News – Page 5
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ArticleAutumn Statement: Government to consult on expanding PPF's role
The government is to consult on expanding the Pension Protection Fund's (PPF) role to act as a consolidator for defined benefit (DB) pension schemes that are deemed "unattractive to commercial providers" and are not currently served by the market.This is aimed at increasing opportunities for DB schemes to invest in ...
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ArticleAutumn Statement: State pension to increase by 8.5% from April 2024
The state pension will increase by 8.5% from April 2024.Jeremy Hunt, Chancellor of the Exchequer, announced the rise in the Autumn Statement, with the increase based on average earnings data published in September and in line with the government’s triple lock policy on pension changes. Hunt confirmed that the state ...
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ArticleAutumn Statement: Government announces plans to offer pension pot for life
Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023.This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working ...
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ArticlePaul Maynard named new pensions minister
Paul Maynard, Conservative MP for Blackpool North and Cleveleys, has been appointed pensions minister at the Department for Work and Pensions (DWP).His appointment as the fourth MP in just over a year to hold this position in government was announced following a cabinet reshuffle this week by Prime Minister Rishi ...
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ArticleDeutsche Bank completes £500 million pensions buy-in
Deutsche Bank has completed a £500 million buy-in for its UK pension scheme, its first to include deferred members.The transaction with Legal and General will secure the benefits of around 2,000 retirees and deferred members. Due to an existing umbrella contract with Legal and General, the buy-in was able to ...
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ArticleSSE accredited as living pension employer
Credit: Alasdair Jones / Shutterstock.comScottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security.The living pension, which launched in March 2023, is a voluntary savings target for employers that want to help workers, particularly low-paid ones, to build a pension pot that ...
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ArticleBritish Red Cross completes £30 million pensions buy-out
Credit: Tony Baggett / Shutterstock.comBritish Red Cross has completed a £30 million buy-out deal for its pension fund and the British Red Cross Society’s Scottish branch retirement benefits scheme.The transaction with Aviva will insure the defined benefit liabilities for around 360 members across both schemes, and removes the investment and ...
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ArticlePensions (Extension of Automatic Enrolment) Bill receives Royal Assent
The Pensions (Extension of Automatic Enrolment) (No. 2) Bill has received Royal Assent.The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme ...
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ArticleTwo in five older staff are unaware of their total retirement savings
Two-fifths of older employees are unaware of how much they have saved for retirement, according to research by workplace savings and pensions fintech Cushon.Its survey of more than 2,000 employees enrolled into a workplace pension found that older employees have less clarity over the value of their retirement pension pots, ...
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ArticleTim Middleton: Mansion House reforms bring risk alongside long-term reward
On 10 July 2023, Chancellor Jeremy Hunt announced an ambitious initiative designed to encourage pension schemes to invest in unlisted equities. In addition to proposed regulatory changes to scheme governance and the management of defined benefit (DB) schemes, Hunt sought to persuade the UK’s defined contribution (DC) and Local Government ...
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ArticleAverage pension pot totals 24% less than recommended amount
The average pension pot of a UK retiree totals less than a quarter (24%) of the recommended amount for a moderate standard of living, according to research by Finder.com.The personal finance comparison site found that the average pension pot for a retired person in the UK sits at £69,481, much ...
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ArticleExclusive: Coastline Housing to discuss living pensions at Employee Benefits Live 2023
Nathan Mallows, director of finance, people and change at Coastline Housing, will present a session about the living pension on the final day of Employee Benefits Live 2023.Titled Living pensions: are your pension arrangements fair and equitable? the session will take place on Wednesday 4 October at 1.45pm.Part of the ...
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Article27% of under 35s have calculated required retirement income
Just one-quarter (27%) of UK staff aged under 35 have worked out how much they will need to live on in retirement, according to research by Royal London.The mutual life, pensions and investment firm, which surveyed 4,000 UK adults, also found that two-fifths (38%) of adults under the age of ...
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Article46% of savers do not understand key benefits of DC schemes
Almost half (46%) of defined contribution (DC) savers revealed that they do not understand one of the key benefits the scheme brings, according to new research from TPT Retirement Solutions.The workplace pension master trust scheme’s research, which polled around 1,500 DC savers, highlighted that savers are not aware they receive ...
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Article30% of staff prefer CDC pension for decumulation over an annuity or drawdown
Almost one-third (30%) of UK defined contribution (DC) savers said they prefer a collective defined contribution (CDC) pension for a decumulation option at retirement instead of an annuity or drawdown, according to new research.Global professional services firm Aon and financial services provider Aegon’s new whitepaper Collective DC decumulation – is ...
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ArticleSmith and Nephew completes £260m pensions buy-in
Smith and Nephew UK Pension Fund has completed a £260 million buy-in deal.The transaction with Rothesay, which secures the benefits of 1,885 pensioners and dependants, as well as 2,315 deferred members, is the final transaction securing the fund’s objective of insuring all of its members’ benefits. The fund is sponsored ...
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ArticleBT Pension Scheme completes £5 billion pension longevity swap
Telecommunications firm BT’s pension scheme has entered into a longevity reinsurance arrangement with Reinsurance Group of America (RGA), which covers £5 billion of pensioner liabilities.The transaction protects the private sector pension scheme, which has around 270,000 members and £47 billion of assets under management, from the cost of unexpected increases ...
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ArticleHigh Court rules BBC cannot change pension to cut future benefits
The High Court has ruled that the British Broadcasting Corporation (BBC) cannot modify its £19.8 billion pension to cut future benefits for plan members but can make other changes without employees’ consent.The case explored the treatment of future service benefits under the BBC pension scheme, which provides retirement benefits on ...
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ArticleMitchells and Butlers completes £1.2 billion pension buy-in
Restaurant, pub and bar operator Mitchells and Butlers has completed a £1.2 billion bulk purchase annuity transaction for its pension scheme.Standard Life, which is part of Phoenix Group, began the transaction in May this year. It covered deferred members and pensioners and secured the retirement incomes of around 20,200 scheme ...
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ArticleLondon Underground strikes over pension changes suspended
Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London's (TFL) pension scheme.After a week of negotiations with the Advisory, Conciliation and Arbitration Service (Acas) the Aslef Executive Committee and trade union RMT agreed to suspend the ...