November 2024
19Nov

Pension funds will have to invest more in UK assets under government plans

Pension funds will be ordered to invest more money into UK assets if changes announced last week by The Chancellor don’t see an increase in money flowing into Britain. Emma Reynolds, UK pensions minister, told the FT that while last week’s changes had avoided forcing pension funds to invest in British assets, such “mandation” would be considered if they don’t do enough. “We’re not talking about it for now, but let’s see where we get to,” Reynolds said, in an interview with...

November 19, 2024
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15Nov

UK. What will Rachel Reeves’s retirement scheme changes mean for pensions?

The chancellor has announced plans to merge local government retirement schemes into eight Canada-style ‘megafunds’ Rachel Reeves has announced plans to merge local government retirement schemes into eight Canada-style “megafunds” in what the Treasury claims will be part of the biggest reform of the UK pension market in decades. So what will the changes, announced as part of the chancellor’s inaugural Mansion House speech on Thursday, actually mean for UK pensions and what can they achieve? What is Reeves planning? The chancellor plans...

November 15, 2024
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14Nov

Reino Unido promoverá megafondos de pensiones para movilizar inversión en infraestructuras

La ministra británica de Economía, Rachel Reeves, anunciará el jueves una reforma del mercado de las pensiones en el Reino Unido a fin de promover su consolidación en megafondos que puedan movilizar más capital para la inversión en infraestructuras. Reeves detallará su propuesta en su primer discurso anual en el palacete de Mansion House ante representantes de la City (el distrito financiero de Londres), cuando afirmará que esa consolidación podría liberar unos 80.000 millones de libras (96.232 millones de euros,...

November 14, 2024
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14Nov

UK. Reeves in radical pension shake-up to boost growth

Chancellor Rachel Reeves is planning what she calls the "biggest pension reform in decades" in an attempt to boost economic growth. The government wants to merge the UK's 86 council pension schemes into a handful of "pension megafunds". It is hoped the changes will lead to billions of pounds being invested in the UK in areas such as energy infrastructure, tech start-ups and public services. Reeves told the BBC that UK public sector pension funds in their current form were not big...

November 14, 2024
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14Nov

UK. HMRC issues National Insurance act fast warning to boost State Pension before cut-off date

The deadline for those impacted by new State Pension transitional arrangements is fast approaching HM Revenue and Customs bosses have issued a message to people to act ahead of a looming deadline. HMRC officials have disclosed that more than 10,000 payments, amounting to £12.5 million, have been made through the new digital service to boost individuals' State Pensions since its launch in April. With less than six months left to address any National Insurance (NI) record gaps dating back to...

November 14, 2024
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13Nov

UK. Pensions to be key focus of Chancellor’s first Mansion House speech

Pensions are expected to be a key focus of Rachel Reeves’s first Mansion House Speech, due to be delivered this Thursday. Many in the industry are expecting the new Chancellor to set out bold pension reforms, setting out how DC and DB funds will be used to boost investment into UK infrastructure and private business over the next five years. This Mansion House speech is a key economic speech given by the Chancellor to senior City and banking representatives, outlining broad policy...

November 13, 2024
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11Nov

Gen X slip between DB and DC pension cracks

The tail-off in defined benefit (DB) pension provision around the millennium and a lack of compulsion around defined contribution (DC) saving until 2012 has had a lasting impact according to Standard Life’s Retirement Voice report. • Majority of Gen X (54%) are worried their finances won’t cover their retirement – compared to 31% among Baby Boomers • 45% Gen X expect their living standard to be worse in retirement compared to 29% of Millennials • Gen X most likely...

November 11, 2024
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11Nov

South Africa. How CDC may revolutionise the pension industry

A look at how collective defined contribution schemes differ from DB and DC schemes and why SA’s pension industry should note the shift in the UK. The local pension industry seems poised to embrace the collective defined contribution (CDC) model in the future despite their complexities. New administration systems to accommodate these types of structures will have to be designed as well as new regulations to govern them. An employer and member education drive to explain how these...

November 11, 2024
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08Nov

UK. Govt to present regs on CDC to parliament ‘as soon as able to’

Pensions Minister, Emma Reynolds, has said the government intends to present regulations to extend collective defined contribution (CDC) provision beyond single or connected schemes to parliament “as soon as [they] are able to”. Earlier this month, a consultation was launched by the Department for Work and Pensions on legislation to broaden CDC’s scope, which currently limits these schemes to individual employers or groups with existing connections. The extension seeks to allow unrelated employers to join CDC schemes, potentially opening up this pension...

November 8, 2024
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07Nov

UK. Household Support Fund extended

The UK Government’s Department of Work and Pensions (DWP) recently announced an extension of the Household Support Fund (HSF) until 31 March 2025. The fund will offer critical support and advice for struggling households across Bournemouth, Christchurch and Poole (BCP) throughout the winter period, who are finding it difficult to pay for household essentials including food and energy. Local councils are responsible for administering the fund in their area, with BCP Council being allocated £2.65 million of the £421 million national...

November 7, 2024
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