Industry News - February 2012
ONS stats confirm Isas more popular than pensions
Source: Money Marketing - 29th February 2012
Britons saved more into stocks and shares Isas than personal pensions in the last tax year, according to the Office for National Statistics.
Disheartened by drawdown
Source: IFA Online - 29th February 2012
Five years on from a peak in drawdown pension plan sales, Retirement Solutions’ Peter Ng reviews the options for clients reluctant to continue in the products.
Kay reveals declining influence of schemes in UK equity markets
Source: Professional Pensions - 29th February 2012
Pension funds’ changing role in UK equity markets has been highlighted in the interim report of the Kay Review.
Multi-employer schemes in TPR’s sights
Source: Professional Pensions - 29th February 2012
The Pensions Regulator will keep a particularly watchful eye on multi-employer schemes as part of its strategy for auto-enrolment, it has said.
Personal Pensions Statistics(pdf)
Source: HM Revenue & Customs - 29th February 2012
We have reviewed the methodology behind all of our tables and have consequently made some revisions. All of the methodology is explained in the Full Statistics Release along with additional analysis and commentary.
NAPF: Priced out pensioners to retire abroad
Source: Professional Pensions - 29th February 2012
Half of pre-retirees (46%) would consider retiring to a cheaper country to get better value for money, according to a survey from the National Association of Pension Funds.
BoE's Bean dismisses QE annuity rate fears
Source: IFA Online - 29th February 2012
Quantitative easing (QE) will not have a significant impact on pensioner incomes, Charles Bean, deputy governor of the Bank of England (BoE) has claimed.
Charlie Bean attacked for comments about pensions
Source: UK Pensions Calculator - 29th February 2012
The recent remarks made by Deputy of the Bank of England Charlie Bean have not gone down well with groups representing pensioners.
Controlling Pension Funding Volatility Named Top Priority For 2012
Source: 4-Traders - 29th February 2012
Quick Poll found that U.K. pension schemes view controlling funded status volatility as the top priority for their organizations.
FSA in £20bn crackdown on 'pensions transfers'
Source: Financial News - 29th February 2012
The Financial Services Authority is the latest UK body to come out against "pensions transfer" deals, which offer to swap workers' defined benefit entitlements for a one-off lump sum. It has set out a crackdown that it reckons will cost business - and save workers - £20bn.
PENSION PROVISION Back to the future
Source: Pensions World - 28th February 2012
History has come full circle as DC re-emerges and overtakes DB once again explains Emma Watkins, MetLife Assurance
FSA proposals to change the way pension transfer values are calculated - NAPF comment
Source: National Association of Pension Funds - 28th February 2012
The National Association of Pension Funds (NAPF) commented on the consultation paper published by the FSA today (Tues) on proposals to change the way pension transfer values are calculated.
One-in, One-out Position – Summary(pdf)
Source: Department for Work and Pensions - 28th February 2012
This measure was included in the second Statement of New Regulation (SNR2) but its implementation was delayed slightly. It is included here for completeness but its value (-£27m) was recorded in SNR2 and is thus reflected in the opening balance.
NAPF: Priced out pensioners to retire abroad
Source: IFA Online - 28th February 2012
Half of pre-retirees (46%) would consider retiring to a cheaper country to get better value for money, according to a survey from the National Association of Pension Funds (NAPF).
Are pension funds hedging, or aren't they?
Source: Financial News - 28th February 2012
Pension funds seem like they got very busy indeed in the gilt markets at the end of 2011, buying up UK government debt in order to hedge their exposure to interest rates and inflation. But asset manager F&C, which compiles a quarterly report on their activity, reckons all might not be what it seems.
Social housing bonds popular with schemes
Source: Professional Pensions - 28th February 2012
Pension schemes have flooded £250m into long dated affordable housing bonds in a further sign of scheme appetite for local housing initiatives.
Funding volatility tops scheme concerns for 2012
Source: Professional Pensions - 28th February 2012
Controlling funding level volatility is the biggest concern for UK schemes in the coming year, according to research carried out by a fiduciary manager.
Schemes take advantage of falling inflation with strategic hedging
Source: Professional Pensions - 28th February 2012
Interest rate and inflation hedging by pension schemes shot up last quarter as more funds switched between hedging instruments to take advantage of falling inflation.
FSA clamps down on unsuitable pension transfer advice
Source: Citywire - 28th February 2012
The Financial Services Authority (FSA) has unveiled plans to stop advisers making ‘unjustified’ transfers from workplace pensions.
FSA changes pension transfer value calculations
Source: FT Adviser - 28th February 2012
Regulator says current process needs to be refined to ensure consistency across firms.
Amps survey calls for drawdown re-think
Source: FT Adviser - 27th February 2012
Association chairman calls for HMRC to increase the minimum yield for calculating drawdown to boost take-up.
MPs to probe workplace pensions
Source: Professional Pensions - 27th February 2012
The Work and Pensions Committee has launched an inquiry into defined contribution (DC) workplace pension provision.
Parliamentary review to examine collective DC options in UK
Source: Investment & Pensions Europe - 27th February 2012
A UK parliamentary committee is set to investigate the potential "scope" for collective defined contribution (CDC) schemes, as it conducts a review of aspects of workplace pension reform ranging from risk-sharing to governance.
High charges and wrong annuities can cut retirement income
Source: Pensions World - 27th February 2012
High pension charges and the wrong choice of annuity could cut a saver’s potential pension income by a quarter (24%).
QE hits pensioners again
Source: Pensions World - 27th February 2012
The Bank of England’s extra £50bn of quantitative easing (QE) announced in February will hit pensioners hard.
Public anger over RPI/CPI prompts House of Commons debate
Source: Professional Pensions - 27th February 2012
The e-petition protesting the RPI to CPI switch has attracted more than 100,000 signatures and will be debated in the House of Commons on Thursday (1 March).
Solvency II could force all DB schemes to close, say NAPF, CBI and TUC
Source: Pensions World - 27th February 2012
The National Association of Pension Funds (NAPF), CBI and TUC have sent a strongly worded letter to the president of the European Commission, José Manuel Barroso and commissioners Barnier, Andor and Rehn.
