UK Archives - Page 93 of 189 - Pension Policy International

27JunJune 27, 2022

UK. Retirement guidance improving but decumulation challenges remain

Support available to those approaching retirement is improving, particularly in master trusts, but a comprehensive framework is still required to ensure all savers get the help they need, according to new research. The Pensions and Lifetime Savings Association created such a framework — known as guided retirement income choices — in 2019, which would require schemes and providers both to guide members through retirement, while also ensuring they have access to a full range of retirement solutions. Its new report, published...

June 27, 2022

News2022, Payout, savings, UK

24JunJune 24, 2022

Greening Pensions: A Behavioural Perspective

By Alice Farrell, Kristina Londakova, Izzy Brennan, Jake Reynolds & Toby Park Through their pensions, the vast majority of people in the UK are investors, with pension pots collectively amounting to over £2.6 trillion.1 Investing a greater portion of this money sustainably - i.e. in businesses who have positive or neutral impacts on the environment and green technologies – could significantly accelerate our transition to a low-carbon society. While 68% of people say they would like their investments to be responsible...

June 24, 2022

Books, Investment, Pension design, Pension Management2021, Behavioral Science, Climate crisis, Corporate Governance, ESG, UK

24JunJune 24, 2022

New UK trial seeks to ‘nudge’ people into making greener pension choices

A new trial to encourage people to learn more about making greener pension choices in the UK has been launched. Dubbed the ‘Green Nudge’, the trial will test the impact of behavioural nudges and messages on increasing saver engagement with the sustainability of pension investments and how it could translate into greener pension decision-making. The Department for Work and Pensions (DWP) is working in partnership with the Behavioural Insights Team (BIT), Aviva, Smart Pension and Hargreaves Lansdown to deliver the “nudges”...

June 24, 2022

News2022, Behavioral Science, ESG, Investment, UK

23JunJune 23, 2022

Pensions to Rise With Inflation Even as UK Urges Pay Restraint

The UK government said the state pension will rise in line with inflation this year, a handout to elderly Britons even as Boris Johnson warned that doing the same for public sector salaries would not be feasible. Pensions will increase in step with September’s consumer price index, which is due to be “significantly higher than the forecast inflation rate” for the next fiscal year, Simon Clarke, chief secretary to the Treasury, said in a written response to a question in...

June 23, 2022

News2022, Income, Public spending, UK

22JunJune 22, 2022

UK. High inflation presents ‘tough time’ for schemes looking to invest

High inflation expectations have “surprisingly” led to UK defined benefit (DB) schemes seeing their long-term liabilities fall by around 0.2 per cent over the past 12 months, although the backdrop of rising prices and tightening real wages have resulted in a “tough time” for schemes looking to invest, according to XPS Pensions Group. The latest CPI inflation data, published this morning (22 June), showed that inflation has increased to 9.1 per cent, continuing the trend of rising inflation seen over...

June 22, 2022

News2022, Investment, UK

21JunJune 21, 2022

UK. LCP launches state pension NICs calculation tool

Consultants LCP have launched a tool to help the public calculate if they can benefit from topping up the new state pension by paying voluntary national insurance contributions. The amount of state pension an individual receives depends on their record of NICs and for those who reached pension age after April 5, 2016, the full flat rate pension is currently £185.15. However, for various reasons some people may receive less than this amount, and, in some cases, they may be able to...

June 21, 2022

News2022, Innovation, UK, Voluntary Savings

20JunJune 20, 2022

UK. State pension age increase doubles poverty rate among pensioners

Nearly 100,000 65-year-olds fell into poverty as the state pension age rose from 65 to 66, depriving them of an income of £142 per week as the government saved £4.9bn. According to research by the Institute for Fiscal Studies (IFS) the latest increase in state pension age from 65 to 66 meant that the absolute income poverty rate for 65-year-olds rose by 14 percentage points, or nearly 100,000 people, to reach 24% by late 2020. The higher state pension age also...

June 20, 2022

News2022, Income, Regulation, Retirement Age, UK

17JunJune 17, 2022

UK. Pensions: Millions receive wrong amount ‘for decades’

Millions of people have received the wrong pension for decades because of government IT failures, the BBC has learned. The errors, which are understood to have been known about since the 1990s, have not been made public until now. A former pensions minister described the scale of the problem as "truly mind-blowing". The Department for Work and Pensions (DWP) says it is investigating remedies. Official analysis published last month suggests 23% of pensioners were underpaid, while 17% were overpaid. Some people have been both...

June 17, 2022

News2022, Payout, UK

16JunJune 16, 2022

UK. Pensions: Workers not saving enough for retirement as cost of living crisis bites

Britons who pay into a workplace pension are not saving enough to get by when they retire but can’t afford to contribute more because of the cost of living squeeze, MPS have been told Anna Mowbray, research and policy officer at Community Trade Union, told the work and pensions committee that workers are worried about their future pension but the biggest concern now is facing soaring energy and food bills. “Given the current cost of living crisis that people are facing...

June 16, 2022

News2022, Income, Saving, UK

15JunJune 15, 2022

UK. Work and Pensions Committee to examine auto-enrolment pension contributions and pensions for gig-economy and self-employed workers

The Work and Pensions Committee inquiry into saving for later life continues with an evidence session featuring witnesses from unions, business federations, and representatives from Uber, Nat West, Tata, and Co-Op. Purpose of the session MPs are expected to examine whether the UK’s pension system is still fit for purpose, 20 years after the pensions commission was first set up. The Committee is likely to explore whether auto-enrolment minimum contribution rates should rise and how employers and trade unions can help put...

June 15, 2022

NewsAuto enrollment, Informal Sector, UK

June 2022