February 2025
05Feb

UK. DWP Fraud Crackdown: Bank Data Access and Travel Monitoring Spark Debate

Wide-ranging new powers, including access to bank data and collaboration with outside organisations like airlines, are expected to be granted to the Department for Work and Pensions (DWP) in order to combat benefit fraud. Critics caution that these tactics could result in widespread surveillance and the degradation of civil freedoms, despite the government’s insistence that they target fraudsters. The Public Authorities (Fraud, Error and Recovery) measure is a new measure that aims to modernise the DWP’s information-gathering capabilities so that...

February 5, 2025
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04Feb

UK. £35 million added to State Pension pots

Only two months left to boost State Pension by filling gaps in National Insurance records from 2006 onwards Since the launch of the digital service last April, 37,000 people have topped up more than 68,000 years, worth £35 million People wanting to maximise their State Pension by plugging gaps in their National Insurance record have contributed to a total of 68,673 years, worth £35 million, using the online service since April last year HM Revenue and Customs (HMRC) has...

February 4, 2025
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January 2025
30Jan

UK. Pensions experts react to government’s DB surplus plan

Pensions experts have largely welcomed new proposals from the government to allow surplus funds in DB schemes to be invested in the wider economy. It intends to allow part of a DB fund surplus to be returned to the employer for them to invest in their core business, or bolster pension-scheme members’ benefits. However, Rachel Vahey – head of public policy at AJ Bell – said in doing so, the government is “encouraging trustees to take risks with other people’s money”. TPR...

January 30, 2025
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29Jan

UK. ‘Financial materiality’ forcing nature and biodiversity into sustainability strategies

“Financial materiality” is forcing asset owners, including pension funds, to incorporate nature and biodiversity into their sustainability strategies, according to a report by Pensions for Purpose. The report found that 65 per cent of asset owners are now incorporating nature and biodiversity into their sustainability strategies, while a further 20 per cent already plan to do so. Commissioned by the First Sentier MUFG Sustainable Investment Institute, the research highlighted the pressing need for the financial sector to confront biodiversity risks, with...

January 29, 2025
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28Jan

UK. Pension industry backs Reeves’ £160bn corporate pension release

The pensions industry has said it is willing to back the Chancellor Rachel Reeves’ plans to unlock up to £160bn in corporate surpluses if retirees are given “appropriate protection” by the government. Reeves and the Prime Minister Keir Starmer are set to meet with business leaders in the City of London today to outline pension reforms aimed at driving economic growth. Under the changes, trapped surplus funds in so-called final salary pension schemes will be freed up for investment, while trustees will be given more...

January 28, 2025
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21Jan

UK’s PensionBee Calls for Greater Clarity on Pension Transfers Following Appointment of New Pensions Minister

UK’s online pension provider PensionBee recently shared comments following the appointment of Torsten Bell MP as Pensions Minister. Lisa Picardo, Chief Business Officer UK of PensionBee, commented: “We welcome the new Pensions Minister to his new role. With his extensive experience in public policy, we’re keen to see his innovative approaches that prioritise savers and bring much-needed progress to the pensions industry.” Picardo added that they are looking forward to “seeing whether Torsten Bell – with a background of campaigning for high retirement living standards –...

January 21, 2025
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20Jan

UK. The People’s Pension exploring private markets with plans to allocate up to $4.9 billion

The People's Pension, Crawley, England, is taking steps to allocate up to £4 billion ($4.9 billion) to private markets assets by 2030, and also plans to hire a specialist and set up a dedicated research capability. The defined contribution master trust had £31 billion in assets as of Dec. 31, and expects to reach £60 billion by 2033. This allocation will mark The People's Pension's first foray into private markets, as confirmed by a spokesperson for the fund. While it did...

January 20, 2025
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17Jan

Some British local government pension schemes object to UK pooled fund plans

 Almost a third of Britain's local government pension schemes object to UK plans to consolidate more of their assets into pooled funds, saying the plans raise the potential for poor investment returns, adviser Hymans Robertson said on Thursday. The UK government wants to increase pooling of local government assets, opens new tab to boost domestic pensions investment in British companies, including start-ups, because it sees larger pooled funds as better placed to make such investments. Under the proposals, schemes would be...

January 17, 2025
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16Jan

Bank of England warns billions of pounds in UK pension pots at risk

The UK's main financial regulator has told insurance companies it can foresee an "endemic risk" in using insurance cash from foreign companies to pay out pensions. In an advisory notice sent out to insurance companies last week the Bank of England said it was concerned about an increase in the growing use of a type of insurance known as funded reinsurance. Gareth Truran, executive director and Shoib Khan director, said there was a risk with this type of funding and that...

January 16, 2025
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14Jan

UK pension schemes in “robust position” to deal with market movements

Pension schemes in the UK are in a "robust position" to deal with market fluctuations, an industry body has said. The pound fell to a fresh 14-month low on Monday, while UK government bonds, also known as gilts, continued to see 10-year yields hit highs not seen since 2008. Yields are a key indicator of market confidence, moving inversely to bond prices. There has been speculation over potential impacts for pensions from the gilt market rout, as well as mortgages, with comparisons...

January 14, 2025
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