MetLife confirms guarantee tie-up with BlackRock
Source: Money Marketing - 27th February 2012
MetLife UK has confirmed the charging details for its latest range of guaranteed retirement products.
Govt urged to build compulsory annuity "clearing house"
Source: Money Marketing - 27th February 2012
Centre for Policy Studies research fellow Michael Johnson says proposal would improve transparency and introduce “pricing tension” in the market.
Austerity threatens great EU pensions reform vision
Source: Financial News - 27th February 2012
The EU’s new White Paper on pensions was finally published on February 16 after much delay. Was it worth the wait? In the UK and elsewhere, the initial reaction has been dominated by the industry’s fears of insurance-style solvency standards being applied to pensions.
Swiss set spring debate on cost of autumn years
Source: Financial News - 27th February 2012
Some Christmas present: last Christmas Eve, the Swiss government issued its 172 pages of analysis and proposals consulting on Switzerland’s occupational pensions. Responses are due by March 9. The Swiss pensions industry is Europe’s third largest, with around Sfr440bn under management.
Regulator warns on early release pension scams
Source: Banking Times - 27th February 2012
Britons are being warned to steer clear of pension offers that claim to be able to provide loans or release tax-free cash from people’s pension pots, before they reach age 55.
Punter Southall automates actuarial valuations
Source: Professional Pensions - 27th February 2012
Punter Southall has teamed up with PensionsFirst to automate the production of actuarial valuations and cut costs for schemes.
Pension reform fuels hopes of savings boom
Source: Financial Times - 26th February 2012
Pension fund assets as a proportion of each country's gross national product vary widely - in 2009 the figure was 129 per cent in the Netherlands, but just 13 per cent in France, and that is by no means the lowest. Relative figures for the UK and...
Warning over pension liberation schemes
Source: Financial Times - 25th February 2012
Graeme Hood, head of the Revenue's pension schemes office, said that tax relief was aimed at encouraging people to save long-term for their retirement. "That is why UK tax rules set a minimum age from which benefits from pension savings can normally be
Big life groups shun flexible drawdown
Source: Financial Times - 24th February 2012
Pension investors seeking more control over how they use their funds are having to transfer out of existing plans, because some of the UK's biggest providers are still not offering "flexible drawdown".
Pensions . . . frankly, who needs them?
Source: Financial Times - 24th February 2012
Can you think of a single reason why the UK pensions industry should exist? I've thought about it. And I can't. Pensions are complicated. Pensions are confusing. Pensions are expensive to administer - for both state and the...
UK government offers European pensions cheaper access to infrastructure exposure
Source: Investment Europe - 24th February 2012
Europe's largest institutional allocators could benefit from lower, capped fees on their infrastructure investments if the UK government opens its planned Pension Infrastructure Platform, intended mainly for UK pensions, to a broader audience.
Thinking of de-risking: Top tips for scheme success
Here are fund manager Schroders tips for a successful de-risking strategy:
Source: Professional Pensions - 24th February 2012
Trustees and sponsors looking to begin the de-risking process might often wonder where to start.Here are fund manager Schroders tips for a successful de-risking strategy:
Govt to cap charges at 0.5% on £20bn infrastructure pension fund
Source: IFA Online - 24th February 2012
Charges on a government-backed UK infrastructure vehicle owned and run by UK pension funds will be capped at 0.5%, the Treasury has confirmed.
Pension fund trustees happier with companies but taking a back seat on covenant monitoring
Pension Funds Online - 24th February 2012
Increasing numbers of pension fund trustees have faith in the company backing their scheme, although trustees are less frequently testing the strength of the same companies' commitments to the scheme – the so-called employer covenant.
ONS pensions statistics paint a ‘worrying picture’, Napf
Source: FT Adviser - 24th February 2012
This is the first time the proportion of employees saving for a pension has fallen below 50 per cent since the ONS research started in 1997,.
£20bn Treasury infrastructure plan to by-pass fund managers with 0.5% charge
Source: Professional Pensions - 24th February 2012
Charges on a government-backed pooled UK infrastructure vehicle owned and run by UK pension funds will be capped at 0.5%, the Treasury infrastructure policy chief confirms.
Gap widens between public and private sector pensions
Source: Professional Pensions - 24th February 2012
Bleak figures reveal the gulf between public and private sector pensions continues to grow with 83% of government workers enrolled compared with just 33% of private sector employees.
Table: The fall of private sector scheme membership
Source: Professional Pensions - 24th February 2012
Here it is. A table showing how private sector membership in occupational pension schemes has fallen over the past 15 years.
Numbers with company pensions falls
Source: Independent - 24th February 2012
The number of workers in a company pension scheme has fallen below half for the first time since 1997, official figures showed today.
2011 Annual Survey of Hours and Earnings: Summary of Pension Results
Office for National Statistics - 24th February 2012
ASHE is a key source of information on workplace pensions in the UK as it collects information on all types of workplace pension: occupational pension schemes, group personal pensions and group stakeholder pensions. The survey results are used widely in order...
FATCA to apply to UK pension schemes
Pensions Age - 24th February 2012
UK pension schemes will be subject to the United States’ Foreign Account Tax Compliance Act (FATCA), according to AutoRek director Jim Muir.
Pensions tax relief shift could cost ‘squeezed middle’ £3,000 a year
IFA Online - 24th February 2012
If government reduces pensions tax relief to 20%, the ‘squeezed middle’ could be £3,000 worse off per year in retirement, says Fidelity Worldwide Investment.
Pension gap spells trouble for muni bonds
Financial Times - 23rd February 2012
For as fiscal pressures rise across America - and investment returns tumble - the level of pension underfunding is rising. It is a trend that investors should watch closely; not to mention anybody dreaming of getting a US state pension in the coming...
Training provider who profited from welfare reforms
Financial Times - 23rd February 2012
A4E has good links with the government, and has firmly grasped business opportunities both in the UK and abroad. David Blunkett, the former work and pensions secretary who was a supporter of private involvement in welfare reform while in government...
