benefit (DB) de-risking market in 2012
Posted: 8/5/24
The Pensions Regulator (TPR) interim director for frontline regulation, Mel Charles, takes a closer look at the work needed to move towards a more consolidated, outcomes-focused, pensions industry
Posted: 8/5/24
The Financial Conduct Authority (FCA) has been urged to “go further” on its proposed pensions dashboards post-view proposals, in order to help ensure savers are fully supported throughout their full dashboards journey
Posted: 8/5/24
The Local Government Pension Scheme (LGPS) Access Pool has invested £1.3bn into a property solution
Posted: 8/5/24
Two in five (40 per cent) current UK retirees would have done something differently in how they approached their retirement, research from Canada Life has found
Posted: 7/5/24
The Pensions Management Institute (PMI) has appointed Paragon as an Insight Partner to support pension schemes in improving their member communications
Posted: 7/5/24
Following a competitive request for proposal (RfP) and tender process, the Siemens Investor Plan has appointed Standard Life, part of Phoenix Group, as its new master trust provider, transitioning over £1.6bn of assets to the group
Posted: 7/5/24
It is now "more important than ever" for trustees and sponsors to review their long-term strategy, XPS Pensions has said, after its analysis revealed that the aggregate surplus of the UK's defined benefit (DB) pension schemes rose from £151bn to £178bn in April
Posted: 7/5/24
Pension Insurance Corporation (PIC) completed transactions with total premiums of £1.5bn to mark a “strong” start to the year, its Q1 2024 trading update has revealed
Posted: 3/5/24
The Pensions and Lifetime Savings Association (PLSA) has appointed 17 industry experts to its policy committees, as the term for some existing members comes to an end
Posted: 3/5/24
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Posted: 3/5/24
The Pensions Regulator (TPR) has shared its new corporate plan, highlighting the introduction of the new regulatory funding regime for defined benefit (DB) schemes as a key challenge for the upcoming year
Posted: 3/5/24
Industry experts have highlighted recent issues around the abolishment of the lifetime allowance (LTA) as demonstration of the need for stability in pensions tax legislation, with a “long list” of changes still needed to implement the new tax regime
Posted: 3/5/24
The experience of trying to turn a pension pot into retirement income is currently “horrible” amid a web of different, disparate systems, fintech experts have warned
Posted: 3/5/24
There is a “clear trend” in private sector defined benefit (DB) pension schemes halting sponsor contributions in light of improved funding levels, PwC has observed
Posted: 3/5/24
The latest National Local Government Pension Scheme (LGPS) Procurement Framework for Integrated Service Providers (ISP) and Member Data Services has been launched
Posted: 2/5/24
The average overall pension transfer time "significantly" improved in the 12-month period since January 2023, falling by 12.2 per cent from 14 to 12.3 days, according to Origo’s Pension Transfer Index data
Posted: 2/5/24
Front-end pensions dashboard rules must support consumers’ requests for post-launch changes, the Dashboard Operators Coalition (DOC) has stated
Posted: 2/5/24
Although the majority of UK asset owners agree that diversity, equity and inclusion (DE&I) correlates directly with business performance, research from Pensions for Purpose has found a “surprising discrepancy”, with a marked lack of engagement in underlying portfolio companies
Posted: 2/5/24
The Pensions and Lifetime Savings Association (PLSA) has announced that director of policy and advocacy, Nigel Peaple, is stepping away from his current role to work on a part-time basis as the PLSA’s first chief policy counsel
Posted: 2/5/24
Defined benefit (DB) pension schemes are collectively spending up to £300m more than they need to each year due to inefficiencies and lack of automation, research from Spence Partners has revealed
Posted: 2/5/24
The trustee of an unnamed pension scheme has agreed a £136.3m buy-in deal with Just Group, resolving the scheme’s liquidity issues
Posted: 2/5/24
Two-thirds (66 per cent) of pension professionals believe that pension policy has been dissatisfactory in the past six months, up from 61 per cent last year, according to the Pensions Management Institute (PMI) pulse survey
Posted: 1/5/24
Industry experts have raised questions over the government’s plans to make defined contribution (DC) pension funds disclose their level of investment in British Businesses, warning that this additional disclosure obligation will not drive the desired behaviours
Posted: 1/5/24
Shadow Pensions Minister, Gill Furniss, has resigned from the role after less than eight months in the position, according to reports
Posted: 1/5/24
Around 10 per cent of defined contribution (DC) pension savers’ money in the UK is invested in US tech giants, including Microsoft, Apple and Amazon, research from PensionBee has revealed
Posted: 1/5/24
The Pensions Scams Industry Group (PSIG) has published a consultation aimed at determining the future of the organisation
Posted: 1/5/24
The Pensions Dashboards Programme (PDP) has published the updated data standards for pensions dashboards, as the industry continues to prepare for connection to the dashboards ecosystem
Posted: 1/5/24
The Financial Conduct Authority (FCA) has introduced a modification to allow firms to connect to the pensions dashboards digital architecture before 31 October 2026, even where they are unable to provide 100 per cent of their relevant scheme members’ data
Posted: 1/5/24
