January 2024
17Jan

UK. Pension funds to begin TNFD reporting

At the annual meeting of the World Economic Forum (WEF) in Davos today (16 January), 320 organisations from 46 countries signalled their commitment to adopting the TNFD recommendations. Among these were Local Government Pension Scheme (LGPS) pools Brunel Pensions Partnership and London CIV. Other signatories included UK asset managers such as Fidelity International and Schroders, as well as the London Stock Exchange Group. Several UK climate-focussed asset managers were also on the list, including Climate Asset Management, Impax Asset Management, Greensphere Capital,...

January 17, 2024
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16Jan

UK Pensions Regulator’s new code of practice offers more flexibility for schemes

A new general code of practice issued by the UK Pensions Regulator (TPR) should help improve the operation of pension schemes and manage risk for both members and trustee boards, an expert has said. which consists of 51-topic based modules- has been laid before parliament and is expected to come into force on 27 March. TPR recently published its final response to a consultation on the new code, explaining some of the main changes compared to previous drafts. Its aims...

January 16, 2024
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11Jan

UK. ‘Drive to reach net zero’ top reason for pension investment in renewable energy

The pursuit of reaching net-zero carbon emissions is the top reason for pension investment in renewable energy, according to research by AlphaReal. When asking UK pension schemes and insurers to select the three main environmental, social and governance (ESG) drivers for investing in renewable energy, almost three-quarters (72 per cent) included ‘measurable targets and benefits including achieving net-zero carbon emissions by 2050’ in their top three. Climate risk mitigation was the second biggest ESG driver for pension schemes and insurers, chosen...

January 11, 2024
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09Jan

UK Gov Aids Clients to Balance Pensions

Experts at the Government Actuary's Department (GAD) have been supporting clients as they work towards fully equalising pensions for their members. We have devised a modeller to assist in the process. Legal rulings The issue of guaranteed minimum pension (GMP) equalisation dates to May 1990 when the Barber judgment ruled on the matter. This applies to pensions including GMP accrued between 17 May 1990 and 5 April 1997. The 2018 legal case in Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC and others, provided...

January 9, 2024
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08Jan

UK. PM urged to suspend whip from pensions minister accused of misusing taxpayer funds

Calls have been made for the prime minister to suspend the whip from a minister while claims he used his taxpayer-funded constituency office to campaign for the Conservative party are reviewed. Paul Maynard, the pensions minister, has been referred to an investigator by the parliamentary expenses watchdog over reports that he charged taxpayers when producing political materials. The Sunday Times, which broke the story, also reported that the Blackpool North and Cleveleys MP claimed rent for an office that doubles up...

January 8, 2024
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05Jan

Pension Risk Transfer Growth Fuels UK Insurance Rating

The growing popularity of pension risk transfer deals is behind an “improving” label for the U.K.’s life insurance sector, according to Fitch Ratings. Higher interest rates have led to an increase in the funded status of U.K. pension funds, which in turn has led to an increase in PRT transactions as companies seek to offload their pension liabilities. The increase in PRT transactions is primarily responsible for Fitch’s optimism about the sector in the U.K.; the ratings agency identified a “neutral”...

January 5, 2024
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04Jan

PLSA reveals ‘pensions’ role in UK growth’ as top strategic priority for 2024

The Pensions and Lifetime Savings Association (PLSA) has announced that its top strategic priority for 2024 will be the role that pension schemes can play in supporting the UK economy. Outlining its strategic objectives for the year, the PLSA revealed that it would further develop its recommendations aimed at promoting investment by ‘suitable’ pension schemes in assets that can help drive UK growth, which were published last year. The updated recommendations will aim to ensure the government is equipped to make...

January 4, 2024
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December 2023
21Dec

UK. Good News — The UK’s Pensions Black Hole Is No More

By John Stepek   Welcome to Money Distilled. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. The good news on UK corporate pensions Merryn talks to Kokou Agbo-Bloua, global head of economics, cross-asset and quant research about the outlook for 2024, and why he thinks a slowdown in the US is inevitable. But what should you buy? There was a story over on our Markets Live blog yesterday that caught my eye, as I’d missed...

December 21, 2023
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21Dec

UK. 2023’s pension proposals need political consensus

At a technical level, not an awful lot changed in the world of pensions in 2023, but a huge number of changes have been proposed – and some of those are seismic. Perhaps the most significant of those in the first half of the year was the announcement by chancellor Jeremy Hunt that the lifetime allowance would be scrapped, followed within minutes by the pledge from the opposition that it would be reinstated should they gain power. As it was, the charge was...

December 21, 2023
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20Dec

UK. DWP urges people buying State Pension top-ups to check uplift will be applied to payments first

New figures published by the UK Government show that at the end of March 2023, the number of people making voluntary National Insurance (NI) contributions to top-up their State Pension has surged by 85 per cent over the last year. The National Insurance Fund Accounts indicate that £391,973,000 worth of Class 3 NI contributions were made for the year ending March 31, compared to £212,311,000 paid in the previous year. However, the Department for Work and Pensions (DWP) is urging people thinking...

December 20, 2023
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