Hope William-Smith
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Around 240,000 pension savers may have lost more than £14bn to fraud
More than 240,600 savers have lost an estimated £14.6bn of pension savings to fraudsters, but a further £2.5trn remains potentially accessible to criminals, The People’s Pension (TPP) says.
Aon flags pension scheme woes ahead of corporate insolvency protection lift
Pensions schemes with sponsors facing severe economic difficulties due to Covid-19 must prepare for the lifting of temporary protections from corporate insolvency at the end of the year, Aon says.
Councils face '£2bn' pension fund hole from failed oil investments
More than £1.75bn has been wiped from the pension funds of councils across the UK after three years of crashing oil investments, research shows.
Aviva Master Trust default strategy now fully ESG factored
Aviva Investors’ fully ESG-integrated ‘My Future Focus’ investment strategy has been adopted by the Aviva Master Trust as its standard default.
CMI: Second wave excess deaths hit 5,000
Another week-on-week increase in the number of deaths with Covid-19 mentioned on the death certificate has brought total excess deaths since the beginning of the second wave to 5,000.
PP Monthly Digest: November 2020
Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.
AMNT launches DWP-supported voting infrastructure working group
The Association of Member Nominated Trustees (AMNT) has officially launched a working group focused on dismantling the “overly complex and archaic” barriers to trustee voting.
Phoenix launches ESG DC default solution
Phoenix Group will launch an ESG defined contribution (DC) default solution for pension fund clients of its Standard Life Assurance business and their scheme members.
Exclusive: Multiple dashboards unnecessary says industry in mixed Pension Schemes Bill feedback
More than four in five employers oppose the implementation of multiple pensions dashboards and any that do not include state pensions, the Association of Consulting Actuaries (ACA) says.
PASA looks to ramp up pensions admin standards with Deloitte partnership
The Pensions Administration Standards Association (PASA) has announced global consultant Deloitte as its expert knowledge provider for data.
Caroline Rookes confirmed as permanent TPO chairwoman
The government has confirmed the current interim chairwoman of The Pensions Ombudsman (TPO), Caroline Rookes, will continue the role in a permanent capacity.
Five stories you may have missed this week
This week’s top stories included further support for an overhaul of the pension tax regime, while the Treasury confirmed the Retail Prices Index will be reformed by 2030.
CMI: Excess deaths reach new high for 2020
The UK’s cumulative excess deaths figure for 2020 is higher now than at the previous peak of 64,600 recorded during the first wave of Covid-19, the Continuous Mortality Investigation (CMI) says.
92% of pension funds to allocate to renewables; Covid-19 recovery slows fossil fuel divestment
While the majority (92%) of pension funds in the UK plan to increase their allocations to renewables, the economic impacts of the coronavirus will see larger climate-positive moves such a fossil fuel divestment significant delayed, Octopus Renewables...
Pension tax reform support remains high; Sunak flags potential changes
The majority of employers currently support the simplification of the pension tax regime, with evidence mounting of its adverse impacts, the Association of Consulting Actuaries (ACA) finds.
LGPS-backed infrastructure fund invests in East Coast Main Line Fleet
GLIL Infrastructure has agreed to acquire a 30% equity stake Agility Trains East (ATE) for a rolling stock fleet of 65 new UK intercity trains from Tokyo-headquartered Hitachi Rail.
Five stories you may have missed this week
This week’s top stories included the rejection of an automatic guidance amendment in the Pension Schemes Bill, while The Pensions Regulator posted a sharp increase in the use of its powers.
DB funds as an economic lever could derail schemes from responsibilities
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.
CMI: Fourth consecutive week of increasing excess deaths
England and Wales have seen a fourth successive week of increasing excess death figures as the countries battle through the second wave of the coronavirus pandemic.
Exclusive: BlackRock's flagship LifePath strategy to target 50%+ ESG by mid-2021
More than half of BlackRock’s flagship UK defined contribution (DC) default fund’s assets will be invested in ESG strategies by June 2021.
MPs jeopardising pension security without further bill amendments, Altmann says
MPs considering the Pension Schemes Bill in its final stage must push back on changes which could damage private pension viability, according to former pensions minister Ros Altmann.
Talk Money Week 2020: Comparative analysis of workplace pension providers vital
“Information asymmetry” is holding back workplace pensions despite a clear wealth of provider offerings to try and plug the problem, Benefits Guru says.
Responsible investment bill ignites shoehorning concerns
Legislation formalising trustees’ ESG duties could be overly prescriptive and lay down too much pressure on schemes, the industry has told PP.
