May 2021
14May

UK. Pensions Dashboard Programme publishes updated timeline with breakdown of next six months

The Pensions Dashboard Programme (PDP) has published an updated timeline outlining steps and timings for data providers to enable the industry to prepare for connecting with the dashboard ecosystem. The PDP - set up by the Money and Pensions Service (Maps) - has outlined further timings for the industry to connect with the programme as part of its third progress update report including a breakdown... Read also UK. DB transfer victims lose up to 40% of compensation The PDP - set up...

May 14, 2021
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11May

UK. DB transfer victims lose up to 40% of compensation

Victims of defined benefit transfer mis-selling stand to lose an average 40 per cent of compensation payments thanks to changes in the way redress is calculated. While this problem could affect every victim of DB transfer misadvice across the UK, the discrepancy has come to light because steelworkers at Port Talbot have been 'comparing notes' on the compensation levels they have received so far. As a result, campaigners helping former British Steel Pension Scheme members to get redress have warned the way the...

May 11, 2021
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05May

UK. Pension funds urged to help UK reach net zero climate goals

Pension funds must set a target of net zero emissions for their investments if the UK is to meet its climate goals, influential figures in climate activism have urged. Many people are unaware of whether their pensions funds are invested in fossil fuels or high-carbon activities, and even companies that have publicly committed to reaching net zero emissions may have pension fund investments that are still wedded to high-carbon businesses. As the UK prepares to host the UN climate talks Cop26...

May 5, 2021
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05May

UK. FCA proposes Pension Wise nudge for DC savers

In a consultation today, the Financial Conduct Authority (FCA) today proposed that providers will need to go further than the current signposting in a bid to improve take-up of the free guidance service. Consumers would see appointments made for them, if requested, although they will not be mandatory after MPs on several occasions voted against the idea, believing it could be seen as a tick-box exercise, as opposed to a beneficial part of the process. Upon deciding, in principle, how to...

May 5, 2021
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April 2021
29Apr

UK. FCA mulls online test for high risk investments

The Financial Conduct Authority (FCA) has proposed to force people to take an online test before they can invest in high risk assets, as part of a round up of ideas on curbing risks in the market. In a discussion paper out this morning (April 29) the regulator said it was keen to prevent consumers from accessing high-risk investments that they do not understand. The FCA is concerned that despite its existing marketing restrictions, too many consumers are still investing in...

April 29, 2021
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27Apr

UK. MSP pension fund under fire for investing almost £1m in fossil fuels

Analysis of the Scottish Parliamentary Pension Scheme by Friends of the Earth Scotland based on a freedom of information request shows that the estimated fossil fuel investment is £923,585 - around £7,160 for each of the 129 MSPs. With Glasgow due to host the Cop26 UN climate conference later this year environmental campaigners are calling on local authorities to divest from fossil fuels. The Scottish Parliament’s pension fund was found to have an estimated £733,000 stake in BHP, a major coal,...

April 27, 2021
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26Apr

UK. Private sector DB disappearing ‘more rapidly than thought’

Private sector defined benefit schemes are closing more rapidly than realised, meaning the incomes of newly retired workers are set to fall at a much more dramatic rate in the coming decades than had previously been thought, according to consultancy LCP. A report from the firm found in the private sector the decline of traditional final salary-type pensions is more rapid than previously assumed, while the rise of new ‘pot-of-money’ workplace pensions will take longer to make a real impact than...

April 26, 2021
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22Apr

UK. Two thirds of this year’s retirees at risk of running pension pot dry

Two-thirds (66 per cent) of those retiring in 2021 are at risk of running out of pension savings in their retirement, according to research from Standard Life Aberdeen. The research, which surveyed 2,000 UK adults who were either due to retire this year or had retired in the past 12 months, published today (April 21), found the class of 2021 planned to spend around £21,000 a year in retirement. And although this is almost £10,000 less than the average household income...

April 22, 2021
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21Apr

UK. Retirement app Pensionbee valued at £365m in London listing

Online pension management app Pensionbee (PBEE.L) has joined the London Stock Exchange in an IPO that values the business at £365m ($507m). The retirement savings app priced its shares at 165p each on Wednesday, the company said in a filing. Conditional trading began on Wednesday, with shares trading slightly below the offer price by mid-morning. Read also Vanguard launches price war in UK pensions market Pensionbee raised around £55m via the sale of 33m new shares and the sale of over 2...

April 21, 2021
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20Apr

UK. Industry tightens up on pension scams as losses hit £10bn

Pension schemes face tougher due diligence requirements on transfer requests as new figures show the amount lost to pension scams and fraud has hit £10 billion five years after the introduction of the pension freedoms. Regulators, courts and The Pensions Ombudsman (TPO) have all made significant statements in recent months which cover both the fall-out from previous scams and the prevention of future scams. In its recent report, the House of Commons Work and Pensions Committee called on the government...

April 20, 2021
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