Pensions and postmodernism
Money Marketing - 23rd February 2012
Over the past four years, we have been in the grip of a world economic crisis that has ebbed and flowed as governments, regulators, the financial press, consumers and advisers have tried to learn the lessons of the 2008 credit crunch and the consequences.
Retiring IFA looks at 15 deal brokerings for first quarter
FT Adviser - 23rd February 2012
Retiring IFA has brokered its first deal this year with the sale of a Surrey-based advisory firm, chief executive Steve Hagues has said.
Why pensions are exciting!
Informed Choice - 23rd February 2012
Pensions are complicated, full of jargon and HMRC are always meddling with them. What is there to get excited about?
Third of recovery plans breach regulator’s guidance
Professional Pensions - 23rd February 2012
More than a third of defined benefit schemes have recovery plans that exceed the ten-year limit set out in guidance from the regulator, research finds.
Redrafted asset-backed contribution rules threaten deals in progress
Professional Pensions - 23rd February 2012
The government has redrafted legislation on asset-backed funding published two months ago – potentially jeopardising transactions in progress, a consultant says.
Standard Life halts pensions incentive ‘test’
FT Adviser - 23rd February 2012
Providers question whether offering deals such as free kitchen applicances is consistent with drive towards open market option.
Auto exemption for EEA staff
Money Marketing - 23rd February 2012
The Government plans to exempt 9,000 people working in the UK for firms based in the European Economic Area from pension auto-enrolment.
Small DB schemes should rely on ‘good enough’ information for decision making
Pensions Age - 23rd February 2012
Trustees of smaller-sized defined benefit pension schemes should make decisions on “good enough” information, instead of wasting time not doing anything material, PiRho has advised.
ONS sees rising trend of retirement funding gap
FT Adviser - 23rd February 2012
People approaching state pension age are struggling to fund their later years - creating a situation where people are working longer, the Office for National Statistics has found.
Asset managers look to invade annuity space
Professional Pensions - 23rd February 2012
Asset managers are set to shake-up the annuity market after weeks of dire predictions about the value of annuities for savers.
Safe asset squeeze corrupts equity risk premium
Professional Pensions - 23rd February 2012
Low rates of return on risk- free assets caused by an ongoing supply squeeze will keep equity risk premiums elevated for the next few years, a Barclays Capital study says.
Barnier: I will not ‘copy and paste’ Solvency II
Professional Pensions - 23rd February 2012
The European Commission will not “copy and paste” Solvency II laws into a fresh occupational pension scheme directive, the architect of the IORP review says.
Eiopa looks at pension effects of EU-wide schemes
FT Adviser - 22nd February 2012
The European Insurance and Occupational Pension Authority has said it will publish a study later this year to assess the effect that any Solvency II-type requirements might have on pension schemes.
Long Term Care: Choosing the right IHT plan
IFA Online - 22nd February 2012
Until recently, most people who were looking to manage their investments after retirement were looking mainly at inheritance tax (IHT) planning.
What impact will the Retail Distribution Review (RDR) have on the retirement advice market?
IFA Online - 22nd February 2012
For those used to using bespoke SIPPs, the advice model may not be too different following the RDR.
Enhanced annuities: Looking to the future
IFA Online - 22nd February 2012
The retirement market has changed dramatically over the past ten years. There are growing numbers of people reaching retirement with defined contribution pension pots which need to be converted into a retirement income.
Draft regulations - National Employment Savings Trust
HMRC - 22nd February 2012
HM Revenue & Customs has published for external comment draft regulations removing tax charges that might otherwise apply were the National Employment Savings Trust (NEST) to invest 20 per cent or more of its sums and assets in the shares of its sponsoring...
Finger on button won't solve pensions time bomb
Pension Funds Online - 22nd February 2012
It's nothing personal, but I don't think the red button on the TV remote will make the final cut when the list of great 21st century inventions is announced.
Govt may build advice into 'Big Fat Pension Pot' scheme
Professional Pensions - 22nd February 2012
The government is considering building regulated advice into its proposed system to aggregate small pension pots.
Scottish employers ‘not ready’ for older workforce
The government scrapped the default retirement age last year, meaning employers will no longer be able to force employees to retire at 65.
Professional Pensions - 22nd February 2012
Scottish employers are not preparing for an ageing workforce, a JLT survey shows.The government scrapped the default retirement age last year, meaning employers will no longer be able to force employees to retire at 65.
Equity Release Affected by Welfare Reform Bill, Report Bower Retirement Services
Marketwire - 22nd February 2012
The Government's new Welfare Reform Bill could have several negative side effects for older citizens, report Bower Retirement Services. According to Age UK, in couples where only one party...
MP demands radical ‘NEST-style’ annuity provider
Professional Pensions - 22nd February 2012
An MP has demanded the government creates a nationalised low-cost annuity provider to protect pensioners from poor retirement products.
Brewin Dolphin raises Budget pension concerns
Banking Times - 22nd February 2012
The Chancellor’s forthcoming Budget has provoked a number of suggestions, questions and concerns, particularly regarding the area of pensions.
Focussing on individual asset classes could increase shortfalls
Professional Pensions - 22nd February 2012
Trustees are in danger of widening funding gaps by focussing too much on the risks and returns of individual asset classes, State Street Global Advisors argue.
Enhanced annuity sales reach £3bn in 2011
Pensions World - 22nd February 2012
UK enhanced annuity sales rose to £3.02bn in 2011, an increase of 22% over 2010, according to research by Towers Watson. Second half sales in 2011 were £1.59bn.
The Pensions Primer(pdf)
Pensions Policy Institute - 22nd February 2012
The pensions landscape in the UK is complex. The foundations of the UK pension system were laid in the 1940s. Since the 1960s, successive governments have changed both the state and private pension elements.
New pension scheme will cost biggest firms up to £11m each
Scotsman - 22nd February 2012
Scotland’s largest employers face a potential bill of up to £11 million each under new legislation designed to “auto-enrol” employees into pension schemes, research has suggested.
Leeds Building Society all set for auto-enrolment
FT Adviser - 22nd February 2012
Leeds Building Society and Equiniti ICS have teamed up to undertaking a full trial of the new auto-enrolment requirements with the Society’s 900 staff.
