Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

Regulation

Image for Government consultation on pension scams has closed

Government consultation on pension scams has closed

16 February 2017

The Government consultation setting out a package of measures to tackle pension scams, has now closed.

Read more
Image for One in five firms missing auto enrolment deadline

One in five firms missing auto enrolment deadline

26 January 2017

A high proportion of companies are signing up to auto-enrolment late, according to workplace pensions provider Now: Pensions.

Read more
Image for PLSA outlines pension scheme Brexit needs

PLSA outlines pension scheme Brexit needs

20 January 2017

The Pensions and Lifetime Savings Association has outlined three things needed to ensure Brexit works well for pension schemes in the UK.

Read more
Image for Barnett Waddingham awarded PASA accreditation

Barnett Waddingham awarded PASA accreditation

20 January 2017

The Pensions Administration Standards Association (PASA) has announced Barnett Waddingham LLP as the latest organisation to have successfully earned PASA accreditation.

Read more
Image for One in five vulnerable to online pension scams

One in five vulnerable to online pension scams

06 January 2017

Over 45s are more likely to be targeted by pension scammers by email than by phone, a new report has found.

Read more
Image for Auto-enrolment reviewed in Government report

Auto-enrolment reviewed in Government report

15 December 2016

The Department of Work and Pensions (DWP) has released its latest review of automatic enrolment.

Read more
Image for Government launches pension scam consultation

Government launches pension scam consultation

08 December 2016

The Government has launched a consultation on three types of measures to tackle pension scams.

Read more
Image for deVere boss commends overseas pensions tax plans

deVere boss commends overseas pensions tax plans

02 December 2016

Nigel Green, chief executive of deVere Group, has praised government plans to bring the tax treatment of overseas pensions more closely in line with the UK's domestic pension tax regime.

Read more
Image for Pension cold calling to be criminalised

Pension cold calling to be criminalised

25 November 2016

The government is clamping down on scammers taking advantage of pension freedoms by cold calling with new measures, announced in the Autumn Statement.

Read more
Image for FCA announces Lifetime ISA guidance

FCA announces Lifetime ISA guidance

18 November 2016

The Financial Conduct Authority (FCA) has outlined its approach to regulating the promotion and distribution of the Lifetime ISA (LISA).

Read more
Image for PLSA call for improved reporting on workforce

PLSA call for improved reporting on workforce

10 November 2016

The Pensions and Lifetime Savings Association (PLSA) has written to the chair of every FTSE350 company, asking them to share information with investors about their workforce.

Read more
Image for Master trusts must meet new criteria

Master trusts must meet new criteria

25 October 2016

What impact will the new regulations have on the success of the master trusts?

Read more
Image for Small businesses have 'pensions stage fright', says FSB

Small businesses have 'pensions stage fright', says FSB

30 September 2016

The Federation of Small Businesses (FSB) says smaller and micro businesses in the UK are suffering from 'stage fright' - a phenomenon preventing them from complying with workplace pensions legislation.

Read more
Image for Five key areas for auto-enrolment review, says Now: Pensions

Five key areas for auto-enrolment review, says Now: Pensions

22 September 2016

Workplace pension provider Now: Pensions, is calling for the Department for Work and Pensions to consider a number of key areas in its 2017 review of auto-enrolment.

Read more
Image for Pensions Regulator opens the discussion on what "21st century trusteeship" should look like

Pensions Regulator opens the discussion on what "21st century trusteeship" should look like

06 September 2016

The Pensions Regulator has published a discussion paper inviting views on 21st century pension trusteeship.The paper invites views on what drives effective trusteeship and governance, setting out what the Regulator has learned from its recent surveys of occupational pension schemes and what it is considering doing to help schemes improve their governance.

Read more
Image for Support for retirement quality mark

Support for retirement quality mark

18 August 2016

A consultation on developing a Retirement Quality Mark (RQM) has revealed support from respondents.

Read more
Image for FTSE 100 companies pay more in dividends than pension contributions

FTSE 100 companies pay more in dividends than pension contributions

18 August 2016

The combined pension funds deficit for companies in the FTSE 100 has seen huge increases in the past year, according to pensions consultancy LCP.

Read more
Image for Government inquiry to investigate pensions

Government inquiry to investigate pensions

11 August 2016

The collapse of BHS has caused MPs to widen their inquiry to include DB schemes in general.

Read more
Image for New DC code of practice in force

New DC code of practice in force

04 August 2016

The Pensions Regulator's new code of practice for defined contribution (DC) schemes is now in force.

Read more
Image for Fidelity sets out pension priorities

Fidelity sets out pension priorities

21 July 2016

­Fidelity International set out six key priority areas for government policy on pensions, ahead of new Prime Minister Theresa May's first cabinet meeting.

Read more
Image for Schemes may still need to prepare for the revised IORP II

Schemes may still need to prepare for the revised IORP II

15 July 2016

Finalised legislative changes to the IORP II may still apply to the UK before the country makes its departure from the EU.

Read more
Image for The new money purchase code and guides – What trustees need to know

The new money purchase code and guides – What trustees need to know

08 July 2016

Are you ready for The Pensions Regulator's new code of practice and guidance on money purchase benefits? The name of the code has been amended to make it clear that it applies to all pension schemes that provide money purchase benefits (including Additional Voluntary Contributions (AVCs)) and not just defined contribution schemes. This article sets out six key points that will bring you up to speed with the development of the new code, provide answers for key questions and explains important aspects of the new regime in detail.

Read more
Image for PMI sets out vision for the future

PMI sets out vision for the future

07 July 2016

The Pensions Management Institute (PMI) is marking its 40th year by setting out its vision for the industry.

Read more
Image for Qualification to set new benchmark for Trustees

Qualification to set new benchmark for Trustees

30 June 2016

The Association of Professional Pension Trustees (APPT) Council and the Pensions Management Institute have launched a joint consultation into the introduction of a Pension Trusteeship diploma.

Read more
Image for Chair of PensionsEurope to make recommendations at 2016 conference

Chair of PensionsEurope to make recommendations at 2016 conference

24 June 2016

The second PensionsEurope conference in Brussels is taking place this week, and chair Janwillem Bouma will address a variety of industry concerns.

Read more
Image for Highest number of workers aged over 50 since records began

Highest number of workers aged over 50 since records began

16 June 2016

More than nine million UK working people are aged over 50, according to the latest official employment figures.

Read more
Image for PASA welcomes regulator DC code

PASA welcomes regulator DC code

09 June 2016

The Pensions Administration Standards Association (PASA), says the new Pensions Regulator's (TPR) DC code and 'how to guides' are a positive move for pensions administration.

Read more
Image for Savers should learn from BHS and Tata Steel pension crises

Savers should learn from BHS and Tata Steel pension crises

09 June 2016

The recent crises for BHS and Tata Steel pensions schemes should be a "wake up call" for people with final salary pensions.

Read more
Image for The Queen announces a new Pensions Bill

The Queen announces a new Pensions Bill

20 May 2016

A new Pensions Bill that includes measures to give The Pensions Regulator more powers to regulate master trusts, cap early exit charges, and increase protection for savers, was announced on Wednesday in The Queen's speech.

Read more
Image for Trustees must hold professional qualification; research finds

Trustees must hold professional qualification; research finds

13 May 2016

New research from the Pensions Management Institute (PMI) has revealed that professional qualifications for trustees are crucial.

Read more
Image for PASA announces revised standards

PASA announces revised standards

13 May 2016

The Pensions Administration Standards Association (PASA), has revised its standards to simplify the initial stages of accreditation.

Read more
Image for Auto-enrolment is working, says Pensions Regulator

Auto-enrolment is working, says Pensions Regulator

06 May 2016

The Pensions Regulator has published its latest figures showing employer compliance with automatic enrolment since it was introduced in October 2012.

Read more
Image for Capita insights reveals pension manager pressures

Capita insights reveals pension manager pressures

28 April 2016

The second annual Pension Scheme Insight Report, from Capital Employee Benefits, has highlighted some of the challenges faced by pension managers and trustees.

Read more
Image for EU pensions regulator ends work on solvency-based funding regime

EU pensions regulator ends work on solvency-based funding regime

21 April 2016

Pension schemes and trustees have welcomed the news that EIOPA, the EU pensions regulator, is ending its work on a solvency-based funding regime for pensions.

Read more
Image for Double win for Hymans Robertson

Double win for Hymans Robertson

15 April 2016

Hymans Robertson is the first pensions and benefits consultancy to achieve accreditations from two major industry bodies.

