Pension Providers News

• Most employers need to review AE schemes

  More than two-thirds of employers may need to review their selected auto-enrolment (AE) pension scheme in the wake of the DWP’s (Department for Work and Pensions) “Better workplace pensions” consultation, according to new research from Jelf Employee Benefits. The firm … Read more »

• NAPF gives EU Pensions Directive a mixed response

  The National Association of Pension Funds (NAPF) has commented on the new EU Pensions Directive (Directive on Institutions for Occupational Retirement Provision), which was recently published by the EU Commission. NAPF stated that the Directive introduced a range of new … Read more »

• Budget is a pensions game-changer

  KPMG has described the Budget as a ‘game-changer’ for the insurance industry. In the Budget the Chancellor significantly increased the flexibility for customers regarding how they access their pension savings upon retirement. KPMG said that the changes announced presented an … Read more »

• Call for better understanding of annuities

  Retirement Assured has called upon pension providers to offer more information to their members and provide ‘wake-up’ packs containing clear information. Peter Quinton, head of annuities at Retirement Assured, explained that many people heading into retirement simply did not understand … Read more »

• Labour backs pension charge cap

  The Labour Party has unveiled its policy regarding a pension charge cap, which is currently being considered by the Coalition Government. Pension charges are costing savers as much as £230,000, and a charge cap to safeguard pension pots is likely … Read more »

• NAPF fears pensions capacity crunch

  Research from the National Association of Pensions Funds (NAPF) has found that four out of five (81%) of respondents, who include business and pension scheme members, believe the level of change expected in the course of the next 12 months … Read more »

• Smart suggests raising pensions triviality limit

  Fraser Smart, managing director (Europe) of Buck Consultants, has suggested that the Government may have missed a trick when it comes to pensions. In response to the proposal to allow those who are 65 (or will be by April next … Read more »

• BROADSTONE warns against fixed protection over-reaction

  BROADSTONE has warned pension members to avoid being overly hasty when it comes to responding to the change in the Lifetime Allowance. From 6 April 2014 the Lifetime Allowance falls to £1.25m, but individuals can choose to avail themselves of … Read more »

• Pension predictions for 2014

  As the New Year gets underway Towers Watson has made a number of predictions regarding possible changes for pensions and pensioners in 2014. The firm has described a charge cap for DC (defined contribution) schemes as inevitable, citing the Government … Read more »

• Defined Ambition gets positive NAPF response

  The National Association of Pension Funds (NAPF) has responded to the consultation the Government has launched regarding its proposed Defined Ambition (DA) pensions. NAPF Head of Policy Helen Forrest said the organisation was pleased that the Government was consulting on … Read more »

• Master trust proposals get the thumbs down

  The National Association of Pension Funds (NAPF) has formally responded to the ICAEW’s consultation on assurance reporting on master trusts. NAPF Chief Executive Joanne Segars said that the organisation had already welcomed the focus of The Pensions Regulator and audit … Read more »

• Chancellor increases pension age

  In the Autumn Statement, Chancellor George Osborne confirmed that the state pension age would rise, following the recent trend of politicians increasing the age at which people can claim their pension. According to MGM Advantage a one year increase in … Read more »

• Proposed pensions charges cap gets mixed response

  Legal & General has said that the Government’s proposed cap on pension charges of 0.75% is too high. The firm asserted that the cap would prove ineffective at driving down costs and fail to address the issue of legacy pension … Read more »

• Support rises for Stewardship Code

  The National Association of Pension Funds’ (NAPF) Annual Stewardship Conference saw the release of its latest survey. The ninth annual survey of pension funds’ engagement with investee companies revealed that pension funds were almost entirely united (96%) in the view … Read more »

• How to avoid getting ripped off with an annuity

  Insurers have been accused of ripping off pensioners by Pensions Minister Steve Webb, Which? has reported. Webb asserted insurers were making excess profits by trading on the high number of consumers who don’t shop around when buying an annuity. Webb’s … Read more »

• Savers could sleepwalk into £50bn tax charge

  Standard Life has warned people to check the sums they have invested in all their pension funds, as they may have exceeded the new lifetime allowance (LTA). If this has occurred then an unexpected tax charge could be incurred. In … Read more »

• ABI DG calls for pensions revolution

  The ABI’s Director General Otto Thoresen has described the steps that need to be taken to head off the enormous pensions challenge that the UK’s demography presents. By 2030 the population of over 65s will increase by nearly 50% to … Read more »

• Property boom bolsters pensioners’ wealth

  The Pensioner Property Equity Index of Key Retirement Solutions has revealed that retired homeowners have seen their houses gain £1,300 of value a month, on average, over the last three months. The Index also reveals that the over 65s have … Read more »

• Pension charge cap: unknown unknowns

  The Government has proposed a cap on pension charges, and has launched a consultation to hear other views. However, Towers Watson has issued a number of questions regarding areas where little is known about the proposed cap. A cap of … Read more »

• Consumers urged to avoid liberation schemes

  Aviva is calling for the rules on pension transfers to be tightened up to help stop the increasing number of people being persuaded to access their retirement savings early. Such access may seem tempting, but comes at a significant financial … Read more »

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