Minister urges companies to offer 'defined ambition' pensions
The Pensions Advisory Service - 21st February 2012
Steve Webb will push for adoption of Dutch-style schemes that aim to offer more assurance than 'defined contribution' pensions about size of retirement payouts.
Building society trials auto-enrolment outsourcing
Professional Pensions - 21st February 2012
Leeds Building Society has launched a pilot scheme to outsource its auto-enrolment administration to Equinti ICS.
Schemes paying ‘outrageous premium’ to match liabilities
Professional Pensions - 21st February 2012
Pension schemes are missing the “biggest opportunity in recent history” to improve their funding levels by continuing to buy sovereign bonds, Gatemore Capital Management warns.
Lib Dems ramp up pressure to slash pension higher-rate tax relief
Professional Pensions - 21st February 2012
Liberal Democrats are mounting pressure on Chancellor George Osborne to cut higher-rate pensions tax relief in next month’s Budget.
Pension funds take another look at risk as UK gilt demand surges
Director of Finance - 21st February 2012
Unprecedented levels of debt have been issued by the UK government in recent times, yet the level of debt issuance, particularly longer-dated and inflation-linked debt, has not kept pace with the level of demand from investors seeking to hedge long-term liabilities according to the latest report from Russell Investments.
Managers ready for DC explosion across Europe
Pensions & Investments - 21st February 2012
The U.K.'s defined contribution sector is expected to catch up at lightning speed to the now-dominant defined benefit sector and surpass it in about seven years.
More carrot, less stick
The Market Oracle - 20th February 2012
Less than a year after its introduction, flexible drawdown is available on around three quarters of SIPP plans, research by Investment Life & Pensions Moneyfacts has revealed.
More carrot, less stick
FT Adviser - 20th February 2012
The Government has become wary of retirees falling back on the state, but has it gone too far and put people off savings for retirement? Robert Graves takes a look
Axa Wealth lifts lid on execution-only wrap
IFA Online - 20th February 2012
Axa Wealth is launching its direct platform proposition – Axa Self Investor – this summer, which will be backed by a UK-based telephone support team.
This is where financial regulation gets really nasty
Financial News - 20th February 2012
Nobody, nowadays, would deny that the financial industry needs to be better regulated. But, if you are anything like most of people I talk to, you are probably getting a little annoyed by all the sheer number of new rules your firm is struggling to deal with.
Govt suggests auto-enrolment exemption for Euro workers
IFA Online - 20th February 2012
The government has proposed to exempt employees who work both in the UK and European Economic Area (EEA) member states from auto-enrolment.
Confused consumers shy away from complicated insurance
IFA Online - 20th February 2012
British consumers feel the insurance industry lags behind others in how it addresses their needs and have given their strongest hint that greater simplicity would be welcomed.
Govt proposes AE reform exemption for European workers
Professional Pensions - 20th February 2012
The government has proposed to exempt employees who work both in the UK and European Economic Area member states from auto-enrolment.
RPI/CPI legal challenge reaches Court of Appeal
Professional Pensions - 20th February 2012
Pensioner groups fighting the government’s RPI to CPI switch for benefit increases took their legal challenge to the Court of Appeal today.
What’s on your client’s SIPP playlist?
IFA Online - 20th February 2012
Tony Hales, managing director of Stadia Trustees, looks at where SIPP investors have put their money since the start of the year.
Widening credit spreads boost buy-in appeal
Professional Pensions - 20th February 2012
Phased retirements to become more common as retirement age climbs, according to pensions commentators.
Pension age rises are just the beginning
FT Adviser - 20th February 2012
Pensioner buy-ins are becoming increasingly attractive relative to holding gilts for pension funds, according to a price tracking service launched by Hymans Robertson.
Infra funds fail to bridge the gap
Financial News - 20th February 2012
Pension plans and infrastructure: it looks like a match made in heaven. Yet since the onset of the credit crunch three years ago, investment has plunged.
Pensions require wiggle room for exceptional circumstances
Financial News - 20th February 2012
The latest Pension Protection fund index figures show that the aggregate deficit of DB schemes in the UK has risen to £265.5bn, from an aggregate surplus of £38.5bn just 12 months ago. What can the government, the bank, or the Pensions Regulator do to...
Pension scheme set to trigger loan defaults
Financial Times - 20th February 2012
Banks are stepping up the use of a clause in syndicated corporate loan agreements that triggers an automatic default by the borrower if it acquires any company with a defined-benefit pension scheme, legal advisers and deal...
Pension funds must scale up and think big
Financial Times - 19th February 2012
There is mounting evidence that sub-scale schemes lead to sub-optimal consumer outcomes, yet of the UK's 46540 trust-based DC schemes, 44000 have fewer than 12 members, and 38300 have fewer than four. The average UK scheme size is 2500 members;...
Outcry over IORP 'advice'
Financial Times - 19th February 2012
The British pensions community has greeted this with howls of protest, saying it would impose an unreasonable burden on UK defined benefit pension schemes as it took an insurance directive, Solvency II as its starting point. "We are disappointed that...
Compensation plunges Aegon to £22m loss in final quarter
Scotsman - 18th February 2012
Compensation paid out to customers over administration failures pushed Aegon UK, the Edinburgh-based life and pensions company, into a £22 million loss before tax in its final quarter.
Preparing for retirement has never been more critical says AXA
IFA Online - 17th February 2012
People need to take ownership of financial planning as the average retirement age increases, says an AXA Wealth spokesman.
Has the NAPF got annuity reform wrong?
IFA Online - 16th February 2012
The NAPF says retirees with £50,000 or less are unable to access advice and often get poor outcomes – but IFAs tell a different story...
EU proposals could damage UK pensions
Money News - 16th February 2012
The National Association of Pension Funds (NAPF) has claimed the introduction of new proposals as part of the EU pensions directive could have a significant impact on the UK pensions sector.
ONS statistics show people are working longer
Pensions World - 16th February 2012
The average age at which people leave the labour market – a proxy for average age of retirement – rose from 63.8 years to 64.6 years for men and from 61.2 years to 62.3 years for women between 2004 and 2010
Forward motion
Money Marketing - 16th February 2012
This is set to be a very important year for UK pensions. Even those who have little to no interest or knowledge in this sector must be aware that the reforms coming this year are, for want of a better expression, a really big deal.
