December 2018

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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06Nov

UK. Quarter of over-55s unaware that pension savings can be taxed

One in four people approaching retirement in the UK are unaware that they have to pay tax on pension savings if they take more than 25% out as cash, a survey has found. It was also found that one in five over-55s would be “shocked” if they were forced to pay tax on their pension savings. Of those that believe they can get some or all of their pension pot tax-free, more than a third think they won’t pay any tax...

November 6, 2018
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05Nov

UK. Third of pension schemes in surplus but have not agreed long-term targets

According to a new study, 37% of pension schemes are currently enjoying a funding surplus. At the same time, however, a similar number are yet to agree on a long-term target for their funds, suggesting they could be doing more to capitalise on their current momentum. In recent years challenging market conditions and an ageing population have seen some schemes run increasingly large deficits. However, in 2018, reporting into the segment has found that most pension schemes are relatively well-positioned...

November 5, 2018
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05Nov

The fight to close pension gender gap starts here

For too long, women have been denied the retirement they deserve. Today we launch a campaign to end this injustice When Susan Way celebrates her 65th birthday on Tuesday, she will become a pioneer of sorts: she will qualify for her state pension at the same time as a man born on the same day as her. The state pension age for women and men will be equalised for the first time since 1940, and from Tuesday it will increase...

November 5, 2018
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02Nov

UK. Govt urged to introduce state pension top-up for mothers

The government has been urged to introduce an additional rate of pension, on top of the single-tier state pension, for unemployed people looking after a child under 12. Workers union Prospect called for this measure among five other solutions proposed in its 13-page report Tackling the gender pay gap, published today (1 November). The current state pension system allows people looking after a child under the age of 12 and not working to receive credits to ensure there is no gap...

November 2, 2018
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