The Department for Work and Pensions got its fifth boss in less than two years on Monday evening, with Theresa May’s Cabinet reshuffle replacing David Gauke with Esther McVey as secretary of state responsible for the department.
Could flexible pension products help indebted millennials?
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January 9, 2018
News analysis: More than a quarter of London’s millennial population are permanently in debt, it has been revealed. What role does pensions policy play in their financial health, and could more flexible solutions improve their situation?
Bulk annuity transfers to pass £15bn in 2018
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January 3, 2018
2018 will be the first year in which buyouts and buy-ins for UK defined benefit schemes exceed £15bn, consultancy LCP has predicted, with improved funding levels and keen insurer pricing helping to establish a “new normal” in the bulk annuity market.
TPR gets stronger, the government weaker: Top 5 law and regulation stories from 2017
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December 28, 2017
Year in review: Pensions policy output was muted in 2017 as Brexit negotiations proved an overriding concern, while regulators and courts continued their reforms and rulings at a busy pace. Here are our top five legal and regulatory stories from 2017.
PPF praised for tough line on Toys R Us insolvency talks
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December 20, 2017
The pensions industry has welcomed the tough stance taken by the Pension Protection Fund in its negotiations with struggling retailer Toys R Us, saying it will encourage companies not to take their pension responsibilities lightly.
British Steel saga raises questions on advice market and transfers
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December 15, 2017
News analysis: The Financial Conduct Authority and Work and Pensions Committee have both raised concerns about the decisions being made to transfer out of defined benefit schemes across the country, after poor advice given to UK steelworkers was recently highlighted. What lessons can be learnt from the British Steel saga, and do regulators need to embark on a programme of reforms?
Industry is divided over Royal Mail's CDC proposal
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December 14, 2017
Pressure is mounting on the Department for Work and Pensions to lay regulations for collective defined contribution, after mediation between Royal Mail and the Communication Workers Union recommended lobbying government to facilitate their creation of a CDC scheme.
BAE actuarial switch sidesteps funding slump
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December 11, 2017
BAE Systems has ditched gilts-based valuations for its UK defined benefit schemes after gaining regulatory approval, freezing its deficit at 2014 levels and sparking controversy in the pensions industry.
Trustees and consultants urged to up their game in transparency push
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December 7, 2017
The chair of the Financial Conduct Authority’s working group on cost disclosure has spoken out about a dangerous fixation with net performance in the pensions industry, insisting that granular data is needed for the recent transparency drive to have any effect.
De La Rue cuts pension increases to ease funding pressures
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November 29, 2017
Trustees of the De La Rue defined benefit pension scheme have agreed to cut inflation-proofing on member benefits, wiping an estimated £70m off the security specialist’s accounting deficit.