HMRC concern at low take-up of pension protection
Money Marketing - 16th February 2012
HM Revenue & Customs’ officials are understood to be surprised over the low number of people who have applied to protect their pension fund following the Government’s decision to cut the lifetime pension allowance.
Pension Trends(pdf)
Office for National Statistics - 16th February 2012
Pension Trends provides a statistical backdrop for the debate on pensions. It looks at changes in pension provision over time in the context of social and economic developments and changes in the policy environment.
Webb: Pensions flexibility should not prompt profligacy
FT Adviser - 16th February 2011
You can’t blow your pension on a world cruise and then rely on state benefits, pensions minister warns.
Employers need bold comms strategy
Capita Hartshead marketing consultant Eliot Damon said people were “bombarded” with information.
Professional Pensions - 16th February 2011
Communications will need to stand out to get the message to members, delegates heard.Capita Hartshead marketing consultant Eliot Damon said people were “bombarded” with information.
Qualifying Recognised Overseas Pension Schemes (pdf)
HMRC - 16th February 2011
This list is based on information provided to HMRC by these schemes when applying to be a QROPS. As part of its application the scheme notifies HMRC that it fulfils the requirements for being a “recognised overseas pension scheme”.
Employer debt liabilities may soar on landmark annuity case ruling
Professional Pensions - 16th February 2011
Insolvent employers’ pension debts could balloon under a landmark legal case on the use of annuity rates to calculate section 75 liabilities, a lawyer says.
DMGT lifetime allowance changes
Professional Pensions - 16th February 2011
Lifetime allowance tax relief changes should be communicated to members through simple emails to stop people being shocked by the new regime, delegates heard.
Financials sector earnings predicted to grow 24% in 2012
Professional Pensions - 16th February 2011
Financials, industrials, utilities and energy sectors could recover earnings growth in 2012 while IT incomes will suffer, an S&P Capital IQ analyst survey finds.
Funds advised to revaluate riskier assets
Professional Pensions - 16th February 2011
Pension funds will have to “revaluate riskier assets” due to persisting low bond yields and rising inflation, State Street Global Advisors say.
Solvency II nightmare still looms but worst-case scenario averted
Pension Funds Online - 16th February 2011
Key advice from Europe's supervisory agency for pensions has relieved pension funds of the need to provide an expensive capital buffer under new 'Solvency II' regulations...
Gold Retirement Inflation
The Market Oracle - 16th February 2011
Central Banks and their rounds of quantitative easing is something which is garnering more and more attention at the moment.
Deluge of opposition greets EU pensions proposals
Financial News - 16th February 2011
Europe's pensions industry has deluged the EU regulator with 170 responses to its proposal to introduce tough solvency rules for the industry, more than 13 times the usual volume of feedback to its consultations. Many pension funds have been sharply critical of the proposals.
‘Disappointment’ in European Pension and Insurance Regulator
aiCIO - 16th February 2011
Disappointment and dismay as European regulator misses chance to make major changes to pension and insurance regulation.
EIOPA advice leaves door open for Solvency II for schemes
Professional Pensions - 16th February 2011
The European Insurance and Occupational Pensions Authority has published its advice to the European Commission on plans to harmonise regulation and introduce stringent solvency requirements for pension schemes.
Budget could end higher-rate pensions tax relief
Finance Markets - 15th February 2011
Danny Alexander, chief secretary to the Treasury, has told The Telegraph that he wants to cut tax relief on pensions to 20 per cent across the board, eliminating the higher rate of tax relief currently enjoyed by high earners.
Will the end of the bonus-boomer generation hit assets?
Financial News - 15th February 2011
Analysts and economists have long studied how demographics drive markets. When, for example, the generation of people born in the baby boom following World War II entered the workforce it increased the supply of labour, which boosted economic output. This, in turn, drove up consumption and savings.
LV= launches new low cost pension plan
Easier Finance - 15th February 2011
Retirement specialist LV= announces the launch of a new low cost personal pension, with a 0.25% annual service charge.
PMI and Imperial College join forces to explore pensions
The Actuary - 15th February 2011
The Pensions Management Institute and Imperial College London have unveiled plans to work together to explore the longer-term options for retirement provision in the UK.
Pension funds can help to invest in infrastructure
FT Adviser - 14th February 2011
Her Majesty’s Treasury is in talks to develop a pension platform that will help pension funds invest more in infrastructure, according to Danny Alexander.
Higher-rate pension tax relief shakeup on cards for Budget
Professional Pensions - 14th February 2011
Plans to scrap pensions tax relief for higher earners are back on the table ahead of next month’s Budget, according to reports.
PPF figures report minor bounce in DB deficits
Professional Pensions - 14th February 2011
Combined UK defined benefit deficits improved by £5bn to total £265bn at the end of January, latest figures from the Pension Protection Fund show.
Annuity warning over side effects of QE
Moneyfacts - 14th February 2011
Pension experts have warned retirees they face an even trickier task to secure a decent retirement income after the Bank of England voted to pump an additional £50 billion into the UK economy by way of quantitative easing.
Billy Burrows: Sensationalist media is harming pension savers
Money Marketing - 14th February 2011
You can hardly turn on the TV or pick up a paper without being bombarded with stories about the woes of the annuity market.
Pension reform will trigger DB ‘catastrophe’, Napf
FT Adviser - 14th February 2011
Napf, CBI and TUC write open letter to José Manuel Barroso saying proposed legislation would hurt rather than benefit EU employees.
European pension fund proposal could spur equity drop, say U.K groups
Pensions & Investments - 14th February 2011
A proposed European Union pension fund regulation would dent long-term economic growth and cause pension funds to dump equity investments in favor of safer bonds, according to a letter to European Commission President Jose Manuel Barroso from three U.K. groups.
EU brakes on Omnibus drives disappointment
Freelancer Financials - 14th February 2011
The Occupational Pensions Trusts has expressed disappointment at the delay in a European Parliament vote on the Omnibus II Directive, the next stage of Solvency II.
