UK Archives - Page 98 of 193 - Pension Policy International

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

14JunJune 14, 2022

UK. TPR’s new DB funding code expected in September 2023

The Pensions Regulator expects its much-anticipated new defined benefit funding code to be in place and operational by September 2023, according to its latest corporate plan. In the document published on June 13, the regulator explained that the delay in the new funding rules, and in its second consultation on the matter, has allowed it to take the time it needs “to develop the right shape for our DB funding code”, while wanting to take the “opportunity to learn from...

June 14, 2022

News2022, CDC, Regulation, UK

13JunJune 13, 2022

Pension investors launch campaign against dual-class share structures

Leading UK and U.S. pension investors managing more than $1 trillion have launched a campaign to stop companies using dual-class share structures that concentrate voting power in the hands of certain shareholders at the expense of others. Launched by British railways pensions scheme Railpen and the non-profit Council of Institutional Investors (CII), others backing the Investor Coalition for Equal Votes (ICEV) include the New York City Comptroller's Office and the Washington State Investment Board. Companies with dual-class structures have two or...

June 13, 2022

News2022, Corporate Governance, Investment, UK, US

13JunJune 13, 2022

UK. FCA: Technology is both a risk and an opportunity

The Financial Conduct Authority’s chief data, information and intelligence officer Jessica Rusu has said technology can be “a force for good” but comes with many risks. Speaking at the Money 2020 Amsterdam event last week (June 8), Rusu explained that the increase in firms suffering from cyber-attacks demonstrates the risks that arise through innovation. “Looking through the lens of a regulator, having spent many years in big tech, fintech and traditional banking roles – I see that innovation and the role...

June 13, 2022

News2022, Technology, UK

10JunJune 10, 2022

The Gender Pensions Gap Report 2022 … and how to close it

By Joanne Segars OBE & Samantha Gould Lower incomes throughout a woman’s working life will invariably impact their pension savings, creating an obvious pension gap. Furthermore, women who take time away from work to have children or for other caring responsibilities contribute to the widening gulf that we see between men and women’s pension wealth. Three million women are effectively “locked out” of workplace pension saving because they do not meet the £10,000 auto enrolment eligibility criteria. We are on a mission...

June 10, 2022

Books, Labor Market, Reports, System Characterization2022, Equality, Gender Gap, UK

June 2022