LCP
Five stories you may have missed this week
This week’s top stories include reports of HM Treasury’s plans to give higher tax relief to those earning over £110,000, and Sir Steve Webb’s move from Royal London to Lane Clark and Peacock.
Have investment managers improved their ESG approaches?
Investment managers are much more transparent on their stewardship approaches, but it remains important for there to be an ongoing dialogue with trustees. Kim Kaveh explores the findings.
Sir Steve Webb to join LCP
Sir Steve Webb will join Lane Clark and Peacock (LCP) as a partner, leaving Royal London where he is currently director of policy.
£30bn bulk annuity market to be the 'new normal'
Insurers are now able to accommodate up to £30bn of bulk annuity transactions every year with no impact on pricing, according to Lane Clark & Peacock (LCP).
UPDATED: The UK's biggest pension consulting firms by revenue
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
Is it time to ditch CDI for RDI?
Return-driven investment strategies can deliver a better match for scheme-specific return targets via a more diversified and liquid portfolio, argues Gavin Orpin.
PMI Student Essay Competition: What the dashboard can learn from open banking, Midata and Fitbit
LCP’s Ella Purkiss was the winner of the PMI's second student essay competition. In her paper, she sets out her ideas as to what the industry can learn from other sectors when designing and delivering the pensions dashboard.
Pensions bill derailed again as general election called
The pension schemes bill will face yet another delay as the UK seems set to have its third general election in five years on 12 December.
Number of small scheme bulk annuities falls 30% in five years
There has been a 30% reduction in the number of small scheme buy-in and buyout transactions, highlighting how insurer attention has shifted towards larger deals.
RPI changes raise volatility concerns for schemes over pension stability
Trustees and scheme sponsors should avoid significant pension actions until proposed changes to RPI inflation methodology become clearer, Lane Clark & Peacock says.
UPDATED: The biggest buy-ins and buyouts announced since 2007
There have now been a total of around 50 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...
Royal London and LCP call for wider access to partial DB transfers
There needs to be wider access to partial transfers out of defined benefit (DB) schemes, according to a joint paper published by Royal London and Lane Clark & Peacock (LCP).
Is NEST setting a benchmark for other DC schemes?
NEST has allocated 5% of assets to private credit and announced its two fund managers for this area. Holly Roach looks at how the provider is leading the way for other schemes
Tate & Lyle secures £930m buy-in with L&G
The Tate & Lyle Pension Scheme has completed a £930m full buy-in with Legal & General (L&G), insuring benefits for around 4,800 members.
Life expectancy improvements slow as think-tank suggests faster state pension age rise
The Centre for Social Justice has proposed raising the state pension age to 75 by 2035, despite a slowdown in mortality improvements. Holly Roach reports
Five stories you may have missed this week
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Exclusive: LCP posts 16% growth in DC revenues and record revenue
Lane Clark and Peacock (LCP) achieved a record total revenue of £114.9m in the 2018/19 financial year, partly helped by a 15.5% growth in revenues from its defined contribution (DC) business.
Active equity fees fall by 11% in two years, while corporate bond fees rise
LCP research reveals global active equity fees have fallen for yet another year, while corporate bond fees are on the rise. Holly Roach looks at the findings.
Bulk annuity market breaks yet another record with £17bn of first half deals
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
British American Tobacco scheme completes £3.4bn buy-in with PIC
The British American Tobacco (BAT) UK Pension Fund has completed a £3.4bn buy-in with Pension Insurance Corporation (PIC), the largest buy-in transaction including pensioner and deferred members.
TPR moots move to single code of practice with 'clear and consistent' expectations
The Pensions Regulator (TPR) is considering plans to combine its 15 codes of practice into a single, shorter code as part of its 'clearer, quicker and tougher' initiative.
Trustees should focus on journey, not just the goal, says LCP
The journey to endgame for defined benefit (DB) schemes can be just as important on focusing on long-term funding targets, according to Lane Clark and Peacock (LCP).
Bulk annuity transactions will top £15bn in H1, predicts LCP
Lane Clark and Peacock (LCP) has predicted the total volume of buy-ins and buyouts will surpass £15bn in the first half of this year, more than double 2018 H1 volumes.
UK retirees outlive their savings by a decade, finds World Economic Forum
People retiring in the UK will on average outlive their pension savings by 10 years, according to research by the World Economic Forum (WEF).
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