All Pensions articles – Page 31

  • workplace pension offences
    Article

    TPR announces new measures to improve standards of trusteeship and protect savers

    2020-02-18T11:40:12Z

    In its response to its Future of Trusteeship and Governance consultation, The Pensions Regulator (TPR) has announced that it will be taking new measures to protect pension savers and improve member outcomes.The consultation, which took place between July and September 2019, received 114 responses from a mix of layperson and ...

  • claire goodby
    Opinion

    Claire Goodby: Ministry of Justice ruling could have significant impact on pensions

    2020-02-12T06:00:13Z

    In December 2019, the Supreme Court upheld part-time judges’ claim for equal pensions treatment, a ruling that could have a financial impact on schemes and sponsoring employers.Prior to this case, claims for unfavourable treatment towards part-time workers needed to be brought within three months of the end of the part-time ...

  • Merchant Navy Officers Pension Fund buy-in
    Article

    Merchant Navy Officers Pension Fund completes £1.6 billion buy-in agreement

    2020-02-10T10:49:08Z

    The Merchant Navy Officers Pension Fund (MNOPF), worth approximately £3 billion, has reached a £1.6 billion buy-in agreement with Pension Insurance Corporation (PIC).The buy-in, announced today (10 February 2020), covers members affected by fund’s longevity swap, which was completed in 2014, was structured as an insurance agreement between the trustee ...

  • AWH Pension scheme
    Article

    AWH Group Pension Scheme completes £2.3m buy-out

    2020-02-07T11:35:11Z

    The AWH Group Pension Scheme has completed a bulk annuity buy-out transaction worth £2.3m. The AWH Group Pension Scheme provides for employees of specialist textile manufacturer AW Hainswoth; the transaction was insured through Aviva, and was completed by K3 Advisory and H&C Consulting Actuaries.Through the process of this buy-out, the ...

  • shutterstock_1509991310
    Article

    The Pensions Regulator confirms £2,000 fine for Financial Conduct Authority Pension Plan

    2020-02-05T10:56:11Z

    The Pensions Regulator (TPR) has confirmed that it issued a £2,000 fine to the Financial Conduct Authority (FCA) Pension Plan, due to non-compliance with chair’s statement regulations. After updating its penalty policies in December 2019, TPR confirmed that non-compliant chair’s statements are subject to a mandatory fine of between £500 ...

  • Pension withdrawals
    Article

    £2.23 billion withdrawn using flexible pension rules in quarter four of 2019

    2020-02-03T11:47:57Z

    In quarter four of 2019, 327,000 individuals made a total of 828,000 pension withdrawals, amounting to £2.23 billion overall, according to HM Revenue and Customs (HMRC).Analysis by HMRC found that this was an 18% increase from the £1.9 billion withdrawn in the same period of 2018, and a 24% increase ...

  • David_Gallagher_V01_London_Web_High_Res
    Opinion

    David Gallagher and Eleanor Duhs: Brexit and pensions

    2020-01-29T06:00:23Z

    Last December's election seemingly showed a clear mandate to 'get Brexit done'. As the date draws near, those who have responsibility over pensions within their organisations will need to be aware that Brexit will have a number of effects.Product regulation for sales in the UK/EUIf an organisation has a traditional ...

  • Transparency over pension plan
    Article

    81% want more transparency over pension investments

    2020-01-28T11:43:48Z

    More than 80% of consumers want transparency about what companies their pensions are invested in, according to research by PensionBee. The online pension provider's study of more than 2,000 customers of its largest fund found a consensus among how much UK workers want to know where their money is being ...

  • UK nationals living in EU will get state pension
    Article

    Government will continue state pension for UK nationals living in EU after Brexit

    2020-01-27T11:46:10Z

    In a document published on 24 January 2020, the Department for Work and Pensions (DWP) confirmed that UK citizens working in the European Economic Area (EEA) and Switzerland will continue to have access to benefits and pensions despite the UK leaving the EU. The DWP promised that there will be ...

  • Eggs
    Analysis

    How to guide employees through a pensions consolidation process

    2020-01-23T06:15:16Z

    Need to know:As individuals increasingly hold multiple jobs throughout their working lives, they may be at risk of missing out on retirement income if previous pension pots are forgotten.Consolidation can give employees a full overview of their retirement savings in one place, and may offer lower charges and better tools ...

