Holly Roach
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TPR's decision on professional trustees was right, say peers
This week’s 89 Pensions Buzz respondents agreed with The Pensions Regulator’s decision to hold back from mandating the use of professional trustees.
Largest ever university strikes over pay and pensions to begin tomorrow
Universities and College Union (UCU) members are set to begin 14 days of strike action in the largest wave of staff strikes ever seen on UK campuses.
Unsuitable DB transfers could result in £20bn in losses
The Financial Conduct Authority (FCA) revealed unsuitable transfers out of defined benefit (DB) schemes could result in collective losses of up to £20bn worth of guarantees over five years.
UK investors to boost ESG exposure and investments
Nearly half (48%) of UK investors expect to increase their socially responsible investments over the next three years, according to research by Charles Stanley.
Defaults lagging on demand for ESG
LCP says significant numbers of savers want to invest in responsible companies but default funds aren’t keeping up with these changing preferences. Holly Roach reports
Most employers agree schemes are not embracing ESG investment options
Just one in ten employers believe their pension offering has actively embraced ESG investment options, according to research by Howden Employee Benefits & Wellbeing.
Government will not alter AE earnings trigger
Guy Opperman has confirmed the earnings trigger for auto-enrolment (AE) will remain at £10,000 following this year’s annual review.
Premier attains PASA accreditation
Premier has received accreditation from the Pensions Administration Standards Association (PASA).
Chancellor contemplates cuts to higher rate pensions tax relief
Speculation is growing that chancellor Sajid Javid is seeking to raise revenue by cutting the tax relief on pension contributions for high earners from 40% to 20%.
Mercer completes fundraising on £2bn private markets offering
Mercer has closed its Private Investment Partners (PIP) V strategy, having successfully raised it with $2.7bn (£2.08bn) in total commitments.
Nine in 10 people save into the largest master trusts
The Pensions Regulator (TPR) has revealed 90% of people are saving into the largest master trusts, creating a “safe and stable” workplace pension market.
Most workers are unaware of pension pot size
More than half (54%) of workers do not know the size of their pension pots, according to research by the Pensions and Lifetime Savings Association (PLSA).
TPR carries out spot checks on large employers
The Pensions Regulator (TPR) is carrying out spot checks on the UK’s largest employers to protect savers and ensure staff continue to receive the pensions they are due.
Morgan Stanley launches development opportunity fund
Morgan Stanley Investment Management (MSIM) has launched a development fund focused on bottom-up stock selection of companies with sustainable competitive advantages and long-term growth.
River and Mercantile trading update reveals £1.16bn fiduciary mandate win
River and Mercantile (R&M) has revealed it has been appointed to run a £1.16bn fiduciary mandate.
Local authorities called to balance responsible investing with LGPS returns
Analytical services company Camradata has published a white paper investigating how local authorities can act more responsibly with pension investments.
Major London pension groups launch investment fund
A group of London pension organisations have launched an investment fund focused on local housing, infrastructure and business.
Church of England Pensions Board allocates £600m to climate transition index
The Church of England Pensions Board has selected the FTSE Transition Pathway Initiative (TPI) Climate Transition Index for a £600m mandate.
Form a permanent pensions commission, urge Buzz peers
This week’s 102 Pensions Buzz respondents were in agreement that a permanent pensions commission should be formed.
Pension Wise sees more than twofold increase in service interactions
Pension Wise saw a 49% increase in customers arranging appointments with the service over the course of 2018/2019.
Opperman urges schemes to act now and prepare dashboard data
Pension providers must now be proactive and prepare their data in order to be ready for the pensions dashboard, Guy Opperman has warned.
Mineworkers and British Coal schemes succeed in a rare US securities fraud class action case
Holly Roach reports on how the schemes won a US class action case, reaching a $350m settlement.
Maps produces financial wellbeing strategy to deliver national goals
The Money and Pensions Service (Maps) has launched a financial wellbeing strategy to address poor financial wellbeing in the UK.
