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APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. DB PENSION DE-RISKING EXPECTED TO TOTAL £1TRN BY 2031 11/2/21. A total of £1trn of defined benefit (DB) pension longevity risk will be insured through de-risking transactions by the end of 2031, Hymans Robertson has predicted. According it the firm’s 2021 Risk Transfer Report, buy-ins, buyouts and longevity swaps have insured £0.3trn of risk from DB pension schemes since 2007. TWO-YEAR TRIPLE LOCK COULD SAVE GOVT £1.5BN IN 2022/23 14/9/20. The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis. There are concerns that Covid-driven fluctuations in average earnings and inflation could lead to a sharp rise in state pension costs in April2022.
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. DB PENSION DE-RISKING EXPECTED TO TOTAL £1TRN BY 2031 11/2/21. A total of £1trn of defined benefit (DB) pension longevity risk will be insured through de-risking transactions by the end of 2031, Hymans Robertson has predicted. According it the firm’s 2021 Risk Transfer Report, buy-ins, buyouts and longevity swaps have insured £0.3trn of risk from DB pension schemes since 2007. TWO-YEAR TRIPLE LOCK COULD SAVE GOVT £1.5BN IN 2022/23 14/9/20. The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis. There are concerns that Covid-driven fluctuations in average earnings and inflation could lead to a sharp rise in state pension costs in April2022.
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. A THIRD OF DB SCHEMES NOW USING PROFESSIONAL TRUSTEES The number of defined benefit (DB) pension schemes using a professional trustee has increased by around 60 per cent over the past five years, with one in three now using a professional trustee compared to one in five in 2015, according to LCP. The APPOINTMENTS UPDATE 7 JUNE 2021 Sackers has named David Saunders as senior partner. Saunders initially joined the firm in 2004, before becoming a partner in 2008 and joining the firm’s managing committee in 2016, and brings over 18 years’ experience advising occupational pension scheme trustees and employersto his new role.
MASTER TRUST DEFAULT FUND PERFORMANCE IMPROVES DESPITE Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson. The firm’s Master Trust Default Fund Review, which examined the growth, consolidation and pre-retirement stages 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market WOMEN HALF AS LIKELY TO AFFORD EARLY RETIREMENT Women are only half as likely as men to be able to afford to retire early, but poor health is the most common reason for their leaving work before 65, according to Just Group. The firm’s research among retired over-55s found that nearly a third (32 per cent) of men had the financial resources to WOMEN MORE LIKELY TO LEAVE RETIREMENT PLANNING TO PARTNER Almost a fifth (17 per cent) of women leave their retirement planning in the hands of their partner, compared to 8 per cent of men, according to Hargreaves Lansdown. Survey data released by the firm showed more than one in 10 (12 per cent) people say they leave their long-term finances to their UNDERSTANDING PENSION TRUSTEE LIABILITY INSURANCE A trustee or trustee director is also potentially at risk of having to pay a civil fine for breach of pensions’ legislation. Fines for individuals range up to £5,000 and for corporate trustees £50,000. Insurance protection. In these circumstances, insurance is playing an increasingly important role in protecting trustees and pension scheme DB TRANSFER VALUES FALL TO NEAR PRE-LOCKDOWN LEVELS By Sophie Smith. 17/9/20. Defined benefit (DB) transfer values have fallen to levels "similar to pre-lockdown" over the past month, reaching £253,200 at the end of August, according to XPS Pensions Group. The XPS Transfer Value Index showed that transfer values had fallen “consistently” throughout the month from the record-highlevels
84% OF FTSE 100 FIRMS OFFER A CASH ALTERNATIVE TO PENSIONS 84% of FTSE 100 firms offer a cash alternative to pensions – LCP. A majority of 84 per cent of FTSE 100 firms have been found to offer cash as an alternative to pensions to employees concerned about breaching the lifetime or annual allowance, LCP has stated. According to a survey of FTSE 100 companies, conducted by LCP, 90 per cent offirms
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. DB PENSION DE-RISKING EXPECTED TO TOTAL £1TRN BY 2031 11/2/21. A total of £1trn of defined benefit (DB) pension longevity risk will be insured through de-risking transactions by the end of 2031, Hymans Robertson has predicted. According it the firm’s 2021 Risk Transfer Report, buy-ins, buyouts and longevity swaps have insured £0.3trn of risk from DB pension schemes since 2007. TWO-YEAR TRIPLE LOCK COULD SAVE GOVT £1.5BN IN 2022/23 14/9/20. The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis. There are concerns that Covid-driven fluctuations in average earnings and inflation could lead to a sharp rise in state pension costs in April2022.