  • Michelle-Cracknell
    Opinion

    Michelle Cracknell: Is pensions consolidation always the right choice?

    2020-01-23T06:10:24Z

    Employers have to provide a workplace pension and, with the average person having 11 jobs in their lifetime, according to the Department for Work and Pensions (DWP), this could lead to millions of dormant or lost pension pots. Keeping track of multiple pensions is hard and will continue to be ...

  • Ship
    Case Studies

    North of England P&I Association engages staff with options during pensions change

    2020-01-23T06:00:24Z

    When the North of England P&I Association (Nepia) moved from one group personal pension (GPP) plan to another in 2018, following an internal restructure, employees were supported with information and education on how to transfer to the new scheme and consolidate any other pensions they might have from previous jobs.The ...

  • chintan gandhi
    Opinion

    Chintan Gandhi: Employers can help inform staff about pensions consolidation

    2020-01-23T06:00:11Z

    The Association of Consulting Actuaries (ACA) welcomes the continued drive towards consolidating smaller occupational defined contribution (DC) schemes and members' pension pots. At a scheme level, it is widely recognised that better member outcomes can often be achieved in larger schemes with stronger governance, well-designed and diversified investment strategies, and ...

  • Director of accountancy firm fined for misleading TPR over workplace pensions
    Article

    Director of accountancy firm fined for misleading pensions regulator

    2020-01-17T11:32:56Z

    Former accountant Paul Rewrie has been ordered to pay £4,987 after pleading guilty to knowingly or recklessly providing false or misleading information to The Pensions Regulator (TPR).Rewrie was the director of accountancy firm PR Finance and Development, and was hired by a Cambridge-based organisation to enrol its employees into a ...

  • wealth-at-work-time-bomb
    Supplier article

    Employees face ticking time bomb as they approach retirement

    2020-01-17T10:38:19Z

    Employees are often ill-prepared for the complex retirement challenges that lie ahead with many struggling to understand essentials such as tax, inflation risks or how investments and retirement income products work. As more and more people retire on defined contribution (DC) savings alone, this could be a recipe for disaster ...

  • Dominic Chappell ordered to pay £9.5m into BHS pension schemes
    Article

    Former BHS owner ordered to pay £9.5 million into affected pension schemes

    2020-01-15T11:22:52Z

    The Pensions Regulator (TPR) has ordered Dominic Chappell, director and majority shareholder of the organisation that bought BHS, to pay £9.5 million into BHS pensions schemes, following the collapse of the high street retailer. In January 2018, TPR concluded that a series of factors during the collapse were materially detrimental ...

  • james-parker
    Opinion

    James Parker: What are the implications of Zurich's longevity swap transaction?

    2020-01-14T15:00:19Z

    On 17 December, insurance organisation Zurich announced that it had entered into an 'enhanced pass through' longevity swap transaction, covering around £800 million of pensioner liabilities for a FTSE 100-sponsored pension scheme. Hymans Robertson and CMS acted as lead advisers to the pension scheme.The transaction was described as 'unique' by ...

  • New pension bill
    Article

    Pensions Schemes Bill introduced to House of Lords

    2020-01-09T11:07:46Z

    The Pensions Schemes Bill, originally confirmed in the Queen's Speech on 14 October 2019, and reintroduced on 19 December 2019, has been introduced to the House of Lords this week. The Commons Library Briefing, published on 7 January 2020, stated that the introduction of the Pensions Schemes Bill, which will ...

  • Anna-Rogers-Arc-Pensions-Law-002
    Opinion

    Anna Rogers: Bauer judgment means more grief for the Pension Protection Fund

    2020-01-07T15:16:43Z

    Last month, the European Court of Justice (CJEU) ruled in Bauer that the current 50% minimum level of protection is too low if it means that the pension member is living below the 'at risk of poverty' measure in the member state concerned.The court did not agree with the Advocate-General ...

  • DWP
    Article

    11,000 retirees to lose £70 of state pension per week from April 2020

    2020-01-06T11:58:52Z

    According to a Freedom of Information request made to the Department of Work and Pensions (DWP) by Steve Webb, policy director at insurance organisation Royal London, an estimated 11,000 retirees are set to face a significant cut to their state pension from April 2010.This is the result of the abolition ...