Pension drawdown advice for contractors
Freelancer Financials - 13th February 2011
Freelancers aged 55 and over can potentially use a pension drawdown to provide a tax efficient mechanism for accessing their pension fund.
Pension Funding Levels Declined in All Major Global Markets in 2011, Towers Watson Finds
Market Watch - 13th February 2011
Despite some improvements in the fourth quarter of 2011, pension funding levels in major global markets dropped over the year due to declining discount rates and disappointing asset returns...
Rich may bear brunt of pensions tax relief cull
Citywire - 13th February 2011
Napf, CBI and TUC write open letter to José Manuel Barroso saying proposed legislation would hurt rather than benefit EU employees.
Pension reform will trigger DB ‘catastrophe’, Napf
FT Adviser - 13th February 2011
The government's plans to scrap higher rate pensions tax relief could be restricted to those earning £150,000 a year or more, according to tax experts.
Equity Release Plans a Viable Option for Supplementing Pension Income, Report Bower Retirement Services
Market Watch - 13th February 2011
The Government has announced plans to increase the earnings threshold at which NHS workers must contribute more to their pensions, report Bower Retirement Services.
Solvency II will kill DB schemes and bankrupt British firms
Professional Pensions - 13th February 2011
Solvency II will force all remaining defined benefit schemes to close and could lead significant job losses as UK companies fold, lobby groups warn.
Charities urged to start AE preparations
Professional Pensions - 13th February 2011
Some third sector organisations remain unprepared for auto-enrolment, with one in seven totally unaware of their responsibilities towards staff, a poll shows.
Solvency II will kill DB schemes and bankrupt British firms
Professional Pensions - 13th February 2011
Solvency II will force all remaining defined benefit schemes to close and could lead significant job losses as UK companies fold, lobby groups warn.
Updated guidance for workplace pensions reform published
The Pensions Regulator - 13th February 2011
Aimed at professional advisers, large employers with in-house pensions expertise and those with a sound knowledge of pensions, our guidance sets out how the new employer duties should be implemented.
What does quantitative easing mean for pensions?
Pensions.co.uk - 13th February 2011
The Bank of England has announced it's injecting a further £50 billion into the economy. Read what this means for pensions here.
Pensions: past imperfect, future tense
Financial News - 13th February 2011
Public anger over government austerity measures is palpable across Europe but few issues rankle quite as much as proposed cuts to pensions. Yet, as longevity continues to rise, and markets remain volatile, governments have little choice but to push on with reforms to increasingly unaffordable retirement systems.
Regulator’s call means pension deficits could prevent takeovers, warns lawyer
Scotsman - 13th February 2011
LEGAL rulings in high-profile court cases featuring collapsed US investment bank Lehman Brothers and broadcaster ITV could put the brakes on already low merger and acquisition (M&A) activity, a senior Scottish lawyer has warned.
Investors urged to consider global bond attractions...
Financial News - 13th February 2011
Bonds are more exciting than you think. That is the message in early 2012 from some consultants, who are urging pension-fund clients to spread their fixed-income bets as widely around the world as they have spread their equity ones.
UK funds face pension reform threat
Financial Times - 12th February 2011
All remaining defined benefit pension schemes in the UK will be forced to close and many businesses pushed into insolvency if European proposals to...
Auto-Enrolment Law debate – What you need to know
Professional Pensions - 11th February 2011
Professional Pensions is set to hold an online debate to discuss the law surrounding auto-enrolment – and outline what schemes and companies need to know – at the end of this month.Professional Pensions - 10th February 2011
Cash payments made to Scottish and Newcastle employees to placate them over the loss of their defined benefit pension are taxable, the Court of Appeal finds.Professional Pensions - 10th February 2011
Prime Minister David Cameron has warned of a pensions “apartheid” between the public and private sector if reforms are not pushed through for public sector workers.Professional Pensions - 10th February 2011
Large employers bracing themselves for auto-enrolment regulations have been given an updated set of guidelines by The Pensions Regulator.FT Adviser - 10th February 2011
We've taken the stats you value in print and made them interactive - and with thousands of funds listed, discrete and cumulative performance figures, Morningstar ratings and much more,...HMRC - 10th February 2011
From 6 April 2011 the annual allowance for tax relief on pension savings in a registered pension scheme has reduced to £50,000.This includes contributions made by anyone else into your pension such as your employer.FT Adviser - 10th February 2011
The Association of Member-Directed Pension Schemes, the trade body for self-invested pension providers, has announced the formation of a sub-committee that will oversee ongoing debates...Pensions Age - 9th February 2011
The average earner could see their potential pension income cut by almost a quarter (24%) due to high pension charges and poor annuity decisions, an National Association of Pension Funds (NAPF) report has revealed.Money Marketing - 9th February 2011
Advisers have welcomed Living Time’s return to the fixed-term annuity market, although uncertainty remains over how much it will charge on the new product.Pensions World - 9th February 2011
High pension charges and the wrong choice of annuity could cut a saver’s potential pension income by a quarter (24%).Professional Pensions - 9th February 2011
The Bank of England’s move to increase quantitative easing by £50bn will prolong low gilt yields for a further 12 months, adding further strains on pension funding positions, experts say.Pensions World - 9th February 2011
The Bank of England’s extra £50bn of quantitative easing (QE) announced today will hit pensioners hard.Money Marketing - 9th February 2011
Scottish Widows is to re-enter the IFA annuity and protection markets after a review of its intermediary strategy.Professional Pensions - 9th February 2011
Schemes with contingent assets have until the end of March to certify that they meet stringent new criteria if they are to be used to reduce their Pension Protection Fund levy.Professional Pensions - 9th February 2011
Schemes willing to get involved with the Treasury's infrastructure investment strategy are becoming increasingly frustrated with the lack of detail on the plans.IFA Online - 9th February 2011
With the average cost to an IFA for moving clients between platforms at £1,000, it makes sense to get clients in the right proposition from the start, writes Terry Huddart, technical communications director at Nucleus.Financial News - 8th February 2011
The UK’s second largest pension scheme is set to have its deficit more than quadruple in a year when it is officially revalued in March, due to rising longevity and a fall in bond yields resulting from quantitative easing and last year's flight to safety.Citywire - 8th February 2011
