UK Archives - Page 96 of 196 - Pension Policy International

31AugAugust 31, 2022

UK. Pensions industry urged to join forces to address adequacy concerns

The pensions industry has been urged to work together to reach a consensus on how to deal with the issue of under saving, after a report from B&CE found that 61 per cent of households and nearly two thirds (63 per cent) of individuals aren’t saving enough for retirement. The analysis, based on data from the ONS Wealth and Assets Survey, found that 68 per cent of Generation X workers aren’t saving enough, rising to 76 per cent amongst Millenials,...

August 31, 2022

News2022, Pension Management, savings, UK

30AugAugust 30, 2022

UK. Workers cut pension contributions amid cost of living crisis

Workers are leaving pension schemes or cutting their contributions, trade unions say, as the cost of living crisis prompts desperate measures that will reduce their retirement funds. The warning comes as UK inflation is predicted to hit 18.6 per cent, the highest rate among larger western economies, and as real wages fall at the fastest rate for at least two decades. The Trades Union Congress, the UK’s main movement for organised labour, said a growing number of its members in the...

August 30, 2022

News2022, savings, UK

29AugAugust 29, 2022

UK. Andy Bell: Common sense failure risks good work on pension transfers

By Andy Bell In December last year I wrote in Money Marketing that new regulations designed to protect savers from pension scams would only work properly if common sense was applied by schemes administering transfers. Sadly, in certain parts of the industry, it appears ‘common sense’ is an alien concept, and it looks increasingly likely the rules will need to be revisited to ensure legitimate transfers aren’t slowed to a crawl or blocked altogether. Pension transfer scams As a reminder, this saga started...

August 29, 2022

News, OP EdRisk, Transfer, UK

26AugAugust 26, 2022

UK. Just 6% of pension transfers not flagged as scams

A staggering 94% of pension transfer cases reviewed by XPS Group’s Scam Protection Service were registered as having one or more scam warning signs in July 2022 – a small fall from 97% in June 2022. The firm said this is the second month in a row where the rate has been in excess of 90% of cases, with the overseas investment amber flag being the most common warning identified. However, pension transfer activity seems to be on the rise as...

August 26, 2022

News2022, Risk, Transfers, UK

25AugAugust 25, 2022

UK. Cost-of-living crisis could slash pensions by quarter

The youngest UK workers could see their retirement savings cut by a quarter if they were to reduce their pension contributions by 2% in response to the cost-of-living crisis. That is according to new analysis by consultancy firm Broadstone, which found that 25-year-olds could lose up to £60,000 of their pension savings if a ‘temporary’ cutback in contributions becomes permanent. This is based on 2% reduction in employee contributions – taking total contributions down from 8% to 6%, assuming that 3%...

August 25, 2022

News2022, savings, UK

22AugAugust 22, 2022

UK. Liz Truss eyes merger of regulators

Conservative party leadership candidate Liz Truss is eyeing up plans to merge three of the financial regulators, but advisers say her plans are destined to fail. Read also Renewable energy’s charm still growing for investors According to FTAdviser's sister title The Financial Times, Truss will launch an immediate review of the roles and responsibilities of the regulators if she wins her party's leadership election next month. It could see the Financial Conduct Authority, the Prudential Regulation Authority and the Payments Systems Regulator...

August 22, 2022

News2022, Regulation, UK

22AugAugust 22, 2022

Renewable energy’s charm still growing for investors

Amid a just-passed U.S. climate bill unleashing record investment in domestic clean energy, energy transition efforts in the U.K. and Europe well underway and energy security concerns raised by the Ukraine war, institutional investors seem poised for the next level of investing in renewables. "Over the last year alone, we've witnessed the highest levels of interest in renewables we've ever seen from institutional investors," said Matt Setchell, co-head of Octopus Energy Generation's fund management team in London. Part of Octopus...

August 22, 2022

News2022, ESG, Investing, UK, US

18AugAugust 18, 2022

UK. 80% of employers think it is important pensions are invested responsibly

Aviva’s Working Lives Report 2022: The Big Squeeze(1) has found four out of five (80%) employers compared to 65% of employees think it is important that a workplace pension fund is invested responsibly. The research also found a further 19% of employees said responsible investment(2) is important but only as long as it does not impact the performance of their funds. However, over half (55%) of employees do not know if their workplace pension fund is invested responsibly. Just over...

August 18, 2022

News2022, Investment, UK

17AugAugust 17, 2022

UK. Transfer volumes could hit £600bn as insurers post strong results

A host of insurers have revealed their first-half 2022 results that show a booming trade in risk transfers, which, by some projections, could hit £600bn over the next decade — though there are fears about a capacity crunch in the sector. Read more Older people face losing €1,532 in spending power by end of year Of those that have released their results so far, Aviva saw bulk annuity sales increase by 15 per cent, rising to £1.9bn, which compares with £1.6bn...

August 17, 2022

News2022, Pension Management, Risk, UK

16AugAugust 16, 2022

UK. Govt to change civil servants’ early pensions access

The government has proposed to change the rules around early access to pensions in the civil service, tracking 10 years behind state pension age, according to a new consultation over reforms to the Civil Service Compensation Scheme. The Cabinet Office had launched a consultation to this effect in 2017, but on August 15 it published a new document with updated proposals to be discussed with trade unions as it considered that a long time has elapsed since the initial consultation,...

August 16, 2022

News2022, Public Pensions, Regulation, UK

August 2022