The Bank of England had no choice but to intervene in the gilt markets, having received signals from pension funds that a “fire sale” may occur, BoE deputy governor for financial stability Sir Jon Cunliffe has told MPs.
Truss commits to pensions triple lock as inflation hits 10.1%
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October 19, 2022
Prime minister Liz Truss has confirmed that the triple lock will be maintained, even as September’s figures showed inflation rising to 10.1 per cent.
Kwarteng out as LDI derivative losses set to hit £149bn
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October 14, 2022
Market moves: Liz Truss sacks Kwasi Kwarteng, with Jeremy Hunt installed as chancellor; JPMorgan estimates market-to-market losses from liability-driven investment derivatives could hit $167bn (£149bn); and schemes rush to prepare as the Bank of England ends its bond-buying programme.
‘Let’s rethink all’ member options before dashboards introduction
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October 13, 2022
Legislative and policy assumptions about member behaviour as they approach retirement are completely out of sync with reality, and now is the time to “rethink all of it” before dashboards are introduced, according to Philip Brown, group director of policy and external affairs at B&CE, provider of The People’s Pension.
Clara-Pensions expects consolidator competition ‘within a year’
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October 13, 2022
On the go: Commercial consolidator Clara-Pensions expects to see other offerings providing competition in the market “in a year’s time”, according to chief executive Simon True, despite the “unhelpful economic environment”.
Small pots problem is ‘only going to get worse’
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October 13, 2022
The number of small pension pots — and the costs of administering them — will continue to increase, despite efforts from the government and industry, a Pensions and Lifetime Savings Association panel has warned.
Burghart announced as minister for pensions and growth
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October 12, 2022
On the go: Alex Burghart MP has been confirmed as minister for pensions and growth at the Department for Work and Pensions.
Smart Pension acquires Ensign Master Trust
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October 12, 2022
On the go: Smart Pension has acquired the Ensign Master Trust, making it the eighth such consolidation by the provider, which has promised that an average 25-year-old member would be “thousands of pounds better off” as a result of the move.
Retirement risks make UK drop to 10th in global pensions index
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October 11, 2022
The UK slipped from ninth to 10th in Mercer’s latest retirement income survey, as the long-term shift from defined benefit to defined contribution leaves members facing greater retirement risks.
University employers stick to USS cuts despite strike threat
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October 10, 2022
Universities Superannuation Scheme employers have rebuffed renewed calls by the University and College Union to restore benefit cuts in response to the scheme’s controversial 2020 valuation, arguing there is “no solid evidence” to make benefit changes before the 2023 valuation.