February 2022
21Feb

UK. Royal Mail moves ahead with CDC scheme

Royal Mail, the Communication Workers Union and Unite have agreed to progress plans to introduce a new collective defined contribution scheme, the first of its type in the country, following a consultation with members. Royal Mail launched its consultation in September 2021, in which it laid out plans for the new Royal Mail Collective Pension Plan. Under a CDC arrangement, members pool investment and longevity risk and contribution rates for employers and employees are set in advance. The group finalised and confirmed...

February 21, 2022
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17Feb

UK. Pension chiefs encourage company stakeholder engagement

A group of pension executives has challenged companies to engage with their stakeholders and intensify their efforts to reach net zero emissions. The statement came in a letter to the Financial Times, signed by leaders from across the defined benefit and defined contribution spaces, Local Government Pension Scheme funds and private plans who are collectively responsible for more than £675bn in assets. Brunel Pension Partnership’s chief responsible investment officer Faith Ward, Nest’s chief executive Helen Dean and BT Pension Scheme Management’s...

February 17, 2022
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14Feb

UK. Lecturers strike again over USS benefit cuts

On the go: Staff at 44 institutions are to walk out once again over planned benefit cuts to the Universities Superannuation Scheme. The strike is the latest episode in a long dispute between the USS trustee, employer group Universities UK, and the University and College Union over the resolution of the scheme’s controversial 2020 valuation. The trustee has until the end of the month to submit a schedule of contributions to regulators. Absent a deal, the conclusions reached by the 2020...

February 14, 2022
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11Feb

UK. Force pension funds to align with net zero goal, says Richard Curtis

Pension funds should face legal obligations to bring their investments in line with the net zero greenhouse gas emissions goal, the film-maker Richard Curtis has said. Curtis, a co-founder of the Make My Money Matter campaigning group, urged ministers to follow up the UK’s legal commitment to reach net zero emissions by 2050 by making it mandatory for pension schemes to align their portfolios with the target. He told the Guardian: “The moment has arrived. Why not invest in sustainable investments?...

February 11, 2022
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07Feb

UK. Nearly half of savers in the dark when switching providers

More than four in 10 pension savers said they would not know what to look for when switching providers. More than two in five of the 2,104 savers surveyed by B&CE, the provider of The People’s Pension, would be likely to transfer their savings between providers if they could use a website that allowed them to see their pensions in one place. The findings are the latest in a flurry of research conducted into consumer behaviour surrounding the pensions dashboards, which...

February 7, 2022
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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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