December 2021
16Dec

UK. WPC launches inquiry into saving for later life

The Work and Pensions Committee (WPC) has launched the third and final part of its inquiry into the impact of the pension freedoms and protection of savers, focusing on what needs to be done to help people plan and save for retirement. The inquiry, which will be hearing evidence until 2 February 2022, will consider whether households have adequate pension savings and how the government can improve member outcomes. In particular, it will consider issues around auto-enrolment, retirement income targets and...

December 16, 2021
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16Dec

UK. 48% of retirees worried about pension adequacy

Almost half (48 per cent) of retirees are worried that they may eventually run out of money in retirement, yet 41 per cent have no plan as to how much they should be spending each year to avoid this issue, research from Abrdn has revealed. The survey showed that 24 per cent of retirees, around 3 million Brits, were expecting to boost their savings with inheritance, whilst 33 per cent, equal to around 4 million retirees, plan to downsize to...

December 16, 2021
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15Dec

UK. Pension risk settlement market set to pass £45bn by end of 2021

The UK pension risk settlement market is expected to exceed £45bn by the end of 2021, representing the third year in a row that activity has reached this level, according to analysis from Aon. The firm explained that whilst the market was “relatively subdued” in the first half of 2021, with £7.7bn of bulk annuity deals completed, the pace has since accelerated. As a result, Aon predicted that there will be close to £30bn of bulk annuity deals completed by the...

December 15, 2021
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09Dec

Brexit would be better for UK workers, Boris Johnson promised. But will it?

The European Commission’s plans to protect people in precarious jobs in the gig economy could be the most ambitious extension of workers’ rights from Brussels since Britain left the EU. If adopted, the plans would mean that gig economy companies, such as Uber and Deliveroo, would have to treat workers as employees with minimum wages (where they exist), sick pay, holidays and better accident insurance, unless they could prove that drivers and couriers were genuinely self-employed. Workers would also get greater...

December 9, 2021
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06Dec

UK. Thousands of pension plans lost as billions accumulate – where does the money go?

MILLIONS of pension plans are at risk of being lost by Britain's workforce, with unclaimed policies racking up billions. So what happens to this money? And how can you check yours? A recent study conducted by a financial services firm has shown more than 200,000 people placed calls to the Department of Work and Pensions (DWP) in the past four years alone hunting for lost pensions. Some experts have claimed the amount in lost pensions within the UK system could...

December 6, 2021
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03Dec

UK. Trustees warn lack of member appetite for ESG investing is hindering progress

More than half (53 per cent) of professional defined benefit (DB) pension trustees have cited the lack of member appetite for environmental, social and governance (ESG) investing as a factor hindering the growth of sustainable investing. The study, conducted by Charles Stanley Fiduciary Management, found that 35 per cent felt a lack of understanding about the options available as a hindrance, while the suspicion that ESG investing was just a fad, fears that it could harm returns, and underwhelming investment...

December 3, 2021
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02Dec

UK. New FCA rules require firms to give ‘stronger nudge’ towards pension guidance

From 1st June 2022 pension providers will have to give customers a stronger nudge to Pension Wise when they decide to access their savings. Read also UK government floats plan to relax fee limit on pension fund investments Providers will be required to refer customers to Pension Wise guidance, explain the nature and purpose of the guidance and offer to book a Pension Wise guidance appointment in most cases. Read also UK. Trustees warn lack of member appetite for ESG investing is...

December 2, 2021
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01Dec

UK pensions regulator signs off on first ‘superfund’

UK pension regulators have given a green light to the first “super fund”, a new and controversial integrated vehicle designed to take over the operation of traditional pension schemes. Clara Pentions, which is dominated by reinsurance firm Wilton Li and investment firm Six Street, will be the first superfund to get regulatory approval on Tuesday.Regulators in the name of Clara list The number of superfunds that are considered to have good governance, good and good management, and good capital. Approval of...

December 1, 2021
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01Dec

UK universities hit by strike action over pay and pensions

More than a million students will be hit by three days of strikes on campuses across England, Scotland and Northern Ireland starting on Wednesday, in the latest round of an increasingly bitter dispute in which university leaders have accused leftwingers within the University and College Union (UCU) of blocking progress over a possible deal. Fifty-eight universities will be affected where staff backed a ballot on strike action called by the UCU, halting lectures and tuition at the country’s largest universities,...

December 1, 2021
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November 2021
30Nov

UK government floats plan to relax fee limit on pension fund investments

A fee limit protecting UK retirement savers from high charges is poised to be loosened further under proposals aimed at prompting pension funds to put billions of pounds into unlisted investments like private equity. On Tuesday the government will announce plans to allow “well-designed” performance fees, typically levied by private equity and venture capital managers, to be excluded from a workplace pension fee cap, according to details of the proposal seen by the Financial Times. These fees are currently included in...

November 30, 2021
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