Hope William-Smith
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Royal London pension sales feel Covid bite
Life and pensions new business sales at Royal London were 20% lower in 2020 due to the impact of national lockdowns on the UK economy.
Five stories you may have missed this week
This week’s top stories included the chancellor’s freezing of the lifetime allowance in the Spring Budget, along with the industry’s unfavourable response to the move.
KPMG employer covenant team acquired by private equity firm H.I.G Europe
The restructuring division of KPMG, including its employer covenant team, will be acquired by H.I.G Europe.
DB sponsors could defer contributions for higher tax relief under Budget measures
Changes to corporation tax announced in the Spring Budget could see defined benefit (DB) scheme sponsors defer contributions in favour of tax relief, according to Barnett Waddingham.
Spring Budget 2021: Icy response to lifetime allowance freeze
The industry has provided a predominantly negative response to the confirmation today that the lifetime allowance will be frozen at £1,073,100 until April 2026.
Spring Budget 2021: Lifetime allowance frozen until 2026
Chancellor Rishi Sunak has confirmed that the pensions lifetime allowance will be frozen at its current rate until 2026.
CMI: Fall in weekly excess deaths continues
The latest mortality monitor update from the Continuous Mortality Investigation (CMI) shows excess death rates are continuing to fall as the UK passes through the second wave of the Covid-19 pandemic.
Net-zero Britain target creates anchor for £350bn of investment
Up to £350bn of investible assets could be found within the energy sector over the next 30 years as investment in opportunities to decarbonise the economy by 2050 increases, Lane Clark & Peacock (LCP) finds.
PP Monthly Digest: February 2021
Here it is, our monthly digest of the most important articles Professional Pensions has written and published over the last month, along with some contextual notes.
Longevity assumptions retain stability despite Covid
The outlook for future longevity in the UK has not necessarily worsened as a result of the coronavirus pandemic, Aon says.
Five stories you may have missed this week
This week’s top stories included a legal challenge over the government’s Retail Prices Index realignment, while British Airwards deferred £450m in deficit recovery contributions.
Chancellor Sunak 'likely' to freeze lifetime allowance
Chancellor Rishi Sunak has plans to freeze the lifetime allowance for the rest of the current parliament in a "stealth tax" on the wealthy, according to reports.
PLSA: Most pension tax reforms will leave things worse and schemes at risk
Most reform options for pension tax will leave many savers with smaller pots and cause substantially more costs for schemes and employers, says the Pensions and Lifetime Savings Association (PLSA).
CMI: Excess deaths beginning to fall
The number of deaths registered in England and Wales for week six of 2021 was 27% higher than expected, down from 52% higher than expected in week five of the new year.
Pension freedoms introduced too fast with safeguards passed over
Corners were cut in the 2015 introduction of pension freedoms which have left pension savers vulnerable and suffering, according to Work and Pensions Committee (WPC) chairman Stephen Timms.
Local government councils still holding £10bn investment in fossil fuels
UK local government pension funds held £9.9bn worth of investments in fossil fuel companies in the 2019/20 year despite promoting moves towards greener investing, a freedom of information (FoI) request shows.
TPR publishes full details of charity pension trustee fraud case
The Pensions Regulator (TPR) has published a regulatory intervention report on the case of jailed former charity for the disabled trustee and chief executive Patrick McLarry.
Search for new TPO ombudsman begins
The Department for Work and Pensions (DWP) has opened applications at The Pensions Ombudsman (TPO) to replace the outgoing Anthony Arter.
Exclusive: ACA calls for policy reform on AE, investments, and pensions tax
The Association of Consulting Actuaries (ACA) has set out six key reform areas it is calling on the government to address before the end of the current parliament.
HSBC increases AUM on DB pensions risk platform
HSBC will increase its assets under management on Moody’s Analytics’ defined benefit (DB) software platform, expanding its use from six to 15 countries.
Five stories you may have missed this week
This week’s top stories included the release of new guidance from the GMP Equalisation Working Group, while Zedra acquired pensions executive support provider Inside Pensions.
TPR flexes powers after 8,200 quarterly AE breach increase
Enforcement activity carried out by The Pensions Regulator (TPR) between October and December 2020 saw auto-enrolment (AE) powers used on a total of 24,799 occasions, up 8,200 from the instances in Q3.
World's largest pension markets show Covid resilience; UK drops to third place
The UK recorded a compound annual growth rate of 4.6% in the last decade and is now the third largest global pension market, having slipped behind Japan during a difficult 2020.
CMI: Excess deaths surpass 100,000
Excess deaths in week five of 2021 were 5,526 higher than if mortality rates had been the same in 2019, bringing the total number since the start of the pandemic to more than 100,000.
