All News articles – Page 217
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Frank Field resigns Labour whip
On the go: Work and Pensions Committee chair Frank Field has resigned the Labour Party whip, citing a hostile atmosphere and alleged anti-semitism within the party.
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Regulator tells schemes to consider cutting transfer values
The Pensions Regulator asked the trustees of 14 defined benefit schemes to review their transfer processes and consider cutting transfer values for members considering cashing in their benefits.
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Regulator calls for schemes to consider lowering transfer values
On the go: The Pensions Regulator has asked the trustees of several defined benefit schemes to contemplate cutting transfer values for workers opting out of schemes.
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Michael Johnson: Replace pensions tax relief with bonuses
In a bid to make pensions saving more progressive, the Centre for Policy Studies has recommended substituting tax relief on pensions for capped bonuses on individual and employers’ retirement contributions.
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Nearly half of the self-employed do not have a pension
An unhealthy minority of self-employed workers in the UK do not currently save into a pension, according to new research. Nearly a third will depend solely upon the state pension to support them in retirement.
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Renishaw in recovery plan discussion with regulator
British engineering company Renishaw has been in discussions with the Pensions Regulator after the watchdog questioned its recovery plan, potentially leading to a £45m cash contribution to the scheme if the current recovery plan is terminated.
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Dromey: Government can use HPE contracts for pensioner justice
The shadow pensions minister has called on ministers to leverage lucrative contracts it awards to Hewlett Packard Enterprise to persuade the company to protect pensioners who are seeing their benefits eroded by inflation.
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Aegon not interested in scooping up failed mastertrusts
Pensions provider Aegon has declared itself uninterested in buying mastertrusts that drop out of the market as a result of authorisation, aiming instead at the more lucrative single-trust defined contribution market.
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Industry slams lack of detail on regulator's new powers
Plans to reinforce the regulation of defined benefit schemes in the UK lack depth and may not have been able to prevent the pensions scandals that have rocked the industry in recent years, according to industry experts.
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Cost concerns hinder company action on staff financial wellbeing
Forty-nine per cent of employers currently have no defined financial wellbeing strategy in place, a recent survey has found, as experts urged corporate boards to tackle the subject formally.
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FRC review threatens to impact actuarial profession
An advisory group to the government review of the Financial Reporting Council is to explore the extent to which actuaries should be subject to formal regulation in response to the pensions-related nature of recent corporate failures.
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NewsSchemes must play part in war on scams
Pension schemes and providers have been urged to increase member awareness of scam tactics and tighten data security, amid the revelation that average losses from fraudulent and inappropriate inducements eclipsed the size of the average pension pot in the UK.
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DB schemes inch closer to full PPF funding
On the go: Defined benefit schemes in the UK are nearing full funding on the Pension Protection Fund's section 179 basis, with an aggregate deficit of £62.8bn at the end of July.
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Lookers merges defined benefit schemes
UK motor resale company Lookers has amalgamated two of its defined benefit pension schemes, as experts highlight the improved efficiency and cost savings associated with mergers.
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BHS successor scheme concludes buyout
On the go: The BHS2 pension scheme, which was set up in 2017 after the collapse of department store chain BHS, has completed a buyout with the Pension Insurance Corporation that will cover £800m of liabilities.
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Mid-market direct lending approach 'too constraining', WTW says
Mid-market direct lending is “now demonstrating signs of material deterioration in credit underwriting and future return potential”, according to a report by consultancy Willis Towers Watson, which is instead recommending its clients invest in debt for US real estate and UK commercial real estate.
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Scam victims lose £91,000 on average
On the go: The Pensions Regulator and the Financial Conduct Authority have launched a joint media campaign to combat pension scams, amid the revelation that average losses from fraudulent and inappropriate inducements eclipsed the size of the average pension pot in the UK.
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Bulk annuity volumes break H1 record
On the go: UK pension schemes entered into a record £7.8bn of buy-ins and buyouts in the first half of 2018, as large 'back book' transfers between insurers failed to disrupt the market's capacity.
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DB transfers heading into costly drawdown products, research finds
Defined benefit members transferring out of their scheme to take advantage of freedom and choice may be wasting money on fees for flexibilities they are unlikely to use, according to a new report.
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SES Water cites Ofwat price review in proposed scheme closure
SES Water, formerly known as Sutton and East Surrey Water, has opened a consultation with members on the closure of its defined benefit section to future accrual, citing efficiencies demanded by water regulator Ofwat.