March 2021
23Mar

UK. Pensions dashboard roll-out in 2023 ‘under threat’

The target date of 2023 for the roll-out of the pensions dashboards is under threat from a lack of clarity, the Society of Pension Professionals has warned. The lack of clarity and complexity of the dashboard roll-out is such that it might be impossible to provide some savers with a "single number" for their benefits. Read also UK. Emerging passive investing risks a new concern James Riley, president, and Paul McGlone, immediate past president, wrote to the Pensions Dashboards Programme detailing a list...

March 23, 2021
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23Mar

UK. PensionBee cuts gender pay gap to 4%

PensionBee has reduced its median hourly gender pay gap to 4 per cent, in line with its aim of achieving equality with a variance of 5 per cent permitted due to the overall size of the employee base. The pension provider, which also noted it had a median bonus pay gap of 0 per cent among its staff, said it had achieved gender employment parity across all levels of its business, while figures from the Office for National Statistics (ONS)...

March 23, 2021
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22Mar

UK. Emerging passive investing risks a new concern

Investment consultants around the globe are asking their pension fund clients to think carefully about two very real concerns that have emerged in passive investing: ESG-related and concentration risks. Some pension fund clients have heeded their advice, reconsidering whether they should be implementing some kind of ESG tilt to their benchmarks and in other cases, looking to take portions of the allocation to an active manager instead. "We are … having exactly these conversations: How much of this risk are people...

March 22, 2021
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19Mar

A Guide to the Treatment of Pensions on Divorce

By Pension Advisory Group The publication of this final report from the Pension Advisory Group is an important and very welcome event. The importance of the work is demonstrated by the fact that a good many busy and experienced practitioners have given up valuable time over the course of the past two years to produce this definitive guidance on the approach to the issue of pensions in Financial Remedy cases before the Family Court. For too long the division of...

March 19, 2021
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19Mar

UK. Pension longevity risk transfers reach record-breaking £55.8bn in 2020

Longevity risk transfers by UK pension schemes reached a record level of £55.8bn in 2020, rising above the £51.6bn completed the year before, analysis from LCP and Mercer has shown. Total buy-in and buyout volumes were £31.7bn, the second largest ever recorded in a single year but behind the £43.8bn bumper volumes racked up in 2019, with the record-breaking year instead being driven by longevity swaps reaching £24.1bn. Legal & General (L&G) had a 24 per cent market share, followed by...

March 19, 2021
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18Mar

U.K. Pensions Regulator seeks to streamline codes of practice

The U.K. Pensions Regulator is consulting the retirement industry on its proposal to create a new online-based code of practice, the regulator said Wednesday. The consolidated code, which would encompass updated rules on plan governance and management, would replace 10 other existing codes. The regulator intends to clarify expectations on retirement plan governing bodies to help them better assess how well their policies address financial and operational risks. "The new code of practice represents TPR's ambition to create a single point of...

March 18, 2021
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17Mar

Uber Grants Vacation Pay, Pensions to U.K. Drivers in Change of Job Status

Uber Technologies Inc. said it will grant its U.K. drivers an employment status entitling them to vacation pay and pension contributions, a costly shift in one of its largest overseas markets amid a global debate over the treatment of gig-economy workers. Read also UK. Pension longevity risk transfers reach record-breaking £55.8bn in 2020 The changes may presage legal wrangling, however, because the ride-hailing company says it will guarantee its drivers the U.K.’s minimum wage only after they have accepted a trip—not...

March 17, 2021
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12Mar

U.K. Pensions Regulator proposes new criminal charges against sponsors

By Paulina Pielichata The U.K.'s The Pensions Regulator is looking for industry input on its new criminal sanctions policy, including two new charges the regulator may bring against pension fund sponsors. Read also Italy. Pension funds seize first Italian green bonds offering The regulator was given new powers under the Pension Schemes Act 2021, which was enacted in February and allows TPR to investigate and charge company executives for misconduct related to pension funds. Read also Warning lights flickering for South Africa’s wealthy...

March 12, 2021
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11Mar

Pension Trends for Executives in FTSE 350 & SmallCap Companies 2020

By e-reward.co.uk In this research, we outline: How contribution rates vary across the UK’s three main indices. The level of contribution rates paid to the majority of staff in the UK’s largest companies. Some of the approaches that individual companies have followed to reduce the pensions of their new and existing directors. Our data is sourced from over 1,200 annual reports published between September 2017 and 2020 from companies listed on the FTSE 100, mid-250 and SmallCap indices. This data represents...

March 11, 2021
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09Mar

Delivering prevention in an ageing world: Democratising access to prevention – Consultation paper

By International Longevity Centre UK Following our year-long Prevention in an ageing world programme that sparked conversations from Abu Dhabi to Taipei, Austin, Geneva, Sydney, London all the way to the G20 Health Ministers, the message is clear. It’s never too late to prevent. And the health and economic costs of failing to invest in preventative interventions across the life course are simply too high to ignore. We know that prevention works, but for too long cultural, economic and geographic divides...

March 9, 2021
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