Read more
Image for Cost of public service pension set to rise again

Cost of public service pension set to rise again

07 April 2016

Public service pension schemes will cost an extra £3bn a year, according to financial services giant KPMG.

Read more
Image for Pension minister warns of pension 'master trusts'

Pension minister warns of pension 'master trusts'

11 March 2016

Pensions minister Ros Altmann has called for stronger regulation to protect people who are in multi-employer pensions.

Read more
Image for Top five myths of auto-enrolment

Top five myths of auto-enrolment

24 February 2016

With 500,000 small firms due to introduce workplace pensions, Now: Pensions has released that top five myths surrounding auto-enrolment.

Read more
Image for L&G announces technology partnership

L&G announces technology partnership

19 February 2016

Legal & General has a new technology partner for the SME auto enrolment market.

Read more
Image for New PMI partnership to take on workplace education

New PMI partnership to take on workplace education

04 February 2016

The Pensions Management Institute (PMI) has announced a new partnership with WEALTH at work to tackle the lack of financial education in the workplace.

Read more
Image for Toughest test is still to come for auto-enrolment

Toughest test is still to come for auto-enrolment

28 January 2016

A new government report into auto-enrolment has concluded that while the roll out has been successful for larger companies, the real test is still to come.

Read more
Image for Regulator responds to first EU-wide stress test

Regulator responds to first EU-wide stress test

28 January 2016

The Pensions Regulator (TPR) has endorsed the conclusion of the pension stress test carried out by the European Insurance and Occupational Pensions Authority (EIOPA).

Read more
Image for Top scammer phrases revealed as pension victim numbers soar

Top scammer phrases revealed as pension victim numbers soar

14 January 2016

A list of top fraud watchwords for scheme members has been released by ACA Pension Life.

Read more
Image for Meeting liabilities is key challenge for pension schemes

Meeting liabilities is key challenge for pension schemes

08 January 2016

The increased cost of meeting liabilities will be a challenge for both Defined Benefit (DB) and Defined Contribution (DC) pension schemes in 2016, according to BlackRock.

Read more
Image for Green light for second-hand market in annuities

Green light for second-hand market in annuities

17 December 2015

The news of the government's plan for a new second-hand market in annuities has been greeted with caution.

Read more
Image for Tax confusion over pension reforms

Tax confusion over pension reforms

19 November 2015

More than half of the general public are still unsure about what the tax rules are when it comes to taking cash out of pension, new research has found.

Read more
Image for Gold standard for Hymans Robertson

Gold standard for Hymans Robertson

29 October 2015

The Pensions Administration Standards Association (PASA) has awarded its gold standard in administration to independent consultancy Hymans Robertson.

Read more
Image for New report calls for swift action on insufficient pension freedoms

New report calls for swift action on insufficient pension freedoms

22 October 2015

A new report from the Work and Pensions Committee has called on the government to act swiftly to give people more information about pensions.

Read more
Image for Pension specialist warns of charity trap

Pension specialist warns of charity trap

01 October 2015

Charities are being given a "Hobson's choice" by legislation that forces them to keep either funding further unaffordable benefits or to settle an unaffordable cessation cost.

Read more
Image for Better corporate reporting to close gender pay gap, says NAPF

Better corporate reporting to close gender pay gap, says NAPF

10 September 2015

The NAPF has published its submission to the government's consultation Closing the Gender Pay Gap.

Read more
Image for Pensions Regulator will protect Docklands Light Railway pension scheme members

Pensions Regulator will protect Docklands Light Railway pension scheme members

10 September 2015

The Pensions Regulator has published details of its funding investigation into the Docklands Light Railway (DLR) Pension Scheme.

Read more
Image for Pensions regulator issues new guidance for DB trustees

Pensions regulator issues new guidance for DB trustees

20 August 2015

The Pensions Regulator (TPR) has published the first in a series of guides for trustees of DB occupational pension schemes to help them apply the DB funding code of practice.

Read more
Image for Pensions Regulator warns SMEs to act now on auto enrolment

Pensions Regulator warns SMEs to act now on auto enrolment

07 August 2015

The Pensions Regulator issued warning to 1.8 million small and micro employers to check when they must meet new workplace pension duties.

Read more
Image for Pension fraud has tripled since reform

Pension fraud has tripled since reform

30 July 2015

Pension fraud worth GBP 4.7million has been reported by members of the public in May, according to Action Fraud, part of the City of London Police.

Read more
Image for ShareAction launches policy vision for pensions success

ShareAction launches policy vision for pensions success

16 July 2015

A new report from ShareAction, the charity that promotes responsible investment, says the UK pensions market is too complex for savers.

Read more
Image for Focused Advice – The future of DC decumulation?

Focused Advice – The future of DC decumulation?

10 July 2015

The pension freedoms are in full swing and, with the Conservative majority election, the new freedoms are unlikely to show any signs of compromise or slowing down. But unlike auto-enrolment, there are no set dates when employers need to comply with the new freedoms and as yet, very few companies have tackled successfully the issue of how to help their employees achieve better retirement outcomes in the new pension world.

Read more
Image for Reform must be given time to work, says pensions minister

Reform must be given time to work, says pensions minister

11 June 2015

The government will not force pension providers to deliver on promised freedoms, in order to give reform a chance to work.

Read more
Image for Auto enrolment – there's nowhere left to hide

Auto enrolment – there's nowhere left to hide

05 June 2015

Workplace pensions provider NOW: Pensions says auto enrolment needs to be taken more seriously with fines for small companies at £500 per day

Read more
Image for Pensions Regulator publishes annual funding statement

Pensions Regulator publishes annual funding statement

28 May 2015

The Pensions Regulator has set out its analysis of the market in its 2015 annual funding statement.

Read more
Image for NAPF launches new guide to security fraud

NAPF launches new guide to security fraud

21 May 2015

The NAPF has published a new Made Simple Guide, offering pension funds an introduction to procedures available to pursue legal claims when affected by securities fraud.

Read more
Image for NAPF responds to FCA's DB to DC transfers consultation

NAPF responds to FCA's DB to DC transfers consultation

16 April 2015

The NAPF has responded to the FCA consultation which sets out their revised regulatory approach to advice on DB to DC transfers.

Read more
Image for New qualification for pensions transfers

New qualification for pensions transfers

16 April 2015

A new pensions qualification has been launched for pensions professionals wishing to offer advice on pension transfers.

Read more
Image for Pension schemes fear new accounting rules could raise costs

Pension schemes fear new accounting rules could raise costs

01 April 2015

One fifth of pensions professionals fear that the new Statement of Recommended Practice (SORP) for pension scheme accounting could raise the cost of preparing statutory accounts, according to a recent survey.

Read more
Image for Chancellor confirms pension changes in Budget 2015

Chancellor confirms pension changes in Budget 2015

19 March 2015

Chancellor George Osbourne announced a cut in the Lifetime Allowance (LTA) and an extension to pension freedoms to 5m annuity holders, in his final budget before the general election.

Read more
Image for PASA highlights top demands on administrators

PASA highlights top demands on administrators

29 January 2015

Reform and policies announced in last year's budget will present the greatest challenges to pension fund administrators, according to The Pensions Administration Standards Association (PASA).

Read more
Image for NAPF disappointed with EIOPA's work on solvency

NAPF disappointed with EIOPA's work on solvency

15 January 2015

The European Insurance and Occupational Pensions Authority (EIOPA) should be addressing more pressing issues than a solvency system for pensions, according to the National Association of Pension Funds (NAPF).

Read more
Image for Change afoot for New Year

Change afoot for New Year

08 January 2015

The influence of the general election, changes to regulation, and ongoing challenges with auto-enrolment are some of the issues facing the industry for 2015, according to experts across the sector.

Read more
Image for Half of industry expects DB schemes to miss April deadline

Half of industry expects DB schemes to miss April deadline

11 December 2014

Most defined benefit schemes will miss the April 2016 deadline for accurate assessments of members' guaranteed minimum pension (GMP) rights, according to new research.

Read more
Image for Savers could be missing out on £90,000

Savers could be missing out on £90,000

28 November 2014

Savers could be missing out on as much as £90,000, as a result of the way pensions contributions are calculated, according to NOW: Pensions - a subsidiary of ATP, one of Europe's largest pension schemes.

Read more
Image for Altmann urges UK to re-think older workforce

Altmann urges UK to re-think older workforce

30 October 2014

Embracing older workers is the way forward for businesses, according to the Government's business champion for older workers Dr Ros Altmann.

