CMA orders shake-up of pension advice market due to lack of competition December 12, 2018 Pension scheme members are at risk of getting a bad deal due to a lack of competition in the pension advice market, according to the Competition and Markets Authority (CMA). The CMA said today that pension trustees, who oversee companies’ pension schemes, are not given sufficient information to help them choose advisers. The report found [...]
Royal London chief executive to step down by the end of 2019 December 11, 2018 Life insurer Royal London’s chief executive Phil Loney is set to step down by the end of 2019, the company said today. Loney is standing down to concentrate on charity work in the international development sector and helping people with learning difficulties. He joined the insurance and pensions mutual in 2011 during which time it [...]
Royal London to appoint Standard Life Aberdeen board member Kevin Parry as chairman December 10, 2018 Royal London will appoint Standard Life Aberdeen board member Kevin Parry as its chairman this week. The company is set to announce that Parry will replace former Bank of England deputy governor Rupert Pennant-Rea, who has been in the role for five years, Sky News reported. The appointment will see Parry step down from his role [...]
Just Group soars on favourable new Bank capital rules December 10, 2018 Shares in pensions provider Just Group rose as much as 27 per cent this morning, following the release of the Bank of England’s final decision on equity release mortgages (ERMs), which the company welcomed as offering “greater clarity” for its future operations. Both Just and Barclays analysts said new rules released by the Bank’s Prudential [...]
Former BHS boss Dominic Chappell to be sentenced next week for failure to help Pensions Regulator December 6, 2018 Former BHS boss Dominic Chappell is to be sentenced next week for failing to provide information to the Pensions Regulator regarding the sale of the troubled department store. Chappell will be sentenced for three counts of breaching Section 72 requests for information from the regulator into the sale of BHS by Philip Green to Chappell for just £1 in 2015. [...]
Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
BT considers options after court defeat on pensions increases December 4, 2018 Judges today told BT it cannot change the way it calculates pensions increases for 80,000 current and past employees. The telecoms provider, which links increases to the retail prices index (RPI), was hoping for permission to start using a different measure. BT, which has one of the biggest pension schemes in the UK, argued that the [...]
Multiple ‘dashboards’ to give savers access to pensions data, first planned for next year December 3, 2018 The government has confirmed it will introduce multiple so-called pension dashboards, with the first hoped to come into effect next year, giving savers the ability to access access their pension information for several schemes at once on their smartphone. Publishing a consultation on the measure this morning, however, the government could not confirm state pensions would be included. But pensions [...]
Angry Beefeaters: Historic Royal Palaces staff may take to the picket lines after losing pension scheme November 29, 2018 Beefeaters from the Tower of London will vote tomorrow on whether to strike for the first time in more than 50 years in a row over pension cuts. The iconic guards, as well as Jewel House Wardens and other employees of Historic Royal Palaces (HRP) are set to lose their defined benefit pension schemes, and [...]
As Theresa May has shown, it’s crucial to keep a cool head when staff start jumping ship November 29, 2018 Love or loathe her, it’s fair to say that Theresa May has had a tough time recently. As if being tasked with successfully navigating Britain’s exit from the EU isn’t enough, members of her cabinet have been dropping like flies. Regardless of whether we’re looking at the world of business or politics, every leader knows [...]