Over two in five (41 per cent) self-employed people do not pay into a personal pension, research from CMC Invest has revealed
Posted: 1/5/24
British liability-driven investment (LDI) funds in Ireland and Luxembourg will need to be able to resist a rise in GBP yields of at least 300 basis points, under new restrictions from EU financial markets regulator, the European Securities and Markets Authority (ESMA)
Posted: 30/4/24
Trustees and sponsors of defined benefit (DB) schemes smaller than £250m are unlikely to run on for purely economic reasons, Hymans Robertson has said, after its analysis found the cost of running a small DB pension scheme is four times the cost of running a large scheme
Posted: 30/4/24
The prevalence of ‘mega deals’ and “dramatic” growth in small-scheme transactions drove the record-breaking year in the bulk annuity market in 2023, according to Aon
Posted: 30/4/24
UK bulk purchase annuity (BPA) firms will be stress tested on the use of funded reinsurance, Prudential Regulation Authority (PRA) head of division, London markets, Lisa Leaman, has confirmed
Posted: 30/4/24
Over three in five (62 per cent) retirees left the workforce before the state pension age of 66 years old, research by Just Group has found
Posted: 30/4/24
All fiduciary managers (FMs) in the pensions industry delivered positive returns in 2023, although there was a wide divergence in terms of their investment performance, according to research from XPS Pensions Group
Posted: 30/4/24
It is “entirely possible” for well-funded smaller schemes to complete both a buy-in and a full wind-up within two years with the right preperation, Cartwright director of administration, Julie Yates, has said
Posted: 30/4/24
Defined contribution (DC) master trust The People’s Pension (TPP) has raised the expectations on its investment mangers in its newly published responsible investment (RI) policy
Posted: 29/4/24
Almost two thirds (65 per cent) of pension professionals expect to increase their investment in UK infrastructure over the next 12 months, research from GLIL Infrastructure has found
Posted: 29/4/24
More than three quarters (79 per cent) of over 55s who have retired did so without the help of financial guidance or advice, preferring to opt for a 'do-it-yourself' approach to managing their finances, research from Canada Life has revealed
Posted: 29/4/24
Employers should consider changes to their defined contribution (DC) pension default arrangements that would result in new employees being enrolled at higher contribution levels, according to WTW
Posted: 29/4/24
The John Graham (Dromore) Limited Pension and Life Assurance Scheme has completed a £16m buy-in with Legal & General (L&G) Assurance Society, securing the benefits of 172 retirees and deferred members
Posted: 29/4/24
The aggregate funding level for the 87 funds in the Local Government Pension Scheme (LGPS) in England and Wales rose to 106 per cent in Q1 2024, after asset values hit a record high at nearly £400bn, Isio’s latest Low-Risk Funding Index has revealed
Posted: 29/4/24
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Posted: 26/4/24
Local Government Pension Scheme (LGPS) funds will need to develop a “deep understanding” of impact and natural capital in order to keep up with future responsible investment (RI) regulatory milestones, Hymans Robertson has said
Posted: 26/4/24
Nearly three-quarters (71 per cent) of people who had a call with MoneyHelper on its Pension Guidance helpline felt more confident in spotting and managing potential financial scams, the Money and Pensions Service (Maps) has revealed
Posted: 26/4/24
Single pensioners require £277,500 more in their pension pot in order to secure a moderate standard of living in retirement, research from Standard Life has revealed
Posted: 26/4/24
HMRC repaid a total of £42m to people who overpaid tax when they flexibly accessed their pensions in Q1 2024, with a record £198m in overpaid pensions tax repaid in the 2023/24 tax year, the latest government Pension Schemes Newsletter has revealed
Posted: 26/4/24
Nearly eight in 10 (78 per cent) workers aged between 25 and 34 with a defined contribution (DC) pension are in favour of a pot for life system, a study by the Social Market Foundation (SMF), supported by Cushon, has revealed
Posted: 26/4/24
The Pensions Dashboards Programme (PDP) has confirmed that it plans to share the final data standards "soon", having already shared the standards with volunteer participants in March 2024
Posted: 26/4/24
The Pensions Regulator (TPR) has said that new defined benefit (DB) pension models must offer both clear benefits and proper protections, raising particular concerns over a possible new offering to pay DB pensions to defined contribution (DC) savers
Posted: 25/4/24
Clara Pensions has selected Broadstone as its third-party administrator, following an "extensive period of due diligence"
Posted: 25/4/24
The Work and Pensions Committee (WPC) has written to the Department for Work and Pensions (DWP) to raise concerns about the impact of state pension underpayments on divorcees, and whether the rules in place to help savers are working effectively
Posted: 25/4/24
Almost half (46 per cent) of UK adults with pensions have not considered who should inherit them, research from Canada Life has found
Posted: 25/4/24
European Pensions' annual Irish Pensions Awards is now open to entries for Irish pension funds and providers, with an entry deadline of 12 July 2024
Posted: 25/4/24
Defined benefit (DB) pension transfer activity stayed low in March, as volumes remained 50 per cent lower than this time last year, despite a “marginal increase” in activity over the past month, analysis from XPS Pensions Group has revealed
Posted: 25/4/24
