Moneysupermarket boosts revenue despite falling insurance premiums October 12, 2018 Price comparison website Moneysupermarket has reported an increase in revenue in its latest trading update, despite falling insurance premiums. Insurance revenues grew by two per cent to 48.7m, while revenues in its money division jumped seven per cent to 21.8 per cent in the three months to the end of September. Read more: Insurance giant makes a [...]
BT pension scheme appoints Now Pensions founder Morten Nilsson as chief exec October 9, 2018 The BT Pension Scheme today appointed the founder of Now Pensions Morten Nilsson as its new chief executive. BT Pension Scheme Management (BTPS) said Nilsson will take up the role immediately and report to the firm's chairman of the board of trustees, Paul Spencer. The telecoms giant's pension is one of the largest defined benefit [...]
Legal & General completes £2.4bn buy-out of folded telco’s pension scheme October 8, 2018 Insurer Legal & General has today finalised a £2.4bn buyout of the Nortel Networks UK Pension Plan, nearly a decade after its telecommunications sponsor collapsed, forcing it into the lifeboat. The deal will see the benefits of 15,500 pensioner members and 7,200 deferred members protected. It is the UK's joint second largest ever pensions buyout, matched [...]
Frank Field slams financial regulator over delay to pension advice fee decision October 4, 2018 Influential MP Frank Field has slammed the financial regulator for delaying a decision on whether to ban a model of charging for pensions advice which is believed to have driven mis-selling to thousands of retirees. The Financial Conduct Authority (FCA) said it sought views on whether to ban contingent charging – where a pension adviser [...]
New rules to improve standards of master trust pensions forces 30 schemes out of market October 1, 2018 New rules which have come into force today aimed at improving standards with master trust pensions have led to 30 schemes leaving the market. From today, master trusts, schemes which bring pensions held by multiple employers under the same board of trustees, will need authorisation from The Pensions Regulator (TPR) to ensure they meet new standards [...]
Prudential appoints Just Eat chair ahead of demerger October 1, 2018 The UK's largest listed insurer Prudential has hired Just Eat chairman Mike Evans ahead of the demerger of its life insurance and asset management unit, M&G Prudential. Evans brings more than 36 years of experience in the savings and investments sector to the role, having previously worked as chairman of stockbroker and financial services firm Hargreaves Lansdown and chief executive of Skandia. He will [...]
Rothesay Life buys £860m of UK ‘bad bank’ mortgage loans September 27, 2018 Insurance giant Rothesay Life has bought an £860m equity release portfolio from the UK government's "bad bank", which was set up following the financial crisis. The portfolio was sold by UK Asset Resolution (Ukar), a holding company for the closed mortgage books of failed lenders Northern Rock, Bradford & Bingley and Mortgage Express. Read more: [...]
Live for today, but plan for your future retirement – are you saving enough, and looking after your health? September 26, 2018 UK life expectancy has failed to improve for the first time since 1982, according to figures from the ONS released yesterday. However, life expectancy remains relatively high for both women and men, at 82.9 years and 79.2 years respectively. But how can we ensure that our later years will be happy, healthy and, ultimately, [...]
Mercer slams competition watchdog for data errors in pension fund industry investigation September 25, 2018 A leading player in the pension fund industry has slammed the competition watchdog for using inaccurate data in its probe into the sector. The Competition and Markets Authority (CMA) report released in July found that there was a lack of competition in the investment consultancy which could cause "material customer detriment". The UK chief [...]
Frank Field questions Pensions Regulator as Kodak scheme heads to lifeboat September 19, 2018 Leading Labour MP and chair of the Work and Pension Select Committee Frank Field has demanded answers from the Pensions Regulator (TPR) over its handling of Kodak's struggling KPP2 pension scheme. Yesterday, trustees of the scheme said it was highly likely it would fall into the Pension Protection Fund (PPF), as the business is not performing [...]