Read more
Image for Plans to increase retirement age

Plans to increase retirement age

09 October 2014

Government plans to increase the retirement age by six months per year have been announced this week by pensions minister Steve Webb.

Read more
Image for "No support for pension reform without levy" says IAPF

"No support for pension reform without levy" says IAPF

02 October 2014

Proposed reforms to the second-pillar pension system in Ireland are unlikely to gain support – unless the Irish government abolishes the 0.15% pensions levy, according to the Irish Association of Pension Funds (IAPF).

Read more
Image for Osbourne announces pension "death tax" to be scrapped

Osbourne announces pension "death tax" to be scrapped

02 October 2014

Chancellor George Osbourne has announced plans to abolish the so-called death tax on pensions.

Read more
Image for Scottish 'no' vote means 'yes' to tax changes

Scottish 'no' vote means 'yes' to tax changes

25 September 2014

Scotland's 'no' vote for independence does not mean 'no change' for pension schemes, industry experts have said.

Read more
Image for EU names UK's Jonathan Hill as financial services commissioner

EU names UK's Jonathan Hill as financial services commissioner

12 September 2014

The European Union (EU) has appointed Lord Jonathan Hill as the new financial services commissioner.

Read more
Image for NEST restrictions to be lifted

NEST restrictions to be lifted

12 September 2014

The annual contribution limit and transfer restrictions on the National Employment Savings Trust (NEST) will be removed in April 2017, the UK Government has confirmed.

Read more
Image for FRC fines Mazars £2m for pension advice failings

FRC fines Mazars £2m for pension advice failings

05 September 2014

The Financial Reporting Council (FRC) has ordered UK accountancy firm Mazars and one of its partners to pay almost £2m for failing to give good advice to the trustees of the First Quench pension fund.

Read more
Image for Lehman Brothers FSD case reaches settlement

Lehman Brothers FSD case reaches settlement

21 August 2014

The Lehman Brothers pension scheme is set to pay full retirement benefits to its members to avoid entry in to Pension Protection Fund (PPF), following a settlement agreement worth £184m.

Read more
Image for TPR's DB funding code comes into force

TPR's DB funding code comes into force

29 July 2014

The Pensions Regulator's (TPR) latest defined benefit (DB) code of practice comes into force today.

Read more
Image for Independent organisations to give "guaranteed guidance"

Independent organisations to give "guaranteed guidance"

25 July 2014

The UK Government has announced that the guaranteed guidance on pensions choices will be provided by independent organisations rather than pension schemes or providers.

Read more
Image for ShareAction calls for more accountability and transparency in pensions

ShareAction calls for more accountability and transparency in pensions

17 July 2014

The UK's private pension providers' duties should be enshrined into law to ensure accountability and transparency, campaign group ShareAction has said.

Read more
Image for "Intelligent" approach needed to improve LGPS

"Intelligent" approach needed to improve LGPS

16 July 2014

The Local Government Pension Scheme (LGPS) should not be treated as a "homogenous whole" by the Government, the National Association of Pension Funds (NAPF) has warned.

Read more
Image for TPR publishes guides to improve public service pension standards

TPR publishes guides to improve public service pension standards

10 July 2014

Two new "quick guides" have been published by The Pensions Regulator (TPR) to help public service pension schemes to govern and administer themselves effectively.

Read more
Image for Law Commission clarifies fiduciary investment duties

Law Commission clarifies fiduciary investment duties

01 July 2014

Pension fund trustees should only take ethical or environmental, social or governance (ESG) issues into account if they are "financially material" to the performance of an investment, the Law Commission has said.

Read more
Image for EIOPA calls for smarter regulation

EIOPA calls for smarter regulation

20 June 2014

The European Insurance and Occupational Pensions Authority (EIOPA) has called for "smarter" financial regulation, rather having than more or having less regulation, to improve consumer confidence.

Read more
Image for Queen's Speech on pensions receives mixed reactions

Queen's Speech on pensions receives mixed reactions

04 June 2014

The Queen's Speech heralded a number of reforms to the pensions market in the UK and the industry's reaction on the legislation has been mixed.

Read more
Image for Queen's Speech confirms pension reforms

Queen's Speech confirms pension reforms

04 June 2014

Two pensions bills will be introduced as part of sweeping reforms to the pensions landscape in the UK, the Queen confirmed in her speech today.

Read more
Image for PTL urges pensions industry to respond to PPF consultation

PTL urges pensions industry to respond to PPF consultation

03 June 2014

The pensions industry should respond quickly to a Department for Work and Pensions (DWP) consultation that could safeguard the pensions of hundreds of individuals in the UK, Pitmans Trustees Limited (PTL) has urged.

Read more
Image for TPR sets out priorities in three-year plan

TPR sets out priorities in three-year plan

21 May 2014

The Pensions Regulator (TPR) has said that one of its priorities for the next three years will be to maximise compliance with auto-enrolment duties among medium, small and micro employers (SMEs).

Read more
Image for PwC urges Government to scrap state pension age

PwC urges Government to scrap state pension age

29 April 2014

The UK Government should scrap the state pension age and should replace it with a state pension window, PricewaterhouseCooper (PwC) has urged.

Read more
Image for DWP warns independent Scotland will face "more acute" pension costs

DWP warns independent Scotland will face "more acute" pension costs

25 April 2014

An independent Scotland would face additional financial pressures paying for an aging population than if it remained in the UK, the Department for Work and Pensions (DWP) has warned.

Read more
Image for TPR issues auto-enrolment non-compliance warning to employers

TPR issues auto-enrolment non-compliance warning to employers

24 April 2014

The Pensions Regulator (TPR) has warned that employers that are struggling to meet their auto-enrolment duties should alert the organisation sooner rather than later.

Read more
Image for TPR opens investigations into scheme record-keeping

TPR opens investigations into scheme record-keeping

01 April 2014

Seven case investigations into scheme record-keeping have been opened by The Pensions Regulator (TPR) following its thematic review.

Read more
Image for DWP announces pensions charge cap

DWP announces pensions charge cap

28 March 2014

The Department for Work and Pensions (DWP) has announced that it will introduce a 0.75% cap on charges for default funds of all qualifying pension schemes.

Read more
Image for EU publishes revised pensions directive proposals

EU publishes revised pensions directive proposals

27 March 2014

The European Union has published proposals to update the rules for occupational pension funds in Europe.

Read more
Image for Budget 2014: industry reactions

Budget 2014: industry reactions

19 March 2014

Here are a variety of views regarding the surprising pension changes during announcement by Chancellor George Osborne.

Read more
Image for Budget 2014: Osborne announces "radical" changes to pensions

Budget 2014: Osborne announces "radical" changes to pensions

19 March 2014

Chancellor George Osborne announced a set of changes to pensions in this year's Budget to make saving more of an attractive option.

Read more
Image for DWP appoints TPR chairman

DWP appoints TPR chairman

19 March 2014

The Department for Work and Pensions (DWP) has announced that Mark Boyle has been appointed as the chair of The Pensions Regulator (TPR).

Read more
Image for Budget 2014 can help revive occupational pensions, says NAPF

Budget 2014 can help revive occupational pensions, says NAPF

14 March 2014

Next week's Budget is a "golden opportunity" for the Government to support pension schemes and savers through a package of measures to help meet its objective to 'reinvigorate occupational pensions', the National Association of Pension Funds (NAPF) has said.

Read more
Image for UK Government should focus on flexible DB schemes

UK Government should focus on flexible DB schemes

14 March 2014

The UK Government should focus on revising current regulations to allow existing defined benefit (DB) and defined contribution (DC) schemes to be more flexible rather than attempt to create a new regime, Mercer has said.

Read more
Image for TPR urges employers to check when auto-enrolment affects them

TPR urges employers to check when auto-enrolment affects them

11 March 2014

Small and medium employers should find our when their new workplace pensions duties begin, The Pensions Regulator (TPR) has said.

Read more
Image for Draft EU directive to change 'fully funded' requirement for cross-border schemes

Draft EU directive to change 'fully funded' requirement for cross-border schemes

05 March 2014

The European Union could soon remove the requirement that defined benefit (DB) plans must be 'fully funded at all times' if they operate in more than one EU member state, Towers Watson has said.

Read more
Image for DWP maintains protected status of former public schemes

DWP maintains protected status of former public schemes

14 February 2014

The Department of Work and Pensions (DWP) has decided to maintain the protected status of defined benefit (DB) schemes in formerly nationalised industries.