Professional trustee market revenue increased by 16 per cent in 2023, marking the fourth consecutive year of double-digit growth, according to Isio’s 2024 Professional Independent Trustee Survey
Posted: 24/4/24
The Pensions Regulator (TPR) has urged defined benefit (DB) pension trustees and sponsors to reassess their long-term objectives, after its Annual Funding Statement showed that half of schemes have exceeded their estimated buyout funding levels
Posted: 24/4/24
Pension Insurance Corporation (PIC) has launched a streamlined service designed to support small pension schemes (with assets less than £100m) looking to complete buyout
Posted: 24/4/24
Increasing the minimum auto-enrolment (AE) contribution rate from 8 per cent to 12 per cent could boost total pension contributions by £10bn a year, according to a report by Phoenix Group and WPI Economics
Posted: 24/4/24
The Lexmark Pension Plan has secured a £46m buy-in with Canada Life, securing the benefits of all 177 scheme members, including 93 pensioners and 84 deferred members
Posted: 24/4/24
The parliamentary office of Frank Field has announced that the former Work and Pensions Committee (WPC) chair and Labour MP has died aged 81
Posted: 24/4/24
Buy-in and buyout volumes reached £28bn in the second half of 2023, marking a nearly 74 per cent increase on the £16bn of transactions recorded in the same period in 2022, analysis from Hymans Robertson has revealed
Posted: 23/4/24
Just over a third (35 per cent) of pension savers are confident in making basic retirement decisions, such as choosing how to access their pension when they reach retirement age, according to research from TPT Retirement Solutions
Posted: 23/4/24
Pension scheme trustees have been urged to ensure they understand the drivers of future mortality, after analysis from LCP identified "significant disruption" to mortality trends in the wake of the pandemic and the ongoing pressures on the healthcare system
Posted: 23/4/24
Pension schemes in the UK view ‘putting their capital to work swiftly’ as the biggest barrier to investing in renewable infrastructure, according to a survey from AlphaReal
Posted: 23/4/24
Defined benefit (DB) pension schemes' funding levels remained stable in Q1 2024, as the opening quarter for the year continued many of the same trends seen in 2023, analysis from Broadstone has revealed
Posted: 23/4/24
Just over one third (34 per cent) of savers want more control over their pension investments, with some suggesting that this power would even push them to put more money in their pot, research from DIY investment platform, TILLIT, has found
Posted: 23/4/24
Association of Consulting Actuaries (ACA) chair, Steven Taylor, looks at the challenge of building adequate levels of pension saving, and the need for cross-party consensus on key pension reforms
Posted: 22/4/24
Industry experts have stressed the importance of receiving expert advice on the “often complex” pension arrangements of divorcing parties, after research from the Institute and Faculty of Actuaries (IFoA) found that actuaries provide advice in less than one in 20 divorces
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Almost half (49 per cent) of defined contribution (DC) scheme members do not know what their pension scheme is invested in, according to research from Wealth at Work
Posted: 22/4/24
Work and Pensions Committee (WPC) chair, Stephen Timms, has written to Pensions Minister, Paul Maynard, to ask for more details about the Department for Work and Pensions' (DWP) plans to engage with industry on fiduciary duty issues
Posted: 22/4/24
The Society of Pension Professionals (SPP) has voiced its support for the Pension Protection Fund’s (PPF) proposed changes to s143 valuations for smaller schemes, but warned that care will be needed with their use
Posted: 22/4/24
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Posted: 19/4/24
The government has been urged to give HMRC the power to disapply tax charges in cases where losses were due to dishonesty by a third party, as the Enough is Enough campaign took to the streets of London to raise awareness for victims of financial misconduct
Posted: 19/4/24
Up to 2,300 defined benefit (DB) pension schemes could benefit from the additional choice a new public sector consolidator (PSC) would provide, the Pension Protection Fund (PPF) has said, estimating that a new PSC could also ‘unlock’ around £10bn for UK productive finance
Posted: 19/4/24
There is a “stark divide” in the level of pension saving amid cost-of-living pressures, with research from MRM revealing that less than half (45 per cent) of savers claim to have a pension, while one in five (21 per cent) have no savings or investments at all
Posted: 19/4/24
The government has been urged to consider a ‘magnetic pensions’ model to address the small pots issue, after analysis from LCP suggested that over two million new pension pots are ‘left behind’ each year as people change jobs and start a new pension
Posted: 19/4/24
Pension scheme trustees have “no excuses” for not knowing what is expected of them following the publication of The Pensions Regulator’s (TPR) General Code, TPR director of regulatory policy, analysis and advice, Louise Davey, has said
Posted: 19/4/24
The permanent structure of The Pensions Regulator’s (TPR) organisational changes as part of its ‘strategic shift’ are expected to be in place by October, TPR director of regulatory policy, analysis and advice, Louise Davey has revealed
Posted: 19/4/24
The Department for Work and Pensions (DWP) is still working through responses to its call for evidence on a potential lifetime pension provider model and needs to “dig deep” into the concerns raised by the industry
Posted: 19/4/24
