UK Archives - Page 84 of 196 - Pension Policy International

28FebFebruary 28, 2023

RSA Group completes one of largest pension risk transfer deals in U.K.

RSA Group insured £6.5 billion ($7.8 billion) in liabilities for two defined benefit funds through a buy-in with Pension Insurance Corp. in one of the largest risk transfer transactions ever in the U.K. market. RSA Group, which is a subsidiary of Intact Financial Corporation, covered liabilities for 40,000 plan participants of Sal Pension Scheme and the Royal Insurance Group Pension Scheme. Intact contributed £500 million to the deal, which was accelerated by an improvement in pension fund funding levels due to...

February 28, 2023

NewsRisk transfer, South Africa, UK

23FebFebruary 23, 2023

U.K. Pensions Regulator tells retirement plan trustees to disclose ESG data or face fines

The U.K. Pensions Regulator warned Wednesday that retirement fund trustees could be fined if they don't report on ESG and climate change investments. TPR said in a news release it will launch a campaign in the spring that will check if trustees are publishing ESG data in their statement of investment principles, which outline how retirement funds invest. Since 2019, retirement funds have been required to publish ESG policies on plan websites to show ESG investments to plan participants. They are...

February 23, 2023

NewsESG, Regulation, UK

22FebFebruary 22, 2023

UK. Pension schemes urged to utilise technology to improve saver experience

The Pensions Administration Standards Association (Pasa) has launched a whitepaper, Focusing on a Saver-Centric experience, encouraging pension schemes to leverage technology to ensure that recent admin enhancements aren’t "tactical and short term". The whitepaper found that an "overwhelming majority" of those interviewed viewed eAdmin as a ‘must have’ in today’s environment and have set aside the required budgets. It also found that developments are being prioritised by assessing the saver experience, operational efficiency, environmental impact and regulatory requirements, and are no...

February 22, 2023

NewsTechnology, UK

21FebFebruary 21, 2023

UK urged to curb pension freedoms to boost workforce

Ministers seeking to boost the UK’s workforce should crack down on pension freedoms and tax breaks that encourage wealthy people to retire early, according to an influential think-tank. In a report on Tuesday, the Resolution Foundation set out a series of measures aimed at tackling the post-coronavirus pandemic rise in economic inactivity. That is now a crucial focus for Chancellor Jeremy Hunt, as he looks for ways to improve the UK’s growth prospects in his Budget on March 15. Hunt has...

February 21, 2023

NewsLabor Market, Regulation, UK

20FebFebruary 20, 2023

69% of Workers Plan to Hold Down a Job in Retirement. For Many of Them, That’s Not a Choice.

Many of us are used to grinding out way through a job for many years because, well, that's sort of what we have to do. But it's also easy to see why the idea of working in retirement is unappealing to a lot of people. After all, you've held down a job your entire life. You deserve to enjoy a stretch of time when work doesn't come into the picture. But unfortunately, a large number of workers today may end up...

February 20, 2023

NewsAging, Retirement Planning, UK

17FebFebruary 17, 2023

The Future of Global Retirement 2023

By Smart As perceptions of retirement shift across the world, in line with emerging technology and reforms to legislation, the industry needs to keep up and remain one step ahead. At Smart, we’re continuing to lead the way in research and development in this space, and as part of our mission, we’ll continue to share some of the insights we gain around the needs of savers across the world. In 2021, we launched our first ‘Future of Global Retirement’ report, taking...

February 17, 2023

Books, Books, Pension design2023, Financial Literacy, Retirement Planning, UK

17FebFebruary 17, 2023

UK. Industry organisations call for ‘urgent’ clarity on pensions dashboards

Industry experts have argued that “regulatory certainty” around pensions dashboards is needed as quickly as possible, with concerns over the timing and implementation of pensions dashboards emerging ahead of the first scheme staging deadlines. The Financial Conduct Authority (FCA) and Pensions Dashboards Programme (PDP) recently held consultations to gather views on proposed design standards for pension dashboards, and the regulatory framework for operators, both of which closed today (16 February). However, whilst the consultations were broadly welcomed by industry experts, concerns...

February 17, 2023

NewsOperations, Technology, UK

16FebFebruary 16, 2023

Third of UK savers unaware of their retirement options

The firm's Future of Global Retirement report - which surveyed 8,000 savers across the UK, Australia, South Africa and the US - found the UK ranked lowest when it came to understanding of savers' options at retirement. The report - published today (16 February) - discovered with the increasing cost of living, a third (34%) of respondents are concerned they would be unable to afford their day-to-day living costs in retirement. The research revealed a gender discrepancy as 38% of...

February 16, 2023

NewsFinancial Education, UK

15FebFebruary 15, 2023

Total U.K. pension fund surplus, funding ratio decrease slightly in January

The aggregate surplus of U.K. defined benefit funds covered by the PPF 7800 index decreased slightly in January, by 0.6% to £374.4 billion ($463.4 billion). The surplus more than doubled for the year ended Jan. 31, from £146.4 billion, according to a Tuesday update by the Pension Protection Fund, London. The PPF is the lifeboat fund for pension funds of U.K. insolvent companies. The aggregate funding ratio was 134.8% as of Jan. 31, compared with 136.5% as of Dec. 31. The...

February 15, 2023

NewsFunding, UK

14FebFebruary 14, 2023

UK. Mary Starks Leads Review of Pensions Regulator

The Department for Work and Pensions has announced the appointment of Mary Starks to lead a review of The Pensions Regulator (TPR). This is in line with the expectation that public bodies are reviewed each Parliament. The Minister for Pensions has asked Starks to aim to deliver the report in May 2023. Stark’s previous experience includes serving as executive member of the Board and Director of Competition and Chief Economist at the Financial Conduct Authority. She has also served as Executive...

February 14, 2023

NewsRegulation, UK

February 2023