UK Archives - Page 87 of 188 - Pension Policy International

21SepSeptember 21, 2022

UK. Guy Opperman ends role as Pensions Minister

Longest serving pensions minister Guy Opperman has lost his role after being in the post for the past five years. In a statement released today (September 20), Opperman said he had been relieved of his duties on September 8, but delayed the announcement to respect the period of mourning for Queen Elizabeth II. “It has been the honour of my life to serve as a government minister for the last seven years,” he said, thanking his parliamentary and civil service colleagues...

September 21, 2022

NewsRegulation, supervision, UK

21SepSeptember 21, 2022

UK. Gig economy workers and pension rights

With many employers avoiding their obligations, it’s time the government stepped in, argue Stephen Morrall and Annabelle Woosnam Last year the case Uber BV v Aslam made headlines across the media when the Supreme Court ruled that thousands of Uber drivers are ‘workers’, as defined by legislation, and not independent contractors. Accordingly, they are legally entitled to basic employment rights. However, according to a recent Financial Times article, the Pensions Regulator chief executive has conceded that, despite his calls for...

September 21, 2022

NewsInformal Sector, UK

21SepSeptember 21, 2022

UK. Govt appoints new pensions minister

Alex Burghart has been appointed as the new parliamentary under secretary of state in the Department of Work and Pensions in Liz Truss’ latest cabinet reshuffle. Burghart has been elected twice as MP for Brentwood and Ongar. He was previously parliamentary under-secretary for the Department for Education between September 2021 and July 2022. The Department for Work and Pensions confirmed the appointment, but did not comment on it. In a statement released yesterday (September 20), Truss sacked the UK’s longest serving pensions...

September 21, 2022

NewsRegulation, UK

20SepSeptember 20, 2022

UK. Early pensions access could encourage people to save, says ACA

Younger generations could be encouraged to save more for the long-term if the state allowed them to dip into their retirement savings early in order to cover urgent essential expenditure. This is according to evidence submitted by the Association of Consulting Actuaries for a Treasury Select Committee inquiry examining whether the current suite of tax reliefs represent good value for money. The ACA said too many people currently do not have a cushion of adequate immediate-access savings that would cover unexpected...

September 20, 2022

Newssavings, UK, Withdrawals

15SepSeptember 15, 2022

UK. CDC and ESG: A truly long-term game

This summer’s introduction of collective defined contribution pension schemes was a watershed moment for the industry. With the rules now laid out and the first scheme — Royal Mail — expected to be launched imminently, attention is turning to scheme design, and in particular investment portfolios. With environmental, social and governance factors now firmly at the centre of pension fund investment, many proponents of CDC believe that it is perfectly positioned to progress the responsible and sustainable investment cause to the...

September 15, 2022

NewsCDC, ESG, UK

14SepSeptember 14, 2022

Financial Inclusion report: 2020-2021

By UK Government Financial inclusion and financial capability continue to be priorities for us personally and for our departments. As the UK moves towards its recovery from the COVID-19 pandemic, being “financially included” remains of central importance throughout peoples’ financial lives, from the basic necessity of being able to open your first bank account, to accessing credit, insurance, and the right mortgage products at an affordable price, and when planning for retirement. Over the last year, we announced and delivered significant...

September 14, 2022

Books, Books, System Characterization2021, Financial Inclusion, UK

14SepSeptember 14, 2022

Prudential and MetLife entrusted to fulfill $16B in pension obligations for 100,000 IBM retirement plan participants and beneficiaries

Prudential has been selected to participate in a $16 billion pension risk transfer transaction with International Business Machines Corporation (IBM), the second-largest pension risk transfer ever in the U.S. market. Under the terms of the agreement, The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (NYSE: PRU), and Metropolitan Life Insurance Company (MLIC), a subsidiary of MetLife, Inc. (NYSE: MET), will each insure 50% of the pension benefit payments for each of the approximately 100,000 IBM...

September 14, 2022

NewsPension Management, Risk transfer, UK, US

13SepSeptember 13, 2022

UK. Opperman: 12mn people are under-saving for retirement

Pensions minister Guy Opperman has told MPs that around 12mn people are under-saving for their retirement, accounting for 38 per cent of the nation’s working age population. The revelation surfaced in a letter to Work and Pensions Committee chair Stephen Timms, whose committee is carrying out an inquiry into “saving for later life”, which is examining pensions adequacy, including specific focus on the gender pensions gap and gig economy workers. Timms had asked the pensions minister, in a letter dated July...

September 13, 2022

Newssavings, UK

12SepSeptember 12, 2022

UK. TPR and ICO urged to align ‘unintentionally conflicting’ guidance

Guidance from The Pensions Regulator (TPR) and the Information Commissioner’s Office (ICO) should be better aligned and expressly refer to the specific intricacies of the pensions sector, the Universities Superannuation Scheme (USS) has said. In written evidence to the Work and Pensions Committee, the USS warned that it has faced a number of challenges in ensuring its ongoing compliance with the requirements of the Privacy and Electronic Communications Regulations (PECR). In particular, the USS highlighted barriers in relation to the current...

September 12, 2022

NewsRegulation, UK

06SepSeptember 6, 2022

UK. Younger savers express adequacy concerns; cost of living limiting saving ability

Nearly a third (32 per cent) of 18–34-year-olds know that they should be saving more for their retirement, with only 16 per cent believing that their savings are on track for a comfortable retirement, research from Wealth at Work has found. In addition to this, more than a fifth (21 per cent) of young savers have no idea how much their pension is worth and almost a quarter (24 per cent) have no idea how much they will need to...

September 6, 2022

NewsAdequacy, UK

September 2022