For clients who are willing to take on some extra risk, advisers are looking to flexible lifetime annuities for a retirement solution that can adapt to meet pensioners’ changing needs, writes Canada Life's Nigel Orange.Professional Pensions - 8th February 2011
National Association of Pension Funds chairman Mark Hyde Harrison has praised the government’s red tape challenge, arguing it will help “rectify past mistakes”.IFA Online - 8th February 2011
Mark Hendricks asks what discretionary managers bring to a retirement planning strategy.Professional Pensions - 8th February 2011
Pensions minister Steve Webb has called for a middle-ground “defined aspiration” pension.Professional Pensions - 8th February 2011
Here it is… The list of the people The Pensions Regulator has barred from acting as a trustee in any trust-based scheme.FT Adviser - 8th February 2011
Compensation paid to members of failed defined benefit schemes has increased, fresh figures from the Pension Protection Fund have shown.Public Services - 8th February 2011
The government has been praised by the Public Accounts Committee for producing a single document that showed everything that the state owes, owns, spends and receives – but the transparency has thrown up some staggering figures.FT Adviser - 8th February 2011
Half a million pensioners each year are short-changed on their future pension income by a total of £1bn, a study has found.Pensions.co.uk - 8th February 2011
The pensions industry is calling on the government to make sure that annuities are sold in a fairer way and customers can easily shop around for the best deal. Find out more here.FT Adviser - 8th February 2011
New rules will mark a sea change in pensions savings, Steve Webb MP reveals in the first of a two-part exclusive interview.National Association of Pension Funds - 7th February 2011
The National Association of Pension Funds (NAPF) has called on the industry to help it identify and overhaul unnecessary legislation for the Government’s ‘Red Tape Challenge’.Financial Times - 7th February 2011
Across the UK, 2m active members of private-sector defined benefit schemes, are entitled to so-called "limited price increases" which boost pension income. The minister has expressed his preference for emerging risk-sharing plans such as 'cash balance'FT Adviser - 7th February 2011
Small companies will not get a last minute reprieve from auto-enrolment, Steve Webb MP reveals in the first in a two-part interview for FTAdviser.Professional Pensions - 7th February 2011
Up to 2 million women could miss out on being auto-enrolled if the government moves to peg the auto-enrolment trigger to the income tax threshold, the TUC warns.Professional Pensions - 7th February 2011
This could be a dire year for schemes as last year’s losses are compounded in the first quarter and crystallised for the 40% of schemes with triennial valuations in March, warns Pension Corporation.Pension Funds Online - 7th February 2011
The current era of low gilt yields could last for decades, leaving pension funds stuck with critical deficits, says the Pension Corporation.FT Adviser - 7th February 2011
Prudential is hiring advisers but claims they will only service clients brought in previously by their Man from the Pru direct sales force.FT Adviser - 7th February 2011
Provider says new strategy will take the company into the IFA annuity market as it withdraws from offshore bond market.Professional Pensions - 7th February 2011
Pensions minister Steve Webb has ruled out calls to include membership of the UK Stewardship Code as a legal requirement for qualifying auto-enrolment schemes.The Economic Voice - 7th February 2011
Many people on the cusp of retirement are going to be permanently locked into lower pensions as a direct result of the latest Quantitative Easing (QE) strategy, warns Nigel Green, CEO of the deVere Group, the world’s largest financial advisory firm.FT Adviser - 7th February 2011
Rise driven by 56 per cent increase in equity release mortgage advances, while annuity sales also grew strongly.FT Adviser - 7th February 2011
Rise driven by 56 per cent increase in equity release mortgage advances, while annuity sales also grew strongly.Financial News - 7th February 2011
The UK's pension funds are already assuming life expectancy of 88 years on average, five years more than the Office for National Statistics, in an effort to be as prudent as possible. But are they being prudent enough?Money Marketing - 6th February 2011
More than half of corporate financial advisers think that up to 30 per cent of UK workers could opt out of pensions into which they have been automatically enrolled, according to research from Aviva. The research shows 20 per cent of advisers expectFT Adviser - 6th February 2011
Highest opt-out rate for automatic pensions will be among under-35s, according to survey of advisers by Aviva.Aviva - 6th February 2011
More than half of corporate financial advisers think that up to 30% of UK workers could opt out of the government’s new auto-enrolment regulations due to be introduced from October 2012.Professional Pensions - 6th February 2011
The Association of British Insurers must force pension providers to push retirees towards specialist annuity advice, the National Association of Pension Funds says.Pensions World - 6th February 2011
Around half a million people retiring each year are being short-changed by up to £1bn from their total future pension income, because overwhelming obstacles stop them getting the best deal.National Association of Pensions Funds - 6th February 2011
The NAPF has responded to the ABI’s consultation on a draft Code of Conduct on at-retirement communications or OMO (the Open Market Option).Informed Choice - 6th February 2011
A client asked me this question after I had suggested that they pay a pension contribution to boost their retirement fund. Is this a SIPP?Professional Pensions - 6th February 2011
More than £70m has so far been paid out to some 95,000 individual policyholders in Equitable Life, according to a progress report from the Treasury.FT Adviser - 6th February 2011
Trade association claims retiring savers’ £1bn annual loss is set to triple as auto-enrolment comes into effect.Financial News - 6th February 2011
The future of the UK’s once-dominant manufacturing industry is being held back by its pension debts.Financial Times - 6th February 2011
The UK's annuity market - currently valued at £12bn a year and expected to treble in size under auto-enrolment - is on the brink of "failure", warns a report published today by the National Association of Pension Funds and the...Financial Times - 5th February 2011
More specifically, I worry about designs the government may have on the pension fund to which I belong. Doubtless I exaggerate. Other countries - Argentina, Hungary, Portugal - may expropriate their private sector pension funds. The UK, for all its ...Financial Times - 5th February 2011
The UK's annuity market - currently valued at £12bn a year and expected to treble in size under auto-enrolment - is on the brink of "failure", warns a report...Money Marketing - 4th February 2011
