July 2019

10Jul

UK. Thousands of pensioners to benefit from PIP assessment overhaul

Work and Pensions Secretary Amber Rudd first announced in March that people receiving PIP who have reached State Pension age will no longer have their awards regularly reviewed, instead moving to a light touch review at 10 years. Work and Pensions Secretary Amber Rudd said: "I want the benefit system to be a source of support for disabled people, not a source of worry. That’s why we’re scrapping needless PIP reassessments for pensioners whose situation is unlikely to...

July 10, 2019
News, Slider,
Read more...
09Jul

UK. The changing role of DB pensions

Defined benefit pensions, once so dominant in the UK occupational pensions landscape, are slowly disappearing from the private sector. This long-term trend now feels unstoppable. There are only about 1.2m active members still accruing benefits in private sector DB schemes today, and 40 per cent of private DB schemes are now closed to future accrual – almost double the proportion that were closed to accrual a decade ago, according to The Pensions Regulator. TPR reports only 14 per cent...

July 9, 2019
News, Slider,
Read more...
01Jul

Experts to help UK champion ageing society opportunities

Council of advisers set up to help UK seize economic opportunities of ageing society, and Business Champion for the Ageing Society Grand Challenge announced. A new council of specialists from across society, the UK Longevity Council, will advise how best to use innovations in technology, products and services to improve the lives of our ageing population.With the number of people aged over 65 set to nearly double to more than 20 million in under 50 years, the government’s Ageing Society...

July 1, 2019
News, Slider,
Read more...

June 2019

28Jun

Fintech pension provider eyes US market

Workplace pension provider Smart Pension is looking to move into the US market in response to overseas interest in its retirement services. Company officials are currently taking part in a UK fintech delegation to Chicago, led by Peter Estlin, Lord Mayor of the City of London, which includes financial services companies such as Revolut and Worldpay. FTAdviser reported in April that the provider was chosen by the government to participate in a fintech bridge pilot programme in Australia. The...

June 28, 2019
News, Slider, ,
Read more...
28Jun

UK. Government denied pensions case appeal

The Supreme Court has today (June 27) refused the government’s application to appeal a court case which ruled changes made to judges and firefighters pension schemes were discriminatory. According to the Fire Brigades Union this was the last legal hurdle in the dispute, leaving the government with no further avenue to exhaust. Elizabeth Truss, chief secretary to HM Treasury, revealed in January that if the government lost it could cost around £4bn a year if extended to all applicable...

June 28, 2019
News, Slider,
Read more...
27Jun

UK. Ministers ‘sit on £7bn unclaimed benefits’ as pensioners suffer

More than one million pensioners are living in poverty while the Government hoards billions of pounds worth of benefits. Around £7billion of Pension Credits have gone unclaimed since 2017, meaning that some of the most vulnerable older people are missing out on around £49 a week. Experts predict the overall figure will rise to £17billion by 2022 – and from June 2020, over-75s will also find themselves without a free TV licence after the BBC's decision to offer the...

June 27, 2019
News, Slider,
Read more...
25Jun

UK. Asset managers step up on cost transparency

Data collection and analysis platform ClearGlass has added six asset managers to its list of firms that have provided 'exceptional' cost transparency to their clients. ClearGlass provides investment cost reports to pension schemes by collecting and analysing data from asset managers, according to the standardised templates prescribed by the Financial Conduct Authority’s Institutional Disclosure Working Group (IDWG). The platform was set up by Chris Sier, the former chairman of the IDWG and a professor at Newcastle University Business School....

June 25, 2019
News, Slider,
Read more...
24Jun

UK. Record £7 billion of longevity risk reinsured by PIC in 2019

Pension Insurance Corporation (PIC) has completed £5.8 billion (USD 7.4 billion) of pension buy-ins and buyouts and has reinsured a record £7 billion (USD 8.9 billion) of longevity risk so far in 2019. The specialist insurer of defined benefit pension funds has highlighted a very active year for the pension risk transfer market, which has seen PIC conclude a huge £5.8 billion of buyouts and buy-ins with the trustees of these schemes. During 2019, PIC has also reinsured £7...

June 24, 2019
News, Slider,
Read more...
24Jun

US. Retirement Plan Electronic Delivery Under Consideration

Retirement plan electronic delivery (e-delivery) may soon be the default method when a plan sponsor issues a retirement plan disclosure notice. This is predicated on the Department of Labor (DOL) acceptance of a recent proposal made by a group of industry organizations. As reported by a Planadviser, eight defined contribution (DC) plan industry organizations, including the Investment Company Institute (ICI) and The SPARK Institute, have sent a letter to the Employee Benefits Security Administration of the DOL asking...

June 24, 2019
News, Slider,
Read more...
20Jun

UK Workplace Pension Members Saved £90.4 Billion in 2018

Eligible UK employees contributing to workplace pensions saved a total of £90.4 billion ($114.6 billion) in 2018, a £7 billion increase over the amount saved the previous year, according to the UK’s Department for Work and Pensions (DWP). DWP data shows that annual total amounts saved increased for both public and private sector pensions compared with 2017, although this was far more pronounced among private sector employers whose savings rose £4.5 billion, while the amounts saved in public...

June 20, 2019
News, Slider,
Read more...