DB schemes need own journeys to net-zero commitments, industry says
Four in five (81%) industry professionals believe defined benefit (DB) schemes should choose their own framework and pathway to net-zero rather than following set prescriptions.
Finalisation of net pay review vital in Budget, Now Pensions says
Chancellor Rishi Sunak must conclude the net pay review in the upcoming Budget to support the retirement income of low-paid workers, Now Pensions says.
Five stories you may have missed this week
This week’s top stories included the government’s announcement that the normal minimum pensions age will rise to 57 in 2028, while PwC research suggested lagging remuneration and lack of diversity among trustees.
Cushon eyes more master trusts after Salvus acquisition
Workplace savings fintech Cushon has expanded its acquisition target to include pension-focused businesses as well as master trusts.
CMI: High death figure trend closes out January
Excess deaths across the UK remained 50% higher than normal in the last week of January as Covid-19 continues to significantly impact figures.
PGIM Real Estate completes $30bn worth of transactions in 2020
Around $30bn (£22.7bn) in transactions were completed worldwide by PGIM Real Estate last year despite market concerns related to the coronavirus pandemic.
Cushon names three new trustee executives
Dianne Day and Andrew Warwick-Thompson have been appointed as independent directors at workplace savings business Cushon.
Scottish Widows targets net-zero across £170bn fund range by 2050
Scottish Widows will aim to halve the carbon footprint of its investments by 2030 on the way to achieving net-zero across its entire portfolio of investments by 2050.
No let up for NHS doctors on pension tax tribulations
The government has drawn a line under talk of broad reform of the pension system for higher-paid NHS workers, such as doctors who face high tax charges, opting instead to build on flexibilities introduced last year.
Five stories you may have missed this week
This week’s top stories included Mercer’s closure of five offices and Hymans Robertson’s acquisition of Bath Actuarial Consulting.
CMI: Deaths still 50% higher than normal figures
Excess deaths across the UK are continuing to rise as the coronavirus pandemic persists, analysis from the Continuous Mortality Investigation (CMI) shows.
ESG Watch: PIC invests £120m in solar bonds; Aviva Investors launches climate escalation programme; Federated Hermes outlines climate-centric engagement plan
Professional Pensions rounds up some of the latest ESG and climate news from across the industry.
PP Monthly Digest: January 2021
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.
Exclusive: DB sponsor profit warnings trend continues unwelcome escalation
Defined benefit (DB) pension scheme sponsors issued 249 profit warnings last year, 90% of which were specifically related to the coronavirus pandemic, according to EY.
Five stories you may have missed this week
This week’s top stories included the Legal & General Group UK Senior Pension Scheme’s £400m assured payment policy deal, and the Pensions and Lifetime Savings Association appointed six members to its policy board.
OTS pension tax proposals risk further hike in costs to government
Proposals put forward by the Office for Tax Simplification (OTS) to pass pension data directly to HMRC will likely help savers but add millions more to the cost of pension tax relief, Lane Clark & Peacock (LCP) says.
Michael O'Higgins to step down as Local Pensions Partnership chairman
Local Pensions Partnership (LPP) chairman Michael O’Higgins will step down from his position in summer following a restructure.
Exclusive: Trustees push schemes for tech support ahead of new online era
Defined benefit (DB) scheme trustees are looking to their schemes to provide them with better technological support, with eight in ten agreeing ad-hoc and online meetings will permanently replace the pre-Covid quarterly meeting cycle.
Government outlines climate risk governance and TCFD reporting changes
The government has outlined updated requirements for schemes in a new consultation confirming Task Force on Climate-related Financial Disclosures (TCFD)-aligned disclosures will be mandatory across the board by 2025.
CMI: 5,000 excess deaths for week two of 2021
The number of excess deaths registered in England and Wales in the second week of 2021 is around 5,000, according to the Continuous Mortality Investigation (CMI).
PLSA unveils six policy board appointments
The Pensions and Lifetime Savings Association (PLSA) has appointed six members to its policy board as it lays down a defined benefit (DB) funding-centric priority list for 2021.
Eight schemes write to Number 10 to urge more action on climate change
Eight major pension fund executives have called on prime minister Boris Johnson and the government to allow the financial sector to contribute to the UK’s decarbonisation efforts ahead of the COP26 summit in Glasgow.
Think tank floats Aviva-backed lower income-focused retirement target framework
A pension benchmark for future living standards is necessary and feasible if enough attention is given to formulating an accreditation that will work for both employers and employees, the Resolution Foundation says.
PP Monthly Digest: December 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.