This week’s top stories included the passing of the Pension Schemes Bill in the House of Commons at the second reading. Also, Willis Towers Watson claimed that collective defined contribution pensions could average significantly higher than either defined contribution or defined benefit pots.
The Pension Schemes Bill has been passed in the House of Commons at the second reading, laying the groundwork for its final approval.
Typical collective defined contribution pensions would be expected to average 70% higher than either individual defined contribution insured annuities, or 40% higher than pensions provided on average in defined benefit schemes, analysis from Willis Towers Watson claims.
The Pensions Management Institute has elected Lesley Alexander as president.
The proposed changes from the McCloud judgment to Local Government Pension Scheme members could take more than two years to implement, according to the Pensions and Lifetime Savings Association.
The BT Penson Scheme has become the latest pension fund to commit to a net-zero investment strategy by a fixed date in order to mitigate the financial risks from climate change.
Brexit remains a key area of concern for pension schemes as discussions over a potential trade deal with the EU continue to intensify, according to a PP poll.
Smart has formally entered the American pensions market ahead of the launch of a record-keeping solution for pension equity plans in 2021.
XPS Pensions Group has called on fund managers to step up collection and management of climate risk data in order to get a true sense of the risk in their portfolios.
UK collective defined contribution (CDC) schemes would have weathered 2020 market volatility and would not have needed to cut member benefits, Aon says.