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pension freedoms pension freedoms

Pension freedoms set to cost UK companies £25bn

Finance Directors need to look at how pension freedoms are impacting accounting costs and the financial position of schemes. Xafinity Punter Southall, the largest pensions consultancy in the UK specialising solely in pensions, investment and administration services has revealed that pension freedoms could cost UK companies £25bn. 

Contributor: Wayne Segers | Published: 30 April 2018

beginning beginning

Pension engagement is not just for the beginning and end

The peak levels of interaction with members come at the beginning, when they first enter the scheme and then when they are preparing to retire. Whilst this is understandable to a point, as they are the key points where understanding and interaction are required, this does not mean that the period of membership in between is just a pathway to follow that requires no direction.

Contributor: Karen Bolan | Published: 27 April 2018

self-employed self-employed

Calls for pension reform for self-employed

The RSA has published a report on retirement saving for the self-employed, titled ‘Venturing to Retire’.  The lead proposal is for reform of pension taxation in favour of a flat rate top up from the Government set at 30 percent. Contributor Tom McPhail, Head of policy - Hargreaves Lansdown

Contributor: Tom McPhail | Published: 22 April 2018

poverty poverty

700,000 more pensioners in poverty if triple lock is scrapped

The number of pensioners living in poverty in 2050 could be 700,000 higher if the triple lock for the state pension is scrapped, a new report has warned today (Wednesday). The research – carried out by the Pensions Policy Institute – estimates that getting rid of the triple lock could lead to nearly 3.5 million older people facing poverty in 2050, compared to 2.8 million if it remains in place.

Contributor: Claire Turner | Published: 22 March 2018

carillion carillion

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

self-employed self-employed

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

dangerous dangerous

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

pension freedoms pension freedoms

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