UK Archives - Page 92 of 193 - Pension Policy International

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

05SepSeptember 5, 2022

UK. What policies will Liz Truss pursue as Britain’s new prime minister?

Truss set out a series of proposals during Tory leadership contest, but what can and will she deliver in office? The policy focus of a Truss prime ministership will, inevitably, be largely a work in progress, given she is taking office amid a hugely turbulent economic period. But during a long leadership campaign the new PM has set out a series of proposals and plans for government: Taxation and cost of living Truss’s clear economic priority is to cut taxes, a move...

September 5, 2022

NewsPublic Policy, UK

05SepSeptember 5, 2022

UK. Why the gig economy deserves better options for protection

For many people who consider going freelance or self-employed, added flexibility is usually the main driver. But other things you normally take for granted suddenly become more complicated, including the lack of a safety net from your employer if you happen to fall ill. The LV= Wealth and Wellbeing Monitor found that 64 per cent of working UK adults were worried about losing income if they were unable to work. A central worry was how to pay the bills and...

September 5, 2022

NewsCoverage, Informal Sector, UK

02SepSeptember 2, 2022

US. Florida Retirement System returns -6.3% for fiscal year

Florida Retirement System, Tallahassee, returned a net -6.3% for the fiscal year ended June 30. The $180 billion pension fund's return exceeded the benchmark return of -9.1% for the period, according to a performance report on the website of the Florida State Board of Administration, which oversees the pension fund's investments. For the three, five and 10 years ended June 30, the pension fund returned an annualized net 7.7%, 7.7% and 8.6%, respectively, above the respective benchmarks of 5.7%, 6.2% and...

September 2, 2022

NewsRegulation, Technology, UK

September 2022