UK - The Association of British Insurers (ABI) has reported an increase in both individual pension saving and employer-sponsored stakeholder pensions for the fourth quarter of 2005, but warned against industry complacency.
ABI figures showed new business Q4 was £3.1bn, up 16% from the same quarter in 2004, while 2005 overall saw new business total £11.6bn up 13% from the year before. ABI director of life and pensions Chris Kenny (pictured) said the figures showed continued steady growth in the long-term savings market, with particularly encouraging results in the single premium individual pensions category.
“But there is certainly no room for complacency, as illustrated by the fall in regular premium individual pensions,” he warned. The increase in regular and single premium employer-sponsored stakeholder pensions was significant in the context of the current debate about pension reform, said Kenny, and suggested that growth showed both individuals and employers were willing to contribute to pension schemes through the workplace. By Damian Clarkson
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.