Hope William-Smith
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Trustees urged to prepare for Covid-19 'material consequences' to DB schemes
Trustees “must be confident” they can continue to take care of members despite the ongoing financial fallouts caused by the spread of coronavirus, says Dalriada Trustees.
Five stories you may have missed this week
This week’s top stories included a call on the Treasury to relax pension rules to help enable saving after the coronavirus crisis, and the industry’s call for clearer guidance from The Pensions Regulator (TPR) on managing Covid-19.
Exclusive: Alternatives and ESG floundering in DC investment
Defined contribution (DC) schemes are mostly content with the current asset classes available despite the industry’s push into proving members can benefit from diversified investments underpinned by strong ESG integration.
Pension cashflow challenges flagged for 94% of employers
Almost all employers are now facing challenges when providing their staff with a workplace pension, according to Smarterly.
UPDATED: 'Beleaguered and bewildered' pensions industry begs TPR for clearer Covid-19 guidance
The Pension Regulator’s (TPR) updated guidance has been met with some criticism from the industry, which is urging more action as the UK enters Covid-19 pandemic lockdown.
Mercer calls for deficit contribution halt to help struggling pensions system
The continuation of pension deficit contributions is unattainable during the Covid-19 pandemic, Mercer has told The Pensions Regulator (TPR).
RPMI Railpen acquires London works office scheme
RPMI Railpen has added to its portfolio of London office investments with the purchase of Camden Works office scheme.
Five stories you may have missed this week
This week's top stories include ten tips for mastering virtual trustee meetings, and Unbiased's calculation that five to ten years is a reasonable amount of time for a workplace pension to recover from the market shocks of the Covid-19 crisis.
ReAssure operating profit climbs 57% ahead of Phoenix merger
Life insurer ReAssure has posted strong 2019 results as it prepares to be merged into rival Phoenix Group by the middle of the year.
Five to ten years 'reasonable' for pension coronavirus recovery
Savers with less than a decade to go until retirement have a reasonable timeframe ahead for their pension to recover from the market instability caused by the Covid-19 coronavirus, according to Unbiased.
Parliamentary group launches to step up action on pension scams
The new All-Party Parliamentary Group (APPG) on Pension Scams has had its inaugural meeting in parliament to outline its priorities for boosting public awareness around scam risks.
PensionBee to launch UK's first fossil fuel-free fund with L&G
PensionBee has confirmed it has partnered with Legal & General with plans to launch the nation’s first fossil fuel-free fund.
Three weeks leaves 'no time' for trustees to explain £90,000 taper raise
The government has left pension schemes with insufficient time to prepare members for changes to tapered annual allowance thresholds, due to come into effect from 6 April.
'Draconian penalties' promised for schemes with poor dashboard data
Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”
DWP to legislate for DC consolidation 'nudge'
Small defined contribution (DC) schemes will be “nudged” into consolidation under new government plans to ramp up governance.
Opperman: 'Some people want me to be less of an innovator'
Guy Opperman says he will not slow down on aiming to implement “ambitious” programmes to tackle climate change while the government will also continue to intervene where it feels the industry is not doing enough.
USS flags scheme valuation methodology changes
Universities Superannuation Scheme (USS) will continue its discussions over whether a pre-and post-retirement dual discount rate approach could help plug serious funding concerns for its defined benefit (DB) section.
Scottish Widows debuts responsible investment framework
Scottish Widows is aiming to boost its sustainability practices by working under a new responsible investment and stewardship framework.
Phoenix confirms acquisition of rival ReAssure by mid-2020
Phoenix Group has confirmed the acquisition of rival life insurer ReAssure Group with the deal set for completion in the next six months.
Five stories you may have missed this week
This week’s top stories include the rebrand of KPMG’s former pensions advisory practice, and the Department for Work and Pensions’ announcement that the general levy will rise 10% from 1 April.
Flybe pension scheme members may not be covered by PPF protection
The pensions of former staff of collapsed British airline Flybe will not be protected by the Pension Protection Fund (PPF) as it sits outside the lifeboat’s UK jurisdiction.
Chancellor poised to plug NHS pension crisis with annual allowance easement
New chancellor Rishi Sunak is likely to ease restrictions on pension tax relief for high earners to meet the NHS workforce crisis.
PMI launches Northern Ireland regional group
The Pensions Management Institute (PMI) has launched a Belfast-based regional group to boost member engagement opportunities across Northern Ireland.
