UK Archives - Page 100 of 193 - Pension Policy International

30MayMay 30, 2022

UK. DWP shares how people can boost State Pension payments if they reached retirement age on certain dates

The Department for Work and Pensions (DWP) has released new guidance to help certain people increase their State Pension income. If you reached State Pension age between April 6, 2010 and April 5, 2015, but are not receiving or expecting to receive a full basic State Pension, then you may be able to increase the amount you get by paying up to six additional years of voluntary Class 3 National Insurance voluntary contributions for years going back to 1975. This is...

May 30, 2022

Newssavings, System Characterization, UK

27MayMay 27, 2022

New measures to support pensioners amid inflation crisis in the UK

Chancellor Rishi Sunak has unveiled a new £15bn emergency package of measures to support households through the cost of living crisis but some pensioners risk missing out. The government said pensioner households will receive an extra one-off Pensioner Cost of Living Payment of £300 to help with their bills and living costs, while more than 8 million low-income households on means tested benefits – which includes those receiving Pension Credit – will receive a one off £650 payment. “While this is...

May 27, 2022

News2022, Inflation, Social Protection, UK

26MayMay 26, 2022

UK. Annuities make slow comeback as retirees look for income certainty

After a decline in annuity sales following the pension freedoms, the market seems to have levelled off with purchases accounting for around 10 per cent of total market share, according to the Pensions Policy Institute. A PPI briefing note published yesterday (May 26) showed that the average pot size used for purchasing an annuity has risen to £71,000 from £37,000 in 2015. But in recent years, more pots under £10,000 have been used to buy these products. These small pots accounted...

May 26, 2022

News2022, Income, Payout, UK

25MayMay 25, 2022

UK. Pension transfer red flag warnings hit record high

The rate of potential pension scam warning flags showed no sign of decreasing in April, according to XPS Pension Group’s Scam Flag Index tracker. A record high of 78% of transfers reviewed raised at least one warning sign of potential scam activity, meaning that rates have now risen for the last four consecutive months. The recent fall in the Transfer Value Index also continued to gather pace, with the month-end value at £232,000 ($306,000, €279,000), a 5% drop compared to the...

May 25, 2022

News2022, Transfers, UK

24MayMay 24, 2022

UK. Pensions watchdog warns about climate risk in rebuke of HSBC banker who downplayed danger

UK pension schemes should not ignore climate change, a senior executive at The Pensions Regulator said on Monday, the first watchdog to weigh in after a top HSBC banker was suspended after playing down the financial risks of climate change. Regulators across the world have been putting pressure on the financial services industry to take climate change into account when calculating risks to their business models. Stuart Kirk, a senior HSBC banker in charge of sustainable investments, had said at an...

May 24, 2022

News2022, ESG, Risk, UK

23MayMay 23, 2022

U.K. pools gaining critical mass, and investment choices

U.K. investment pools formed seven years ago to streamline the investment process for local government pension funds are now building up sizable assets, as well as facing challenges that range from diversification to climate change reporting. Local government pension schemes, or LGPS, "are still moving funds and the pools are still building up asset classes," said Colin Cartwright, an Aon PLC partner in London who consults with both LGPS and corporate clients. He expects to see more funds transferred into...

May 23, 2022

News2022, ESG, Investment, UK

20MayMay 20, 2022

UK. People with disabilities ‘have pension savings worth third of average pot’

Pension savers with disabilities typically have savings worth only around a third of the average pot as they approach retirement, a study has found. People aged 60 to 64 with a disability have £47,980 saved on average, according to research by the Pensions Policy Institute. This is only around 36% of the average UK pension pot size of £130,928 – a difference of nearly £83,000. The research was commissioned by pension provider NOW: Pensions, which said there are just over four million...

May 20, 2022

News2022, Equality, Labor Market, UK

19MayMay 19, 2022

Top-Income Adjustments and Official Statistics on Income Distribution: The Case of the UK

By Stephen P. Jenkins UK official statistics on income distribution have incorporated top-income adjustments to household survey data since 1992. This article reviews the work undertaken by the Department for Work and Pensions and the Office for National Statistics, and the academic research that influenced them, and reflects on the lessons to learn from the UK experience. Source: SSRN 499 views

May 19, 2022

Articles, Savings, System Characterization2022, Equality, Income, Taxation, UK

19MayMay 19, 2022

UK. MPs urged to consider state auto-enrolment credits to combat gender pensions gap

State auto-enrolment (AE) contribution credits for career breaks could “radically change” the framework of occupational pensions and help reduce the inequality of the widening gender pensions gap, Hymans Robertson has said. In an open letter to the Work and Pensions Select Committee, Hymans Robertson partner, Chris Noon, argued that whilst the introduction of AE contribution credits would be a "significant cost" to government, time away from work is the biggest contributor to the gender pensions gap and needs to be...

May 19, 2022

News2022, Gender Gap, Pension design, Regulation, UK

18MayMay 18, 2022

UK. Perceptions of TPR’s performance quality deteriorate in 2021

The perception of the Pensions Regulator’s performance quality diminished last year, according to the watchdog’s ‘Perceptions of TPR’ report More than half (54 per cent) of respondents said TPR’s overall performance was good, while 15 per cent said it was very good. Read also UK. People with disabilities ‘have pension savings worth third of average pot’ Just over a fifth said the regulator’s performance was fair, while 1 per cent gave it a poor rating. The report is based on the 2021 perceptions...

May 18, 2022

News2022, Regulation, UK

May 2022