Workplace pensions: In praise of the humble master trust May 18, 2016 I woke up this weekend to a series of vaguely apocalyptic headlines about workplace pensions, master trusts in particular. And today none other than the country's most revered pensioner, Her Majesty The Queen, has opined on the topic. Being managing director of Smart Pension, a provider of workplace pensions via our own secure master trust, I must speak [...]
Report slams “shocking” level of pension scheme investment in hedge funds May 17, 2016 A new report has condemned the "shocking" level of UK pension scheme investment in hedge funds. SCM Direct condemned the “shockingly poor transparency” around costs and holdings, saying that many members would be unaware of the extent of their hedge fund investments. Read more: Hedge fund boss Paul Marshall to make Brexit donation The research estimated [...]
MPs warn that not enough is being done to protect consumers from mis-selling, and that the recently introduced pensions freedoms could spark a whole new scandal May 13, 2016 MPs are warning that the next financial scandal could be on the horizon, as too little is being done to address the cultural aspects that lead to wrongdoings, such as payment protection insurance (PPI) mis-selling, while a landmark pensions change has created new opportunities for such behaviours to flourish. A report released today by the Public Accounts Committee (PAC) [...]
Live: Pensions lifeboat says that it had concerns about the BHS pension scheme in 2012 May 9, 2016 The BHS' pension scheme was on the Pension Protection Fund's (PPF) radar as far back as in 2012, MPs were told today. Alan Rubenstein, chief executive of the PPF, also explained to a committee hearing that the scheme had a 23-year recovery plan at that point, which is significantly longer than would usually be allowed. Lesley Titcomb, [...]
Finance directors living in fear of pension schemes, particularly following BHS collapse April 28, 2016 Tata Steel and BHS are not the only companies with problematic pensions, as research out today has found that many finance directors have concerns about their own firm's retirement vehicles. The study by Hymans Robertson discovered that one in seven finance directors believe their company's defined benefit (DB) pension is a major risk, while the Pensions Policy [...]
The increasing number of self-employed people is causing a real headache for pensions April 28, 2016 The recent trend towards self-employment could potentially create problems for pensions, a report out today warns. According to the research by the Federation of Small Businesses (FSB), self-employment is now at its highest level for 40 years but less than a third (31 per cent) of those who are self-employed are saving into a private pension. Meanwhile, 15 [...]
Baroness Altmann tells MPs that UK pension system not as unfair as critics say April 27, 2016 The pensions minister has today told MPs that the UK's pensions system is not as unfair to younger generation as some critics have said it is. Speaking in front of the Work and Pensions Committee today, Baroness Ros Altmann cast doubt on the idea that today's retirees are living a life of luxury to the detriment [...]
Hidden fees are a stealth tax on all our savings: This is no free market April 27, 2016 Do you know how much your pension costs? How much the folk looking after your money are charging you? No? It’s not easy to find out. I didn’t until I demanded the information. It wasn’t just the management fee they’d advertised but many times that. Small percentages that really added up. I became suspicious when I received [...]
Retirement is popular – but surviving the pensions crisis means encouraging work April 27, 2016 The Queen’s 90th birthday quite rightly dominated the media last week. Her Majesty continues to break all sorts of records, spending longer on the throne than Queen Victoria and being our oldest ever reigning monarch. But longevity should no longer give cause for surprise. The oldest participant in the London Marathon this year was 88, [...]
We’re now more on track with our pension plans, but don’t celebrate just yet April 27, 2016 Good news! We're now better prepared for a comfortable retirement than we were this time last year. But, before you get the party started, you might want to take a closer look at the figures. One in ten (12 per cent) are now on track to afford the lifestyle they want during their retirement, up [...]