The government is committed to consulting on increasing minimum auto-enrolment (AE) pension contributions during the “mid to later part of this decade”, Pensions Minister, Paul Maynard, has stated
Posted: 19/4/24
Pensions Minister, Paul Maynard, has revealed that the government is not planning to introduce mandatory accreditation for pension scheme trustees for the foreseeable future
Posted: 19/4/24
Increasing scale in the pensions industry should be the priority before enacting investment reforms, such as the Mansion House Compact, People’s Partnership CIO, Dan Mikulskis, has stated
Posted: 19/4/24
Inflation in March fell to 3.2 per cent following the drop to 3.4 per cent in February, the lowest it has been since 2021, the Office for National Statistics (ONS) has revealed
Posted: 18/4/24
Industry experts have broadly welcomed the government's plans to give defined benefit (DB) pension schemes more flexibility to access surpluses, although proposals to establish a public sector consolidator (PSC) have received a more divided reception
Posted: 18/4/24
Pensions Policy Institute (PPI) policy researcher, Shantel Okello, discusses the potential benefits, and risks, a lifetime provider model in the UK could bring
Posted: 18/4/24
The government should support lower earners to boost pension savings throughout working life and steer more people to taking their private pensions at or near the state pension age, a report from the Fabian Society has suggested
Posted: 18/4/23
The Pension Protection Fund (PPF) has updated its sustainability strategy key performance indicators (KPIs) for 2024/25, confirming that it will publish the reductions achieved in its environmental footprint by 31 March 2025
Posted: 18/4/24
Less than four in 10 (39 per cent) pension professionals have a project plan in place for pensions dashboards, despite the government's expectation for larger schemes to connect to the pensions dashboard ecosystem by this time next year, a survey by LCP revealed
Posted: 17/4/24
Almost two thirds (62 per cent) of pension professionals said they either ‘very much’ or to ‘some degree’ believe environmental, social and governance (ESG) disclosures lead to better real-world outcomes, a poll from the Society of Pension Professionals (SPP) has found
Posted: 17/4/24
The Pensions Dashboards Programme (PDP) has appointed Iain Patterson as its new senior responsible owner, as it prepares to begin connecting the pensions industry to the dashboards ecosystem
Posted: 17/4/24
The British public’s trust in the pensions industry continued to improve in 2023, with Trafalgar House’s Trust & Confidence Index showing the ‘public trust score’ rose to 5.26 out of 10 during the year
Posted: 17/4/24
Almost £2bn of pension savings has been lost since 2019, with more than 43,000 claims having been received by the Financial Services Compensation Scheme (FSCS) since 2019, the majority (80 per cent) of which were made by men
Posted: 17/4/24
The aggregate surplus of FTSE 350 companies’ defined benefit (DB) pension schemes increased by £7bn to £66bn on an accounting basis in March, analysis by Mercer has shown
Posted: 17/4/24
Magistrates have adjourned a prosecution case against former company director, Lee Bartholomew, with a new hearing date fixed for 24 June 2024 at Brighton Magistrates Court
Posted: 17/4/24
Industry experts have reiterated the need for a "robust" at-retirement framework to support savers, after data from the Financial Conduct Authority (FCA) revealed that the total number of pension plans accessed for the first time in 2022/23 increased by 4.8 per cent to 739,535
Posted: 16/4/24
The Epson Telford Limited Pension & Life Assurance Scheme has completed a £50m full scheme buy-in with Pension Insurance Corporation (PIC), securing the benefits of 368 pensioners and 493 deferred members
Posted: 16/4/24
Defined benefit (DB) scheme sponsors and trustees are willing to work collaboratively on run on for surplus if the government’s proposal for surplus extraction is enacted, but disagree on the level of protection that should be introduced, a study from XPS Pensions Group has shown
Posted: 16/4/24
Over half (54 per cent) of Brits see the government’s pot for life proposals as a positive change to the UK pension system, although a “crisis of confidence” could be brewing, with 49 per cent nervous about making bad decisions, research from Barnett Waddingham has found
Posted: 16/4/24
The vast majority (95 per cent) of UK pension funds and insurers expect to increase their allocations to renewable energy assets over the next five years, research from AlphaReal has revealed
Posted: 16/4/24
Several pension investors with shares in Nestlé have backed a resolution calling on the food manufacturer to increase the number of healthy food options it offers
Posted: 15/4/24
Environmental, social and governance (ESG) initiatives may not be delivering meaningful change due to poor quality engagement, according to a paper from PGIM, which warned that 'engagement washing' is “poised to be the next term maligning” ESG initiatives
Posted: 15/4/24
The trustee of the Grant Thornton Pensions Fund has appointed Cardano as its new fiduciary manager, following a competitive tender process
Posted: 15/4/24
Industry experts have raised concerns over the extra work that The Pensions Regulator’s (TPR) statement of strategy proposals will require, questioning how useful this information will prove for the regulator, trustees, or members
Posted: 15/4/24
Accounting firm Grant Thornton has been fined for failing to comply with the Regulatory Framework for Auditing in its audit of an unnamed local authority pension fund in 2020/21
Posted: 15/4/24
