News
Five stories you may have missed this week
This week’s top stories included further calls for reforms of the pension freedoms, and prevailing uncertainty over cuts to tax relief on pension contributions.
Chancellor should simplify 'hideously complex' pensions tax relief system
Lane Clark & Peacock (LCP) has suggested the chancellor should take advantage of a large parliamentary majority to introduce a fundamental reform to pensions tax relief to raise significant sums.
No industry consensus on scrapping high-rate tax relief
There was no industry consensus on the benefits and negatives of scrapping high-rate tax relief from this week’s 115 Pension Buzz peers in split results.
'Dark storm' of coronavirus sees global stocks suffer worst week
The S&P 500 closed in negative territory again yesterday, down 4.4%, the largest drop since August 2011.
Majority of industry back extension of auto-enrolment age
Four in five of Society of Pension Professionals (SPP) members say the minimum age criterion for auto-enrolment (AE) should be dropped while two thirds also want it expanded to age 75.
Law Debenture posts 11.7% growth in pensions revenue
Law Debenture has reported a smaller overall growth in pensions revenue for 2019 despite an increase in net pensions revenue.
British American Tobacco pension schemes' net liabilities almost double in a year
British American Tobacco’s (BAT) overall net liability for its pensions and healthcare schemes in group subsidiaries nearly doubled in the year to 31 December 2019 to £1.03bn from £518m the year prior.
House of Lords calls for pensions to align with Paris Climate Agreement
The House of Lords has called for pension schemes to align their portfolios with the objectives of the Paris Climate Agreement.
Which? calls for urgent introduction of a pensions dashboard
Which? has called for urgent introduction of a comprehensive pensions dashboard after an investigation revealed how the current system leaves workers struggling to track down their retirement pots.
Dashboard 'essential' as one in five do not access pension information
Almost one in five (19%) people do not access information about their pensions, research by the Association of British Insurers (ABI) and research consultancy Populus has found.
UK continues to lead way on governance amid increasing investor pressure
UK companies continue to lead the way on governance standards globally, despite an uptick in shareholder rebellions in 2019 as investors continue to ramp up pressure on investee firms, data suggests.
Brooks Macdonald announces senior management changes ahead of Cornelian merger
Brooks Macdonald has announced a raft of senior management changes ahead of the acquisition of Cornelian Asset Managers, which is set to take place tomorrow (28 February).
Maps names industry leaders for financial wellbeing initiative
The Money and Pensions Service (Maps) has named 12 sector leaders as challenge group chairs to spearhead its newly launched strategy for financial wellbeing.
Positive expectations for TPR's long-awaited funding code
The industry has positive expectations for The Pensions Regulator’s (TPR) forthcoming funding code for defined benefit (DB) pension schemes, according to Aon.
Redington gets approval for private equity backing
Regulatory approval has been granted to Redington for private equity backing from Phoenix Equity Partners.
Hear from TPR and PPF at PP's Risk & Scheme Funding Forum - register now
The Pensions Regulator (TPR) and Pension Protection Fund (PPF) will deliver keynote addresses at Professional Pensions’ Risk and Scheme Funding Forum next week.
Have your say: Do pension freedoms need reform to protect savers?
In this week’s Pensions Buzz, we want to know whether you agree that pension freedoms need reform in order to better protect savers.
Tax hikes vital to meet spending promises, says IFS
Taxes will have to increase after the March Budget if the government plans to honour the spending plans in outlined last year, the Institute for Fiscal Studies (IFS) has warned.
Taylor Wimpey sees £8.9m actuarial loss on DB scheme
Taylor Wimpey saw an actuarial loss on its defined benefit (DB) pension scheme of £8.9m in the year ending 31 December 2019, significantly lower than the £84.3m loss the year prior.
Gina Miller calls for review of Andrew Bailey's appointment at BoE
Gina Miller has published a report highlighting "regulatory failures" in financial services during Andrew Bailey's tenure as chief executive (CEO) of the Financial Conduct Authority (FCA), calling for chancellor Rishi Sunak to review Bailey’s appointment...
FCA confesses to freedom of information data breach
The Financial Conduct Authority (FCA) has admitted to a data breach which saw confidential information accidentally made publicly available.
Uncertainty prevails over pension contribution tax relief cuts
Reports that new chancellor Rishi Sunak is set to abandon cuts to tax relief on pensions contributions are continuing to circle.
Dalriada: Two regimes for professional trustees will 'undermine' benefits of accreditation
The launch of two accreditation regimes for professional trustees into the industry at the same time is both unnecessary and confusing, says Dalriada Trustees.
Improvements in life expectancy 'stall' over last decade
Life expectancy grew by less than a year for both men and women in the last ten years, with health inequalities widening at the same time, the Institute of Health Equality has concluded.
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