May 2020
05May

Should UK millennials be worried about their retirement savings over the coronavirus crisis?

Experts weigh up whether job losses and stock market volatility from the coronavirus crisis has caused lasting damage to the retirement savings of British millennials. Research has shown young workers are among the most vulnerable to job losses or a reduction in working hours as a result of the financial strain of the Covid-19 outbreak. Jamie Smith, financial advisor at advice firm Foster Denovo, highlighted that in these circumstances a person is less likely to continue to save...

May 5, 2020
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April 2020

29Apr

UK. Pension firms issue warning to savers over transfers

To prevent people from losing out, anyone who wants to shift their money will now get a letter from their scheme stating that a transfer is unlikely to be in their best long-term interests. Pension scheme trustees will warn savers of the risks during the pandemic and urge them to consider the decision carefully. Read also ATP, PFA assets plummet as coronavirus hits The warning letter will be signed by watchdog The Pensions Regulator (TPR) , the Financial Conduct Authority (FCA),...

April 29, 2020
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28Apr

UK. Regulation in this new normal

By David Fairs The Pensions Regulator is anxious to meet the industry’s expectations, but this latest challenge does not come with a manual. Hope William-Smith speaks to David Fairs. It's nearly two years since David Fairs stepped away from more than two decades with KPMG to take the helm at The Pensions Regulator (TPR) as executive director for regulatory policy, analysis and advice.... How bad is the crisis for defined benefit (DB) schemes? Do all trustees need take up the easements we...

April 28, 2020
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27Apr

Suspended UK pension contributions could total £1bn

Up to £1bn in pension contributions could be suspended this year as businesses strike deals with retirement scheme trustees to keep afloat during the Covid-19 crisis. The estimate emerged from a Financial Times survey of professional services companies advising more than half of the 5,500 employers backing “defined benefit” pension schemes in the UK. A lockdown of the nation’s non-essential businesses and households has left many companies facing steep reductions in revenues and a subsequent cash crisis, resulting in interventions by...

April 27, 2020
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24Apr

Does Retirement Affect Voluntary Work Provision? Evidence from England, Ireland and the U.S

By Peter Eibich, Angelo Lorenti, Irene Mosca Voluntary work is an important contribution for many non-profit organizations, such as charities, political and religious organizations. Older individuals make up a sizable share of the volunteer workforce, and volunteering is often regarded as an example of "active ageing". In this study, we examine whether retirement has a causal effect on the frequency of voluntary work provision in three English-speaking countries - England, Ireland and the U.S. We draw on data from...

April 24, 2020
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24Apr

UK government plans to grant phone-hacking powers to the Pensions Regulator (and others)

UK ministers want to extend the Investigatory Powers Act, better known as the Snooper’s Charter, even further, according to draft legislation that would gift phone-hacking and web-history combing capabilities to five new public bodies, in addition to the more than 50 that already have access to the sprawling surveillance powers. Read also UK. Coronavirus crisis hits occupational pension schemes The bodies poised to receive new comms-hacking powers are a motley crew consisting of the Pensions Regulator, the Civil Nuclear Constabulary...

April 24, 2020
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23Apr

UK. Coronavirus crisis hits occupational pension schemes

Members of generous final-salary workplace pension schemes could see their guaranteed benefits jeopardised by the Covid-19 pandemic. Many such schemes are in deficit: they lack the money to make good on all the pension promises made to employees . In the short term, the outlook has improved. The Pensions Regulator has now given employers longer to make up this shortfall since many firms are suffering from the pandemic. This will help employers squeezed by the virus. But...

April 23, 2020
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21Apr

PensionBee: Coronavirus will see greater engagement with pensions

Clare Reilly, head of corporate development at PensionBee, believes the current challenging economic conditions could lead people to engage with their pensions more closely. Having noticed a sharp decline in their pensions’ fortunes in recent weeks, people may begin to look more closely at what their money is invested in and what causes it to go up or down. “We have very low levels of financial literacy in this country and people generally don’t engage with their pensions, which...

April 21, 2020
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08Apr

COVID 19: Emerging Investment Risks for Pension Schemes

Daily policy initiatives by governments across the world who are desperate to avoid the worst ravages of an economic recession are fuelling a lot of the volatility in public markets with which investors are now sadly familiar. However, many pension funds have significant private market exposures through alternative investments. Those holdings are not immune to government intervention and pension funds should note the sometimes unexpected effect of policy changes. The Pensions Regulator’s COVID 19 guidance on 27 March advised...

April 8, 2020
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06Apr

UK. Wakefield man who failed to claim pension gets £140k payout

He mistakenly thought he was not allowed to claim a state pension because he had continued to work long after reaching retirement age. He is now set to receive more than a decade's worth of payments in one lump sum. The error only came to light after Wakefield Council made inquiries on the man's behalf. In a report, councillor Michael Graham said: "To help our residents get more money in their pocket, we are using information we hold to...

April 6, 2020
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