Holly Roach
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PIC boosts financial investments by £10bn in 2019
The Pension Insurance Corporation (PIC) boosted its financial investments last year by nearly £10bn to £40.9bn, up from £31.4bn the year prior, according to its full-year results.
Expected retirement age rises by more than two years
The average age 40 to 54 year-old men and women expect to retire increased between 2006 and 2017 by more than two years, the Institute for Fiscal Studies (IFS) says.
Government to question Maps on pensions dashboard progress
The Work and Pensions Committee is due to question the senior leadership of the Money and Pensions Service (Maps) on the progress made in developing the pensions dashboard.
Aviva reports 55% rise in bulk annuity purchase volumes
Aviva’s bulk purchase annuity volumes increased 55% to £4bn in the year to 31 December 2019 its full year results reveal.
RPI reform proposals 'should go further' than a simple CPIH replacement
Most pension professionals (58%) believe Retail Prices Index (RPI) reform should go further than simply switching to the housing-cost based Consumer Prices Index (CPIH), according to the Society of Pension Professionals (SPP).
Businessman fined £12,800 over documentation of 16 pension schemes
A business owner has been fined £12,800 after failing to hand over information and documents to The Pensions Regulator (TPR) about investments relating to money from 16 pension schemes.
Cosan Consulting appointed by Sodexo to provide trustee support
Sodexo Trustees has appointed Cosan Consulting to provide trustee executive support services for its £700m pension fund.
Fujitsu moves DC scheme members to LifeSight master trust
Fujitsu Pension Scheme has moved its defined contribution (DC) members into Willis Towers Watson’s LifeSight master trust, passing on full responsibility for the management of its members’ pension provisions.
DB scheme deficits grow by £100bn due to coronavirus impact
The impact of coronavirus has added £100bn to defined benefit (DB) schemes in just one week, according to Hymans Robertson.
Ministers 'should not rush' to raise pension access age beyond 55
Lane Clark & Peacock partner Steve Webb has urged ministers not to rush raising the pension access age amid growing speculation of a Budget announcement to accelerate the current timetable.
Chancellor should simplify 'hideously complex' pensions tax relief system
Lane Clark & Peacock (LCP) has suggested the chancellor should take advantage of a large parliamentary majority to introduce a fundamental reform to pensions tax relief to raise significant sums.
British American Tobacco pension schemes' net liabilities almost double in a year
British American Tobacco’s (BAT) overall net liability for its pensions and healthcare schemes in group subsidiaries nearly doubled in the year to 31 December 2019 to £1.03bn from £518m the year prior.
House of Lords calls for pensions to align with Paris Climate Agreement
The House of Lords has called for pension schemes to align their portfolios with the objectives of the Paris Climate Agreement.
Which? calls for urgent introduction of a pensions dashboard
Which? has called for urgent introduction of a comprehensive pensions dashboard after an investigation revealed how the current system leaves workers struggling to track down their retirement pots.
Positive expectations for TPR's long-awaited funding code
The industry has positive expectations for The Pensions Regulator’s (TPR) forthcoming funding code for defined benefit (DB) pension schemes, according to Aon.
Taylor Wimpey sees £8.9m actuarial loss on DB scheme
Taylor Wimpey saw an actuarial loss on its defined benefit (DB) pension scheme of £8.9m in the year ending 31 December 2019, significantly lower than the £84.3m loss the year prior.
West Yorkshire Pension Fund appointed to administer Barnet Council LGPS
Barnet Council has appointed West Yorkshire Pension Fund (WYPF) to replace Capita to administer its local government pension scheme (LGPS).
Pension freedoms reform called for after fears savers will run out of money
Further reforms to pension freedoms are needed to ensure the long-term success and sustainability of pension freedoms, according to the Association of British Insurers (ABI).
AE benefits apparent despite savings lull
The Department for Work and Pensions (DWP) revealed savers are sticking with the auto-enrolment (AE) saving habit as the "pensions revolution continues".
Industry not convinced by GMP equalisation tax guidance; unanswered questions remain
The pensions industry still has a number of questions following the publication of HM Revenue and Customs’ (HMRC) guidance on tax issues covering GMP equalisation.
HMRC publishes guidance on tax issues arising from GMP equalisation
HM Revenue and Customs (HMRC) has published guidance on the pension tax issues arising from equalising benefits for the effect of inequalities in guaranteed minimum pensions (GMPs).
PASA launches consultation on DB transfers code
PASA’s DB transfers code of good practice is asking the industry to commit to delivering faster, safer transfers. Holly Roach reports
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.