Private sector workers are taking a £1bn hit on their pension incomes every year as a result of the “hugely unfair and opaque” annuity system, a damning new report claims.Professional Pensions - 3rd February 2011
Here they are. Ten tips for successful management of your defined contribution scheme.FT Adviser - 3rd February 2011
National Australia Bank (NAB) announced last week it will transfer £130m into its Glasgow-based Clydesdale Bank pension scheme in order to reduce its deficit.FT Adviser - 3rd February 2011
Eiopa chairman claims delays to the implementation of Solvency II will force governments to form their own legislation.Professional Pensions - 3rd February 2011
Trustees have been warned to keep a close eye on longevity assumptions as improvements to mortality rates resulted in 20,000 fewer deaths than expected last year in England and Wales.Professional Pensions - 3rd February 2011
FTSE350 businesses that de-risked their pension schemes saw an average share price rise of 1.7% compared to an average index fall of 0.2%, analysis finds.Director of Finance - 3rd February 2011
Finance industry experts have welcomed the Government’s response to the consultation on workplace pension reform.HMRC - 2nd February 2011
This is a list of Qualifying Recognised Overseas Pension Schemes (QROPS) that have consented to have their details published – not all QROPS will necessarily feature within it.News Today - 2nd February 2011
Government reforms are set to change the UK pensions landscape forever. Whether a lay or independent trustee, an employer or an employee, there’s no escaping the fallout no matter which side of the pensions fence you usually sit on.Tax Assist Accountants - 2nd February 2011
Small businesses around the UK have been given extra time to prepare for new rules surrounding pension enrolment.Money Marketing - 2nd February 2011
Advisers must hurry to take advantage of the end of the tax year and there are a number of opportunities for last-minute planning.Pensions World - 2nd February 2011
The Prudential is predicting a big boost for pension transfers, forecasting that transferring out of occupational schemes will be one of the trends of 2012.FT Adviser - 2nd February 2011
Association speaks out in favour of “injection of clarity” after waiting period notice period extended from one week to one month.Professional Pensions - 2nd February 2011
Former chairman of the National Association of Pension Funds Robin Ellison has launched a group to help pension funds and investment managers recover their “fair share” of security class actions.aiCIO - 2nd February 2011
Where would you find one of the largest and most sophisticated hedge funds on the planet? One that made an investment return of over 20% in the tumultuous markets of 2011. New York? London? Hong Kong?FT Adviser - 2nd February 2011
The National Association of Pension Funds has backed calls to reinvigorate workplace schemes to help close up the savings gap among the UK workforce.Money Marketing - 2nd February 2011
Aegon UK has appointed Axa Wealth business development director Martin Coyle as head of platform sales.FT Adviser - 2nd February 2011
Despite the gloom and doom stories in the press, saving for a pension is the best way for clients to protect their future optionsProfessional Pensions - 2nd February 2011
The chief executive of low-cost provider NOW Pensions has slammed the default funds on offer across the industry.BBC - 2nd February 2011
Reforms designed to get more people saving for retirement have been pushed back so many times that the latest delay scarcely made the news.Actuarial Profession - 1st February 2011
The UK Pension Protection Fund (PPF) was established in April 2005 to protect the pensions of members of UK private sector defined benefit pension schemes which have insufficient assets and whose corporate sponsor fails.aiCIO - 1st February 2011
Pension funds’ use of contingent assets has hit record levels over the economic crisis as employers in the United Kingdom search for innovative ways to plug funding gaps.Professional Pensions - 1st February 2011
Revisions to the regulations governing automatic enrolment have been released following the conclusion of a Department for Work and Pensions consultation.IFA Online - 1st February 2011
Previously I have written that, with the options available to clients at retirement, the pensions industry and advisers “have never had it so good”.Investment & Pensions Europe - 1st February 2011
Employers have failed to take the right steps to assess the true cost of auto-enrolment, according to the fourth annual survey of UK defined contribution schemes by pension consultancy Punter Southall.FT Adviser - 1st February 2011
The National Association of Pension Funds has backed calls to reinvigorate workplace schemes to help close up the savings gap among the UK workforce.FT Adviser - 1st February 2011
The UK will see a raft of new non-pension retirement funding vehicles emerge over the next couple of years, Malcolm Small of the Tax Incentivised Savings Association has predicted.Financial News - 1st February 2011
ATP, the €78bn Danish national pension fund, recorded its best ever financial return in 2011, despite the markets stalling in the second half of the year.Professional Pensions - 1st February 2011
Local Government Pension Scheme leaders and pension academics have called for a merger of 101 town hall pension funds into five standalone schemes to improve efficiency.Professional Pensions - 1st February 2011
Civil Superannuation accounts qualified due to a lack of record-keeping over pension paymentsPensions World - 1st February 2011
The Department for Work and Pensions has published its response to the consultation on the final regulations to implement the auto-enrolment regime today (1 February).Professional Pensions - 1st February 2011
The EU consultation on overhauling the Institutions for Occupational Retirement Provision directive could have far-reaching effects on accounting, investment and communication in defined contribution schemes, argues the Investment Management Association.Professional Pensions - 1st February 2011
Standard Life has successfully sued its professional indemnity insurers for about £100m to recover losses related to its Pension Sterling Fund.Professional Pensions - 1st February 2011
The Pensions Management Institute has been granted accredited body status by the Financial Services Authority.FT Adviser - 1st February 2011
Pensions Regulator will issue financial support directions to five companies, subject to Upper Tribunal appeal.FT Adviser - 1st February 2011
Retirement income provider releases details of new brand and new fixed-time term annuity product.Pensions World - 1st February 2011
With increasing life expectancy, falling birth rates and interest rates, the challenge of establishing an affordable and sustainable pension system is high on the agenda of many European governments.Financial Times - 1st February 2011
The number comes from the latest edition of the Purple Book, an annual publication of the Pension Protection Fund and the Pensions Regulator. It said UK pension schemes in deficit would have needed £470bn as at March 31 2011 to have brought fundingVisit today to find small business loans that offer great rates and affordable terms for all types of businesses