Think tanks call for permanent pensions commission
Think tanks The Fabian Society and Bright Blue have called for a new pensions commission, as Guy Opperman lends his support.
Government urged to set timetable for AE reform implementation
The Association of Consulting Actuaries (ACA) has urged the government to set out a timetable for when it will implement its planned automatic enrolment (AE) reforms, and produce a timetable for increases in AE contribution levels.
Pension funds increasingly focused on long income property
Pensions funds’ focus on long income property is increasing, with 84% of investors agreeing the level of investment in this area will rise over the next two years, according to research by Alpha Real Capital.
Industry mostly dissatisfied with current direction of pensions policy
More than half (55%) of the pensions industry is dissatisfied with the direction of pensions policy going into 2020, according to research from the Pensions Management Institute (PMI).
PASA warns against poor quality data risk to automation
The Pensions Administration Standards Association (PASA) has published a research report and white paper urging the industry to work together to stop automation being derailed by poor quality data.
Former accountant fined for misleading TPR over workplace pension duties
The Pensions Regulator (TPR) has fined a former accountant £4,987 after he failed to enrol staff into a workplace pension scheme.
PPF reaches 1,000 scheme milestone as the Carillion Rail Pension Scheme transfers
The Pension Protection Fund (PPF) has secured the benefits of 4,000 members of the Carillion Rail Pension Scheme after it became the 1,000th scheme to transfer to the lifeboat fund.
Government must prioritise combatting pension scams, says industry
The industry is urging the government to prioritise combatting pension scams in 2020, according to research by the Society of Pension Professionals (SPP).
Data quality and trustee training not priorities for industry
Industry experts do not agree member engagement and data quality are priorities, according to research by networking site Mallowstreet.
Majority of industry have made no ESG changes to portfolios
More than half (57%) of the Society of Pension Professionals’ (SPP) membership has not made any changes to portfolios in terms of environmental, social and governance (ESG) issues, despite there being a “genuine interest”, research has revealed.
Simpler annual benefit statement proposals get positive response from industry
As the DWP’s consultation on simpler annual benefit statements closes, Holly Roach looks at the industry’s response.
Further master trust consolidation to come in 2020, predicts industry
There will be further master trust consolidation in 2020, according to two-thirds of 109 Pensions Buzz respondents.
Government's boycott ban may extend to LGPS
The government’s ban on boycotts by public institutions may extend to the Local Government Pension Schemes (LGPS).
Levy-payers warned not to delay review of PPF insolvency risk changes
Pension Protection Fund (PPF) levy-payers may be leaving themselves open to “unwelcome surprises” by failing to check their accounts early on, Barnett Waddingham has warned.
PPF introduces updated insolvency risk services
The Pension Protection Fund (PPF), in partnership with Dun & Bradstreet (D&B), has published its plans for updated insolvency risk services and is consulting on its approach to insolvency risk measurement from 2021.
TPR publishes research on leverage and liquidity
The Pensions Regulator (TPR) has published research on leverage and liquidity to better gauge the potential risks for defined benefit (DB) pensions and inform the Bank of England’s Financial Stability Report.
PPF levy rules 'broadly unchanged' with estimated £45m increase
The Pension Protection Fund (PPF) has confirmed its 2020/2021 levy rules and revealed they remain stable and broadly unchained from the previous levy year, expecting an 8% rise in collection.
Aon paper guides trustees to opportunities for public equity impact
Aon has published a paper offering pension scheme trustees insight into investment areas if they are looking for competitive financial returns and to deliver a positive social and environmental impact.
Pensions have become the 'largest component' of household wealth
Pensions have overtaken household property wealth to become the largest component of household wealth, according to analysis from the Resolution Foundation.
Barnett Waddingham posts double-digit growth
Barnett Waddingham’s full year results reveal significant growth at the business, with revenue reaching almost £100m. Holly Roach reports
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.
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”.