August 2022
05Aug

UK. TPR revamps guidance on fiduciary management tender processes

The Pensions Regulator has published updated guidance on the tender process for fiduciary management services and trustees, setting objectives for investment consultants as it prepares to take over regulation of these duties this autumn. Since December 2019, trustees have been legally required to run a competitive tender process when appointing fiduciary managers for a fifth or more of scheme assets, and have had to set strategic objectives for their investment consultancy provider. From this October, TPR will take over compliance-reporting and...

August 5, 2022
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03Aug

UK. DWP adds new way for people of State Pension age to claim income boost of up to £3,300

The Department for Work and Pensions (DWP) recently confirmed that new claims for Pension Credit made between April 1 and July 3, took an average of 40 days to process. This means those over State Pension age who submit an application this week, could receive financial support by the end of September. To help even more people over 66 claim support worth around £3,300 on average each year, DWP has introduced a new interactive Pension Credit claim form which can...

August 3, 2022
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01Aug

Collective defined contribution schemes launch in Great Britain

Providers in Great Britain are now able to apply to launch collective defined contribution schemes, a development hailed by pensions minister Guy Opperman for its potential to “transform the UK pensions landscape”. Under CDC schemes, employers and employees pay a fixed rate of contributions, collected in a manner similar to defined contribution schemes. Benefits are paid with a target in mind, similar to defined benefit schemes, but with the prospect of variable increases — and the possibility of decreases. Read also...

August 1, 2022
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July 2022
29Jul

UK. 16 million workers at risk of not saving adequately for retirement

Around 85 per cent of workers, equal to 16 million people, are not saving at levels likely to deliver an acceptable standard of living in retirement, new research has found, prompting calls for the development of a 'Living Pension Standard'. A report from the Living Wage Foundation and the Resolution Foundation raised concerns over the current levels of saving, explaining that while auto enrolment (AE) improved rates of saving, meeting the Living Pension benchmark requires more than the AE minimum. The...

July 29, 2022
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28Jul

Gender Pay Gap Report 2021: Reporting our progress

By Legal and General In 2021, we have once again seen a continued, progressive narrowing of our pay gap, from 26.6% to 24.1%. This progress reflects the focus we have applied over the past year to creating a more diverse workforce and a more inclusive workplace where everyone can succeed. In this report, we share our latest gender pay gap data and update stakeholders on the steps we’re taking to narrow the gap further. Monitoring and reporting the gap over...

July 28, 2022
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28Jul

UK. Pensions gender gaps exist across several industries, research finds

Women’s pension savings at retirement are less than half the size of men’s, according to a financial services provider’s analysis of its workplace pensions data. Legal & General analysed more than 4.5 million defined contribution (DC) workplace pension savers. When looking at thousands of people who retired last year, it found that women had typically built a pot of £12,000 at retirement, while men had £26,000 put away. The findings did not take into account any savings which may be placed elsewhere,...

July 28, 2022
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27Jul

UK. Thousands of gig economy workers in line for improved labor conditions

While not a change in the law, business minister Jane Hunt said the guidance was “tidying up the rules” to help workers find out if they are being treated fairly by their workplace. It follows the landmark Uber Supreme Court judgment in February last year, which held that individuals in the gig economy qualify as workers. This entitles them to core employment protections including earning at least the National Minimum Wage as well as being given paid holiday leave and a...

July 27, 2022
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27Jul

UK. Pension savers prioritise returns over ‘investment big bang’

Less than a fifth of pension savers think that investing their pensions in companies or assets that would benefit their local area should be prioritised, research has revealed. The findings from the Centre for Progressive Policy, published on July 25, jars with the government’s push to channel pension fund money into domestic infrastructure. Last year, prime minister Boris Johnson and then-chancellor Rishi Sunak published a letter calling for an “investment big bang”, making comparisons with pension fund investment in Australia and...

July 27, 2022
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25Jul

UK. Govt urged to allow Nest to offer drawdown

The government has been told to amend legislation to allow Nest members to drawdown their pension pot, as well as extending investment pathways to trust-based schemes. The Investment and Saving Alliance made this suggestion in its response to a call for evidence on savers’ understanding of their pensions, which closed on July 25. The Department for Work and Pensions said that it wanted to understand what support and decumulation products are offered to members, along with what might be offered to...

July 25, 2022
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22Jul

UK. The effect of rising inflation and interest rates on pension schemes

The UK is currently seeing soaring inflation, with record drops in wages, and prices for goods and services sky-rocketing, resulting in a keenly-felt "cost of living" crisis. But what is the impact for UK occupational pension schemes? The consumer price index (CPI) measured inflation at 9.1% at the end of May 2022, the highest level seen since February 1982. Governments have traditionally sought to counter rising inflation by increasing interest rates, to encourage people to spend less and save more,...

July 22, 2022
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