Holly Roach
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Articles by Holly Roach
Private pension wealth grows by £2.5trn over ten years
Private pension wealth has grown to £6.1trn in the last decade up from £3.6trn, Office for National Statistics (ONS) data shows.
TPR enforcement increases by more than 25% but debt recovery rate remains low
The Pensions Regulator’s (TPR) enforcement actions increased by more than a quarter over the last year but the recovery rate against all recoverable debt sat at just 30%, according to law firm Clyde & Co.
Exclusive: Barnett Waddingham posts 17% revenue growth as turnover sits just shy of £100m
Barnett Waddingham has published its results for the financial year ending 31 May 2019, posting revenue of £99.3m and pre-tax profits of £28.3m.
Master trusts liable for quarter of general levy costs despite holding only 2% of funds
Ten master trusts will pay at least 25% of the total general levy despite holding just 2% of assets, according to The People’s Pension (TPP).
General levy increase gets broadly negative response from industry
The Department for Work and Pensions’ consultation on increasing the general levy has closed. Holly Roach looks at the industry’s response to its proposals
Further delay to professional trustee accreditation framework
The professional trustee accreditation process, set up by the Professional Trustee Standards Working Group (PTSWG), has been delayed again and is now expected to launch “in the new year”.
Penfold secures £2m to fund digital pension scheme for the self-employed
Penfold has launched a digital pension scheme aimed at the self-employed following a successful £2m funding round.
XPS posts 8% revenue growth driven by admin and investment consulting business
XPS Pensions has published interim results for the half year ending 30 September, posting total revenue of £56.3m and pre-tax profits of £4.4m.
How the Public Sector Social Impact Fund will assist schemes with secure investments
Seven local authorities have already committed to investing in a fund designed to help pension funds source social investments. Holly Roach reports
PASA publishes master trust transition guidance
The Pensions Administration Standards Association (PASA) has published its first batch of guidance on defined contribution (DC) master trust transition, as further consolidation is expected.
Pension schemes bill should be reintroduced in existing form, say respondents
Most of this week's 108 Pensions Buzz respondents agreed the pension schemes bill should be reintroduced in its exisiting form.
'No excuse' for industry slipping from GMP equalisation timescale targets
The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.
DWP annual benefit statement consultation questions voluntary adoption
The Department for Work and Pensions (DWP) has launched a consultation setting out proposals for the adoption and launch of simpler annual benefit statements. Holly Roach reports
First Group reports £24m growth in pension deficit
First Group has reported an increase in its pension deficit in the first half of the year, but says trading is “in line with expectations”.
Milestone for Star Initiative as it reaches 50 participants
The government-backed Star Initiative has reached 50 signatories, surpassing its initial target of 30. Holly Roach looks at the project’s progress.
PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
TPP election manifesto urges next government to bolster auto-enrolment
The People’s Pension (TPP) has urged the next government to improve saving for low paid workers and increase pension transparency ahead of the 12 December general election.
Pensions bill 'lost' amid election uncertainties, says Gowling
For the pensions industry, the 12 December general election means the long-awaited pensions bill is “lost”, but probably “not forgotten”, according to a blog published by law firm Gowling.
Pensions Climate Risk Industry Group to produce trustee guidance
The Pensions Climate Risk Industry Group is drafting trustee guidance on climate-related issues and how they can address the risks as part of their governance processes.
Mercer awards $125m sustainable equity mandate to Impax
Mercer has offered a $125m (£97m) mandate to Impax Asset Management’s Leaders Strategy to join its Sustainable Global Equity Fund, following a rigorous selection process.
Data quality is pensions dashboard's 'weakest link'
The quality and availability of data is the “weakest link” for the pensions dashboard, according to the Society of Pension Professionals (SPP).
Aviva Investors agrees £250m commercial property investment
Aviva Investors has entered into a further agreement with the Public Sector Pension Investment Board (PSP Investments) to invest £250m in commercial property in Cambridge.
HMRC GMP equalisation tax guidance confirmed for December
HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.
