News

Savers withdrew £9.4bn flexibly from their retirement pots during 2020, data released by HM Revenue & Customs (HMRC) has shown.

This week’s top stories included the Legal & General Group UK Senior Pension Scheme’s £400m assured payment policy deal, and the Pensions and Lifetime Savings Association appointed six members to its policy board.

The Investment Consultants Sustainability Working Group (ICSWG) has launched a guide to help trustees assess their investment consultants’ climate competency.

Proposals put forward by the Office for Tax Simplification (OTS) to pass pension data directly to HMRC will likely help savers but add millions more to the cost of pension tax relief, Lane Clark & Peacock (LCP) says.

Local Pensions Partnership (LPP) chairman Michael O’Higgins will step down from his position in summer following a restructure.

Pension Wise is delivering double the number of appointments to pension savers in some regions of the UK than in others, a freedom of information request submitted to the Money and Pensions Service (Maps) reveals.

The Pensions and Lifetime Savings Association (PLSA) has expressed it is disappointed with the Department for Work and Pensions’ (DWP) general levy consultation – saying there should be no increase in the levy without structural reform.

Defined benefit (DB) scheme trustees are looking to their schemes to provide them with better technological support, with eight in ten agreeing ad-hoc and online meetings will permanently replace the pre-Covid quarterly meeting cycle.

Average transfer takes 11.9 days

The Aberdeen City Council Transport Fund has agreed a £230m buy-in with Rothesay in the insurer’s first deal with a Local Government Pension Scheme (LGPS) fund.