June 2022
09Jun

UK. TPR to finalise CDC code by 1 August; work to tackle pension scams continues

The Pensions Regulator (TPR) has confirmed that it is on track to finalise the collective defined contribution (CDC) code of practice by 1 August 2022, while further work on the issue of pension scams will be published "in due course". Speaking at the Pensions Age Northern Conference 2022, TPR lead investment consultant, Fred Berry, confirmed that TPR has been analysing industry feedback following its consultation on the draft code of practice earlier this year. Industry experts previously urged TPR to publish...

June 9, 2022
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08Jun

UK. Women Need Extra 18 Years of Work to Equal Pension Savings as Male Peers, Survey Finds

Women would need to work an additional 18 years full-time to save the same amounts of money into their pensions as men, research suggests. Women aged 65 will typically have accumulated £69,000 in private pension wealth, compared with average men's savings of £205,800, according to workplace pension provider Now: Pensions and the Pensions Policy Institute (PPI). With women living on average four years longer than men, they need to save more throughout their lifetime to accommodate longer periods in retirement, the...

June 8, 2022
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07Jun

UK. Work and Pensions Committee to question Pensions Regulator, FCA, MaPS and former pensions ministers

The Work and Pensions Committee will question former pensions ministers and representatives from the Pensions Regulator, Financial Conduct Authority (FCA) and Money and Pensions Service (MaPS) as part of its inquiry into saving for later life. The inquiry is examining whether households have adequate pension savings for retirement and how the Government can improve outcomes for savers. Purpose of the session The first panel will feature former ministers Sir Steve Webb and Baroness Ros Altmann along with Baroness Jeannie Drake, a former member of the...

June 7, 2022
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06Jun

UK. Pension policy dissatisfaction rises; majority sceptical of triple lock future

Over three quarters (81 per cent) of pension professionals are sceptical about the future of the state pension triple lock and doubt it will exist in its current form in five years’ time, according to the latest Pensions Management Institute (PMI) Pulse survey. The research also revealed a broader dissatisfaction over the handling of pensions policy, as fewer than half (49 per cent) of pension professionals were satisfied with its direction over the past six months, marking a 12 percentage...

June 6, 2022
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02Jun

Industry is ramping up ESG efforts but more still to do

It has been impossible to ignore the increasing focus on environmental, social and governance factors in financial management. Many individuals have held deep-seated principles regarding the environmental and social impacts of the financial services sector. However, the mainstream acceptance of ESG as a legitimate tool within financial institutions has been a relatively recent phenomenon. Indeed, then-UN secretary general Kofi Annan sparked the initial ESG flame in 2004. Annan wrote to more than 50 chief executives of major financial institutions, inviting them...

June 2, 2022
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01Jun

UK. Providers urge earlier introduction of Pension Wise ‘nudge’

The Financial Conduct Authority’s new rules guiding customers to use Pension Wise before drawing down their pension, which came into force on June 1, have been criticised as “poorly timed and mismanaged” by one provider. Trustees and providers are now required to offer customers aged 55 and above, who are accessing their funds for the first time, an appointment with Pension Wise. The service offers free 45-minute sessions on savers’ retirement options. The FCA said that this “nudge” can be delivered...

June 1, 2022
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May 2022
31May

UK. 17 further organisations pledge to align with MMMM’s Green Pensions Charter

Seventeen organisations, including British Red Cross, Green School Projects and Citizens UK, have signed up to Make My Money Matter’s (MMMM) Green Pensions Charter, bringing the total number of signatories pledging to align their company pension schemes with net-zero targets to 100. The new signatories are a broad mix of UK companies and charities including Abel&Cole, Bates Wells, Living Wage Foundation, TrustPayments, DoNation, The Climate Coalition, Positive Planet, CH&Co, Zero Bees, Moyu, Turning Trusts, TXImpact, Eco-nnect, and Homethings. Read also Industry...

May 31, 2022
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30May

UK. Pension savers struggle to consolidate pots

More than one in 10 (11 per cent) of pension savers are struggling to consolidate their pension pots, according to research from pension specialists iSipp. The consolidation of pension pots could reduce annual fees and save time on administration. However, more than one in 10 have tried to consolidate funds and failed, while nearly two out of five (38 paper cent) admit they do not know how to consolidate pensions into one fund. Just one in five (19 per cent) of those...

May 30, 2022
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30May

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
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27May

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
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