ABI
Five stories you may have missed this week
This week’s top stories included Isio’s first financial results, while the Association of British Insurers insured 191 members’ benefits in a £26m buy-in with Aviva.
ABI agrees £26m buy-in with Aviva
The Association of British Insurers (ABI) Pension & Assurance Scheme has insured benefits for 191 members in a £26m buy-in with Aviva.
Industry working group formed to tackle small pension pots problem
An industry co-ordination group has been established to take forward the recommendations of the Department for Work and Pensions’ (DWP’s) small pension pots working group.
RPI reform to cost schemes and investors up to £130bn
Potential changes to the way the Retail Prices Index (RPI) is calculated and reported could cause assets to fall by between £60bn and £130bn, according to various estimates.
Tax-free lump sum pension withdrawals halve during Covid-19
The number of savers opting to withdraw a tax-free lump sum from their pension has dropped more than 53% since the start of the coronavirus pandemic, according to the Association of British Insurers (ABI).
ABI calls for overhaul of pensions tax relief; Industry says change will be 'far from easy'
The UK’s system of pensions tax relief needs to be overhauled to make it fairer to the lower paid and younger savers, the Association of British Insurers (ABI) says.
Pension freedoms reform called for after fears savers will run out of money
Further reforms to pension freedoms are needed to ensure the long-term success and sustainability of pension freedoms, according to the Association of British Insurers (ABI).
WPC calls for 'agreed definition' of value for money in wide-ranging pension transparency report
The government and regulators should not wait for the industry to "fail to act voluntarily" to provide value for money in pensions, the Work and Pensions Committee (WPC) says.
Breaking down the barriers to pensions understanding
Pensions have been seen as unfathomable for too long. George Currie says two initiatives currently underway may begin to change this perception.
Segars becomes member of L&G's IGC
Legal and General (L&G) has appointed Joanne Segars as a member of its independent governance committee (IGC).
DWP must compel use of cost transparency templates in pensions bill, MPs told
A pensions bill expected next year must include law to require schemes to collect, publish and analyse cost transparency data from their asset managers, MPs have been told.
Partnership deal agreed between ABI and NEST
The Association of British Insurers (ABI) and the National Employment Savings Trust (NEST) have agreed a partnership deal in a bid to formalise their relationship.
Simpler annual statement is a step in the right direction
The two-sided simplified annual pensions statement should be applauded, even if it missing information, says Jonathan Stapleton.
Esther McVey: Dashboard will 'build on' DWP's state pension tool
Esther McVey has reiterated the government's support for an industry-led pensions dashboard as she praised the success of auto-enrolment (AE).
Love your pension and avoid working like a dog in later life, ABI tells millennials
The Association of British Insurers (ABI) has launched a campaign targeted at younger workers to "love your pension" and appreciate the value of auto-enrolment (AE).
McVey preparing to 'kill off' government dashboard support - reports
Secretary of state for work and pensions Esther McVey may end the government's involvement in the pensions dashboard project, according to reports.
Dashboard should not be limited to a single 'government-designed lens', says ABI
The government should allow the industry to develop multiple commercial pensions dashboards, according to the Association of British Insurers (ABI).
Incoming Zurich CEO named first woman chair of ABI
First woman in its 100-year history
PLSA announces new head of research and policy lead for LGPS & DB
The Pensions and Lifetime Savings Association (PLSA) is bolstering its policy and research teams with two new appointments.
Providers axe complex language from pensions communications
Thousands of pensions documents have been adapted and simplified for consumers after a two-year industry initiative, according to the Association of British Insurers (ABI).
What's next for auto-enrolment?
Phasing has arrived with auto-enrolment contributions rising from 2% to 5% for millions of pension savers. As we wait to see what happens as a result, James Phillips asks what's next.
Costs and charges slashed for £25bn of DC accounts
Defined contribution (DC) savers face lower costs and charges after providers made a concerted effort to reduce these to less than 1% over the past two years.
Obsession with homeownership 'crowding out' pensions
Policy pushes and the public's desire to own a home is resulting in a 15% reduced private pension income at retirement, research has suggested.
Tax relief should not be slashed for older workers to help the young
PP research shows stark opposition to reduction of tax relief.
