July 2024
03Jul

Nearly 24 million UK adults have poor financial literacy

Some 23.3mn UK adults have poor financial literacy making them £20,000 worse off compared to those with good financial literacy. The data comes from Abrdn’s first release of its ‘Savings Ladder index’ which gauges financial literacy levels in the UK. Abrdn asked respondents the Global Financial Literacy Excellence Centre’s ‘Big 3’ financial literacy questions and found that 20 per cent could not correctly answer any of the questions asked of them, while a quarter could only answer one. According to Abrdn, those...

July 3, 2024
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02Jul

UK. DC pension schemes see rise in investments in assets with climate targets

The defined contribution (DC) pension scheme market has seen almost a quarter (23%) increase in schemes’ investment in assets with climate targets since 2021, according to research from Barnett Waddingham. The majority (86%) of DC pension schemes have set targets to reach net-zero by 2050, with 18% of these targeting 2040. Of the pension schemes that have set net-zero targets, 81% have committed to achieving interim targets, in many cases aiming to achieve a 50% emissions reduction by 2030. Barnett Waddingham said:...

July 2, 2024
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June 2024
28Jun

Hidden Figures: LGBT Health Inequalities in the UK

By LGBT Foundation  We believe in a fair and equal society where all lesbian, gay, bisexual and trans people can achieve their full potential. Our work started in 1975 and we’ve been changing the lives of LGBT people ever since. Over the last five decades, we’ve provided information, services and support for LGBT people who’ve had nowhere else to turn. We’ve been at the forefront of the social and legal changes that mean LGBT people in the UK have more rights...

June 28, 2024
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28Jun

UK trustee boards show robust governance frameworks – survey

A recent survey conducted by WTW has shown that most UK pension schemes are not overwhelmed by the new requirements of the General Code, with only 1% of respondents expecting significant changes to comply with it. The WTW 2024 Trustee Governance Survey — of 132 trustees, pension managers, and other stakeholders in March and April 2024 – has shed light on the evolving landscape of pension scheme governance in response to the newly implemented General Code, which came into effect in March 2024. It...

June 28, 2024
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27Jun

Two-thirds of Brits think the state pension won’t exist when they retire

More than 70 per cent of working-age Britons think the state pension will not exist in its current form when they or their children come to retire - but the majority still would not pay into someone else's pension. This is according to research from adviser platform Nucleus, which revealed 71 per cent of people aged 18 and above believe the state pension will not exist or will be less generous when they retire. Carried out among 2,100 UK adults aged...

June 27, 2024
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27Jun

UK. DB schemes taking steps to manage risks as funding positions improve

Defined benefit (DB) pension schemes have taken advantage of last year’s “relative calm” to make progress on endgame planning, net-zero targets, and tackling diversity, equity and inclusion (DE&I) issues, research from LCP has revealed. LCP’s latest Chart Your Own Course report found that many schemes have seen improvements to their funding positions and are exploring various endgame options. In particular, LCP found that completing a de-risking transaction remained a top priority for many, cited as a key priority in the coming year...

June 27, 2024
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26Jun

UK. ‘I don’t know how I’m going to work until I’m 67’

With the general election fast approaching, many people are thinking about what changes they would like to see from the next government. Pensions and retirement age are two issues people are focused on, and voters in Somerset have spoken to the BBC as part of the Your Voice Your Vote campaign. Doug Workman, a 63-year-old builder from Chilcompton, near Radstock, wants the retirement age to be lowered as he is finding it "more difficult" to physically manage at work. "I don't know how...

June 26, 2024
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25Jun

US. DOL report inconclusive on pension risk transfer market, needs more research

The U.S. Department of Labor is not proposing specific changes to Congress regarding Interpretive Bulletin 95-1, its Employee Benefits Security Administration guidance related to the fiduciary standards of pension risk transfer transactions. Instead, the DOL believes further exploration into the evolution of the PRT market may warrant changes in the future. A report released June 24 was required by SECURE 2.0, the retirement security package Congress passed in December 2022. The bulletin, IB 95-1, outlines the process plan fiduciaries must take when executing...

June 25, 2024
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25Jun

Transforming UK Pensions Landscape – The role of QPDS under the Pension Dashboard Program

As per the latest survey, one in four people has lost track of at least one pension in the UK, with almost three million pension pots left unclaimed. The estimated combined value of these unclaimed pensions is a staggering £26.6 billion1. Thus, a pressing need was long felt by the authorities and pension holders in the UK for a program that helps consolidate and simplify access to pension information across multiple pension providers, helping individuals better manage and plan...

June 25, 2024
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24Jun

U.K. pension funds oppose dual-class voting proposed by regulators

U.K. pension funds and asset owners with a collective £136.2 billion ($173.2 billion) oppose reforms to U.K. listings that would allow for dual-class share structures that carry separate levels of voting rights. Dual-class share structures are already prevalent in other markets, such as the U.S. and Sweden. More than 40% of U.S. technology initial public offerings used dual-class structures between 2020 and 2022, according to a report by the Investor Coalition for Equal Votes. In a signed a letter to Ashley...

June 24, 2024
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