February 2022
04Feb

UK. Prudential reports itself to regulator over AVC failings

Prudential is one of the UK’s largest additional voluntary contributions providers for Local Government Pension Scheme funds. Standard Life, Scottish Widows, Aegon, Legal & General and Clerical Medical also process AVCs. LGPS members have two options when it comes to increasing their pension benefits. They may buy an extra pension in the LGPS, and are allowed to make additional contributions to buy up to £7,316 of extra pension, if they are in the main section of the scheme, or they...

February 4, 2022
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03Feb

UK. Alternatives could give DC pensions higher returns at no extra risk, PPI says

Alternative assets could present defined contribution schemes with a means to increase value for members without taking on any extra risk, the Pensions Policy Institute has found. The PPI's report, published yesterday (February 2), stated DC default funds could better serve the needs of members by expanding the range of asset classes they invest in, putting more focus on better returns and lower volatility. Those who would benefit from an increased focus on returns include those working beyond the state pension...

February 3, 2022
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01Feb

UK. 21 million savers tempted by green pension options amid increasing awareness

Awareness of the link between pensions and climate change has grown by around 85 per cent in the past year, analysis from Make My Money Matter (MMMM) has revealed, with an increasing number of savers tempted by green pension options as a result. Research from the group revealed that 51 per cent of savers, representing around 21 million individuals, would choose a green pension if offered one by their provider, up from 44 per cent in 2021, a "substantial" increase...

February 1, 2022
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01Feb

UK. DWP publishes draft dashboard regulations

The Department for Work and Pensions (DWP) has launched a consultation on the draft pensions dashboards regulations. The consultation seeks views on the draft regulations which make provision for requirements to be met by pension dashboard services or the providers of these services, and by trustees or managers of relevant UK occupational pension schemes. Read also UK. Prudential reports itself to regulator over AVC failings The regulations - which the DWP said will apply to all registrable UK-based occupational pension schemes with...

February 1, 2022
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January 2022
31Jan

UK. Millions of people miss out on pension cash due to strict rules

The Pensions and Lifetime Savings Association found that 47 percent of working individuals cannot afford to save for retirement. The current workplace pension criteria leaves young workers and low income earners “absolutely” forgotten about. The effects of the pandemic are starting to slam savers pockets, and with the gradual return to normality whilst inflation skyrockets will likely mean paycheques won’t go as far as they used to. Additionally, NOW: Pensions shared that the total number of people missing out on workplace...

January 31, 2022
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28Jan

UK. Pension professionals demand dashboards and climate action

Pensions dashboards and climate change action ranked as the joint top priority for Society of Pension Professionals members, according to a new survey. The SPP’s survey, which polled around 7,000 pension professionals, questioned members on where they wanted the government and regulators to focus their energies over the next 12 months and the next three to five years. Almost a third of members placed the dashboards rollout as their top choice for the coming year, with 61 per cent of members...

January 28, 2022
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27Jan

UK. Can the FCA tackle greenwashing?

For those who care about environmental, social and governance considerations, watching the glacial progress towards standardised ESG disclosures has been frustrating. There are more working groups, task forces, frameworks and roadmaps than you could shake a stick at (I have never tried shaking a stick at a working group, and it would probably get me fired, but you get the idea). Dare I suggest that we might even spare some sympathy for the Financial Conduct Authority, which has the job of...

January 27, 2022
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26Jan

UK. Government confirms annual public service pension increase rate

The government has announced the rates of indexation and revaluation that will be applied to public service pensions in April 2022. In a written statement, Chief Secretary to the Treasury, Simon Clarke, noted that public service pensions are required by law to increase annually in line with the state pension. Public service pensions will therefore increase in line with the 3.1 per cent rise in Consumer Prices Index (CPI) on 11 April 2022, except for those that have been in payment...

January 26, 2022
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25Jan

UK. Pension transfer activity hits lowest level since 2018

An annualised rate of 50 members out of every 10,000 transferred their pensions in December according to the XPS Pensions Group's transfer activity index — the lowest rate since XPS started tracking this activity four years ago. Head of member options Mark Barlow said a "slump" in transfer activity was common over the festive period. "But this is the lowest rate of transfers we have seen since we started the index in 2018," he said. "Although it's unlikely to be affecting...

January 25, 2022
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24Jan

UK university pension scheme to add climate focus to 5 billion stg of AUM

Britain's Universities Superannuation Scheme (USS) will add a climate focus to 5 billion pounds ($6.77 billion) of its assets under management to meet climate targets, it said on Monday. The climate focus will initially reduce emissions compared to the broad equity market by at least 30%, and further cut its carbon intensity by 7% each following year, USS said in a statement. USS, which has 82 billion pounds in total assets under management and is one of Britain's biggest pension schemes,...

January 24, 2022
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