March 2019

19Mar

UK. Government gives green light to CDC pension schemes

The government has confirmed the launch of Collective Defined Contribution pension schemes in a new consultation. CDC schemes, which are already popular in Denmark and the Netherlands, pay out a regular income from a collective fund rather than producing an individual 'pension pot'. Last year, Royal Mail reached a deal with the Communication Workers Union which sought to launch CDC pensions in the UK. The government has today confirmed that it will "introduce CDC provisions slowly", starting with the...

March 19, 2019
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15Mar

UK. Pensioners risk £68,000 shortfall as they underestimate the cost of retirement

Pensioners risk a shortfall of more than £68,000 over the course of their retirement as 33% of Brits expect to survive solely on their state pension, new research from Nationwide Building Society shows Based on today’s pensioner spending habits, those retiring in future could be close to £400 out of pocket each month due to a gap between expectations and reality. This significant miscalculation could prove to be a major setback to tomorrow’s pensioners enjoying their later life – forcing...

March 15, 2019
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14Mar

Scottish public pension fund partners with MSIM on sustainability

Scottish Borders Council Pension Fund has become the first UK local authority pension fund to invest in Morgan Stanley Investment Management’s (MSIM) Global Sustain Strategy. Launched in 2018, the strategy is managed by MSIM’s international equity team and invests in firms that are carbon light, tobacco-free, alcohol-free, and free of fossil fuels. Councillor David Parker, the pension fund’s chair, said: “The Scottish Borders Council Pension Fund believes that a positive approach to ESG issues can positively affect the financial...

March 14, 2019
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14Mar

Ageing Britons More Likely To Be Impoverished And Unwell, Says Report

Millions more people can expect to live their last years in poverty and hardship, with increasing health challenges, a damning independent report has said. An increasing number of people reaching old age is putting pressure on health services, the Centre for Ageing Better, who ran the report, said. But Dr Anna Dixon from the Centre was keen to assert “our current rates of chronic illness, mental health conditions, disability and frailty could be greatly reduced if we tackled the...

March 14, 2019
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13Mar

UK. Consumers need simpler retirement products, says outgoing FSCS boss

Pension products should carry a quality mark from the City regulator so customers know they are buying good value, the outgoing chief executive of a savings safety net has suggested. Mark Neale, who has previously announced his intention to step down after spending nine years as chief executive of the Financial Services Compensation Scheme (FSCS), suggested that pension products could be subject to a quality marking scheme by the Financial Conduct Authority (FCA). The FSCS, which is funded by...

March 13, 2019
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12Mar

UK. Pension warning for hundreds of thousands of carers

Hundreds of thousands of carers are unwittingly denying themselves a full state pension by failing to apply for carer’s credit. Figures from a Freedom of Information request reveal just 17,388 people received carer’s credit at the end of 2018. But according to government figures, around 200,000 carers are eligible – and most are women. If a carer fails to claim for carer’s credit, they could get less state pension in the future because these credits help plug gaps in...

March 12, 2019
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11Mar

EU and UK reach agreement over no-deal Brexit insurance rules

In case the UK withdraws from the EU without ratification of the withdrawal agreement, on March 30, 2019, the UK becomes a third country and UK insurance undertakings and distributors lose their right to conduct business across the EU27 Member States. This story is reprinted with permission from the Insurance Coverage Law Center, the industry’s only comprehensive digital resource designed for insurance coverage law professionals. Read more @Property Casualty360

March 11, 2019
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11Mar

The case for betting pensions on start-ups

While cautious funds sit on £2.4 trillion, pressure is mounting to find ways to funnel some of that cash to entrepreneurs Nicole Eagan had every right to be excited as she announced a new funding round for her cyber-security venture, Darktrace, two years ago. The $75m investment marked a “critical milestone” for the start-up, she said, and would allow it to continue along a path of “unprecedented growth”. Darktrace, which uses artificial intelligence to spot and respond to cyber-...

March 11, 2019
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08Mar

UK. Amber Rudd sparks race row after referring to Diane Abbott as ‘coloured’

Work and Pensions Secretary Amber Rudd has apologised after referring to the shadow home secretary, Diane Abbott, as “a coloured woman.” Rudd made the comments on Jeremy Vine’s BBC Radio 2 show on Thursday, while talking about abuse of women in Parliament. “It definitely is worse if you’re a woman, and it’s worst of all if you’re a coloured woman,” she said. “I know that Diane Abbott gets a huge amount of abuse, and I think that’s something...

March 8, 2019
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08Mar

International Women’s Day: women’s rights on labour wards, pensions, an end to austerity – what we’ll be fighting for in 2019

International Women’s Day 2019, a day celebrating progress and demanding equality, comes after a seismic 12 months. From the growth of #MeToo to Gina Martin’s successful campaign to make upskirting illegal, the power of activism been demonstrated across the world. Meanwhile, a number of campaigns are gathering steam and will be getting louder (and louder) throughout 2019. IWD is marked by celebration, protest and dialogue. It’s a chance to ask each other: where are we? Where do we...

March 8, 2019
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