UK Archives - Page 104 of 188 - Pension Policy International

21JanJanuary 21, 2022

UK. MPs criticise ‘shameful’ underpaying of state pensions

The long-term underpayment of thousands of state pensioners, mainly widows, divorcees and women who rely on their husband’s pension contributions for some of their pension, is a “shameful shambles”, according to the public spending watchdog. About 134,000 people have had their state pension underpaid to the tune of £1bn, according to a Department for Work and Pensions (DWP) estimate. The vast majority of those affected are women who should have had their pension topped up when their husband retired even if...

January 21, 2022

News, Slider2022, Payout, State Pensions, UK

20JanJanuary 20, 2022

UK. More universities join USS strike

The University and College Union has secured the support of yet more institutions in its campaign for strike action over member benefit cuts in the Universities Superannuation Scheme. The UCU balloted its members in November over strike action in response to proposals agreed between the USS trustee and Universities UK, the group representing 340 USS employers, over the scheme’s controversial 2020 valuation. The union has argued that the agreement, which includes covenant support measures that UUK says are necessary to stave...

January 20, 2022

News, Slider2022, Public Pensions, UK

19JanJanuary 19, 2022

Pensions dashboards should have interactive features, says ABI

Pensions dashboards should have interactive features to meet younger people’s digital needs, according to the Association of British Insurers (ABI). The ABI commissioned research which found that seven in 10 working people would like dashboards to be interactive. The industry has been working on dashboards which will allow people to see all their pensions in one place for several years. Younger people were more likely than those of retirement age to want options which are not just “read-only”, including using modelling tools...

January 19, 2022

News, Slider2022, Innovation, Technology, UK

18JanJanuary 18, 2022

UK. Lack of guidance for pension savers risks freedoms ‘failure’, MPs warn

A Work and Pensions Committee report calls on Government and regulators to play more active role in supporting savers to make better decisions about their money. The Government should commit to trial of automatic Pension Wise guidance appointments and set a target of at least 60% needed to boost uptake of pensions guidance and advice Automatic appointments with the Pension Wise service should be trialled as part of a renewed commitment from the Government to support people to make better decisions...

January 18, 2022

News, Slider2022, Risk, Taxation, UK

17JanJanuary 17, 2022

UK. Expert calls on pension funds to fill fintech growth funding cap

The author of a major review of UK fintech has called on pension funds to back British entrepreneurs and fill a major growth funding gap in the sector just as government reviews whether to relax restrictions on pension fund investment. Ron Kalifa, who masterminded the government-commissioned Kalifa Review of Fintech last year, told City AM that pension funds have an opportunity to help British entrepreneurs grow their business domestically and drive job creation rather than selling at the growth stage. He...

January 17, 2022

News, Slider2022, Fintech, Investment, UK

14JanJanuary 14, 2022

Pensions and demographic risks

Different demographics of the population experience different pension risks, depending on age, location and various other factors. Read also Pensions in Germany: How the new government plans to solve an age-old issue Also, the fact that the UK population is getting older and living for longer could be viewed as a demographic risk in itself. Read also UK. Double tax whammy risk for big pension withdrawals As Jon Young, financial planner at WealthFlow, says: “Your pension pot has to last for longer and...

January 14, 2022

News2022, Aging, UK

14JanJanuary 14, 2022

UK. FCA’s SDR intent welcomed; greenwashing fears remain

The Financial Conduct Authority's (FCA) proposals on sustainability disclosure requirements (SDR) have been welcomed by industry experts, although concerns remain over the need for one "harmonised" and understandable system for all investment products. The regulator previously launched a discussion paper seeking views on the proposed SDRs for asset managers and FCA-regulated asset owners, which aim to “empower” pension scheme trustees to consider climate-related factors in their decision making. Industry organisations have welcomed the FCA’s intention behind the proposals, with Interactive Investor...

January 14, 2022

News, Slider2022, Climate crisis, ESG, UK

13JanJanuary 13, 2022

Pensions and benefits will not keep up with cost of living, warns think tank

Benefits should rise to match the soaring cost of living as millions face crippling price rises driven by energy bills, a think tank has said. Read also UK. Pensions largest component of household wealth – ONS Many benefits and the state pension are inflation-linked, but - by convention - rates for this year were set before prices started rising rapidly. Read also UK. Parliament moves to ban flat fees on small pots It means most will only go up by 3.1% in April,...

January 13, 2022

News2022, Pension design, UK

12JanJanuary 12, 2022

UK. Double tax whammy risk for big pension withdrawals

Thousands of people in the UK are at risk of being hit with huge tax bills when they enter drawdown, insurance provider NFU Mutual has warned. The firm analysed data from the Financial Conduct Authority (FCA) showing that in 2020-21 around 15,296 pension pots worth more than £50,000 ($66,144, €58,500) were fully withdrawn. Worryingly, 61.3% of those who cashed out did so without seeking financial advice, up from the 58.9% of the previous year. A similar trend was also registered for pots...

January 12, 2022

News, Slider2022, Taxation, UK

11JanJanuary 11, 2022

UK. Parliament moves to ban flat fees on small pots

The move comes almost exactly a year since the Department for Work and Pensions formally proposed the ban in response to the review of the default fund charge cap. At that time, research from the Pensions Policy Institute estimated that the number of small, deferred pots in master trusts could surge from 8m to 27m by 2035, with the cost to members in fees and other charges reaching £1.2bn, in some cases wiping out small pots entirely. While the industry was...

January 11, 2022

News, Slider2022, Regulation, UK

January 2022