January 2022
06Jan

UK pension risk settlements to see volumes of over £45bn in 2021: Aon

Aon expects the UK pension risk settlement market to see volumes of over £45 billion reported for full-year 2021, making it the third year in a row that it has reached this level. Compared with recent years, the market in the first half of 2021 was relatively subdued with £7.7 billion of bulk annuity deals completed. However, the pace then accelerated in the next six months and Aon expects that there will be close to £30 billion of bulk annuity deals...

January 6, 2022
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06Jan

UK. MP seeks to extend auto-enrolment to 18-year-olds

Proposals that would see working 18-year-olds and low earners automatically save into a pension are being put before parliament this week. Read also UK. Expanding auto-enrolment could cost employers more, experts warn Conservative MP Richard Holden tabled a motion in the House of Commons on Wednesday to extend auto-enrolment in this way. Read also UK. FTSE 350 DB pension deficit falls by £28bn; ‘looming risks’ ahead The proposal looks to boost the pension pots of 18 to 22-year-olds and those who either work...

January 6, 2022
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04Jan

UK. PMI warns majority of savers will be caught out by pension age rise

According to research from the PMI, published on December 29, which surveyed 2,000 individuals, 82 per cent of working people in their forties were not aware of the upcoming rise in the NMPA, which is set to increase from 55 to 57 in April 2028. The PMI said this change will directly affect the retirement options for those currently in their mid to late forties. The increase in the NMPA has been criticised across the industry as it will not apply...

January 4, 2022
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December 2021
30Dec

UK. Platforms must help advisers reduce carbon footprints

Platforms must explore ways to support advisers in their digital and sustainable goals, M&G Wealth’s sales director has said. Justin Blower told FTAdviser UK platforms needed to keep up the momentum in their digitisation and automation strategies, as hybrid advice becomes more important in a post-pandemic world and the UK government increasingly prioritises carbon neutrality in the wake of Cop26. “Generally, advice firms have embraced portals and technology that allow them to service clients remotely,” said Blower. “And many more clients...

December 30, 2021
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24Dec

UK. Experts predict busy 2022 for pensions industry

Pension professionals have predicted a busy and challenging year for the pensions sector in 2022, with many issues continuing into the New Year alongside new initiatives for the industry to contend with. With hope that the pandemic will subside, many commentators pointed to the increased focus on environmental, social and governance (ESG) factors in 2022. “2022 will see the continued rise in the incorporation of key ESG issues, including but not limited to climate change, into defined contribution (DC) investment design,”...

December 24, 2021
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22Dec

UK. Workplace pensions bounce back after Covid-19 effects

On the go: Workplace pension contributions grew by more than 15 per cent in the second quarter of 2021, when compared with the previous year, due to contribution levels recovering after the pandemic, according to the Office for National Statistics. The ONS’s latest quarterly survey on funded occupational pension schemes in the UK, published on Tuesday, showed that contributions in private sector employee and employer defined contribution schemes grew by 19 per cent and 18 per cent, respectively, in Q2...

December 22, 2021
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21Dec

UK. Pension dashboard project announces commercial partners

The Pensions Dashboards Programme has partnered with three commercial dashboard providers with which to work during its initial testing phase. The PDP has selected Aviva, Moneyhub and Bud to work alongside the Money and Pensions Service’s non-commercial dashboard in the initial test phase of the pensions dashboards ecosystem. The test phase will run for six months from December 2021 and see the chosen providers prepare to connect their dashboards to the central digital architecture. The three potential providers — an insurer, an...

December 21, 2021
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20Dec

UK. Demands to delay rises in the state pension age

Plans to raise the state pension age from 66 should be shelved because we are not living as long as previously expected, a new report has suggested. Current plans would see the age at which people are eligible for the state pension go up to 67 by 2028, and then eventually to 68. Consultant LCP says life expectancy has stalled and no changes should be made for 30 years. The government has just launched its latest review of the state pension age. At...

December 20, 2021
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20Dec

UK. Enthusiasm for green pensions fails to translate

Although most savers say they want their pension to be invested responsibly, very few people auto enrolled into workplace schemes have moved their investments to sustainable funds. That is according to research by Barnett Waddingham which found one in five savers (20%) said they thought ESG funds should be the default option for workplace pensions, regardless of return. A further 26% said they thought this should be the case so long as the return is the same as a non-ESG fund. Meanwhile,...

December 20, 2021
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17Dec

U.K. offers pension trustees guidance on climate standards

The Pensions Regulator issued guidance Thursday to help U.K. pension trustees meet new standards for climate-related governance and reporting of both risks and opportunities. Part of trustees' responsibility is making sure that the external advice they get is relevant and competent, the regulator said in a news release. "We recognize that the governance and reporting of climate-related risk is relatively new, so trustees may be more reliant on external experts while they build their scheme's capability in this area," said David...

December 17, 2021
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