All News articles – Page 211
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State pension age should rise to 75, says think tank
On the go: A chorus of critics has condemned the Centre for Social Justice’s proposal to increase the state pension age to 70 by 2028, with a further rise to 75 by 2035, to make the system more sustainable and reflect longer life expectancies.
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Employers urged to monitor default performance more closely
On the go: Employers should look under the bonnet when reviewing their default fund as there is a huge variation in asset allocation and performance of these products, according to Punter Southall Aspire analysis.
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TPR writes to 120 schemes about incorrect equalisation calculations
The Pensions Regulator has written to the trustees of 120 pension schemes administered by Prudential making them aware of potential pension payment errors.
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Nest signs up to ‘Star’ initiative as Opperman urges others to join
On the go: Master trust Nest – one of the UK’s biggest pension schemes, with 8m members – has joined the pensions industry ‘Star’ initiative.
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NewsSchemes still lagging on cyber security
A leading cyber-security expert says pension schemes are still behind the rest of the financial services sector in protecting members, despite increasing awareness and realism about the threat of online criminals.
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National Pension Trust and SEI Master Trust achieve authorisation
On the go: National Pension Trust and the SEI Master Trust have been added to the Pensions Regulator’s list of authorised master trusts.
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NewsBritvic seeks court approval for RPI/CPI switch
Soft drinks manufacturer Britvic is the latest business to attempt to switch the basis for its defined benefit pension increases from the retail price index to the consumer price index, with other companies reputedly queuing up to take legal advice on this very point.
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Fewer deaths in 2019 could increase DB liabilities
On the go: The mild UK winter could lead to an increase in pension scheme liabilities as 2019 to date has seen relatively few deaths, according to a firm of longevity specialists.
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Cadbury completes £520m buy-in with Rothesay Life
On the go: The Cadbury Mondelēz Pension Fund has completed a £520m buy-in with Rothesay Life covering payments for 1,900 pensioners.
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ONS miscalculates RPI for March and June
On the go: The Office for National Statistics has made an error in the retail prices index, leaving the figures for March and June this year 0.1 percentage points adrift. The possible impact of the mistake on the stock market led to the ONS publishing a statement outside of trading hours late on Thursday.
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LCP: Buyout deals more than double in 12 months to £34bn
On the go: The momentum in pension buy-ins and buyouts continues unabated, with a record £34bn of deals completed over the year to June 30 2019.
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NewsWiden taper consultation to fix pensions tax system, experts say
A chorus of pension experts is urging the government to extend the ambit of its consultation on the workings of the tapered annual allowance to include the private sector along with other anomalies and injustices.
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Fall in gilt yields drives transfer values to near record
On the go: The continuing fall in gilt yields is driving transfer values towards near record levels, according to XPS Pension Group.
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5 million still at risk from scams, TPR warns
On the go: The Pensions Regulator has warned that as many as five million savers are still at risk from pension scams, as it renews its commitment to fighting fraudsters alongside the Financial Conduct Authority.
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Government to review tax taper for NHS clinicians
On the go: The government is to review the operation of the tapered annual allowance for senior clinicians, following a vigorous campaign by NHS doctors.
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HSBC scheme agrees £7bn longevity swap package
On the go: Trustees of the HSBC Bank UK Pension Scheme have agreed the second-largest longevity swap in UK history, insuring £7bn of the scheme's liabilities against living too long.
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Watchdog to prosecute recruitment agency over AE duties
On the go: The Pensions Regulator is prosecuting a recruitment agency and its managing director on suspicion of attempting to avoid providing employees with a workplace pension.
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IWDC Section of Railways Pension Scheme gains authorisaton
On the go: The Railways Pension Scheme’s Industry-Wide Defined Contribution Section master trust has been authorised by the Pensions Regulator.
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Looming Brexit sees slowdown in LDI derisking trend
On the go: Interest rate and inflation hedging activity by UK pension schemes saw a dramatic slump in the second quarter of 2019, although experts said this was more likely due to Brexit "frontloading" than a sustained slowdown.
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FTSE 350 deficit up to £51bn as political and financial turmoil ahead
On the go: FTSE 350 companies saw their pension deficit grow in July, from £48bn at the end of June to £51bn by the end of July, a £3bn increase. Funding levels were unchanged over the month at 94 per cent, according to Mercer.