Read more
Image for OFT selects board to oversee DC scheme audit

OFT selects board to oversee DC scheme audit

14 February 2014

The Office of Fair Trading (OFT) has appointed a panel of experts to oversee the audit of high cost and legacy defined contribution (DC) schemes.

Read more
Image for Irish actuaries urge Government to introduce mandatory pensions

Irish actuaries urge Government to introduce mandatory pensions

12 February 2014

The Irish Government should develop a mandatory pension system over the next five years, rather than introduce a "soft mandatory" approach such as auto-enrolment, a group of actuaries have urged.

Read more
Image for Scottish Government still needs to answer key questions on pensions

Scottish Government still needs to answer key questions on pensions

05 February 2014

The Scottish Government needs to do more to clarify its position on the details of how pensions will be provided in an independent Scotland, the Institute of Chartered Accountants of Scotland (ICAS) has said.

Read more
Image for Regulatory change in pensions is too much, too soon, says NAPF

Regulatory change in pensions is too much, too soon, says NAPF

05 February 2014

The pensions sector in the UK is facing a "capacity crunch" due to the pace and volume of regulatory change, the National Association of Pension Funds (NAPF) has found.

Read more
Image for DWP confirms pensions charge cap delay

DWP confirms pensions charge cap delay

24 January 2014

The pensions industry has largely welcomed the Government's announcement that any cap on charges will not be introduced before April 2015.

Read more
Image for Pensions industry welcomes delay in pensions cap charge

Pensions industry welcomes delay in pensions cap charge

17 January 2014

The Government's decision to delay the introduction of the pensions charge cap has been welcomed by the industry.

Read more
Image for FRC warns companies over classifying pension liabilities as equities

FRC warns companies over classifying pension liabilities as equities

17 January 2014

Companies should not enter into arrangements that turn pension obligations into equity instruments in their accounts, the Financial Reporting Council (FRC) has warned.

Read more
Image for State pension reforms must go further and faster, argues think-tank

State pension reforms must go further and faster, argues think-tank

09 January 2014

The Government must accelerate the introduction of a later retirement age and urgently reform labour market regulations to enable people to work longer, the Institute of Economic Affairs (IEA) has said.

Read more
Image for Auto-enrolment passes two million landmark

Auto-enrolment passes two million landmark

18 December 2013

More than two million workers have begun saving into a workplace pensions scheme as a result of auto-enrolment, The Pensions Regulator (TPR) has said.

Read more
Image for Consumer panel calls for "urgent" reform of annuities market

Consumer panel calls for "urgent" reform of annuities market

12 December 2013

Urgent regulatory and government-led structural reform is needed in the "complex" annuity market, the Financial Services Consumer Panel (FSCP) has found.

Read more
Image for PPF confirms 2014/15 levy estimate

PPF confirms 2014/15 levy estimate

12 December 2013

The Pension Protection Fund (PPF) has confirmed that the 2014/15 pension protection levy estimate will be £695m as originally proposed.

Read more
Image for TPR launches public service pension schemes consultation

TPR launches public service pension schemes consultation

11 December 2013

The Pensions Regulator (TPR) has launched a consultation on its draft code of practice to help public service pension schemes to meet governance requirements set out in legislation.

Read more
Image for Autumn statement 2013: state pension age to increase

Autumn statement 2013: state pension age to increase

05 December 2013

The Government has announced in the Autumn Statement 2013 that the rise in the state pension age will be brought forward earlier than expected.

Read more
Image for Autumn Statement 2013: industry reactions

Autumn Statement 2013: industry reactions

05 December 2013

Here are a variety of views regarding the Autumn Statement 2013, which was announced by Chancellor George Osborne.

Read more
Image for TPR launches consultation on DB regulation

TPR launches consultation on DB regulation

03 December 2013

The Pensions Regulator (TPR) has launched a consultation on defined benefit (DB) regulation to set out how it can balance its new objective to minimise the impact on employers' sustainable growth with its existing DB funding objectives.

Read more
Image for TPR DC code of practice comes into force

TPR DC code of practice comes into force

21 November 2013

The Pensions Regulator's (TRP) new code of practice for trustees of defined contribution (DC) trust-based pension schemes has come into effect today.

Read more
Image for Uncertainty remains around pensions charge cap

Uncertainty remains around pensions charge cap

21 November 2013

A number of uncertainties still remain regarding the proposed pensions charge cap, Towers Watson has said.

Read more
Image for TPR launches AE compliance visits

TPR launches AE compliance visits

20 November 2013

The Pensions Regulator (TPR) has launched a series of business sector compliance visits by focusing on the recruitment industry.

Read more
Image for DWP launches consultation on pension charges

DWP launches consultation on pension charges

30 October 2013

The Department for Work and Pension (DWP) has launched a consultation outlining plans on a charge cap of 0.75% in workplace pensions.

Read more
Image for UK Government considers savings through pension fund collaboration

UK Government considers savings through pension fund collaboration

24 October 2013

The Department for Communities and Local Government (DCLG) has announced that it is considering a number of options to create savings through pension fund collaboration.

Read more
Image for DWP's small pots project prompts debate

DWP's small pots project prompts debate

23 October 2013

The Department of Work and Pensions' (DWP) small pots initiative has recently prompted debate on some "quite whacky ideas" for solutions, a solutions provider has said.

Read more
Image for NAPF chairman calls for single pensions regulator

NAPF chairman calls for single pensions regulator

16 October 2013

The National Association of Pension Funds' (NAPF) departing chairman, Mark Hyde Harrison, has called for a single pensions regulator in his final speech.

Read more
Image for EIOPA selects members for stakeholder groups

EIOPA selects members for stakeholder groups

09 October 2013

The European Insurance and Occupational Pensions Authority's (EIOPA) board of supervisors have appointed new members to its stakeholder groups.

Read more
Image for Recommendations for DC market should be "implemented rapidly", says OFT

Recommendations for DC market should be "implemented rapidly", says OFT

19 September 2013

Weaknesses within the defined contribution (DC) market have already created a risk of savers losing out, and the problem is likely to increase as auto-enrolment is rolled out if measures are not "implemented rapidly", the Office of Fair Trading (OFT) has found.

Read more
Image for NAPF warns DWP of "growing governance gap" in DC market

NAPF warns DWP of "growing governance gap" in DC market

09 September 2013

The current defined contribution (DC) landscape is fragmented and more needs to be done to raise standards, the National Association of Pension Funds (NAPF) has said to the Government.

Read more
Image for EU pension proposals could have cost the UK nearly half of GDP

EU pension proposals could have cost the UK nearly half of GDP

27 August 2013

The European Union's controversial pension proposals could have cost the UK 46% of its GDP, research by Lane Clark & Peacock (LCP) has found.

Read more
Image for Millions will lose out under the single tier pension, says TUC

Millions will lose out under the single tier pension, says TUC

21 August 2013

Millions of people on a range of income levels will lose out under the government's pension reforms when the new single tier pension replaces the second state pension, Trade Union Congress (TUC) has said.

Read more
Image for DB closures considered to deal with the end of contracting-out

DB closures considered to deal with the end of contracting-out

15 August 2013

The ending of contracting-out will have consequences on the pensions industry, and these should not be under-estimated, Aon Hewitt has warned.

Read more
Image for "Unhelpful scaremongering" hides real pensions issues in independence debate

"Unhelpful scaremongering" hides real pensions issues in independence debate

09 August 2013

The real issues surrounding the Scottish independence debate should be explored rather than the "scaremongering" on pensions that is taking place, a consultant has warned.

Read more
Image for BoE ties interest rates to unemployment rate

BoE ties interest rates to unemployment rate

08 August 2013

The Bank of England (BoE) announced that it will not raise the base rate of interest from its current level of 0.5% at least until the unemployment rate falls to 7%.

Read more
Image for FCA hires pensions director

FCA hires pensions director

08 August 2013

The Financial Conduct Authority (FCA) has completed its senior structure in supervision by appointing Nick Poyntz-Wright as director of long-term savings and pensions.

Read more
Image for EC should avoid unnecessary changes to cross-border pensions rules

EC should avoid unnecessary changes to cross-border pensions rules

30 July 2013

The European Commission should address the issue of past service benefits and avoid making unnecessary changes to the existing rules on cross-border pensions, Aon Hewitt has said.

Read more
Image for NEST restrictions to be removed from 2017

NEST restrictions to be removed from 2017

09 July 2013

The annual contribution limit and transfer restrictions on the National Employment Savings Trust (NEST) will be removed from 2017, the Government has announced.