Five stories you may have missed this week
This week’s top stories included the launch of Scottish Widows’ ESG exclusions policy, while Deloitte acquired the admin and actuarial business of Kerr Henderson.
Talk Money Week 2020: Pension savings patterns risk post-coronavirus retirement ruin
Stopping or reducing pensions contributions will begin to affect savers’ retirement outcomes if the habit is sustained too long amid the ongoing Covid-19 pandemic, Aon says.
Pensions bill must make net zero a 'mandatory requirement' for schemes, MMMM says
Ethical pensions campaign Make My Money Matter (MMMM) has called on the government to use the Pension Schemes Bill to require all UK pension funds to commit to net-zero emission investment strategies.
CMI: Excess mortality continues as Covid-19 deaths rise
All-cause mortality remains higher than levels observed last year with the number of weekly deaths related to Covid-19 surpassing 1,000.
Multiple jobholders face 46% less than the baseline population's pension income
Pension savers who work multiple part-time jobs are likely to reach retirement with pension wealth equivalent to just 6% of the average man’s, Now Pensions finds.
Talk Money Week 2020: Key considerations for avoiding pension scams
Savers who talk about their financial situation are less likely to become victims of a pension scam, research shows.
Scottish Widows to divest £440m from companies failing on ESG
Scottish Widows has begun work with its fund management partners to divest at least £440m from companies which do not meet its ESG standards under a new exclusions policy.
Five stories you may have missed this week
This week’s top stories included the Marks and Spencer Pension Scheme completing two buy-ins, while the Work and Pensions Committee submitted an amendment to the Pension Schemes Bill.
2020 Trustees acquires Steve Southern Trustees
Independent trustee firm 2020 Trustees has acquired Manchester-based Steve Southern Trustees (SST).
Responsible investment bill proposed to provide 'clear pathway' on trustee ESG duties
New legislation is needed to push pension trustees and asset managers to consider ESG factors within their legal duty to beneficiaries, as well as ensuring trustees are up to standard, ShareAction says.
Ross Trustees announces six trustee and support team promotions
Six members of Ross Trustees’ pension trustee and support teams have been promoted into new roles.
PIC invests £40m in London property development
Pension Insurance Corporation (PIC) has invested £40m in debt issued by the Royal College of Surgeons in England to finance the redevelopment of its London headquarters.
CMI: Excess mortality returns with second Covid-19 wave
The number of deaths with coronavirus mentioned on the death certificate has continued to increase in recent weeks with all-cause mortality now higher than levels observed in 2019.
Exclusive: Trustees urged to 'refocus' their time to fix ESG crisis
Trustees need to address two urgent priorities in order to “unlock real ESG action” in UK pensions, Willis Towers Watson says.
Kempen sets 2050 net-zero target
Kempen Capital Management has committed to have net-zero emission investments by 2050 as part of stringent policies laid down to address climate change.
Small pots taskforce faces uphill battle
The industry is peppered with expensive and sterile small pension pots, but plans are afoot to tackle the problem
How happy are lay trustees in their role?
Professional Pensions is looking to speak to a number of member-nominated trustees.
Flexible pension withdrawals slide 2% in 12 months
The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.
Five stories you may have missed this week
This week’s top stories included a ruling for a convicted trustee to return £292,000 in stolen pension funds, while the long-awaited timeline for the pensions dashboard was announced.
Trustee forced to return £292,000 stolen from workplace scheme
A convicted fraudster has been ordered to repay £292,000 which he transferred from savers’ pension pots and funnelled into businesses he part-owned.
Workplace schemes mandated to 'nudge' members into pensions guidance
Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.
Scheme sponsors face £100bn in costs under DB funding code and pensions bill rules, says LCP
The sponsoring employers of the UK’s largest pension schemes may have to put an additional £40-£45bn into their schemes over the next decade, Lane Clark & Peacock (LCP) warns.
Pension raid for property leaves industry vexed
Almost three-quarters of PP readers disagree that pension scheme members should be allowed to access funds early to use as a house deposit.
10,000 Black Interns campaign launches with leading investment managers' backing
Leading figures of the investment management industry have today launched the 10,000 Black Interns programme which aims to improve and transform the career prospects of young black people in the UK.
Two-in-three DB sponsors issue profit warnings in 2020
“Mounting red flags of financial stress” have meant almost two-thirds of listed companies with defined benefit (DB) schemes have issued profit warnings this year, EY says.