January 2021
07Jan

One in eight in UK lose track of workplace pensions

One in eight Brits have admitted to not knowing how many old workplace pension pots they have, according to a new poll. Some 13% of respondents surveyed by investment platform Interactive Investor said the number of workplace pensions they had was a mystery. “The mystery of missing pensions is one you definitely want to solve as over the years,” said Becky O’Connor, head of pensions and savings at Interactive Investor, said. “Investment growth – even for pots you haven’t been contributing...

January 7, 2021
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05Jan

UK. FTSE 350 DB pension deficit almost doubles in 2020 amid Covid and Brexit

The accounting deficit of FTSE 350 companies’ defined benefit (DB) pension schemes nearly doubled last year, increasing from £40bn at the end of 2019 to £70bn at the end of 2020, according to Mercer. The provider's Pension Risk Survey data showed that liability values had risen by £99bn over the past year, increasing from £815bn at 31 December 2019 to £914bn at the end of December 2020, which it attributed to falls in corporate bond yields. This was partially offset as...

January 5, 2021
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December 2020

31Dec

UK. Time for ‘auto-enrolment 2.0’?

The principle of automatic enrolment could be used by the government to support other savings goals next year, Scottish Widows has said. According to Pete Glancy, head of pension policy at Scottish Widows, the shaping of an ‘auto-enrolment 2.0’ could be a real possibility in 2021 as the government looks to encourage more people to save following the Covid crisis. Mr Glancy said: “Momentum behind increasing the financial resilience of UK households will continue, fuelled by the Covid-19 experience....

December 31, 2020
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30Dec

UK. How will Brexit impact pensions and investments?

Some 51% of people with pensions and/or investments are worried about how their savings are performing, according to a recent Which? survey. So should the new trade deal between the EU and UK be a cause for concern? Which? surveyed 2,112 UK adults in September and found that of the 1,645 people with pensions and/or investments, 19% were ‘very worried’ and 32% were ‘fairly worried’ about their performance. The FTSE 100 has surged on news of a Brexit deal since...

December 30, 2020
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28Dec

Companies end year by shipping off pension liabilities

Pension funds on both sides of the Atlantic offloaded $14.5 billion in liabilities through pension risk transfer deals this month alone, including two huge longevity swap announcements. Most of the action took place with U.K.-based plans, but in the U.S., General Electric Co., Boston, announced it transferred $1.7 billion of its U.S. GE Pension Plan obligations to retirement services firm Athene Holding Ltd. through an annuity buyout. As part of the transfer, Athene will provide payments to roughly 70,000...

December 28, 2020
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23Dec

Personal data leak in one of Britain’s largest pension providers

Workplace pension provider NOW: Pensions has emailed a number of UK customers to warn about a data leakage caused by contractor error. The email, seen by this publication, claims a service provider "unintentionally" posted user data to an unnamed "public software forum". These records include biographical data (names, email addresses, and dates of birth) as well as National Insurance numbers. According to the pension provider, the data was obtained by "a small number" of third parties. NOW: Pensions said...

December 23, 2020
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21Dec

UK. Longevity risk transfer nears record. 2021 to be busy again despite pandemic: WTW

The market for longevity swaps and longevity risk transfer has hit forecasted volumes in 2020 despite the implications of the global COVID1-9 pandemic and Willis Towers Watson believes another busy year is ahead in 2021. Read also Personal data leak in one of Britain’s largest pension providers The longevity de-risking market, where pensions transfer their longevity risk to global reinsurance markets, has proven resilient in 2020 and despite the “turmoil” broker Willis Towers Watson (WTW) notes that more than UK...

December 21, 2020
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17Dec

UK. Canadian pension fund takes control of Trafford Centre

A pension fund has taken control of the Trafford Centre after administrators received "no viable bids" for it. The shopping centre, which attracts about 30 million visitors a year, went up for sale in August after owner Intu Properties (IP) entered administration. Canada Pension Plan Investment Board (CPPIB), a key lender to IP, has taken ownership as the principal creditor. CPPIB's Geoff Souter said despite "challenging" retail conditons, the centre still had "strong prospects". The Canadian fund had provided...

December 17, 2020
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16Dec

UK. BBC presses play on $4 billion longevity swap

BBC Pension Scheme, London, completed a £3 billion ($4 billion) longevity swap with Zurich and Canada Life Reinsurance. Read also Ireland. A new model for pensions required The deal provides the pension fund and sponsoring employer British Broadcasting Corp. "with more certainty over future funding costs, and improves the security of all members' benefits," a notice posted on the pension fund's website said. Read also UK. Canadian pension fund takes control of Trafford Centre The fund had £17.3 billion in assets...

December 16, 2020
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