Read more
Image for DWP launches call for evidence on DC quality standards

DWP launches call for evidence on DC quality standards

05 July 2013

The Government has published a call for evidence on how work-based schemes are managed to help develop a set of minimum legislative standards to protect members.

Read more
Image for EIOPA publishes final report

EIOPA publishes final report

04 July 2013

The European Insurance and Occupational Pensions Authority (EIOPA) has published its final report on the quantitative impact study (QIS) on Institutions for Occupational Retirement Provision (IORPs).

Read more
Image for PPF cap to increase for long-serving employees

PPF cap to increase for long-serving employees

26 June 2013

The cap on compensation paid by the Pension Protection Fund (PPF) will be increased for long-serving employees, the Government announced.

Read more
Image for Pensions Ombudsman reappointed for third term

Pensions Ombudsman reappointed for third term

14 June 2013

The current Pensions Ombudsman and the Pension Protection Fund Ombudsman has bee reappointed for a third term, the Department for Work and Pensions announced.

Read more
Image for TPR revises code of practice on pension contribution

TPR revises code of practice on pension contribution

07 June 2013

The Pensions Regulator (TPR) has revised its codes of practice on pension contributions to help ensure that members of workplace pensions receive the contributions they are due.

Read more
Image for Trustees unaware of full impact of latest TPR objectives

Trustees unaware of full impact of latest TPR objectives

07 June 2013

Trustees have been urged by an investment adviser to look closely at their investment portfolio following the additional statutory objective placed on The Pensions Regulator (TPR).

Read more
Image for Proportionate legislation is the next big issue for EC

Proportionate legislation is the next big issue for EC

06 June 2013

The worst aspects of Solvency II have been avoided, but proportionate legislation for pensions is the next big issue for the European Commission (EC), Aon Hewitt has said.

Read more
Image for EC postpones solvency-rules for IORP directive

EC postpones solvency-rules for IORP directive

23 May 2013

The European Commission has postponed its plans to include solvency requirements in an updated pensions directive, which will be presented this autumn.

Read more
Image for TPR sets out priorities in three-year corporate plan

TPR sets out priorities in three-year corporate plan

21 May 2013

The Pensions Regulator (TPR) has published its plan for the next three years, stating that it will focus on five themes relating to defined benefit (DB) and defined contribution (DC) schemes and auto-enrolment.

Read more
Image for DWP announces plans to tackle pension charges

DWP announces plans to tackle pension charges

13 May 2013

The Government has announced plans to tackle high and inappropriate pension charges.

Read more
Image for Queen's Speech confirms simpler state pension

Queen's Speech confirms simpler state pension

08 May 2013

The introduction of a single-tier state pension in the Pensions Bill will be one of the Government's main objectives, the Queen confirmed in her speech today.

Read more
Image for TPR releases 2013 annual funding statement

TPR releases 2013 annual funding statement

08 May 2013

The Pension Regulator (TPR) has published its 2013 annual funding statement to help pension scheme trustees and sponsoring employers to agree valuations and deficit recovery plans.

Read more
Image for Possible Scottish independence raises pensions questions

Possible Scottish independence raises pensions questions

26 April 2013

The Scottish and UK Governments have been called to engage with the pensions industry to minimise the financial impact that Scottish Independence could have on private sector schemes.

Read more
Image for DWP proposals would introduce new pension scheme costs, says NAPF

DWP proposals would introduce new pension scheme costs, says NAPF

23 April 2013

The National Association of Pension Funds (NAPF) has warned that the Government's plans to automatically transfer pension pots when a worker moves jobs would introduce new costs for pension schemes and employers.

Read more
Image for NAPF backs greater transparency in non-financial reporting

NAPF backs greater transparency in non-financial reporting

17 April 2013

The European Commission's proposal to enhance business transparency on social and environmental matters has been welcomed by the National Association of Pension Funds (NAPF).

Read more
Image for EIOPA's preliminary results on IORP impact study prompts concerns

EIOPA's preliminary results on IORP impact study prompts concerns

10 April 2013

The European Insurance and Occupational Pensions Authority (EIOPA) has published a preliminary report on the impact of the proposed European Pensions Directive based on Solvency II-type rules, but emphasised that "analysis and further consideration" are needed for the final report.

Read more
Image for TPR's proposed code risks being counterproductive, says NAPF

TPR's proposed code risks being counterproductive, says NAPF

28 March 2013

The National Association of Pension Funds (NAPF) warned that The Pensions Regulator's (TPR) proposed code of practice for defined contribution (DC) schemes risks being counterproductive.

Read more
Image for TPR chief executive steps down

TPR chief executive steps down

27 March 2013

The chief executive of The Pensions Regulator (TPR) will be leaving his current position at the end of June to start a new role as group chief executive of the Universities Superannuation Scheme (USS).

Read more
Image for EU launches Green Paper on long-term financing

EU launches Green Paper on long-term financing

26 March 2013

The European Commission has launched a three-month public consultation on the long-term financing of the European economy.

Read more
Image for Industry reactions to Budget 2013

Industry reactions to Budget 2013

20 March 2013

Here are a variety of views regarding the Budget 2013, which was announced by Chancellor George Osborne.

Read more
Image for Single-tier pension brought forward

Single-tier pension brought forward

19 March 2013

The UK's new single-tier state pension will be introduced in 2016 instead of 2017, the Government has announced.

Read more
Image for The Pensions Regulator selects new DC executive director

The Pensions Regulator selects new DC executive director

13 March 2013

The Pensions Regulator (TPR) has appointed a new executive director for defined contribution (DC), governance and administration.

Read more
Image for Smoothing funding levels is a "backwards step" says investment adviser

Smoothing funding levels is a "backwards step" says investment adviser

11 March 2013

Smoothing pension fund asset and liability values is not the answer to solving the pensions problem in the UK, says Cardano, an investment adviser and fiduciary manager.

Read more
Image for Holistic balance sheet has "major shortcomings", says PensionsEurope

Holistic balance sheet has "major shortcomings", says PensionsEurope

11 February 2013

PensionsEurope has warned that the holistic balance sheet approach is not a workable tool for Institutions for Occupational Retirement Provision (IORP) supervision, and said that alternatives should be considered.

Read more
Image for PPF boss defends its cause

PPF boss defends its cause

21 January 2013

Pension Protection Fund (PPF) chief executive Alan Rubenstein has defended the fund's decision to take a stake in Jessops as part of a bid to save the company in 2009.

Read more
Image for Do we take the Stewardship Code the serious?

Do we take the Stewardship Code the serious?

07 December 2012

Pension funds are increasingly taking up their stewardship responsibilities, a new study from the National Association of Pension Funds (NAPF) indicates, but how about investment consultants?

Read more
Image for Master trust conflicts of interest not unmanageable for independent trustees

Master trust conflicts of interest not unmanageable for independent trustees

20 November 2012

Independent trustees work for members' best interest despite master trust conflicts of interest, says independent trustee company Pitman Trustees Limited (PTL).

Read more
Image for DWP looks into removing NEST restrictions

DWP looks into removing NEST restrictions

06 November 2012

The Department for Work and Pensions (DWP) has issued a call for evidence on the impact of two statutory constraints on the National Employment Savings Trust (NEST).

Read more
Image for EIOPA launches quantitative impact study for occupational pensions

EIOPA launches quantitative impact study for occupational pensions

17 October 2012

The European Insurance and Occupational Pensions Authority (EIOPA) launched the first Quantitative Impact Study (QIS) on Institutions for Occupational Retirement Provision (IORPs).

Read more
Image for Pension funds in urgent need of discount rate relief

Pension funds in urgent need of discount rate relief

17 October 2012

Pension funds need more leeway if they are to survive the damaging effects of quantitative easing (QE) and free up billions of pounds for businesses to invest, the National Association of Pension Funds (NAPF) said today.

Read more
Image for TPR publishes DB flexibility and impact analysis

TPR publishes DB flexibility and impact analysis

10 October 2012

The Pensions Regulator (TPR) has published evidence of how some of the flexibilities in the defined benefit (DB) funding regime have been used by pension schemes and sponsoring employers and provided an impact analysis of the contributions required to keep schemes on track of their recovery plans.

Read more
Image for ONS consultation of RPI could have "far reaching consequences"

ONS consultation of RPI could have "far reaching consequences"

09 October 2012

The Office for National Statistics (ONS) has launched a public consultation on changes to the calculation of the retail prices index (RPI) that would make it more in line with the consumer prices index (CPI).