WTW has announced plans to launch a private equity-focused Long-Term Asset Fund (LTAF), subject to approval from the Financial Conduct Authority (FCA), having already received commitments of over £450m in assets
Posted: 15/4/24
The latest news in brief and mandates from the past seven days
Posted: 12/4/24
Pension scheme trustees have been urged to use The Pensions Regulator's (TPR) feedback on recent climate-related disclosures as an “opportunity” to improve their climate-related actions
Posted: 12/4/24
The Department for Work and Pensions (DWP) has shared new guidance designed to help pension fund trustees and managers prepare an annualised version of the accrued pot value for pensions dashboards
Posted: 12/4/24
Retirees have £119,000 less than they hoped for in their pension savings, potentially impacting their retirement lifestyle, research from Standard Life has found
Posted: 12/4/24
Whilst industry experts have welcomed parts of the government's plan to "overhaul" the defined benefit (DB) pensions regime, concerns have been raised over the potential risks to members, as well as the broader insurance and superfund market
Posted: 12/4/24
The number of brands awarded with Star accreditation has grown by 16 per cent in the past year, with 37 brands awarded accreditations in its latest update
Posted: 11/4/24
Lucite International UK Pension Fund has completed a £130m buy-in with Just Group, securing the benefits of 438 uninsured members, including 156 pensioners and dependants and 282 deferred members
Posted: 11/4/24
The Society of Pension Professionals (SPP) has called on The Pensions Regulator (TPR) to lighten the burden of the proposals in its Statement of Strategy consultation
Posted: 11/4/24
Pension trustees are acting to address climate risks and opportunities, with more than 60 per cent of pension schemes included in The Pensions Regulator’s (TPR) latest review having some form of net-zero goal with a target date of 2050 or earlier
Posted: 11/4/24
Broadstone has acquired credit risk and data analytics consultancy Vestigo Partners Limited in an effort to boost its credit risk and analytics capabilities
Posted: 11/4/24
Defined benefit (DB) pension schemes have the opportunity to generate a surplus of up to £1.2trn over the next 10 years, according to research from Van Lanschot Kempen (VLK)
Posted: 11/4/24
Former company director, Nicholas Marks, has denied allegations he defrauded his workers’ pensions, pleading not guilty at Westminster Magistrates’ Court yesterday (10 April)
Posted: 11/4/24
Aviva has launched a streamlined bulk purchase annuity (BPA) service designed specifically to support market access for smaller schemes, typically with assets of less than £100m
Posted: 10/4/024
Current auto-enrolment contribution levels would see the average person retire with around £22,800 a year after tax if trends continue, just over half (53 per cent) of what is needed to live comfortably in retirement, research from finder.com has found
Posted: 10/4/24
The Transition Plan Taskforce (TPT) has shared its final set of transition plan resources to help businesses unlock finance for net zero
Posted: 10/4/24
More than one in 10 (11 per cent) savers in Generation X (those born between 1965-1980) are paying more than the new state pension amount to care for family and friends, according to research from Just Group
Posted: 10/4/24
Whilst many are struggling to meet their financial commitments due to the cost-of-living crisis, and are spending and saving less to make ends meet, very few have stopped or reduced their pension contributions, data from the Financial Conduct Authority (FCA) has revealed
Posted: 10/4/24
Despite a small increase in Q4 2023, defined benefit (DB) transfer redress fell to a record low in Q1 2024, according to OAC’s DB Redress Tracker, with redress for a typical complainant falling to £12,000
Posted: 10/4/24
The government’s plans for the Pension Protection Fund (PPF) to act as a public consolidator have prompted a number of concerns, with XPS Pensions Group arguing that the PPF's role should instead be extended to help schemes with insolvent sponsors to reach buyout
Posted: 9/4/24
Zedra has launched a new escrow solution designed for those defined benefit (DB) pension schemes targeting a bulk purchase annuity and with concerns about possible overfunding
Posted: 9/4/24
Brits felt more positive than negative about their retirement prospects for the first time in six months in March, although expectations for the state pension are waning amongst younger savers, PensionBee’s latest Pension Confidence Index has found
Posted: 9/4/24
Upping investment or pension contributions in line with inflation can increase the size of saving pots by up to £124,000 over 40 years, research from Interactive Investor has found
Posted: 9/4/24
Brightwell, the primary service provider to the BT Pension Scheme (BTPS), has launched a full self-serve online retirement journey for BTPS members, in what is thought to be an industry first for a defined benefit (DB) pension scheme
Posted: 9/4/24
The aggregate surplus of defined benefit (DB) pension schemes increased from £442.3bn at the end of February 2024 to £455.5bn at the end of March 2024, according to the Pension Protection Fund (PPF) 7800 Index
Posted: 9/4/24
Institutional investors rank second only to banks as the primary source of funding for micro, small and medium-sized enterprises (MSMEs), according to a new survey by Tradeteq
Posted: 8/4/24
Aviva, through its in-house capital unit Aviva Capital Partners, has partnered with Rock Rail and the UK Infrastructure Bank to provide a new funding platform for zero emission bus financier ‘Rock Road’
Posted: 8/4/24
