September 2019

08Sep

Amber Rudd quits cabinet and attacks PM for ‘political vandalism’

Boris Johnson’s government was in danger of imploding on Saturday night as the work and pensions secretary, Amber Rudd, quit the cabinet and resigned the Conservative whip, saying she could not stand by while “loyal, moderate MPs” were purged from the party. Rudd told Johnson she had joined his cabinet “in good faith accepting that no deal had to be on the table”. She added: “However, I no longer believe leaving with a deal is the government’s main objective.” While she could...

September 8, 2019
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03Sep

UK. New £8 million research centre to explore how digital technology will impact future of work

A major new research centre exploring how digital technologies are changing the world of work is to launch at the start of 2020. The Digital Futures at Work Research Centre (Digit Centre) will operate from the business schools of the universities of Sussex and Leeds and aim to provide a compelling empirical base for policy makers beyond current levels of speculation as to the impact of new technologies on jobs and workers. The centre, which includes Eversheds Sutherland, Marks...

September 3, 2019
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02Sep

Government branded immoral over pensions of UK citizens in EU

The government will not give a lifetime guarantee to index-link the pensions of British nationals who have retired in the EU if there is a no-deal Brexit, a decision that has been described as “immoral” by campaigners. The government currently continually increases the payout of the basic state pension by either 2.5%, average wage growth or by the consumer price index, whichever is higher, on a reciprocal basis under EU regulations, a practice known as uprating. The government has...

September 2, 2019
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02Sep

Great Brexit Insurance Migration Shifts $75 Billion From London

London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance and pensions regulator has ordered every U.K.-based underwriter to transfer policies held by European clients to units on the continent. While the bulk of...

September 2, 2019
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August 2019

30Aug

UK universities’ pension funding hole doubles to £6.6bn

Hundreds of thousands of members of the £72bn Universities Superannuation Scheme face the threat of a further rise in their pension contributions after the plan’s managers revealed a funding hole had nearly doubled to £6.6bn. Read also UK universities brace for strike action in pensions dispute About 198,000 active members of the USS, the UK’s largest private sector pension plan, are making monthly payments of 8.8 per cent of their salary towards their pensions, which promise an inflation-proofed retirement income...

August 30, 2019
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29Aug

UK. Defined benefit transfer values hit record high

Defined benefit transfer values reached record highs in August, according to data from XPS Pensions. In an update issued today (August 28), the consultancy firm said its transfer value index reached an all-time high of £258,200 on August 21, which compares to £247,400 at the end of July. The increase was largely driven by a significant fall in gilt yields during August, partially offset by a small fall in inflation expectations, XPS stated. At the same time, the consultancy firm saw an increase in the...

August 29, 2019
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28Aug

UK. New report lays down challenges for policymakers on increasingly ageing population

The UK must prepare for the “daunting but not insurmountable” challenge of ageing. · - Global academic thought leaders urge UK policymakers to act on the “daunting but not insurmountable” challenge of ageing · - New report from Scott and Bloom for ILC argues that UK policymakers must go further to help the UK prepare for ageing · ...

August 28, 2019
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28Aug

Third of UK’s top companies to cut executive pensions – investor body

Nearly a third of the companies in Britain’s FTSE 100 index of blue chip firms have agreed to cut pension payments for executives, the Investment Association said on Wednesday, amid increasing scrutiny of the gap between bosses’ and ordinary workers’ pensions in Britain. In February, the Investment Association, which represents big asset managers, said a company would be “red-topped” if it did not explicitly state that any new executive director would have pension contributions set in line with the...

August 28, 2019
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27Aug

UK. Public sector to launch ‘mass legal battle’ over pension reforms

Mass legal claims on behalf of teachers and doctors alleging that changes to their pensions in 2015 were discriminatory are being launched against the government. After successfully winning a similar pension case on behalf of judges, the London law firm Leigh Day is preparing employment tribunal cases for public sector workers. The British Medical Association is also coordinating action with doctors over pension reforms that they claim could inflict huge financial losses on individuals by the time they retire....

August 27, 2019
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26Aug

UK universities brace for strike action in pensions dispute

British universities are heading towards strike action later this year, after employers insisted on requiring staff to pay higher pension contributions despite union warnings that the move would trigger a ballot on industrial action. Read also UK universities’ pension funding hole doubles to £6.6bn The University and College Union (UCU) said it had rejected an offer by the employers, represented by Universities UK (UUK), to swap limited increases in staff pension contributions for a two-year bar on strike action. The...

August 26, 2019
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