July 2023
10Jul

UK. Pension companies to announce 5% commitment to growth assets

The move comes ahead of chancellor Jeremy Hunt's Mansion House speech tonight (10 July) which is due to set out a series of reforms intended to channel tens of billions of pounds of Britain's pensions savings into high-growth companies. The Financial Times said the chancellor would note voluntary move by some of the UK's biggest pension providers - firms it says include Aviva, Legal & General, Phoenix and Scottish Widows. It added two-thirds of the defined contribution (DC) pensions market...

July 10, 2023
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05Jul

It’s time to address the UK’s disability pensions gap

Building a healthy retirement savings pot can be a challenge for anyone as they advance through their working lives. Yet, without question, it poses many additional, arduous challenges for those with disabilities. To put this into perspective, one fifth (22%) of UK adults are currently living with a disability. And people within that community have, on average, a pension wealth that is but a fraction (36%) of the typical UK pension pot. In practice, that means Britons with disabilities nearing retirement...

July 5, 2023
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04Jul

UK. PPF Chair commits to new strategy to expand sustainability

New strategy outlines four sustainability goals across Responsible Investment, Diversity & Inclusion, community impact, and operations and supply chains. Targets include: Having achieved Net Zero for Scope 1 and 2 for its direct operations, the Fund will aim to reach Net Zero in its operational supply chain and travel emissions by 2035 or sooner. Contributing to the global transition to Net Zero through its investment portfolio and engagement activities. Year-on-year, achieving an increase in representation across all under-represented groups. Ensuring that at least 500...

July 4, 2023
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03Jul

UK. ‘It’s exhausting but I think I’m going to have to keep working’: the over-65s who can’t afford to retire

Dee, 67, who lives in Accrington in Lancashire, left school at 14. She worked in factories, hairdressing shops and bars, and did secretarial temp work all over the country before she took a job at HM Revenue and Customs, where she worked full-time for 23 years. Last year, in May, she began her retirement, but after only a few weeks she realised that she could not afford it because of the rising cost of living. “I had two months off,...

July 3, 2023
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June 2023
30Jun

UK. Half of DC pension savers don’t know how to access retirement pot

Almost half of defined contribution (DC) pension savers in their 50s and 60s have not considered how they will access their retirement pot, a study finds. The Institute for Fiscal Studies (IFS) research published today (30 June) finds that close to half of working-age people have at least a small amount of wealth held in DC pensions. Wealthier people are more likely to have DC pension wealth — 60% of individuals in the top tenth of the (non-pension) wealth distribution have...

June 30, 2023
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29Jun

UK pension funds still holding £88bn in fossil fuels, despite increased climate commitments

UK-based pension schemes have more than £88bn invested in fossil fuel firms, the equivalent of £3,000 per pension policyholder. That is according to Make My Money Matter, which has analysed the fossil fuel investments of more than 50 of the nation’s largest pension schemes. Most of these schemes have net-zero targets but are yet to completely stop investing in fossil fuels. While some fossil fuels are likely to be used in a net-zero world, Net-Zero Tracker recently confirmed that no major...

June 29, 2023
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27Jun

UK. State pension could jump by 18% in two year window

State pensions could rise by 7% to £11,342 in 2024, paving the way for close to an 18% jump in two years, according to Bank of England inflation forecasts. Under the triple lock scheme, state pensions are required to increase annually at the same rate of whichever is highest out of the inflation rate in September, earnings between May and June or 2.5%. Predictions made by the Bank of England show inflation dropping from 8.7% to 7% in September, the month...

June 27, 2023
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26Jun

UK Pension Reform May Drive Billions to Riskier Assets, FT Says

Highly-anticipated reforms of UK pensions could channel billions of pounds into fast-growing companies and boost investments in riskier assets, the Financial Times reported. Chancellor of the Exchequer Jeremy Hunt will use his annual Mansion House speech next month to unveil regulatory changes to encourage pension funds to invest in high-growth British assets, including early-stage companies and equities and infrastructure focused on green initiatives, the FT said, citing unidentified sources. That would mirror the approach taken by large Canadian and Australian...

June 26, 2023
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26Jun

Alternative funds expect surge in pension inflows

A new study conducted by Ocorian, a global leader in entity administration and alternative fund services, reveals that alternative fund managers are anticipating a significant increase in inflows from pension funds over the next 18 months. The research, which surveyed 100 alternative fund managers across the United Kingdom, United States and Europe, indicates that 36% of respondents expect a dramatic rise in investments from pension funds, while an overwhelming 87% predict an overall increase in inflows into alternative investments from...

June 26, 2023
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23Jun

Shell Dumped by Church of England Pensions Due to Oil Risk

The Church of England Pensions Board said it had decided to divest its holding in Shell (SHEL.L) over what it said were insufficient plans to align its strategy to the goal of limiting global warming to 1.5 degrees Celsius. The Board, which up to 2022 led engagement with Shell on behalf of the CA100+ climate-focussed investor group, has around 1.35 million pounds ($1.72 million) invested in Shell of its total 3.2 billion pounds in investments. The Church of England's separate 10.3...

June 23, 2023
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