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. DB PENSION DE-RISKING EXPECTED TO TOTAL £1TRN BY 2031 11/2/21. A total of £1trn of defined benefit (DB) pension longevity risk will be insured through de-risking transactions by the end of 2031, Hymans Robertson has predicted. According it the firm’s 2021 Risk Transfer Report, buy-ins, buyouts and longevity swaps have insured £0.3trn of risk from DB pension schemes since 2007. TWO-YEAR TRIPLE LOCK COULD SAVE GOVT £1.5BN IN 2022/23 14/9/20. The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis. There are concerns that Covid-driven fluctuations in average earnings and inflation could lead to a sharp rise in state pension costs in April2022.
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. A THIRD OF DB SCHEMES NOW USING PROFESSIONAL TRUSTEES The number of defined benefit (DB) pension schemes using a professional trustee has increased by around 60 per cent over the past five years, with one in three now using a professional trustee compared to one in five in 2015, according to LCP. The APPOINTMENTS UPDATE 7 JUNE 2021 Sackers has named David Saunders as senior partner. Saunders initially joined the firm in 2004, before becoming a partner in 2008 and joining the firm’s managing committee in 2016, and brings over 18 years’ experience advising occupational pension scheme trustees and employersto his new role.
MASTER TRUST DEFAULT FUND PERFORMANCE IMPROVES DESPITE Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson. The firm’s Master Trust Default Fund Review, which examined the growth, consolidation and pre-retirement stages 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market WOMEN HALF AS LIKELY TO AFFORD EARLY RETIREMENT Women are only half as likely as men to be able to afford to retire early, but poor health is the most common reason for their leaving work before 65, according to Just Group. The firm’s research among retired over-55s found that nearly a third (32 per cent) of men had the financial resources to WOMEN MORE LIKELY TO LEAVE RETIREMENT PLANNING TO PARTNER Almost a fifth (17 per cent) of women leave their retirement planning in the hands of their partner, compared to 8 per cent of men, according to Hargreaves Lansdown. Survey data released by the firm showed more than one in 10 (12 per cent) people say they leave their long-term finances to their UNDERSTANDING PENSION TRUSTEE LIABILITY INSURANCE A trustee or trustee director is also potentially at risk of having to pay a civil fine for breach of pensions’ legislation. Fines for individuals range up to £5,000 and for corporate trustees £50,000. Insurance protection. In these circumstances, insurance is playing an increasingly important role in protecting trustees and pension scheme DB TRANSFER VALUES FALL TO NEAR PRE-LOCKDOWN LEVELS By Sophie Smith. 17/9/20. Defined benefit (DB) transfer values have fallen to levels "similar to pre-lockdown" over the past month, reaching £253,200 at the end of August, according to XPS Pensions Group. The XPS Transfer Value Index showed that transfer values had fallen “consistently” throughout the month from the record-highlevels
84% OF FTSE 100 FIRMS OFFER A CASH ALTERNATIVE TO PENSIONS 84% of FTSE 100 firms offer a cash alternative to pensions – LCP. A majority of 84 per cent of FTSE 100 firms have been found to offer cash as an alternative to pensions to employees concerned about breaching the lifetime or annual allowance, LCP has stated. According to a survey of FTSE 100 companies, conducted by LCP, 90 per cent offirms
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. NORTEL PENSION SCHEME AGREES SECOND BUYOUT WITH L&G The Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, securing additional benefits for around 8,200 retirees and 4,300 deferred members. This is the second buyout the scheme has completed with Legal & General, having agreed a 2.4bn buyout in 2018 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. NORTEL PENSION SCHEME AGREES SECOND BUYOUT WITH L&G The Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, securing additional benefits for around 8,200 retirees and 4,300 deferred members. This is the second buyout the scheme has completed with Legal & General, having agreed a 2.4bn buyout in 2018 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
APPOINTMENTS UPDATE 7 JUNE 2021 Sackers has named David Saunders as senior partner. Saunders initially joined the firm in 2004, before becoming a partner in 2008 and joining the firm’s managing committee in 2016, and brings over 18 years’ experience advising occupational pension scheme trustees and employersto his new role.
