Defined contribution (DC) contributions were scaled back by 11% in the second quarter of 2020 as the impact of the pandemic set in, according to the Office for National Statistics (ONS).
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.
Local authority funds must use lessons from the past to continue delivering into the future, says James Stoddart
One in ten UK workers have paused their pension contributions during the Covid-19 pandemic with their absence from the defined contribution (DC) space bringing serious implications for the retirement landscape.
The Hays Pension Scheme has agreed a six-year contract extension with EQ Paymaster to deliver services including GMP equalisation, data cleansing, and address tracing.
This week’s top stories included UBS’ completion of a £1.4bn longevity swap with Zurich and Canada Life, while chancellor Rishi Sunak announced the government’s Kickstart Scheme as part of provisions outlined in the Summer Statement.
The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.
Nimble footwork enables small schemes to compete with the big boys in the buyout market, says Stephanie Hawthorne.
Textiles company AW Hainsworth has secured a buyout for its defined benefit pension scheme in a deal worth £2.3m.
Legal & General (L&G) has launched an online annuity searching tool, allowing consumers to compare rates across six leading providers.
The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.
The Aegon UK Staff Retirement and Death Benefit Scheme has secured a £144m buy-in with Phoenix, covering around a quarter of pensioner liabilities.
Mutual Scottish Friendly has completed the acquisition of a back book of life and pension policies from financial services provider Canada Life.
More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
This week's top stories included The Pensions Regulator launching a consultation on the future of trusteeship.
The Smiths Industries Pension Scheme has secured a £176m buy-in with Canada Life, its second with the insurer.
This week's top stories included The Pensions Regulator announcing its next chief executive, as well as the details of a joint fraud operation with the police.
The Reuters Pension Fund has completed a £625m full pensioner buy-in with Canada Life in the insurer's largest ever deal.
This week's top stories included The Insolvency Service disqualifying four trustee directors who were found to have mismanaged members' pension funds.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
The British Airways sponsored Airways Pension Scheme (APS) has completed a £4.4bn pensioner bulk annuity buy-in with Legal & General.