The majority (56 per cent) of high-net worth individuals (HNWI) are not maximising the extra £20,000 pension annual allowance available to them following recent increases, research from Saltus Wealth has revealed
Posted: 8/4/24
Rothesay Life generated adjusted operating profits of £1.4bn in 2023, the group has reported in its latest trading update
Posted: 8/4/24
The Epson (UK) Limited Pension Scheme has completed a £60m buy-in with Just Group, securing the benefits of 113 pensioners and 289 deferred members
Posted: 8/4/24
The government has been urged to ban pension switching incentives, after research from People’s Partnership and the Behavioural Insights Team (BIT) found that cash incentive offers make savers more likely to ignore the fine print and switch their pension to a worse option
Posted: 8/4/24
The government should establish a new lifetime savings commission to help with the complex pension issues facing millions across the UK, Scottish Widows has said
Posted: 5/4/24
HMRC has suggested that some members may wish to delay transferring their pension or taking benefits until amending legislation on the abolition of the lifetime allowance (LTA) is effective, prompting further concern from industry experts
Posted: 5/4/24
With the state pension due to increase by 8.5 per cent this month, industry experts have urged the government to consider giving more choice around the state pension age and better education on the state pension
Posted: 5/4/24
The latest news in brief and mandates from the past seven days
Posted: 5/4/24
UK defined benefit (DB) pension scheme trustees and sponsors have been urged to ensure they understand the full range of options available to “lock-in” recent funding improvements, after PwC’s analysis revealed that DB scheme funding remained “very strong” in March
Posted: 5/4/24
Nest has announced the appointment of Ian Cornelius as its interim CEO, effective from 1 May 2024, following a short handover period from outgoing CEO, Helen Dean
Posted: 4/4/24
Nearly half (47 per cent) of Gen Z plan to move to part-time work as they approach retirement, while nearly a quarter (22 per cent) think they’ll move to be self-employed or set up their own business, research from Standard Life has revealed
Posted: 4/4/24
The expected future living standard in retirement provided by defined contribution (DC) pensions fell “significantly” over the past quarter, following an increase in the expected cost-of-living in retirement, Aon’s UK DC Pension Tracker has revealed
Posted: 4/4/24
The government should ensure that the collective defined contribution (CDC) design framework is able to embrace a range of innovative and diverse options, Hymans Robertson has said
Posted: 4/4/24
Nearly half (49 per cent) of Brits say they are worried about their pension and retirement income due to recent political instability, research from the Get Britain Pension Ready campaign has revealed
Posted: 4/4/24
The aggregate surplus of the UK’s defined benefit (DB) pension schemes remained at near-record levels in March, falling slightly from £154bn to £151bn, analysis from XPS Pensions Group has revealed
Posted: 4/4/24
Investment scams have cost victims more than £2.6bn since the start of 2020, a freedom of information request from the Pensions Management Institute (PMI) has revealed
Posted: 3/4/24
The gap between the poorest and richest single pensioners has increased "considerably" over the past decade, analysis by Broadstone has found
Posted: 3/4/24
Whilst the majority (80 per cent) of savers think they should have the opportunity to choose which pension scheme their contributions are paid into, half (50 per cent) are concerned about knowing this responsibility rests with them, research from Fidelity International has found
Posted: 3/4/24
The trustee of the Riverstone Management Pension and Life Assurance Plan has completed a £95m full buy-in with Standard Life, securing the benefits of all 388 members in the scheme
Posted: 3/4/24
An unnamed motor industry pension scheme has completed a £19m full scheme buy-in with an unnamed insurer, covering the benefits of 52 pensioners and 17 deferred members
Posted: 3/4/24
Defined benefit (DB) pension scheme funding levels remained “robust” at the end of the first quarter of 2024, according to research from LCP, with continued surpluses generating an increased appetite to run-on
Posted: 3/4/24
The Energizer UK Pension Plan has completed a £44m full buy-in deal with Just Group, securing the benefits of all scheme members, including 409 pensioners and 358 deferred members
Posted: 3/4/24
The government’s plans to introduce a lifetime provider model could “fundamentally” change the role of the employer and have a negative impact on outcomes for savers, research from WPI Economics, commissioned by the Association of British Insurers (ABI), has suggested
Posted: 2/4/24
Industry experts have warned that changes to the state pension could be a “double-edged sword” for some pensioners, with concerns that some could be pushed into a tax-paying bracket for the first time, or end up paying more in tax
Posted: 2/4/24
More than half (61 per cent) of savers, representing around 19.4 million UK pension holders, believe that voting against the re-election of directors is an effective way to communicate dissatisfaction to companies, research from PensionBee has revealed
Posted: 2/4/24
Nearly three quarters (73 per cent) of pension professionals think changes are needed for the Department of Work and Pensions (DWP) to deliver on its aim for defined benefit (DB) schemes to invest for surplus, a poll from LCP has found
Posted: 2/4/24
De Beers UK Pension Scheme has completed an £870m full buy-in with Pension Insurance Corporation (PIC), securing the pensions of 1,464 current pensioners and 473 deferred members