MASTER TRUST DEFAULT FUND PERFORMANCE IMPROVES DESPITE Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson. The firm’s Master Trust Default Fund Review, which examined the growth, consolidation and pre-retirement stages - PENSIONS AGE MAGAZINE Nature-focused financial framework launched to build on TCFD successes. READ STORY. MMMM calls on DC pension providers to commit tonet zero
WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
1.8M LOST TO PENSION SCAMS IN Q1 2021 Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news PENNON DB SCHEMES SWING INTO SURPLUS FOLLOWING ADDITIONAL Pennon’s defined benefit (DB) pension schemes swung from a deficit of £8.5m in March 2020 to an £8.8m surplus in March 2021, the water supplier’s full-year results report has revealed. During the year, Pennon contributed an additional £36m to its principal pension scheme, the Pennon Group Pension Scheme (PGPS), following its sale of PSIG LAUNCHES VERSION 2.2 OF SCAMS CODE PSIG launches version 2.2 of scams code. By Duncan Ferris. 1/4/21. The Pensions Scams Industry Group (PSIG) has announced the publication of version 2.2 of its Code of Good Practice on Combating Pension Scams. The organisation said the updates to the latest version of the code, which is effective from 1st April 2021, reflected recent regulatory 6.4 MILLION SAVERS HAVE LOST TRACK OF A PENSION POT By Duncan Ferris. 4/5/21. Around 6.4 million working age people have lost track of one or more pension pots, although the proportion of people to have misplaced a pension has dropped in the last five years, according to Aegon. Its research found that, among people who had multiple pension pots, the proportion who had lost track of one ormore
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
MASTER TRUST DEFAULT FUND PERFORMANCE IMPROVES DESPITE Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson. The firm’s Master Trust Default Fund Review, which examined the growth, consolidation and pre-retirement stages SHORTLIST 2021 // PENSIONS AGE AWARDS Shortlist 2021. DC Pension Scheme of the Year. Hymans Robertson. Pirelli. TPT Retirement Solutions. DB Pension Scheme of the Year. BAE Systems Pension Scheme. 1.8M LOST TO PENSION SCAMS IN Q1 2021 Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer PSIG LAUNCHES VERSION 2.2 OF SCAMS CODE PSIG launches version 2.2 of scams code. By Duncan Ferris. 1/4/21. The Pensions Scams Industry Group (PSIG) has announced the publication of version 2.2 of its Code of Good Practice on Combating Pension Scams. The organisation said the updates to the latest version of the code, which is effective from 1st April 2021, reflected recent regulatory ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON Just under half of employers and pension trustees are offering or considering offering some form of financial guidance or advice, according to Sackers. The law firm, which obtained the survey results from a recent webinar, noted that the results “do not come as a surprise” due to the increasing PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
6.4 MILLION SAVERS HAVE LOST TRACK OF A PENSION POT By Duncan Ferris. 4/5/21. Around 6.4 million working age people have lost track of one or more pension pots, although the proportion of people to have misplaced a pension has dropped in the last five years, according to Aegon. Its research found that, among people who had multiple pension pots, the proportion who had lost track of one ormore
2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found FCA PUBLISHES FINALISED DB PENSION TRANSFER ADVICE The Financial Conduct Authority (FCA) has published finalised guidance on advising defined benefit (DB) pension transfers. The guidance contains some amendments and additions to draft guidance released in June 2020, but the FCA said it had proceeded with PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
MASTER TRUST DEFAULT FUND PERFORMANCE IMPROVES DESPITE 1 day ago · Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson. The firm’s Master Trust Default Fund Review, which examined the growth, consolidation and pre-retirement stages SHORTLIST 2021 // PENSIONS AGE AWARDS Shortlist 2021. DC Pension Scheme of the Year. Hymans Robertson. Pirelli. TPT Retirement Solutions. DB Pension Scheme of the Year. BAE Systems Pension Scheme. 1.8M LOST TO PENSION SCAMS IN Q1 2021 Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer PSIG LAUNCHES VERSION 2.2 OF SCAMS CODE PSIG launches version 2.2 of scams code. By Duncan Ferris. 1/4/21. The Pensions Scams Industry Group (PSIG) has announced the publication of version 2.2 of its Code of Good Practice on Combating Pension Scams. The organisation said the updates to the latest version of the code, which is effective from 1st April 2021, reflected recent regulatory ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON Just under half of employers and pension trustees are offering or considering offering some form of financial guidance or advice, according to Sackers. The law firm, which obtained the survey results from a recent webinar, noted that the results “do not come as a surprise” due to the increasing PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