Read more
Image for Auto-enrolment is 'game changer' for pensions industry

Auto-enrolment is 'game changer' for pensions industry

05 October 2012

The biggest change in pensions for over a hundred years – automatic enrolment – started this week with the largest employers in the UK, who now have a new legal duty to automatically enrol workers into a qualifying workplace pension scheme and make contributions towards it.

Read more
Image for Steve Webb: "Clegg's proposals are possible by Easter"

Steve Webb: "Clegg's proposals are possible by Easter"

26 September 2012

Plans for the much discussed 'pensions for mortgages' scheme could be in place by Easter, according to pensions minister Steve Webb.

Read more
Image for KPMG warns of 'panic-buying' as AE date approaches  

KPMG warns of 'panic-buying' as AE date approaches  

18 September 2012

Two weeks to go until it becomes mandatory to enrol staff into company pension schemes, reminds KPMG, and not all businesses are prepared.

Read more
Image for Regulator urges trustees to meet data deadline

Regulator urges trustees to meet data deadline

06 September 2012

In order to help trustees and administrators get their scheme records in order by the end of the year, The Pensions Regulator (TPR) has published a progress checklist for trustees and a list of frequently asked questions about measuring data.

Read more
Image for Pension funds want QE impact reduced

Pension funds want QE impact reduced

21 August 2012

The results of a poll published by fiduciary manager SEI reveal that UK pension schemes do not think the Pensions Regulator (TPR) has gone far enough in its efforts to reduce the impact of quantitative easing (QE) for pension schemes.

Read more
Image for TUC asks Webb to ban consultancy charging

TUC asks Webb to ban consultancy charging

31 July 2012

The Trades Union Congress (TUC) called on the government yesterday to ban employers from passing on the costs of taking advice from consultants onto staff pension pots.

Read more
Image for Steve Webb declares war on pension charges

Steve Webb declares war on pension charges

23 July 2012

Writing in the Daily Telegraph, the Pensions Minister Steve Webb announced this week that he will not hesitate to take action against the "sky-high charges" which are "tearing the heart out of people's pensions".

Read more
Image for New DWP plans bring down costs for pension providers

New DWP plans bring down costs for pension providers

18 July 2012

The Department for Work and Pensions (DWP) has announced it will implement a new system where workers can take their small pension pots with them if they change jobs.

Read more
Image for UK needs better DC regulation, NAO report finds

UK needs better DC regulation, NAO report finds

12 July 2012

The National Audit Office (NAO) published its report this week on the regulation of defined contribution (DC) pensions and concluded that there is "insufficient accountability" to ensure that the regulatory system delivers value for money.

Read more
Image for More QE "short-changes final salary pensions"

More QE "short-changes final salary pensions"

06 July 2012

The Bank of England's (BoE) monetary policy committee today voted to increase the size of its asset purchase programme, also known as quantitative easing (QE), by £50bn to a total of £375bn, a move which the NAPF says "short-changes businesses running final salary pensions". 

Read more
Image for Dutch pension schemes can breathe again

Dutch pension schemes can breathe again

06 July 2012

Pension schemes in the Netherlands were relieved after the country's Minister for Work and Pensions, Henk Kamp, announced he is to deal with the historically low discount rates currently used by schemes to calculate their future liabilities, in a move designed to increase the fund's coverage ratios.

Read more
Image for Webb: EU plan is "catastrophic"

Webb: EU plan is "catastrophic"

22 June 2012

Pensions minister Steve Webb has vowed that he will not give in to "catastrophic" EU plans which would impose funding rules on British occupational pension schemes.

Read more
Image for TPR urges pensions sector to participate in IORP consultation

TPR urges pensions sector to participate in IORP consultation

22 June 2012

The Pensions Regulator (TPR) encourages the pensions sector in the UK to respond to the consultation on the impact assessment of changes to the IORP directive which was launched last Friday by the European Insurance and Occupational Pensions Authority (EIOPA).

Read more
Image for Pensions workgroup launches public consultation on new Code of Conduct on DC charges

Pensions workgroup launches public consultation on new Code of Conduct on DC charges

16 May 2012

A pensions workgroup set up by the National Association of Pension Funds (NAPF) today launched a public consultation seeking views on the parameters of a new defined contribution (DC) Code of Conduct on charges.

Read more
Image for Queen announces pension reforms from 2013

Queen announces pension reforms from 2013

09 May 2012

A new flat-rate state pension and a system to automatically increase the retirement age have been announced in the Queen's speech.

Read more
Image for Swiss employers demand later retirement and lower conversion rates to fix pensions

Swiss employers demand later retirement and lower conversion rates to fix pensions

26 April 2012

The Swiss Employers' Federation has re-opened the debate about the country's common occupational pension conversion rate, saying it must be lowered further.

Read more
Image for Industry responds to Work and Pensions Select Committee report

Industry responds to Work and Pensions Select Committee report

16 March 2012

Covering a wide range of topics the 'Automatic enrolment in workplace pensions and the National Employment Savings Trust' report that was issued by the Work and Pensions Select Committee has stirred up the pensions industry with some people opposing the recommendations and others rooting for direct implementation. Pension Funds Insider gives you a brief overview of some key opinions.

Read more
Image for Lift NEST restrictions, says Work and Pensions Select Committee

Lift NEST restrictions, says Work and Pensions Select Committee

16 March 2012

In a report published on Thursday the Work and Pensions Select Committee called upon government to scrap two key restrictions that are in place for the National Employment Savings Trust (NEST), stressing it was 'a matter of urgency'.

Read more
Image for Pension funds can expect more QE if government doesn't step up its game

Pension funds can expect more QE if government doesn't step up its game

12 March 2012

At last week's Investment conference of the National Association of Pension Funds (NAPF) in Edinburgh, the Shadow Chief Secretary to the Treasury, Rachel Reeves said the current Government relies too heavily on the Bank of England's quantitative easing (QE) programme, using it as a smokescreen for its poor fiscal support.

Read more
Image for NAPF survey - one in three want opt out of auto-enrolment pension funds

NAPF survey - one in three want opt out of auto-enrolment pension funds

08 March 2012

An opinion poll commissioned by the National Association of Pension Funds (NAPF) has indicated that 33% of the public in the UK plan to opt-out of a pension plan if they are automatically enrolled into it over the next few years.

Read more
Image for Parliament defined contribution inquiry gets industry talking

Parliament defined contribution inquiry gets industry talking

02 March 2012

On the week that the Commons Select Committee for Work and Pensions announced an inquiry into the governance of defined contribution (DC) schemes, Pension Funds Insider brings you a selection of opinion across the industry on the key issues that have been raised.

Read more
Image for MPs ignore pleas to return UK pension increases to RPI rate 

MPs ignore pleas to return UK pension increases to RPI rate 

02 March 2012

Only 33 MPs have voted to call on the UK Government to re-introduce the Retail Price Index (RPI) as the inflation measure used to calculate pension payment increases for occupational pension schemes. 

Read more
Image for Major pension funds urge SEC to protect investors

Major pension funds urge SEC to protect investors

16 February 2012

The California Public Employees' Retirement System (CalPERS), together with ten other large pension funds from the US, Europe and Australia, have sent a letter of support to the chairman of the Securities and Exchange Commision (SEC), Mary Schapiro. The funds urge SEC to continue to push for market reform in the US in order to protect investors and maintain investor confidence.

Read more
Image for Solvency II nightmare still looms but worst-case scenario averted

Solvency II nightmare still looms but worst-case scenario averted

16 February 2012

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 but left open the possibility of funds still needing to inject capital on a massive scale.

Read more
Image for EU might recommend working until 72 – reports

EU might recommend working until 72 – reports

14 February 2012

A report in Germany's mass circulating Bild newspaper suggests that the EU will this week tell European governments to further increase state retirement ages

Read more
Image for Trustee ban for trio who 'profited' from Hugh Mackay Retirement Benefits scheme

Trustee ban for trio who 'profited' from Hugh Mackay Retirement Benefits scheme

10 February 2012

The Pensions Regulator has confirmed that it has barred three people from acting as pension fund trustees after an investigation determined they had 'inappropriately profited from their position as trustees' and were not 'fit and proper persons' for the role.

Read more
Image for Ending inflation guarantees – saving DB schemes from extinction?

Ending inflation guarantees – saving DB schemes from extinction?