Posted: 2/4/24
The Pensions Regulator (TPR) has committed to reducing its operational emissions in relation to gas, electricity, business travel, water and waste by at least 90 per cent by 2030, as part of its new secondary goal to reach net zero by 2050 for all emissions
Posted: 2/4/24
The Financial Conduct Authority (FCA) has launched a further consultation on the regulatory framework for pensions dashboard service firms
Posted: 28/3/24
PIC’s investment portfolio rose to £46.8bn in 2023, up from £41.2bn a year earlier, its latest financial results have shown
Posted: 28/3/24
Two in three de-risking employee benefit consultants (EBC) have had illiquid assets delay de-risking transactions for some of their clients, according to research from Standard Life
Posted: 28/3/24
The Pensions Regulator (TPR) has emphasised the importance of transparency when discussing pay gaps and equality, diversity and inclusion (EDI) issues, arguing that this is a ‘small but important’ part of making workplace pensions work for all savers
Posted: 28/8/24
The Pensions Regulator (TPR) has announced a number of interim leadership changes, appointing Neil Bull as interim director of market oversight, Nina Blackett as interim director of strategy, policy and analysis, and Mel Charles as interim director of regulatory compliance
Posted: 28/9/24
The Pensions Regulator has acknowledged that a “concerted effort” is required to address its ethnicity and sexual orientation pay gaps, despite positive progress in some areas
Posted: 28/3/24
More than two fifths (42 per cent) of people earning under £100,000 have said they do not find it ‘easy’ to interact with their provider, compared to only 15 per cent of those earning £100,000 or more, research from Moneyhub has found
Posted: 28/8/24
Defined benefit (DB) pension scheme sponsors could save “millions” by updating their longevity assumptions to one of the more recent Continuous Mortality Investigation (CMI) models, analysis from Aon has suggested
Posted: 28/3/24
Enforcement action from The Pension Regulator has seen £3.5m paid into a defined benefit (DB) pension scheme, after restructuring activity and debt write-offs put assets beyond the reach of the scheme when its sponsoring employer went into administration
Posted: 28/3/24
The Bank of England (BofE) has welcomed progress in improving the level of resilience in liability-driven investment (LDI) funds, while its Systemic Risk Survey has revealed improved confidence in the stability of the UK financial system
Posted: 27/3/24
TPT Retirement Solutions has launched a new Global Infrastructure Fund for defined contribution (DC) members to manage their retirement assets
Posted: 27/3/24
The Standard Group UK Pension Scheme has completed a £26m buyout with Just Group, with surplus assets distributed to the sponsor and membership following the deal
Posted: 27/3/24
The UK pension risk transfer market completed a “staggering” £49.1bn of buy-ins and buyouts in 2023, breaking the previous £43.8bn set in 2019, analysis from LCP has revealed
Posted: 27/3/24
Defined benefit (DB) transfer activity fell to the lowest level in over six years in February, with XPS's Transfer Activity Index revealing an annualised rate of 15 in every 1,000 members transferring their benefits to alternative arrangements
Posted: 27/3/24
Two thirds (66 per cent) of UK pension savers, equivalent to 21 million individuals, are in favour of Nestlé adopting internationally recognised standards for defining healthy food, research from PensionBee has revealed
Posted:
The Pensions Regulator’s (TPR) new General Code of Practice officially comes into force today (27 March), in what is expected to mark a "significant moment" for UK pension schemes
Posted: 27/3/24
The Robertson Research Group Pension Scheme has completed a £45m full scheme buy-in with Aviva, securing the benefits of 217 pensioners and 232 deferred members
Posted: 27/3/24
Employers and trustees have been urged to ‘do their homework’ before selecting a master trust, after research from LCP revealed a nearly 10 per cent difference between best and worst performing trusts in 2023
Posted: 26/3/24
The government needs time to properly consider the Parliamentary and Health Service Ombudsman's (PHSO) report on how changes to the women's state pension age (SPA) were communicated, Secretary of State for Work and Pensions, Mel Stride, has said
Posted: 26/3/24
Industry organisations have welcomed the government’s pension dashboards timeline guidance, despite concerns that the deadline could create friction, and place increased pressure on already strained resources across the industry
Posted: 26/3/24
The trustee of the 2013 Next Group Pension Plan has completed a £510m full scheme buy-in deal with Pension Insurance Cooperation (PIC), fully insuring the pension liabilities of over 3,600 pensioners and deferred policyholders
Posted: 26/3/24
Bolt has partnered with Aviva to launch a pension scheme for all its registered private hire vehicle drivers covering all trips by removing the auto-enrolment qualifying earnings criteria, in what has been branded an "industry first" among UK-ride-hailing platforms
Posted: 26/3/24
MPs have argued that changes to proposed regulation and improvements in governance standards are needed “urgently” to ensure private sector defined benefit (DB) schemes remain an active part of the pensions landscape and work in members' best interests
Posted: 26/3/24
The government has been urged to adopt a "bold but sensible" pension reform agenda, after industry research revealed high levels of public concern over insecurity in retirement caused by climate change and inadequate pension savings