6.4 MILLION SAVERS HAVE LOST TRACK OF A PENSION POT By Duncan Ferris. 4/5/21. Around 6.4 million working age people have lost track of one or more pension pots, although the proportion of people to have misplaced a pension has dropped in the last five years, according to Aegon. Its research found that, among people who had multiple pension pots, the proportion who had lost track of one ormore
2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found FCA PUBLISHES FINALISED DB PENSION TRANSFER ADVICE The Financial Conduct Authority (FCA) has published finalised guidance on advising defined benefit (DB) pension transfers. The guidance contains some amendments and additions to draft guidance released in June 2020, but the FCA said it had proceeded with PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. 84% OF FTSE 100 FIRMS OFFER A CASH ALTERNATIVE TO PENSIONS 84% of FTSE 100 firms offer a cash alternative to pensions – LCP. A majority of 84 per cent of FTSE 100 firms have been found to offer cash as an alternative to pensions to employees concerned about breaching the lifetime or annual allowance, LCP has stated. According to a survey of FTSE 100 companies, conducted by LCP, 90 per cent offirms
'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. 84% OF FTSE 100 FIRMS OFFER A CASH ALTERNATIVE TO PENSIONS 84% of FTSE 100 firms offer a cash alternative to pensions – LCP. A majority of 84 per cent of FTSE 100 firms have been found to offer cash as an alternative to pensions to employees concerned about breaching the lifetime or annual allowance, LCP has stated. According to a survey of FTSE 100 companies, conducted by LCP, 90 per cent offirms
'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. WINNERS 2020 // PENSIONS AGE AWARDS Winner: West Yorkshire Pension Fund. Best Risk Management Exercise. Winner: Essex Pension Fund. Pension Scheme Communication Award. Winner: ICI Specialty Chemicals Pension Fund. Highly commended: Sky, Capita & Sparks. Pensions Administration Award. Winner: Pension Protection Fund. Best Investment Strategy Award. UNITE THREATENS POTENTIAL STRIKE ACTION OVER GE PENSION 1 day ago · The union Unite has warned that a ballot for industrial action is “very much on the cards” this summer over GE’s proposed pension changes. Global conglomerate GE has proposed changing the pension arrangements of around 2,600 of its UK workers from defined benefit (DB) to PENNON DB SCHEMES SWING INTO SURPLUS FOLLOWING ADDITIONAL Pennon’s defined benefit (DB) pension schemes swung from a deficit of £8.5m in March 2020 to an £8.8m surplus in March 2021, the water supplier’s full-year results report has revealed. During the year, Pennon contributed an additional £36m to its principal pension scheme, the Pennon Group FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer. GOVT RESPONDS TO TREASURY COMMITTEE CALL FOR PENSIONS TAX Changes to pensions tax relief could have “profound and far-reaching” implications and would require “careful consideration”, the government has said. In response to the Treasury Committee’s Tax after coronavirus report, which called for urgent reform to the entire approach to pensions taxHYBRID BENEFITS
Hybrid benefits. Historically, a number of defined contribution (DC) plans were established with defined benefit (DB) underpins (such as GMPs and Reference Scheme Test benefits). In these schemes, when members transfer or retire a test is carried out to see which of the benefits (DB or DC) is more valuable and which one should apply. MERCER'S CLIMB TO £268.8BN AUM FUELLED BY NON-DB ASSETS Mercer has reached a new high of $380bn (£268.8bn) of global assets under management (AUM) and noted that its Investment Solutions business had moved away from reliance on defined benefit (DB) pension assets. The company stated that, between Q1 2020 and Q1 2021, almost 50 per cent of its growth in ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON Just under half of employers and pension trustees are offering or considering offering some form of financial guidance or advice, according to Sackers. The law firm, which obtained the survey results from a recent webinar, noted that the results “do not come as a surprise” due to the increasing PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for AGENDA // PENSIONS AGE SPRING CONFERENCE 09:30 – 10:00: Opening Keynote speaker: The Pensions Regulator (TPR) corporate plan update Fiona Frobisher, Head of Policy, The Pensions Regulator (TPR). Fiona Frobisher will offer an update on the key areas of focus for The Pensions Regulator in the current climate, highlighting the main elements of TPR’s Corporate Plan 2021-22, which sets out the regulator’s direction for the next year. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. 84% OF FTSE 100 FIRMS OFFER A CASH ALTERNATIVE TO PENSIONS 84% of FTSE 100 firms offer a cash alternative to pensions – LCP. A majority of 84 per cent of FTSE 100 firms have been found to offer cash as an alternative to pensions to employees concerned about breaching the lifetime or annual allowance, LCP has stated. According to a survey of FTSE 100 companies, conducted by LCP, 90 per cent offirms
'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. 84% OF FTSE 100 FIRMS OFFER A CASH ALTERNATIVE TO PENSIONS 84% of FTSE 100 firms offer a cash alternative to pensions – LCP. A majority of 84 per cent of FTSE 100 firms have been found to offer cash as an alternative to pensions to employees concerned about breaching the lifetime or annual allowance, LCP has stated. According to a survey of FTSE 100 companies, conducted by LCP, 90 per cent offirms
'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. WINNERS 2020 // PENSIONS AGE AWARDS Winner: West Yorkshire Pension Fund. Best Risk Management Exercise. Winner: Essex Pension Fund. Pension Scheme Communication Award. Winner: ICI Specialty Chemicals Pension Fund. Highly commended: Sky, Capita & Sparks. Pensions Administration Award. Winner: Pension Protection Fund. Best Investment Strategy Award. SHORTLIST 2021 // PENSIONS AGE AWARDS Shortlist 2021. DC Pension Scheme of the Year. Hymans Robertson. Pirelli. TPT Retirement Solutions. DB Pension Scheme of the Year. BAE Systems Pension Scheme. UNITE THREATENS POTENTIAL STRIKE ACTION OVER GE PENSION 23 hours ago · The union Unite has warned that a ballot for industrial action is “very much on the cards” this summer over GE’s proposed pension changes. Global conglomerate GE has proposed changing the pension arrangements of around 2,600 of its UK workers from defined benefit (DB) to GOVT RESPONDS TO TREASURY COMMITTEE CALL FOR PENSIONS TAX Changes to pensions tax relief could have “profound and far-reaching” implications and would require “careful consideration”, the government has said. In response to the Treasury Committee’s Tax after coronavirus report, which called for urgent reform to the entire approach to pensions tax FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer PENNON DB SCHEMES SWING INTO SURPLUS FOLLOWING ADDITIONAL Pennon’s defined benefit (DB) pension schemes swung from a deficit of £8.5m in March 2020 to an £8.8m surplus in March 2021, the water supplier’s full-year results report has revealed. During the year, Pennon contributed an additional £36m to its principal pension scheme, the Pennon GroupHYBRID BENEFITS
Hybrid benefits. Historically, a number of defined contribution (DC) plans were established with defined benefit (DB) underpins (such as GMPs and Reference Scheme Test benefits). In these schemes, when members transfer or retire a test is carried out to see which of the benefits (DB or DC) is more valuable and which one should apply. MERCER'S CLIMB TO £268.8BN AUM FUELLED BY NON-DB ASSETS Mercer has reached a new high of $380bn (£268.8bn) of global assets under management (AUM) and noted that its Investment Solutions business had moved away from reliance on defined benefit (DB) pension assets. The company stated that, between Q1 2020 and Q1 2021, almost 50 per cent of its growth in PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for AGENDA // PENSIONS AGE SPRING CONFERENCE 09:30 – 10:00: Opening Keynote speaker: The Pensions Regulator (TPR) corporate plan update Fiona Frobisher, Head of Policy, The Pensions Regulator (TPR). Fiona Frobisher will offer an update on the key areas of focus for The Pensions Regulator in the current climate, highlighting the main elements of TPR’s Corporate Plan 2021-22, which sets out the regulator’s direction for the next year.* Established 1996
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03:54:19 AM
Sunday, June 6, 2021LATEST NEWS
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AON MOVES CLOSER TO WTW MERGER WITH SALE OF US RETIREMENT BUSINESSES*
LAPFF QUESTIONS UKEB'S APPROVAL OF ACCOUNTING STANDARDS*
GEN X CARERS 'CONSIDERABLY DISADVANTAGED' IN RETIREMENT PLANNING*
ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON OFFERINGMEMBER GUIDANCE
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NEWS IN BRIEF - 4 JUNE 2021*
FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA EXPECTATIONS__ __
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