Employers need to bridge the gap between members' retirement income levels
It is the role of employers, the pensions industry, and the government to close the gap between minimum and moderate levels of income in retirement, according to the Institute and Faculty of Actuaries (IFoA).
HMRC guidance is the 'missing piece of the jigsaw' in GMP equalisation process
One year on from the landmark ruling on GMP equalisation, Holly Roach looks at how far the industry has come and what remains for schemes to do.
Revamped wake-up packs 'still not enough' for savers
Simplified, one-page pension wake-up packs launched last week, but the industry does not agree that they will make much difference to members’ saving attitudes. Holly Roach reports
PIC invests further £40m in housing association
Pension Insurance Corporation (PIC) has boosted its investment in social housing with a £40m further allocation to Soha Housing.
Pension 'blind spots' leave employees struggling to understand benefits
Workplace pension schemes may not be doing enough to fix ‘pension blind spots’ as many workers remain unaware of the benefits available to them, the Money and Pensions Service (MAPS) has found.
Widespread concern over complexity and cost of GMP equalisation, finds ACA
Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).
Spend money on data to make dashboard beneficial, says industry
The industry needs to spend a significant amount of money on data and administration to make the dashboard worthwhile, according to pension professionals.
Data held by schemes 'not good enough for the dashboard'
The data the industry holds is not yet good enough for the pensions dashboard, industry experts say.
Marian Elliott: Diversity drives innovation
Redington managing director Marian Elliott picked up the Adviser of the Year award at PP’s Women in Pensions Awards. She talks to Holly Roach about her success.
Lifetime allowance to rise to £1.073m as inflation falls to 1.7%
The lifetime allowance will rise to £1,073,000 from next April as inflation in the year to September stands at 1.7%.
Schemes with poor record keeping should receive harsher punishments
Schemes with poor record keeping should be handed harsher punishments, say the majority of this week’s 83 Pensions Buzz respondents.
Pensions industry has 'lack of clarity' on members' retirement needs
Estimates of the amount of money needed for a ‘modest’ retirement can vary by up to £500,000, according to research from Aon.
Increased pension transfers reduce FTSE 350 schemes' buyout deficit by £2.5bn
The buyout deficit of FTSE 350 pension schemes has reduced by £2.5bn since the introduction of Freedom and Choice due to an increased number of transfer exercises, Barnett Waddingham has found.
Dramatic rise in employers looking to switch provider, Aviva finds
The number of employers and advisers looking to change their pension provider has increased by nearly two thirds this year, according to research by Aviva.
Pensions tax relief to 'cost' government £40bn this year
The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).
Judith Maguire: Believe in yourself - if you're good enough, you will succeed
Capital Cranfield client director Judith Maguire scooped the Trustee of the Year accolade at this year’s Women in Pensions Awards. She talks to Holly Roach about her success.
NEST: Self-employed want help with retirement saving
Three-quarters of self-employed workers agree it is important to save for retirement, and more than half want help with it, according to NEST.
No one-size-fits-all for GMP equalisation
The GMP Equalisation Working Group has published its first guidance note to assist schemes in undertaking the process. Holly Roach discusses what schemes should do next
Exclusive: FTSE 100 risk settlement transactions hit £70bn
FTSE 100 risk settlement transactions have reached £70bn as a third of these firms remove longevity risk, according to Aon.
Oxford Uni pension scheme receives master trust approval
The University of Oxford Staff Pension Scheme has received master trust authorisation from The Pensions Regulator (TPR), taking the total number of approved schemes to 34.
Opperman writes to 50 schemes demanding action on ESG
Pensions and financial inclusion minister Guy Opperman has written to the 50 largest pension schemes requesting action to combat climate change.
ACA calls for key policy measures to be included in pensions bill
The Association of Consulting Actuaries (ACA) has called for five key policy measures to be included in the upcoming pensions bill.
Opperman: Pensions bill is 'sat on my desk' and 'completely ready to go'
A pensions bill is completely ready to go and waiting for a Queen’s Speech, according to pensions and financial inclusion minister Guy Opperman.
UK investors recognise increasing importance of ESG
Responsible investing has dramatically grown in importance to investors over the last year, according to research by Aon.