The Isle of Man government last week made clear its intention to further reform public sector pensions on the island, a microcosm of UK schemes struggling to remain sustainable.
Weathering the storm: How to tackle scheme closure
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February 19, 2016
Analysis: Defined benefit scheme closures present significant challenges to all parties involved, but how can sponsors ensure they engage their workforce in meaningful consultation?
300 Scots hit by pension scam as advice gap persists
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February 17, 2016
Scottish police are investigating a £10m pension liberation fraud that has targeted more than 300 people north of the border – a reminder for the industry of members’ vulnerability to evolving fraudulent operations.
BA transfer value review puts spotlight on older members
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February 15, 2016
Trustees of the British Airways Pension Scheme have rebalanced the scheme’s transfer value basis towards younger members, but anticipate the net impact of the shift will be cost neutral to its funding position.
'Gold standard' pensions unattainable for most
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February 15, 2016
Average earners targeting a “gold standard” pension of two-thirds pre-retirement income will need to work to age 77 at statutory minimum contribution levels, a new report has projected, underscoring the key role default levels will play as auto-enrolment matures.
Thomson Reuters trailblazes in-scheme drawdown, but obstacles remain for small schemes
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February 12, 2016
US-based media company Thomson Reuters has opted to provide in-scheme flexi-access drawdown to UK members in response to pension freedoms, bucking the trend for occupational trust-based scheme offerings in the new environment.
New report demystifies DC asset security
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February 11, 2016
A new report from the Security of Assets Working Party will provide some much-needed guidance on defined contribution asset security and compensation, advising trustees to adopt a “pragmatic and proportionate approach” to a highly technical area.
Ombudsman ill-health decision underscores complexity for members
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February 10, 2016
Schemes have been urged to maintain open channels of communication with employers and members around ill-health benefits after an ombudsman determination ruled against a member’s attempt to "rewrite history".
Financial pressures and demise of DB affect millennials' pension expectations
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February 10, 2016
Feature: Three-quarters of UK employees expect to be poorer in retirement than their parents, reversing the apparent laws of financial progress.
Behind the painted veil: How transparency influences retirement outcomes
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February 8, 2016
The pensions industry must address conflicts of interest ingrained across its systems, delegates heard at the transparency symposium last week, as the Financial Conduct Authority clamps down on the asset management industry.