20 January 2012

In speaking out in favour of ending mandatory inflation proofing, pensions minister Steve Webb recently aired an idea that has been touted for years as a way to revive the ever dwindling fortunes of defined benefit schemes

Read more
Image for Pensions Regulator reaches out to DB schemes as financial crisis deepens

Pensions Regulator reaches out to DB schemes as financial crisis deepens

19 January 2012

The Pensions Regulator (TPR) announced new plans to help UK trustees deal with the valuation and recovery plan process on 17 January

Read more
Image for Can UK Pension funds escape the Solvency II trap?

Can UK Pension funds escape the Solvency II trap?

06 January 2012

Pension experts have identified a number of ways in which UK pension funds can escape the potentially calamitous consequences of the European Union's Solvency II directive applying to pension funds

Read more
Image for PPF chief executive reflects on changing times 

PPF chief executive reflects on changing times 

19 December 2011

Pension Funds Insider caught up with Pension Protection Fund (PPF) chief executive Alan Rubenstein to reflect on two years in the top job at the fund of last resort which have seen significant changes, especially in levy charging arrangements 

Read more
Image for The Pensions Regulator's principles - enough to unlock DC's potential?  

The Pensions Regulator's principles - enough to unlock DC's potential?  

16 December 2011

How can the UK's Pensions Regulator surmount the structural obstacles found in Defined Contribution (DC) schemes and put its words on good governance into action?

Read more
Image for Auto-enrolment timetable changes for small businesses

Auto-enrolment timetable changes for small businesses

09 December 2011

The UK Government has announced that small businesses will be given additional time to prepare for the implementation of auto-enrolment.

Read more
Image for Dutch pension funds freed up to improve governance

Dutch pension funds freed up to improve governance

16 November 2011

Pension funds in the Netherlands will soon benefit from less red tape and be able to concentrate on their core business of providing retirement benefits, according to the Dutch Government. 

Read more
Image for UK pensions: a European perspective 

UK pensions: a European perspective 

09 November 2011

The UK pension landscape is set for a major overhaul next year with the arrival of auto-enrolment and the introduction of NEST, its new national pension scheme. But what does mainland Europe make of it all? Pension Funds Insider recently asked some non-UK pension professionals their views on reform in the UK and where they feel it could improve provision.

Read more
Image for Unions mull government pension offer amid split rumours 

Unions mull government pension offer amid split rumours 

08 November 2011

Unions insist they will press on with plans to strike in protest against public sector pension reform, despite having welcomed newly-announced government concessions on the matter.

Read more
Image for Darling warns against postponement of auto-enrolment 

Darling warns against postponement of auto-enrolment 

02 November 2011

Speaking to Pension Funds Insider at the annual NAPF conference in Manchester, former Chancellor of the Exchequer Alistair Darling has warned that delaying auto-enrolment could mean that it "would not happen at all".

Read more
Image for Regulator closes Polestar pension scheme 

Regulator closes Polestar pension scheme 

02 November 2011

The Pensions Regulator issued a statement yesterday (01.11.2011) saying that the Polestar pension scheme is to be wound up.

Read more
Image for Dutch employers 'too paternal' towards scheme members 

Dutch employers 'too paternal' towards scheme members 

02 November 2011

A new study by accountancy firm PricewaterhouseCoopers (PwC), released yesterday, shows that the majority of Dutch employers welcome pension reform but feel they will not necessarily apply the needed changes in their own company due to feelings of 'paternalism' towards their employees.

Read more
Image for NAPF chair slams QE "torture" 

NAPF chair slams QE "torture" 

26 October 2011

In his final speech as chairman of the National Association of Pension Funds (NAPF), Ian Tomlinson yesterday told the organisation's annual conference in Manchester that around 1000 UK pension funds were at severe risk of a double hit from "the torture of quantitative easing".

Read more
Image for NEST spreads despite secretive government auto-enrolment threat 

NEST spreads despite secretive government auto-enrolment threat 

26 October 2011

The government-sponsored National Employment Savings Trust (NEST) has confirmed that close to 100 employers have committed to use its pension scheme one year ahead of the introduction of auto-enrolment into workplace pensions.

Read more
Image for Dutch finally agree on pension reform deal 

Dutch finally agree on pension reform deal 

19 October 2011

After months of negotiation, the Dutch Government has managed to reach a final  agreement on how future pension provision will be shaped in the Netherlands

Read more
Image for 'Shock tactics' needed on auto-enrolment says ACA chairman

'Shock tactics' needed on auto-enrolment says ACA chairman

19 October 2011

The government should try frightening employees and employers into embracing auto-enrolment reforms, the chairman of the Association of Consulting Actuaries (ACA) has told Pension Funds Insider

Read more
Image for Private pension 'nationalisation threat' in Peru

Private pension 'nationalisation threat' in Peru

19 October 2011

An alleged promise to nationalise close to $27bn worth of pension fund assets has made the occupational pension system a major campaign point in Peru's presidential election

Read more
Image for University SAT funds face loss of DB

University SAT funds face loss of DB

19 October 2011

Members of University Self Administered Trusts (SATs) in the UK will soon no longer be offered defined benefit (DB) arrangements, according to a Higher Education (HE) pension scheme manager

Read more
Image for Irish pensions drained away to prop up banks

Irish pensions drained away to prop up banks

19 October 2011

Ireland remains mired in a banking crisis, with its Government forced to raid the coffers at the National Pensions Reserve Fund (NPRF) to prop up its money lenders. What does that mean for the future of the Irish state pension?

Read more
Image for Union dismisses shadow minister's rural auto-enrolment plea

Union dismisses shadow minister's rural auto-enrolment plea

19 October 2011

The shadow environment minister's concerns that changes to auto-enrolment legislation will fail to improve a 'shocking' low level of pensions saving in agriculture have been challenged by the National Farmers' Union in a pair of exclusive Pension Funds Insider interviews

Read more
Image for Dutch union votes against Pensions Agreement 

Dutch union votes against Pensions Agreement 

19 October 2011

Members of one of the Netherlands' largest unions, FNV Bondgenoten, have voted against the new Dutch Pensions agreement in a referendum set up to decide the union's position

Read more
Image for WRIC Commission: "Urgent need to improve UK pension system" 

WRIC Commission: "Urgent need to improve UK pension system" 

19 October 2011

Private sector workers must get a better deal from their pensions if they are to save enough for retirement, an independent investigation by the Workplace Retirement Income Commission (WRIC) warned today

Read more
Image for Half of Royal Mail's pension bailout could be blocked by European  Commission 

Half of Royal Mail's pension bailout could be blocked by European Commission 

19 October 2011

The UK Government's plan to wipe Royal Mail's pension deficit clean by taking on its £8bn pension deficit could be in jeopardy, following a challenge from the European Commission. Pension Funds Insider understands that the commission is threatening to block half the bailout if it deems the move to be anti-competitive

Read more
Image for PGGM and CalPERS on PRI Advisory Council 

PGGM and CalPERS on PRI Advisory Council 

19 October 2011

The UN PRI initiative, the framework which seeks to draw institutional investors into investing in a sustainable way, has presented the results of its advisory council elections which took place in July

Read more
Image for Signs of pension renaissance amongst small German firms 

Signs of pension renaissance amongst small German firms 

18 October 2011

Occupational pension provision is on the brink of taking off amongst small German companies, if a recent report in the influential business daily newspaper Handelsblatt is to be believed.

Read more
Image for Pensions accounting: Picking through the numbers game 

Pensions accounting: Picking through the numbers game 

18 October 2011

The BT Pension Fund's strong performance over the past year has been the biggest pensions story of the fortnight in the UK. Readers of that news in the national press may have been confused that while some UK media outlets proclaimed a return to surplus, others noted a continued 'huge' pension deficit at the fund. What's in a number?

Read more
Image for Rebellious Swiss funds continue reform battle 

Rebellious Swiss funds continue reform battle 

18 October 2011

The Swiss Association of Pension Funds (ASIP) has made a renewed call for its government to abandon its proposed second pillar reforms by claiming that the Swiss public have a large level of trust in their pension funds and do not want the extra costs the reforms would bring.

Read more
Image for Growing resentment against Dutch pension reforms 

Growing resentment against Dutch pension reforms 

18 October 2011

An increasing amount of union members in the Netherlands are voting against the pension reforms that were agreed in principle by the Dutch government and its social partners in Amsterdam last month.

Read more
Image for New Dutch Pensions Act finally in place 

New Dutch Pensions Act finally in place 

18 October 2011

The Dutch Government has managed to reach an agreement on the new Pensions Act with its social partners. 