DWP disappoints with 'unfortunate' decision to hike general levy by 10%
The Department for Work and Pensions (DWP) says it will press ahead with a 10% increase to the general levy from 1 April, despite a severe industry backlash to a consultation on the issue.
England and Wales life expectancy predictions rise
Mortality rates across England and Wales were 3.8% lower in 2019 than in 2018, representing the largest annual fall since 2011.
SPP names Fred Emden as chief executive
The Society of Pension Professionals (SPP) has named Fred Emden as its first chief executive.
KPMG's former pensions advisory practice launches as Isio following buyout
KPMG’s pensions advisory business has relaunched following a £200m leveraged buyout that will see it rebrand as Isio.
Five stories you may have missed this week
This week’s top stories included further calls for reforms of the pension freedoms, and prevailing uncertainty over cuts to tax relief on pension contributions.
No industry consensus on scrapping high-rate tax relief
There was no industry consensus on the benefits and negatives of scrapping high-rate tax relief from this week’s 115 Pension Buzz peers in split results.
Majority of industry back extension of auto-enrolment age
Four in five of Society of Pension Professionals (SPP) members say the minimum age criterion for auto-enrolment (AE) should be dropped while two thirds also want it expanded to age 75.
Law Debenture posts 11.7% growth in pensions revenue
Law Debenture has reported a smaller overall growth in pensions revenue for 2019 despite an increase in net pensions revenue.
Maps names industry leaders for financial wellbeing initiative
The Money and Pensions Service (Maps) has named 12 sector leaders as challenge group chairs to spearhead its newly launched strategy for financial wellbeing.
Tax hikes vital to meet spending promises, says IFS
Taxes will have to increase after the March Budget if the government plans to honour the spending plans in outlined last year, the Institute for Fiscal Studies (IFS) has warned.
Uncertainty prevails over pension contribution tax relief cuts
Reports that new chancellor Rishi Sunak is set to abandon cuts to tax relief on pensions contributions are continuing to circle.
Dalriada: Two regimes for professional trustees will 'undermine' benefits of accreditation
The launch of two accreditation regimes for professional trustees into the industry at the same time is both unnecessary and confusing, says Dalriada Trustees.
Nest tackles Barclays amid climate change pressure
Nest has demanded Barclays provide a “robust plan” on winding up investments into fossil fuel providers.
Five stories you may have missed this week
This week’s top stories included the launch of Scottish Widows’ new responsible investment team, and reports of Treasury plans to cut pension tax relief for high earners.
Trustees question competence over ESG policies
Almost half (43%) of trustees do not feel able to monitor and report on their schemes ESG policy to a high standard, according to CACEIS.
BAE to inject £1bn into restructured pension scheme
BAE Systems will make a one-off payment of £1bn into its pension scheme “in the coming months” to plug a £1.9bn hole.
Pension Protection Fund announces nine partner firms for new framework agreement
The Pension Protection Fund (PPF) has wrapped up its three-month procurement process for partners to assist in the development of a framework agreement to provide administration, actuarial, and consultancy services to its board.
UPDATE: DWP outlines climate risk mitigation expectations to TPR
The Department for Work and Pensions (DWP) has called on The Pensions Regulator (TPR) to deepen its research on its planned regulatory approach to tackling climate-related risks and how it would manage any opportunities from climate change.
PIC to invest £190m in solar bond investment
Pension Insurance Corporation (PIC) will provide €220m (£190m) of debt funding for 21 solar parks in southern Spain, adding to the £700m it has invested in the renewables sector to date.
Treasury considers cuts to 'perverse' higher-rate pensions tax relief
High earners could face significant cuts to pension tax relief in the upcoming Budget under new Treasury plans to rein in the “perverse” system, according to reports.
One in five contract-based schemes expected to move into a master trust
A fifth of contract-based pension schemes expect to move to a master trust by 2025, along with a third of trust-based plans.
Government urged to act on ambiguous approach to climate risk
UKSIF says scheme trustees are failing to comply with their investment duties around ESG. Hope William-Smith looks at whether they need government intervention to get back on track.
Scottish Widows launches responsible investment team
Scottish Widows has created a specialist responsible investment team to monitor sustainable activity across its fund range.
Five stories you may have missed this week
This week’s top stories included The Pensions Regulator’s announcement of new measures around the appointment of professional trustees, and the £3bn Merchant Navy Officers Pension Fund completing a £1.6bn buy-in with Pension Insurance Corporation.
Guy Opperman reappointed as pensions minister following cabinet reshuffle
Guy Opperman has held onto his role as minister for pensions and financial inclusion after an action-packed cabinet reshuffle yesterday.