Brexit vote gives defined benefit pensions yet another battering, as markets swing wildly after Leave decision is revealed June 26, 2016 The vote for Brexit may have driven another nail into the coffin of defined benefit (DB) pension schemes, after the markets went into meltdown on Friday. Figures from Hargreaves Lansdown show that around 33 per cent of UK scheme investments consist of shares, 25 per cent of which are UK shares, which will have come as [...]
What Brexit means for your pension June 24, 2016 The UK went to the polls yesterday to make the historic decision to leave the EU, a result the markets had not exactly geared themselves up for. More than £100bn was wiped off the FTSE 100 this morning, while the pound dropped to its lowest point against the dollar in over 30 years, so many people [...]
Steel pension rule changes should be open to all, says Aon, on the day the British Steel Pension Scheme consultation closes June 23, 2016 Any changes to pension rules should apply across the board and not just to select industries, Aon Hewitt has told the government. The consulting giant has today revealed that, in its response to a Department for Work and Pensions consultation examining possible changes that could be made to the British Steel Pension Scheme, it advised that [...]
Government to write to the thousands who could miss new state pension requirements June 22, 2016 Government has agreed to get in touch with those who are not on track to meet the qualifying requirements for the new state pension, the Work and Pensions committee revealed today. Responding to a recommendation from the committee, government has agreed to write directly to those who look like they will not satisfy the minimum qualifying [...]
Annuities may be regaining popularity, but here’s eight myths we’re still falling for June 22, 2016 Interest in annuities may be on the rebound, but research out today shows that some people might be starting out on their retirement product shopping trip with a few misapprehensions in mind. Common preconceptions unearthed by Retirement Advantage included "annuities are poor value", "I won't live long enough to worry about buying an annuity" and "I'd [...]
UK’s pension black hole grows by £120bn in the space of six weeks, as equities fluctuate ahead of EU referendum June 21, 2016 The combined black hole in the UK's pension schemes expanded by more than £100bn in the space of just six weeks, research out today has found. The analysis by Hymans Robertson revealed that the total deficit of the UK's defined benefit (DB) pension schemes rocketed by £120bn, or roughly the equivalent of five per cent of GDP, over [...]
Eleven million people would boost their retirement savings if only they knew more about this particular pensions rule change June 21, 2016 As many as 11.4m people could be encouraged to boost their pensions savings if they had more information about a rule change that came in last year, research out today has found. The study by Aegon found that a third (33 per cent) of the 4,000 people surveyed were clueless about the pension freedoms, which came into [...]
Now the PPF is warning proposed changes to British Steel Pension Scheme could set a precedent June 21, 2016 Proposed changes to the British Steel Pension Scheme (BSPS) could set a precedent for other troubled industries, the UK's pensions lifeboat has cautioned today. Responding to an ongoing consultation into the BSPS, the Pension Protection Fund (PPF) has warned that one of the options on the table – which would involve using legislation to slash [...]
Prudentials pulls back from the UK open annuity market June 20, 2016 Prudential will no longer offer annuities on the open market and only make them available to existing customers, stoking concerns it will hit individuals' ability to shop around for the best deal. The insurer said it'd stopped accepting applications for conventional annuities from non-existing customers though financial advisors on 17 June. It cited reduced demand [...]
One fifth of pension professionals aren’t confident about scheme valuations June 16, 2016 One in 20 pension professionals said their confidence levels in the asset and liability valuations of the schemes they work is less than 50 per cent, according to a global survey by investment manager State Street. And 77 per cent of survey respondents said the challenge of navigating the adoption of new investment strategies was "high" or [...]