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Calls for action as Carillion pension black hole revealed

Following today’s (Monday 29 January) revelation that Carillion’s pension deficit is at least £990 million, Unite, the UK’s largest union, is calling for all possible legal avenues to be explored to recoup money and for the introduction of stronger laws to prevent future scandals.

Contributor: Gail Cartmail | Published: 3 February 2018

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Lower life expectancy assumptions could knock £45bn off pension deficits

Lower life expectancy assumptions and refinements to how companies convert the retirement benefits they expect to pay in future into a single liability number could knock up to £45bn off the pension deficits disclosed in FTSE350 companies’ accounts. Contributor Nicola Van Dyk, Director, Benefits - Willis Towers Watson.

Contributor: Nicola Van Dyk | Published: 26 January 2018

inflation inflation

Pension Passport proves an overwhelming success

This has allowed the results to be tracked against control groups using the traditional wake-up packs, thereby providing unambiguous evidence of the benefit of clear, simple communication. Those receiving the Pension Passport were 10 times more likely to make use of the free Pension Wise guidance service.

Contributor: Press Release | Published: 27 October 2017

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Pension Dashboard receives government backing

The priority for the pensions industry is to build widespread coverage of the Dashboard, encouraging as many firms as possible to participate. The government’s commitment, with the planned inclusion of state pension benefits will help to develop this coverage.

Contributor: Tom McPhail | Published: 21 October 2017

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Inflation and the pension impact

The current level of the full New State Pension is £159.55 per week (equivalent to £8,296.60 per year). The triple lock dictates it will increase in April 2018 by a rate equal to September 2017’s CPI, earnings growth or 2.5 percent whichever is the greatest.

Contributor: Nathan Long | Published: 18 October 2017

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Employees reluctant to access pension advice

It will be implemented retrospectively from April 2017 and allow advice not only on pensions, but also on the general financial and tax issues relating to retirement for employees. Comment Jonathan Watts-Lay, Director, WEALTH at work.

Contributor: Jonathan Watts-Lay | Published: 4 October 2017

AE’s put a third more people in workplace pensions

We have also seen a significant uplift (37 percent in 2012 to 71 percent in 2016) in the proportion of people on the average UK income (i.e. who earn between £20,000 and £30,000) saving into a pension; More than four out of five (82 percent) of employees say they have heard of automatic enrolment.

Contributor: Graham Vidler | Published: 2 October 2017

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Workers who risk missing out on pension saving

The data shows the distribution of these low paid workers. Almost 1 in 5 people work in distribution, hotels and restaurants; 27% are those with no qualifications;12.3% are disabled.

Contributor: Nathan Long | Published: 1 October 2017

Pension Pension

DB/DC? Pension transfer advice is deemed inadequate

One question it raised is whether people are taking appropriate advice, and if not, why not? For those considering a transfer out from DB, there is a need for better quality advice and more certainty around who is ultimately taking responsibility for it.

Contributor: Pensions Select Committee | Published: 27 September 2017