UK Archives - Page 59 of 188 - Pension Policy International

19DecDecember 19, 2023

UK. Pensions are far from broken but could still use a fix

There aren’t too many areas of public policy where we in the UK can feel we have done a better job than in comparable countries. Our state pension system is, arguably, one of them. What we have is vaguely coherent and more affordable than most. It forms part of a system which, alongside widespread private provision and additional means-tested support for the poorest, results in many enjoying a relatively comfortable old age, and far fewer than in the past...

December 19, 2023

NewsAdequacy, Retirement Age, Social Security, State Pensions, UK

18DecDecember 18, 2023

UK. Voluntary NI contributions surge 85% as people boost state pension

Voluntary contributions, also known as class 3 national insurance contributions, stood at £391.9mn for the year ending March 31, 2023. According to Hargreaves Lansdown, this is an 85 per cent surge on the £212.3mn paid the previous year. Class 3 contributions are voluntary contributions that can be used to fill gaps in national insurance records to boost state pension entitlement. Individuals can fill gaps going back six tax years though there is an opportunity for some people to fill gaps going back...

December 18, 2023

NewsUK, Voluntary Savings

13DecDecember 13, 2023

UK. Govt urged to adopt new policies to take advantage of increased longevity

A new government should introduce a range of new policies on retirement, health and social care, to release a potential “longevity dividend” worth half a trillion pounds, as well as deliver a range of social benefits, according to the International Longevity Centre (ILC). Policies outlined in its new white paper include an auto-enrolment (AE) savings scheme to run alongside AE pensions, auto-escalation of minimum AE contributions, and ideas to help self-employed and gig economy workers save for retirement. Other ideas floated...

December 13, 2023

NewsAging, Longevity, UK

12DecDecember 12, 2023

U.K. Pensions Regulator updates cyber-risk guidance

U.K. pension trustees should be vigilant about cybersecurity and report significant events, The Pensions Regulator said in updated guidance released Dec. 11. "Pension schemes are at risk of being targeted by cyber-attacks because of the large amounts of personal data and assets they hold," TPR said in a release, saying the guidance will help trustees and plan managers as well as suppliers and advisers. The latest guidance calls on trustees and providers to report significant cyber incidents to help it build a better...

December 12, 2023

NewsRegulation, Risk, UK

12DecDecember 12, 2023

UK. Over two thirds of savers unsure how to switch to a greener pension

While most Brits are well aware of how to reduce their carbon footprint through changing their behaviours, more than two thirds (67 per cent) don’t know how to switch to a ‘green pension’, research from Scottish Widows has revealed. Scottish Widows’ second annual Green Pensions Report found that there is growing appetite for responsible retirement savings propositions among employers and employees, with nearly three quarters (74 per cent) of savers expressing a keen interest in obtaining more information about sustainable options for...

December 12, 2023

NewsClimate crisis, ESG, Pension Management, UK

11DecDecember 11, 2023

UK’s PensionBee Comments on the Negative Impact of Greenwashing, Key ESG and Fintech Trends for 2024

PensionBee notes that in recent years, the spotlight has intensified “on the role of investments in the climate debate.” As most consumers would hopefully know by now, ‘ESG‘ stands for Environmental, Social, and Governance. This is a framework used to “measure a company’s sustainability, workforce and ethical practices.” Many companies have ESG ratings, which could “help consumers make informed choices.” It is well accepted that savings, “including pensions, can help shape a sustainable future.” Sustainable investing considers ESG factors “alongside financial returns.” It has gained popularity, but also “criticism...

December 11, 2023

NewsPension Management, UK

08DecDecember 8, 2023

Why are Gen X workers in the UK so pessimistic about retirement?

Those born between 1965 and 1980 expect to be working for longer as they miss out on pension benefits enjoyed by their parents. Only one-third of people in the UK aged between 43 to 58 believe they will be retired by the time they reach the state pension age, according to the financial advisor Just Group. The state pension age is currently 67 for workers born after April 1960, although this will rise to 68 between 2044 and 2046. According to Just...

December 8, 2023

NewsAdequacy, Retirement Planning, UK

07DecDecember 7, 2023

PPF Purple Book shows improved U.K. funding levels

U.K. defined benefit plans covered by the Pension Protection Fund saw "significant improvement" in funding levels that could bring more buyouts, according to the lifeboat fund's 2023 report published Dec. 6. The PPF's annual Pensions Universe Risk Profile, known as the Purple Book, showed a surplus of £358.9 billion ($443.3 billion) in the fiscal year ending March 31, with 80% of pension funds in surplus. That was up from surpluses of £193 billion in 2022 and £47 billion in 2021, according...

December 7, 2023

NewsDefined Benefit, Funding, UK

06DecDecember 6, 2023

UK. Decumulation-only CDC could provide ‘new possibilities’ for retirees – PPI

Decumulation-only collective defined contribution (CDC) pensions could offer new opportunities in the retirement income market and to retirees, but faces challenges in being successful, according to a new report from the Pensions Policy Institute (PPI). It noted that decumulation-only CDC schemes should be able to fulfil their objectives while operating under the current design constraints. CDC schemes were introduced in the Pension Schemes Act 2021 and the PPI believed the legislation was flexible enough to support other applications for CDC schemes. However,...

December 6, 2023

NewsDecumulation, Pension design, UK

05DecDecember 5, 2023

Insurance and pension fund ownership of UK shares drops to record low

The proportion of UK quoted shares held by pension and insurance funds dropped to the lowest on record in 2022, latest data from the Office for National Statistics reveals. The statistics agency's biennial bulletin - published today (4 December) - showed the proportion of UK quoted shares owned by the two sectors fell to 4.2% in 2022, down from 4.3% in 2020 and 6.1% in 2018, and a stark contrast to the position in 1991 when pension funds and insurers...

December 5, 2023

NewsInvestment, UK

December 2023