All Pensions articles – Page 24
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ArticleKeep updated with the Budget 2021
Tomorrow (3 March) Chancellor Rishi Sunak will deliver his long-awaited Budget 2021 – a statement widely anticipated to outline how the government will seek to rebalance the books after nearly a year of on-and-off economic shutdown.With debt now at 99.4% of GDP and borrowing at its highest level since 1993, ...
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ArticleWest Ferry Printers agrees pension buy-in
The pension benefits of 263 workers from West Ferry Printers have been protected after a £120 million buy-in deal was agreed between pension insurance firm Rothesay and Reach plc, the parent of the Scheme’s sponsor.Reach is one of the biggest contract newspaper printer in the UK and the deal is ...
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OpinionKris Weber: Legislative changes could see pension scheme members lose out
Corporate failures have for many years adversely impacted both the defined benefit pension schemes operated by ailing entities, and the ‘member outcomes’ of those using them to save for retirement. 'Anti-avoidance' then became a big thing and The Pensions Regulator's (TPR’s) powers are soon to be further widened when the ...
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ArticleMitchells and Butlers defers pension contributions
Pubs and restaurants group Mitchells and Butlers (M and B), which owns chains including Harvester, O'Neill's and All Bar One, has announced it has delayed paying into its staff pension scheme.The move to suspend the £4.2 million monthly payment into the fund comes as it battles to keep its head ...
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ArticleDeutsche Bank completes pensioner buy-in transaction with Legal and General
Deutsche Bank has announced the completion of a £570 million pensioner buy-in transaction with Legal and General.The deal has been described as the first step in a Deutsche Bank's pension scheme’s de-risking strategy, and now means it has reached full insurance over the medium-term.According to LCP, which provided strategic longevity ...
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ArticleEmployees want climate change pensions information
Research by workplace savings fintech Cushon has revealed employees overwhelmingly worry about whether their pensions are invested in firms that contribute to climate change - but still feel uninformed about it.The study found 84% of respondents are concerned about climate change and 69% are worried their company pension could be ...
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ArticleTreasury launches pension age consultation
The Treasury has published a consultation, Increasing the Normal Minimum Pension Age (NMPA), which confirms plans to raise the NMPA from 55 to 57 years by 2028 to reflect changes to the minimum state pension age.The document, published yesterday (11 February), stated: “The government believes that increasing the minimum pension ...
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Supplier articleAs pension withdrawal rates increase, members need to be aware of the pitfalls of early pension access
Latest figures from HMRC have revealed that 360,000 people withdrew from their defined contribution pensions throughout October, November and December 2020 which is a 10% increase on the same period last year.Jonathan Watts-Lay, Director, WEALTH at work, comments; “These latest figures from HMRC highlight that many more pension scheme members ...
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ArticleLandmark Pension Schemes Bill receives Royal Assent
The Pension Schemes Bill has been granted Royal Assent today, ushering in major changes to pension schemes aimed at providing greater protection for members.The move sees the Bill become the Pensions Schemes Act, almost three years after it was first mooted in response to the BHS and Carillion pension scheme ...
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ArticleEmployees unaware of basic pension facts
Research by consumer watchdog Which? has found most employees are still in the dark about the most basic of pension facts – even though greater numbers do know how they can cash their pension pots in.The poll, conducted among 2,000 workers, revealed that only 38% could correctly identify 55 as ...
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Supplier articlePension scams rife almost one year on from when Covid-19 first struck
How to protect pension scheme membersThese uncertain times are often seen as a window of opportunity for scammers looking to prey on vulnerable individuals, with a recent report by Action Fraud finding that pension scams had become one of the most common types of fraud to occur last year. In ...
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ArticlePension withdrawals continue to rise
Figures released by HMRC have revealed an alarming level of defined contribution pension withdrawals – with money accessed for Q4 up 10% on the same quarter a year earlier.The data shows 360,000 people withdrew from their defined contribution pension during October, November and December last year - up from the ...
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OpinionRob Yuille: A look at the pensions dashboards progress
Tuesday the 19th of January saw the Pension Schemes Bill overcome the last legislative hurdle before being signed into law by the Queen. While it covers many areas, some of the most hotly contested were the clauses regarding pensions dashboards.The Association of British Insurers (ABI) and others have already been ...
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OpinionNigel Peaple: Pensions dashboards will give people more control over their savings
After a long wait the Pension Schemes Bill will soon officially enter into law, having passed through the Parliament stage on 19 January.Among strengthening the powers of the Pensions Regulator, enabling a stronger funding regime for defined benefit (DB) pension schemes and allowing the creation of collective defined contribution (CDC) ...
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AnalysisHow is the pensions dashboards project progressing?
Need to know:The dashboard project will start voluntary testing next year.Data accuracy and security are key challenges.Third parties such as banks and investment platforms will launch their own version.The pensions dashboard initiative is working to establish a central location for people to view all of their pension pots on one ...
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ArticleAberdeen Council completes £230m pension buy-in
Aberdeen Council has completed a £230m buy-in transaction, insuring the pension payments of 1,360 retired FirstGroup employees.According to pensions insurance specialist Rothersay, which completed the transaction, the deal is thought to be only the second local government pension scheme to secure its pension obligations through an insurance policy.Commenting on the ...
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ArticleClimate risk reporting to become mandatory for pension trustees
Workplace pension schemes will be required report on the climate risk of their funds, after the government yesterday published its response to its August 2020 consultation: 'Taking action on climate risk: improving governance and reporting by Occupational Pension Schemes'.The document will instruct trustees of pension plans with more than £5 ...
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ArticleAutomatic enrolment trigger freeze to create just 8,000 new savers
The Department for Work and Pensions’ (DWP) annual review of the automatic enrolment trigger and qualifying earnings for 2021-22, has concluded the existing automatic enrolment (AE) threshold should stay the same for 2021/22 – meaning there will not be many new savers who start contributing to a workplace pension this ...
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ArticleFurlough forces millions to delay retirement plans
Millions of workers face delayed retirement due to being put on furlough and its impact on pay, according to a study by investment firm Fidelity International.The research found that nearly four-in-10 workers surveyed (38%), have said they will have to put back their retirement date by around two-and-a-half years.According to ...
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ArticleMarie Curie completes £30 million bulk annuity transaction
Marie Curie has completed a £30 million bulk annuity pensions transaction with Legal and General Assurance Society.The transaction agreed in January 2021 secures the benefits of more than 300 retries and deferred pensioners.Aon advised the trustees on the transaction, while Capita supported them as administrators of the scheme. Legal advice ...