All Spence & Partners articles – Page 3
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News
Savers misjudge lifespans, as experts call for comms overhaul
Savers are underestimating their life expectancy, with ‘survival pessimism’ potentially driving the unpopularity of annuities, according to a new report.
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NewsTourist board employers block scheme valuation
The British Tourist Authority and VisitScotland have yet to sign off on their scheme’s 2015 valuation as they are looking to secure guarantees from the UK and Scottish governments, in what has been described as a “torturous” process.
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Opinion
Has auto-enrolment come of age?
Since its inception almost six years ago, auto-enrolment has succeeded in relying on inertia to help more people save for retirement, that much is clear. Uncertainty and a need to build on this success, however, remain.
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NewsFines for DB negligence leave industry split
Employers who wilfully or recklessly put their defined benefit pension schemes at risk are in the firing line of new punitive fines announced in a government policy statement released on Monday.
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OpinionPutting the USS closure debate into perspective
Pensions in the UK are often divided between the haves and the have-nots.
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OpinionIs it too late for CDC?
There appears to be a surprisingly high number of idealists working in pensions these days.
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NewsUniversity of Oxford learns hard lesson with Care closure
The University of Oxford has introduced a defined contribution scheme for new joiners and is making a number of other changes to reduce costs as universities are waking up to their pension deficits. One expert called the education sector ‘a disaster’ in pension terms.
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NewsSelect committee: Members let down by response to British Steel
The Pensions Regulator, Financial Conduct Authority and the UK government have all let down former members of the British Steel Pension Scheme, according to a scathing report into the scheme’s restructuring and ensuing transfers scandal.
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News
Barnet grapples with data difficulties
The £1bn London Borough of Barnet Pension Fund has implemented a recovery plan after falling under scrutiny from the Pensions Regulator over its administrative struggles.
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News
Edinburgh Airport scheme hires new consultant
The Edinburgh Airport Pension Plan has appointed actuaries and consultants Spence & Partners for defined benefit pension scheme management.
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News
Life expectancy falls by a year in some regions
Life expectancy growth in England is slowing, with some regions experiencing a drop of one year, according to research by Public Health England.
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NewsProspect members agree to BT pension deal
BT managers represented by union Prospect have voted in favour of a new pensions deal that will boost pay and aim to incentivise members of its defined benefit BT Pension Scheme to join the defined contribution BT Retirement Saving Scheme.
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News
UK has lowest net replacement rates of average earners in OECD
A new report has highlighted markedly low replacement rates for UK savers amid increasing pensioner poverty due to ill health, emphasising the importance of increased saving into private pensions.
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OpinionAdd s67 rethink to the Christmas wishlist
My kids know exactly what they want for Christmas, thanks to the magic of advertising and the joy of not realising these things have to be paid for somehow.
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NewsMPs launch inquiry into CDC
The Work and Pensions Committee has begun an inquiry into collective defined contribution schemes, but experts remain unconvinced of European-style risk-sharing, highlighting intergenerational and moral hazard risks.
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NewsEconomic gloom overshadows quiet Budget for pensions
Autumn Budget 2017: With chancellor Philip Hammond omitting pensions almost entirely from his speech, it was, as Barnett Waddingham senior consultant Malcolm McLean put it, a “steady as you go Budget”.
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NewsField: Members should have first claim on assets
Work and Pensions Committee chair Frank Field wants pension scheme members to have first claim on any assets from bankrupt sponsors, a debate on scrapping limited liability, and hopes to start an independent action group to support trustees.
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FeaturesTeachers’ Pensions gets slammed over admin
Teachers’ Pensions, which runs the Teachers’ Pension Scheme, has been criticised by its members over its perceived poor service delivery, as experts highlight the limitations of relying on online servicing.
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OpinionWe need to narrow the pensions gap
A shameful difference in pension entitlements between men and women was highlighted in our recent survey on fairness in pensions.
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News
PLSA proposals welcomed but superfunds still ‘a step too far’
The Pensions and Lifetime Savings Association's DB Taskforce has published its final report, providing further details on the creation of superfunds, while highlighting how benefit simplification and a new chair’s statement for defined benefit scheme trustees could increase efficiency.