December 2018

07Dec

Brits living in the EU risk having their pensions frozen

Britons living in the EU, who qualify for a state pensions uprate, could lose the guarantee after disorderly Brexit. The British government has today outlined the ways how it intends to protect rights of its citizens living in the EU in the case of “no-deal Brexit.” As one of the protections, the Brexit secretary Stephen Barclay pledged to keep uprating state pensions of UK nationals living in the EU – but only if the EU reciprocates. If the EU as a bloc...

December 7, 2018
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07Dec

UK. Devilish details of where pension transfers went wrong

The failure of senior management at advice firms to identify the risks associated with defined benefit transfers, was named as one of the reasons behind widespread problems in the field. The Financial Conduct Authority published the findings of its recent investigation of pension transfer advice today (December 6), saying less than 50 per cent of the advice it had reviewed was deemed suitable. The regulator had looked at 18 firms, which had given advice to 48,248 clients on their defined benefit...

December 7, 2018
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06Dec

UK. Pension scam enquiries up 462%

Visits to the FCA’s Scam Smart website have increased 462 per cent in less than two months following its joint scam awareness campaign with The Pensions Regulator. The Scam Smart site – which allows people to compare pension fund options and find information on potential scams – previously had an average 562 page views daily. This rose to an average of 3,145 a day in the 55 days immediately following the summer campaign, the regulators have said. The regulators’ campaign is calling...

December 6, 2018
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06Dec

UK pension funds may have to clear, post-Brexit

Delays to Emir review raise fears that UK schemes may lose exemption Large UK pension funds may have to start clearing derivatives trades with European counterparties in the event of a no-deal Brexit, lawyers warn. The funds are currently exempt from clearing thanks to a carve-out from the European Market Infrastructure Regulation. But once Britain leaves the European Union, UK funds will be considered “third-country” entities – unless regulators strike a deal on equivalence. “From the point of view of a bank...

December 6, 2018
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05Dec

UK. BT loses appeal to change method of pensions calculation

BT has lost a legal bid to make changes to its pension scheme that unions claim would have transferred an estimated £2bn of wealth from scheme members to shareholders. The court of appeal dismissed the company’s request to change the way it calculates increases to pensions – a move that would have affected more than 80,000 members of the scheme. These members each typically stood to lose an estimated £24,000 in future pension benefits if the appeal had been upheld, according...

December 5, 2018
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03Dec

UK. Pensions dashboards to enable more informed retirement planning

Proposals to give millions of people their pension facts and figures at their fingertips have been unveiled by the government. Pioneering proposals to give millions of people their pension facts and figures at their fingertips have been unveiled by the government today (3 December). New free, user-friendly ‘pensions dashboards’ would allow people to access their information from most pension schemes in one place online for the first time. Pensions dashboards – an idea welcomed by consumer groups and pension providers - would: ...

December 3, 2018
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November 2018

08Nov

Report: Just 5% of UK pension funds possess a climate change policy

Just 5% of the UK's largest pension fund managers have a specific policy on climate change in place, despite almost three-quarters (74%) claiming to acknowledge the risks that climate challenges pose to the finance sector. None of the companies surveyed by Pinsent Masons were able to confirm specific targets for decarbonising their own operations The research, conducted by international law firm Pinsent Masons, surveyed 43 UK pension fund managers with £479bn in assets under management on their approach to sustainability. The survey...

November 8, 2018
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08Nov

UK. Ageing population a ‘real risk’ to Scottish budget

Scotland's ageing population poses a "real risk" to the country's budget in future, a Holyrood committee has said. The working-age population is set to fall from 2018 onwards, alongside a big increase in the number of over-75s. The rest of the UK is set to see its working-age population grow, which the Scottish Fiscal Commission said would place a drag on economic growth north of the border. The finance committee said this posed "fundamental questions" going forward. At present, Scotland's economy is forecast...

November 8, 2018
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07Nov

UK. New type of ‘mega-fund’ pension scheme gets green light from government

A new type of occupational pension scheme which pools workers’ investments into one super-sized pot has been given the green light by the government. Pensions minister Guy Opperman has announced that collective defined contribution (CDC) pensions will be brought forward. CDC schemes pool savers’ investments to create mega-funds, which aim to meet the future pension payouts of scheme members by spreading the investment risk across a variety of opportunities. The government is now consulting on how such schemes, which are used in...

November 7, 2018
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07Nov

UK. Altmann urges govt to act on pension inequality

state pension equalisation day is fast approaching but former pensions minister Ros Altmann has warned the system is far from equal as she urged the government to close a number of loopholes affecting women. After decades of being treated differently tomorrow (6 November) will be the date from which both women and men will be eligible for a state pension from the age of 65. Women's pension age has been rising since 2010, under legislation passed in 1995, but new measures...

November 7, 2018
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