July 2021
01Jul

UK. Half of millennials want cryptocurrencies in pensions

Almost half of millennials would like to invest their pension in cryptocurrencies, study finds. The research on UK pensions explores the appeal of new investment opportunities across different groups of savers. It finds that the appetite for cryptocurrencies is high among millennials at 40%. But digital currencies hold far less appeal for older generations. It was 10% among Gen X (age 41 to 56), 7% for baby boomers (aged 57 to 75) and 10% for the silent generation (aged 76 and older). The...

July 1, 2021
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June 2021
30Jun

UK. Research highlights Brits’ lack of interest in pensions

More than half (55 per cent) of Britons do not look for pensions information from any source, according to research from Infinite Global and YouGov. A report launched by the duo, titled Pensions: Solving the Perception Puzzle, called for the information problem to be addressed through the simplification of pensions material, and beseeched those within the provider and advisory community to engage with the media on a more human level, rather than “only focusing on technical subject matter”. Among 18-24 year-olds, the...

June 30, 2021
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29Jun

UK. FCA Proposes New Climate-Related Disclosure Regime

The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure rules and guidance for asset managers, life insurers, and FCA-regulated pension providers. The disclosure requirements would be consistent with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The FCA plans to introduce the disclosure requirements in a new ESG Sourcebook in the FCA Handbook. The regulator anticipates that this...

June 29, 2021
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25Jun

UK. TPR outlines inclusive culture and equality ambitions

The Pensions Regulator (TPR) has outlined plans to “lead by example” on equality and diversity and pave the way for a more inclusive culture across the pensions industry. TPR's Equality, Diversity and Inclusion strategy - published today (24 June) - sets out how the regulator plans to embed diversity and inclusion throughout the organisation and support the regulated community to make similar moves. The regulator said the strategy's five-year roadmap will place equality, diversity and inclusion "at the heart" of its...

June 25, 2021
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24Jun

The Gender Pensions Gap

By A recent report by the trade union Prospect found that the gender pensions income gap (39.5%) was more than double the size of the total gender pay gap (18.5%), with the average female pensioner £7000 p.a. poorer than their male equivalent.2 This inequality in the present is the result of the unequal accrual of pension entitlements over decades. It is mainly the product of women’s lower state pension entitlement, the gender pay gap, lower historic access to workplace pensions and...

June 24, 2021
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22Jun

UK Rules Out Ditching ‘Triple Lock’ Pledge on State Pension Increases

British newspapers have reported that the government was looking at suspending the promise to increase pensions by whichever is higher of consumer price inflation, average earnings growth, or 2.5%. They said it could help pay for the cost of the government’s COVID-19 response. “We are committed to the triple lock,” the spokesman said, when asked about the reports. Due partly to distortions from the coronavirus pandemic, annual wages in the three months to April grew by an annual 5.6% – creating...

June 22, 2021
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21Jun

UK. State pension: Warning as ‘low’ sum leaves millions at risk of ‘inadequate’ income

The State Pension is made available to individuals who have put forward a set number of National Insurance contributions throughout their lifetime. Many people will have worked for decades to ensure their state pension reaches the full sum as outlined by the Department for Work and Pensions (DWP). At present, the most someone can receive through the basic state pension is £137.60 per week. This increases slightly to a full sum of £179.60 per week for those on the new...

June 21, 2021
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21Jun

UK. Pensions commits to net zero by 2050

Pensions has committed to net zero emissions by 2050 by overhauling its investment strategy. The new strategy will see members’ savings invested in an equity fund which invests in companies that have lower carbon footprints. It will include investing in sustainable bonds and sustainable equities to at least 50 per cent of the portfolio’s net asset value by the end of 2021. The pensions provider says the changes come after an overhaul of the trust’s investment strategy in order to integrate ESG...

June 21, 2021
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18Jun

UK. Why investment pathways matter more than you think

The FCA launched its Retirement Outcomes Review in 2016 to check how the market was developing after the introduction of pension freedoms and address any signs of consumer harm. It found many who chose to draw down pension savings without taking regulated advice were losing out on retirement income because their pension pots were invested in cash, even though they didn’t intend to spend it in the short term. Two consultations were issued as a result of the review. First, CP18/17,...

June 18, 2021
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17Jun

UK. Industry fears customers are still not getting enough support with pension withdrawals

Withdrawal behaviours are among the top concerns of a third of pension providers, whilst two thirds fear this concern will only grow in the future as more and more people start to rely solely on a defined contribution pension. A new report from the Association of British Insurers (ABI), 'Future Proofing the Freedoms: Supporting customer decisions about pension withdrawals ', published today found pension industry experts fear that many people are withdrawing from their pension without any advice or guidance,...

June 17, 2021
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