Latest articles from Benjamin Mercer

PPI: More data needed on ethnic groups’ retirement outcomes

News on the go

On the go: While it is known that people from Pakistani, Bangladeshi, black, and other minority ethnic groups suffer poorer retirement outcomes than the white majority of savers, the data collected does not allow us to properly examine why that is the case, according to the Pensions Policy Institute.

Delaying retirement by a day could leave members £10,000 better off

Bloomberg

Delaying retirement by a day could leave members £10,000 better off in retirement due to the way members’ benefits are calculated based on short-term inflation rates, according to research from XPS Pensions Group.

Number of savers opting out of pension schemes jumps by 29%

News on the go

On the go: The number of people opting out of their workplace pension scheme has risen by 29 per cent between March and July this year, according to analysis by pensions provider Penfold.

Ombudsman to speed up state pension age investigation

News on the go

On the go: The Parliamentary and Health Service Ombudsman is to adjust its approach to the remainder of its investigation into failures by the Department for Work and Pensions relating to changes to women’s state pension age, so it can “conclude the investigation as efficiently as possible”, having shared its preliminary views with interested parties.

Transfer volumes could hit £600bn as insurers post strong results

Evgeny Ivanov/Dreamstime

A host of insurers have revealed their first-half 2022 results that show a booming trade in risk transfers, which, by some projections, could hit £600bn over the next decade — though there are fears about a capacity crunch in the sector.

TPR: ‘Keep asking questions’ about investment strategies

News on the go

On the go: The current economic malaise, and especially the impact on liability-driven investments now interest rates are rising, proves it is especially important that trustees continue to ask questions about their investment strategies, even if they seem “silly”, says Fred Berry, the Pensions Regulator’s lead investment consultant.

Govt to change civil servants’ early pensions access

Luke MacGregor/Bloomberg

The government has proposed to change the rules around early access to pensions in the civil service, tracking 10 years behind state pension age, according to a new consultation over reforms to the Civil Service Compensation Scheme.

MaPS unclear on origin for half of amber flag scam warnings

News on the go

On the go: Nearly half (44 per cent) of scam guidance sessions in the past three months have been triggered despite the Money and Pensions Service not knowing why the amber flag was raised to begin with, according to data obtained via freedom of information act request by Quilter.

FBU receives more than 750 ‘immediate detriment’ claims

News on the go

On the go: The Fire Brigades Union has received more than 750 ‘immediate detriment’ claims since June 6, despite being told by the Fire Chiefs’ Council that it should hold off applying immediate detriment until legislation is introduced next year.

Govt rejects appeal to make NHS scheme tax-unregistered

iStock

The government has rejected a petition to make the NHS pension scheme tax-unregistered, arguing that the loss of tax-relief and lump sums “would not benefit the vast majority of members”.