UK Archives - Page 55 of 188 - Pension Policy International

23FebFebruary 23, 2024

UK. TPR urges trustees to ‘take stock’ of wider ESG factors

The Pensions Regulator (TPR) has urged pension trustees to "take stock" and think about further developing their approach to managing wider environmental social and governance (ESG) risks and opportunities. In a blog post, TPR climate and sustainability lead, Mark Hill, noted that ESG disclosure reporting requirements have expanded, suggesting that this is a trend that looks set to continue as practices around wider sustainability factors, such as nature and social, develop. Whilst Hill acknowledged that climate reporting will already be business...

February 23, 2024

NewsESG, UK

22FebFebruary 22, 2024

U.K. defined benefit universe continues to shrink – Pensions Regulator

The U.K.'s defined benefit and hybrid universe continues to shrink at a consistent rate, down 2% to 5,297 plans in 2023, while almost three-quarters of plans are now in surplus, according to The Pensions Regulator. Statistics show 73% of all DB pension plans are estimated to be in surplus on a funding basis, compared with just 50% the year before. The total deficit has also more than halved, reducing to £27.7 billion ($35.3 billion) from £63.6 billion. The percentage of DB...

February 22, 2024

NewsDefined Benefit, UK

21FebFebruary 21, 2024

Majority of UK pension providers have ‘inadequate’ climate plans, says MMMM

A majority of the leading defined contribution (DC) pension providers in the UK have “inadequate” or “poor” plans to tackle climate change, research from Make My Money Matter (MMMM) has shown. The ethical pension campaign's Climate Action Report, developed in collaboration with sustainability research provider Profundo, carried out assessments of the 20 largest workplace DC pension providers who hold a combined £500bn in assets under management with more than 15 million active members. The research, carried out between September and December...

February 21, 2024

NewsClimate crisis, UK

20FebFebruary 20, 2024

UK. Pension transfers leaving savers at risk of being worse off in retirement

Retirees could be left more than £70,000 worse off in their retirement due to a lack of awareness around fees and charges when transferring their pension, research from People’s Partnership finds. The research, conducted by the provider of The People's Pension, which provides the pension to 6.5 million people across the UK, surveyed 1,000 defined contribution (DC) members aged between 18 and 65 who had consolidated a DC pension in the last two years, without the assistance of a financial adviser....

February 20, 2024

NewsAdequacy, Transfer, UK

19FebFebruary 19, 2024

Britons warned UK state pension ‘will have to be lower and paid later’ as system ‘can’t cope’

UK state pension spending is projected to cost £125billion for 2023/24, according to the Office for Budget Responsibility (OBR) Working-age Britons face getting a lower state pension and having to wait longer to get it because the current state pension system “can’t cope” with an ageing population, an expert has warned. Chief executive of life insurer Phoenix Group Andy Briggs is urging Britons to prepare for the future now, as he warns dramatic reform could lie ahead. Mr Briggs said the UK state pension...

February 19, 2024

NewsRetirement Age, State pension, UK

16FebFebruary 16, 2024

What could effective pensions engagement look like?

By Pensions Policy Institute This report, kindly sponsored by Standard Life, builds on the findings of the Briefing Note 136 - What is the role of engagement in pensions?, sets out the broad range of factors that can impact the level of engagement that can feasibly be achieved, the benefits and risks associated with engagement and the ways in which engagement strategies could be strengthened, including what other support may be needed for those who are less likely to become...

February 16, 2024

Books, Books, Pension design, Reports2024, Engagement, Financial Literacy, UK

16FebFebruary 16, 2024

Does Pension Automatic Enrollment Increase Debt? Evidence from a Large-Scale Natural Experiment

By John Beshears, Matthew Blakstad, James J. Choi, Christopher Firth, John Gathergood, David Laibson, Richard Notley, Jesal D. Sheth, Will Sandbrook & Neil Stewart Does automatic enrollment into retirement saving increase household debt? We study the randomized roll-out of automatic enrollment pensions to ~160,000 employers in the United Kingdom with 2-29 employees. We find that the additional savings generated through automatic enrollment are partially offset by increases in unsecured debt. Over the first 41 months after enrollment, each additional month...

February 16, 2024

Articles, Operation2024, Occupational Pensions, savings, UK

15FebFebruary 15, 2024

U.S., U.K. delivery, ride-hailing drivers stop work on Valentine’s Day over pay, employee benefits

Thousands of ride-hailing and delivery workers in the U.S. and the U.K. went on strike on Valentine’s Day, calling for higher pay and other changes to their working conditions. In the U.S., Uber Technologies Inc. and Lyft Inc. drivers planned day-long strikes and held mid-day demonstrations at airports in several cities, including Chicago, Philadelphia, Pittsburgh, Miami, Orlando and Tampa, according to Justice for App Workers, the group organizing the effort. Meanwhile, U.K. delivery drivers for Uber Eats, Deliveroo, Just Eat and...

February 15, 2024

NewsIncome, Informal Sector, UK, US

15FebFebruary 15, 2024

UK. DWP has ‘no plans’ to raise frozen state pension payments for 500,000 expats, minister confirms

The Department for Work and Pensions (DWP) has “no plans” to raise frozen state pension payments for 500,000 Britons living abroad, a Government minister has confirmed. Pensions minister Paul Maynard told MPs the Government will not be introducing a “change to its longstanding policy”. Pensioners who retire overseas in certain countries, including Canada and New Zealand, have their payments frozen at the rate they were paid when they left the UK. An estimated 500,000 older Britons do not receive the full state pension entitlement they...

February 15, 2024

NewsIncome, State Pensions, UK

15FebFebruary 15, 2024

UK. What can schemes do to close the gender pension gap?

Fundamental changes in society are still needed but the pensions industry appears determined to help close the yawning gap between men and women’s retirement incomes. A Pensions Policy Institute (PPI) report in partnership with NOW: Pensions estimates that a girl would need to start saving towards a pension at three to close the vast gender pensions gap between men and women. The PPI’s report, released earlier this month, revealed how by retirement age (67), women had average pension savings of £69,000 compared to...

February 15, 2024

NewsGender Gap, UK

February 2024