Posted: 26/3/24
The Department for Work and Pensions (DWP) has published new pensions dashboards guidance, confirming that larger pension schemes will be expected to have completed connection by the end of April 2025
Posted: 25/3/24
Just under two fifths (39 per cent) of savers are on track for a moderate retirement income, although some savers, particularly higher earners and homeowners, are doing better than average, according to Hargreaves Lansdown’s latest savings and resilience barometer
Posted: 25/3/24
The pensions industry and policy makers should be mindful of savers' preference for simple choices and low risk pensions when thinking about how to improve the UK’s approach to pensions, the Pensions and Lifetime Savings Association (PLSA) has said
Posted: 25/3/24
The Pension Protection Fund (PPF) has launched a consultation on plans to use a bespoke discount rate in s143 valuations for smaller schemes, in a move that aims to provide additional flexibility and better reflect buyout pricing for smaller schemes
Posted: 25/3/24
Defined contribution (DC) schemes are becoming more comfortable investing in private markets, with 42 per cent of large DC schemes and master trusts having already made an allocation in this area, according to research from the DC Investment Forum (DCIF)
Posted: 25/3/24
Chancellor, Jeremy Hunt, has confirmed that the Conservatives will maintain the state pension triple lock if re-elected
Posted: 25/3/24
Just under half (49 per cent) of FTSE 350 companies are fully compliant with the UK’s Corporate Governance Code, with pension contributions being the most common area of non-compliance, according to research from Thomson Reuters Practical Law
Posted: 25/3/24
Over half (53 per cent) of large defined benefit (DB) pension schemes are planning to implement a buy-in or buyout, according to research by Legal & General (L&G), in partnership with the Centre of Economics and Business Research (CEBR)
Posted: 25/3/24
Four potential operators of pensions dashboards have partnered on the launch of a new Dashboard Operators Coalition (DOC), which will aim to help the government deliver pensions dashboards to consumers as early as possible
Posted: 25/3/24
The Pensions Dashboards Programme (PDP) has appointed eight new members to its advisory group, which provides insight to help shape the delivery of pensions dashboards
Posted: 22/3/24
The Bank of England (BoE) has opted to maintain its base rate at 5.25 per cent, marking the fifth time in a row that the the Monetary Policy Committee (MPC) chose to held interest rates
Posted: 22/3/24
Aon has launched an enhanced responsible investment solution, RI-360i, which aims to provide institutional investors with better insights into their portfolios and enable them to make better decisions
Posted: 22/3/24
The latest news in brief and mandates from the past seven days
Posted: 22/3/24
Half (50 per cent) of defined benefit (DB) pension schemes are expected to move to a corporate sole trustee model by 2028, research from Hymans Robertson has found
Posted: 22/3/24
Pensioners’ average weekly incomes have continued to increase from historic levels, although disparities persist amongst certain pensioner groups, the latest data from the Department for Work and Pensions (DWP) has revealed
Posted: 21/3/24
The Pension Protection Fund (PPF) has said that it will need to adapt its approach to achieve greater ethnic minority representation amongst senior managers, after its latest Diversity Pay Gap Report revealed that its median ethnicity pay gap has increased
Posted: 21/3/24
The Pensions Regulator (TPR) has argued that challenge and disclosure must become the “norm” if savers are to get value for money (VFM) from their pensions, confirming that it will increasingly use VFM disclosures to "constructively challenge" pension trustees
Posted: 21/3/24
Single mothers earn 53 per cent less than the ‘average’ man and 37 per cent less than the ‘average’ woman, "significantly" impacting their ability to save enough into their pension pot, research from Now Pensions and the Pensions Policy Institute (PPI) has revealed
Posted: 21/3/24
M&G has agreed its third bulk purchase annuity (BPA) deal since re-entering the market in 2023, signing a £309m premium on 15 March 2024
Posted: 21/3/24
The Department for Work and Pensions (DWP) had repaid £571.6m to individuals impacted by historical state pension underpayments as of 29 February 2024, having identified 97,016 underpayments
Posted: 21/3/24
“Thousands” of women may have been affected by the Department for Work and Pensions’ (DWP) failure to adequately inform them that the state pension age (SPA) had changed, an investigation by the Parliamentary and Health Service Ombudsman (PHSO) has found
Posted: 21/3/24
The Pensions Ombudsman (TPO) has had to pause 14 ongoing scam cases due to a shortage of resources, pensions ombudsman, Dominic Harris, has revealed, suggesting that a change in the way TPO is funded could be needed to help address customer wait times
Posted: 20/3/24
The Financial Conduct Authority (FCA) has written to financial advice firms asking them to review their processes when providing retirement income support, after its thematic review revealed a “mixed picture” in the retirement income advice offered
Posted: 20/3/24
The UK's Norfolk Pension Fund has secured a £380m (USD 490m) recovery in a class action case against technology giant Apple
Posted: 20/3/24
Aviva Investors has converted its Climate Transition Real Asset Fund (CTRAF) to a Long-Term Asset Fund (LTAF) structure
Posted: 20/3/24
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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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