BT: Investors unenthused by £2bn pension funding deal as shares drop 6.3 per cent May 13, 2021 BT today announced plans to bring full-fibre broadband to an extra 5m homes as the financial burden of its pension deficit eased. The telecoms firm struck a new deal for its pension, which is one of the biggest in the country at £7.98bn. Some £2bn of deficit will be met through an asset-backed funding arrangement [...]
More private sector DB pension schemes in surplus than deficit as UK moves toward economic recovery May 11, 2021 The funding of private sector defined benefit (DB) pension schemes in the last year has become healthier, with the number of schemes in surplus greater than those in deficit. Last month, of 5,318 private sector DB schemes, there were 2,622 schemes in deficit and 2,696 in surplus, according to figures from the Pension Protection Fund’s [...]
HMRC repays overtaxed pensioners £716m in six years April 30, 2021 Savers overtaxed on pension freedom withdrawals have reclaimed £716m since 2015, when changes were introduced that allowed savers to flexibly access their pensions. The overtaxation occurs when someone accesses their retirement ‘flexibly’ for the first time in a tax year – which can include taking income via drawdown or withdrawing ad-hoc lump sums – HMRC [...]
BA looks set to recover from pandemic, so why are its 40-something pilots giving up their gold-plated pensions? April 20, 2021 In turbulent times, when the future of a company is being called into question, it is not uncommon for staff to transfer out of their employer’s defined benefit (DB) pension scheme, if they have one. Although seen as “gold-plated”, some DB scheme members worry about their scheme falling to the pension lifeboat fund, and that [...]
Government opens call for evidence of social factors in UK pension schemes March 24, 2021 The government has launched a call for evidence to understand the extent to which social factors are integrated into pension schemes’ investment activities. The 12-week review will collect views on how pension scheme trustees are considering social factors as part of their Environmental, Social, and Governance (ESG) policies. The government introduced its first ESG policies [...]
Asset managers keep pension trustees in the dark on holding companies to account March 15, 2021 The trustees of the UK’s pension pots are being kept in the dark by asset managers on how they oversee their investments, according to new research. Most asset managers were unable to provide details of how they exercised their voting rights or engaged with the companies they invest in, according to a survey by pension [...]
Japan overtakes UK as world’s second largest pension market February 16, 2021 The UK pensions market was overtaken in size by Japan in 2020, pushing the UK to third place. The United States retained its position as the largest pension market in the world, making up 62 per cent of worldwide pensions assets. Japan and the UK represented 6.9 per cent and 6.8 per cent respectively. The [...]
Pension funds will reap rewards from playing a part in the UK’s green drive January 28, 2021 In November, heads of state, climate experts and campaigners will come together in Glasgow for the United Nations Climate Change Conference, the biggest summit ever hosted by the UK, to discuss, and commit to, ambitious climate targets and concrete steps to protect our planet. International collaboration is essential, but the success of global action will comprise the [...]
Cultural shift and digital savvy will see us accelerate our IPO plans December 26, 2020 The end of a year is usually a time for companies to reflect and look back at goals reached, lessons learned and ways to continue progressing in the months ahead. We are excited about what 2021 has in store. We have been open about seeking a listing on London Stock Exchange, a first step in [...]
Exclusive: PensionBee accelerate IPO plans after lockdown growth December 26, 2020 PensionBee boss Romi Savova has said her firm will accelerate its plans for London IPO after Brits increasingly turned online for financial advice during 2020. “There is an evident trend of people using the additional time during lockdown as an opportunity to review their finances and look for ways to further their money,” the founder [...]