All articles by Stephanie Hawthorne – Page 10
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News
£2.2bn Mercer Master Trust gains authorisation
On the go: The £2.2bn Mercer Master Trust has gained authorisation from the Pensions Regulator. The trust has 71,000 savers in the UK and is the 11th trust to gain the watchdog’s approval.
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More than 150,000 seek guidance from Pension Wise, but huge gaps remain
On the go: The total number of people receiving help from Pension Wise soared to 167,726 in 2018-19 from 60,939 in 2015-16.
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Sir Steve: Government still dragging its heels on pensions equality
On the go: The government is still dragging its heels on pensions equality, former pensions minister Sir Steve Webb has argued.
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£700m business premiums for Rothesay Life after H1 pension deals
On the go: In a trading update issued on July 5, insurer Rothesay Life said that in the first half of 2019 it assisted four pension schemes to de-risk their liabilities, resulting in new business premiums of £700m.
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Largest ever claim dents PPF reserves
On the go: The Pension Protection Fund’s reserves fell to £6.1bn from £6.7bn, according to its latest annual report published today, the result of a record claim from the Kodak Pension Plan No 2.
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FTSE 350 pension deficit falls by £9bn in June
On the go: The pension deficit for the UK’s 350 largest listed companies fell by £9bn to £48bn by the end of June from £57bn at the end of May, the most significant monthly improvement in funding levels since November 2018, according to Mercer.
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Pension changes could result in £260bn accounting gap, says XPS
On the go: UK companies could be understating their pension liabilities by as much as £260bn, according to XPS Pensions.
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TPR ponders mandatory professional trustee requirement
The Pensions Regulator is consulting on proposals to make it mandatory for a professional trustee to sit on every trustee board, in a bid to ramp up standards and drive consolidation.
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Aviva launches ESG default fund
On the go: Aviva has launched a defined contribution default fund with environmental, social and governance considerations at its heart, in line with growing demand from workers.
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TPR authorises four more master trusts
On the go: The Pensions Trust, Fidelity, Standard Life and Stanplan A have gained authorisation from the Pensions Regulator, bringing the total number of approved master trusts to 10.
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TPR publishes new DC investment guidance
On the go: The Pensions Regulator has updated its DC investment guidance to incorporate new regulations on environmental, social and governance risk coming into force from October 2019 and October 2020.
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NewsUCU threaten autumn strikes after USS whistleblowing
The University and College Union has outlined a timetable for industrial action at UK universities later this year, demanding concrete action from employers to improve pay and secure pensions.
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Regulator keeping 'careful eye' on watch list of 50 schemes
The Pensions Regulator has a watch list of 50 defined benefit schemes that it is most concerned about, the watchdog’s chief executive, Charles Counsell, has revealed.
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ExxonMobil and MetLife fail to meet LGIM’s climate change criteria
On the go: Legal & General Investment Management is removing five companies from its Future World Fund range for failing to meet stringent climate change criteria.
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Hidden drawdown dangers for 615,000 retirees
On the go: Hundreds of thousands of over-55s are unaware they can scale back or stop their withdrawals from their drawdown income, putting them in danger of draining their retirement savings too rapidly.
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Employers exposing staff to unexpected tax charges, warns Aon
On the go: Members of pension schemes with group life cover and their beneficiaries may face unexpected tax charges, with many employers yet to update their provision since the 2006 introduction of the lifetime allowance.
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Pension scheme membership rises to record 45.6m
On the go: Total membership of occupational pension schemes in the UK reached 45.6m in 2018, up from 41.1m in 2017, according to new Office for National Statistics data.
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News
Pensioner poverty rises for the first time since 2011-12
On the go: After more than two decades of virtually continual falls, pensioner poverty has shown a stark rise.
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FCA plans to ramp up supervision of transfer advice market
On the go: The Financial Conduct Authority intends to ramp up its supervision of the most active firms in the transfer advice market, after finding that 69 per cent of people seeking advice had been recommended to transfer between 2015 and 2018.
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News
75% of DB funds paying out more money than they receive, finds Buck
On the go: Three-quarters of defined benefit schemes are now cash flow negative with contributions no longer sufficient to meet regular benefit payments, according to Buck.