March 2020

26Mar

UK. PFS pushes for grace period on PI amid ‘evidence of serious impact’

The Personal Finance Society has called for a four-month grace period for advisers whose professional indemnity insurance is due for renewal during the coronavirus lockdown. In a letter sent to the Financial Conduct Authority and HM Treasury this week the professional body asked for regulatory concessions to help advisers at at time when "demand for their help has never been greater, yet pressure on their own resources are stretched". This included a call for advisers to be granted...

March 26, 2020
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25Mar

UK. Parliament pension fund cuts fossil fuel investments

Parliament’s pension fund has made record investments in renewable energy and cut its exposure to fossil fuel companies to bring MPs’ pensions in line with the government’s climate action targets. A report from the £700m pension fund showed that almost a third is now being invested in low carbon and environmentally sustainable funds following calls from hundreds of MPs to align the fund with the government’s legally binding climate commitments. Read also Swedish Pension AP1 Divests From Fossil Fuels ...

March 25, 2020
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19Mar

UK. Coronavirus scams: greater risk of being a victim of pension fraud

Pension savers face a greater risk of being targeted by fraudsters, research from the All-Party Parliamentary Group on Pension Scams (APPG) has revealed. The government has advised more people to stay at home amid the coronavirus crisis, which could increase their chances of being contacted via phone or online. Investment markets plunging over recent weeks may also make people more susceptible to pension scams as they attempt to recover losses from their retirement savings. The figures show...

March 19, 2020
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19Mar

UK. Future renting pensioners could struggle in retirement

By Sophie Smith An increase in renting could see future pensioners struggle to achieve an adequate standard of living, as the number of pensioners renting looks set to double by 2046, the Pensions Policy Institute (PPI) has warned. The PPI published its research paper, To Buy or not to Buy: the Changing Landscape of Housing in Retirement, in conjunction with Scottish Widows, exploring the implications of the changing housing market on future retirement needs. Based on current trends, the report...

March 19, 2020
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18Mar

UK. History repeats itself with pension reforms

By John Roberts Most aspects of our daily lives are affected by the whims and ambitions of politicians. This has been the case for pension provision right back to the early 20th century and beyond. For the financial services industry and the population as a whole, the effects of political decisions are coming home to roost for the second time in a generation. As part of the self-reliance philosophy – distaste for state provision and the population’s reliance on...

March 18, 2020
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16Mar

LGIM to launch its first fossil fuel-free pension fund after pressure

The UK’s biggest fund manager has bowed to client pressure and agreed to launch its first fossil fuel-free ethical pension fund later this year. Legal & General Investment Management (LGIM), which has been one of the most outspoken fund managers over the climate crisis, made the decision after a number of clients raised concerns that stocks such as Shell were still being included in its range of ethical funds. Those clients include PensionBee – an online pension provider that handles £750m-worth...

March 16, 2020
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12Mar

UK. Coronavirus grants pensions Budget immunity

Doctors are the people you need on your side in a time of crisis — as Wednesday’s Budget, overshadowed by the spread of the coronavirus, proved. The temporary sticking plaster Rishi Sunak provided to patch the NHS pensions taper tax crisis turned out to be much bigger than expected — a £2.2bn giveaway that will benefit the pensions contributions of all workers in the public and private sector earning up to £200,000 per year. From April, they can...

March 12, 2020
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12Mar

Moneybox launches Personal Pension after 100,000 sign up for waiting list

Moneybox today launches its Personal Pension, helping customers to consolidate their old pension pots and take control of their financial future From today the Pension will be available to all new and existing customers, and built into the sign-up process A staggering 100,000 people have signed up to the Moneybox pensions waiting list since it opened in April 2019, demonstrating a real appetite for change in the industry The launch follows a successful beta trial with existing...

March 12, 2020
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11Mar

UK. FCA mulls carbon rating rules

The Financial Conduct Authority has warned UK consumers do not yet understand how their investments and pensions impact the environment, as it flirted with the idea of imposing a carbon footprint rating system. It comes as MPs challenged the financial watchdog and the Bank of England on their plans to help consumers navigate financial products from a "sustainability and climate risk perspective". In recent letters sent to both Andrew Bailey and Mark Carney, published today (March 10),...

March 11, 2020
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10Mar

What the coronavirus market fall means for UK pensions

Savers are nursing losses approaching 10% in their pension schemes since the start of the coronavirus market panic, while holders of share Isas have lost as much as a quarter of all their money in some funds. The stock market rout means someone who had accumulated £250,000 in their pension scheme at the start of this year will have seen it shrivel to about £225,000 on Monday. Holders of final salary-style pensions, mostly in the public sector, lose nothing...

March 10, 2020
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