All articles by Maria Espadinha – Page 25
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Bulk annuity market to reach £540bn in next decade
On the go: The bulk annuity market is expected to quadruple in the next decade compared with the current one, which saw £135bn paid to insurers, according to estimates from Mercer.
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Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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Digital bank teams up with Smart Pension for auto-enrolment solution
On the go: Revolut and Smart Pension have teamed up to offer a retirement savings solution for the digital bank’s business customers.
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Civil servants told to complain about pension overpayments
On the go: The Public and Commercial Services Union is advising its members to not comply with a request from the Civil Service Pension Scheme administrator and present a formal complaint if necessary.
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Now Pensions tax relief top-up claims double in a year
On the go: Workplace pension provider Now Pensions will be topping up pension pots of non-taxpayer members for the fourth year, after seeing claims double in 2017-18, when compared with the previous period.
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TPR’s debt recovery rate stalls despite record enforcement activity
On the go: Despite the Pensions Regulator enforcement activity reaching a record high, the recovery rate against recoverable debt remains at 30 per cent, new research has revealed.
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Four-fifths of FTSE 350 schemes eligible for consolidation
On the go: More than four-fifths (84 per cent) of FTSE 350 companies’ defined benefit schemes are eligible to join a commercial consolidator, new research showed.
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HMRC request for schemes to report breaches branded ‘unsatisfactory’
HM Revenue & Customs' request for pension administrators to remind their members about potential tax breaches has been branded ‘very unsatisfactory’ by a former pensions minister, who said the tax authority was offloading its own responsibilities onto schemes.
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DB schemes still fit for purpose
When Michelle Ostermann came to the UK to work for RPMI Railpen, in the beginning of 2019, she was surprised by the number of closed corporate defined benefit schemes in the UK.
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ONS: Life expectancy increases continue to stall
On the go: New data from the Office for National Statistics shows that life expectancy improvements continue to stall, which is expected to improve pension schemes liabilities.
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Maps’ life expectancy tool creates bias, research finds
On the go: A life expectancy calculator provided by the UK’s pension guidance service could be exacerbating people’s unconscious bias and influencing their financial decisions, new research has found.
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Schemes hit back at DWP’s levy ‘knee-jerk solutions’
Several pensions experts have criticised the government’s consultation on the general levy on pension schemes, arguing that the Department for Work and Pensions has proposed ‘knee-jerk solutions’ that are not fit for purpose.
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McCloud claimants to be treated as pre-2015 members
On the go: Younger members of public sector schemes who have been discriminated against by the government’s 2015 pension reforms will be treated as participants of the original pension funds.
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Only three asset managers ‘walking the walk’ on climate change
Among the world’s 15 largest asset managers, only three companies are making the grade on environmental, social and governance considerations, a report from InfluenceMap shows.
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SNP vows to end executive pay pensions gap
On the go: The Scottish National Party will support moves to ensure executive pension contributions are the same as for all workers.
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Lloyds to cut chief executive pensions allowance
On the go: Lloyds Banking Group is planning to cut the pensions allowance of its chief executive by more than £220,000, while increasing contributions to its staff.
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PASA launches guidance for master trust consolidation
On the go: The Pensions Administration Standards Association has launched guidance for master trusts to follow when considering consolidation.
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The People’s Pension fee structure changes delayed
On the go: Changes to The People’s Pension charges structure have been delayed after a problem was encountered during testing.
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National Grid completes £1.6bn buy-in with Legal & General
On the go: The National Grid UK Pension Scheme has completed a £1.6bn buy-in with Legal & General.
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Labour promises £58bn redress to 1950s women
On the go: The Labour party has pledged to compensate women affected by the state pension age hike, with a £58bn commitment.