Read more
Image for Pensions loophole - time to wake up? 

Pensions loophole - time to wake up? 

18 October 2011

The recent takeover of Silentnight by private equity firm H.I.G in the UK, has led to concerns from the Pensions Regulator and Pension Protection Fund that firms may have found a way to buy and restructure profitable companies without having to take on their pension liabilities. Pension Funds Insider looks at the implications of 'the Silentnight case'

Read more
Image for NEST spreads despite secretive government auto-enrolment threat

NEST spreads despite secretive government auto-enrolment threat

14 October 2011

The government-sponsored National Employment Savings Trust (NEST) has confirmed that close to 100 employers have committed to use its pension scheme one year ahead of the introduction of auto-enrolment into workplace pensions

Read more
Image for Is new IAS19 another 'DB death knell'?

Is new IAS19 another 'DB death knell'?

13 October 2011

The International Accounting Standard Board's (IASB) newly-updated IAS19 accounting standards look likely to bring the UK's defined benefit pension schemes closer to extinction, drag some healthy pension schemes into deficit and hit company profits by a couple of percentage points, Pension Funds Insider has been told by various sources.

Read more
Image for IBM Germany ordered to pay €90 million pension insurance bill

IBM Germany ordered to pay €90 million pension insurance bill

13 October 2011

Computer multinational IBM's German subsidiary has been ordered by a Stuttgart tribunal to pay a disputed €90m fee to the company's Pension Insurance Association (Pensions-Sicherungs-Verein) safety net.

Read more
Image for Pension industry supports public sector reforms but questions debate

Pension industry supports public sector reforms but questions debate

13 October 2011

The pensions industry has come out in overwhelming support of the government's plans to change public sector pension provision and reduce the funding burden on taxpayers in line with Lord Hutton's recent report. As the debate between government and unions turns increasingly acrimonious ahead of a planned public sector strike on 30 June, Pension Funds Insider asks industry figures how they see the big pensions debate.

Read more
Image for Young Austrians want more company pensions

Young Austrians want more company pensions

13 October 2011

At the same time as the UK government is planning to 'nudge' young workers into pensions saving via auto-enrolment reforms, Austrian twenty-somethings are hoping that their government can encourage more companies to offer an occupational pension, according to a new survey released last week. The head of the association that commissioned it has also told Pension Funds Insider that the country can learn from neighbouring Switzerland in improving occupational pension provision

Read more
Image for Is new IAS19 another 'DB death knell'?

Is new IAS19 another 'DB death knell'?

13 October 2011

The International Accounting Standard Board's (IASB) newly-updated IAS19 accounting standards look likely to bring the UK's defined benefit pension schemes closer to extinction, drag some healthy pension schemes into deficit and hit company profits by a couple of percentage points, Pension Funds Insider has been told by various sources.

Read more
Image for Pension debate fierce in the Netherlands 

Pension debate fierce in the Netherlands 

13 October 2011

The new Pension Act in the Netherlands, which was agreed upon by the majority of the social partners two weeks ago, has come under fierce criticism from the opposition parties and one of the countries biggest unions, FNV Bondgenoten. Pension Funds Insider gives you the latest update on the negotiations.

Read more
Image for DWP publishes responses to CPI consultation 

DWP publishes responses to CPI consultation 

12 October 2011

The Department for Work and Pensions (DWP) has published responses from the UK pensions industry to the consultation on the impact of using the CPI-index as the measure of inflation for private sector occupational pension schemes payments

Read more
Image for Solvency II 'threat' to buy-ins contested

Solvency II 'threat' to buy-ins contested

12 October 2011

KPMG has warned defined benefit (DB) pension schemes to complete insurance backed buy-ins before the European Union introduces its Solvency II insurance industry legislation in 2014, but another market expert has told Pension Funds Insider there is little need to panic

Read more
Image for Dutch politicians demand payback information 

Dutch politicians demand payback information 

11 October 2011

A parliamentary motion to obtain information on which pension schemes have paid back money to employers in the Nineties was handed in last week to Dutch social affairs minister Henk Kamp

Read more
Image for Delivering change

Delivering change

11 October 2011

Large companies that are not already preparing for auto-enrolment in the UK are "probably too late and will be bounced into rush decisions" claims the technical consultant to the Pensions Management Institute (PMI) who added that poor media coverage and insufficient understanding is contributing to inadequate preparedness

Read more
Image for Dutch pension reform negotiations still tense

Dutch pension reform negotiations still tense

11 October 2011

The Dutch trade union federation (FNV) announced on Tuesday, 19 April, that it would start afresh with negotiations on pension reforms following a two week breather in order to deal with internal disagreements.

Read more
Image for Former BA trustee says CPI switch may still not happen

Former BA trustee says CPI switch may still not happen

11 October 2011

The most recent of three trustees to resign from a British Airways pension scheme board has told Pension Funds Insider that the reduced board might be incapable of carrying through the sponsors' hope of switching pension increases to the Consumer Price Index of inflation (CPI)

Read more
Image for Austrian minister dashes pension funds' reform hopes

Austrian minister dashes pension funds' reform hopes

10 October 2011

The Austrian minister in charge of the country's pension fund reforms has told Pension Funds Insider that the suggestion from the head of the Austrian Association of Pension Funds (FVPK) for occupational and personal pensions to be considered in an overarching programme of pension reform are likely to be ignored

Read more
Image for Locking away CPI: Inflated expectations? 

Locking away CPI: Inflated expectations? 

10 October 2011

Are UK schemes rushing too quickly into inflation hedging solutions?

Read more
Image for DNB tells funds to 'reposition' themselves 

DNB tells funds to 'reposition' themselves 

07 October 2011

The Dutch Central Bank (DNB) has made a fresh call for pension funds to 'reposition' themselves in order to alleviate financial pressures

Read more
Image for Beating Solvency II

Beating Solvency II

07 October 2011

The chairman of the pan-European federation of pension funds has called on UK schemes to get in front of continental insurance groups and grab the European Commission's attention if they don't want Solvency II accounting regulations applying to pensions

Read more
Image for ECJ could hand DB funds £100 million tax gift 

ECJ could hand DB funds £100 million tax gift 

05 October 2011

They have been an annoyance to politicians and insurers of late, but a European court could now potentially hand some defined benefit (DB) pension schemes a £100m per year windfall

Read more
Image for World Gold Council concerned over DNB decision

World Gold Council concerned over DNB decision

05 October 2011

The World Gold Council (WGC) is said to be concerned about the decision by the Dutch Central Bank (DNB) to force the SPVG pension scheme to sell off its gold

Read more
Image for LGPS contribution debate casts shadow over Hutton 

LGPS contribution debate casts shadow over Hutton 

05 October 2011

Amidst a warm welcome from the pensions community to Lord Hutton's report on the future of public sector pensions, concern is being raised that previously planned contribution rises to the Local Government Pension Scheme (LGPS) threaten to cancel out any gains intended for the retirement plan

Read more
Image for Swiss reform consultation draws heavy response 

Swiss reform consultation draws heavy response 

05 October 2011

As many as 500 responses have been sent to the Swiss government's consultation on controversial second pillar reform so far (as of 7 March 2011), Pension Funds Insider can reveal

Read more
Image for ECJ changes the rules on annuities  

ECJ changes the rules on annuities  

05 October 2011

Last week (1 March 2011) the ECJ ruled that, from the end of next year on, insurance companies are not allowed to charge men and women different rates for products. The decision could have far-reaching implications for the cost of defined contribution pension schemes in the UK. Pension Funds Insider talks with some experts to see what lies ahead

Read more
Image for Unclear road for UK local government pension scheme changes 

Unclear road for UK local government pension scheme changes 

05 October 2011

Rarely has the financing and structure of a pension scheme been debated so widely in public as with the Local Government Pension Scheme (LGPS) in recent weeks. Treasury proposals announced in October 2010 to increase contributions by £900 million have provoked a bitter response, even before Lord Hutton announced another set of changes

Read more
Image for German investment funds push for second pillar reform

German investment funds push for second pillar reform

05 October 2011

The German Federal Association for Investment and Asset Management (BVI) recently issued a plea for investment funds to play a greater role in occupational pension provision after an influential committee of MPs indicated a desire to encourage more competition. But the country is split on the plans

Read more
Image for Registering interest 

Registering interest 

04 October 2011

The Netherlands might be best known for its clogs, windmills and perennial World Cup final losing football team, but now there could be a new claim to fame due to the country's introduction of a pension register. What can it bring to the Netherlands and what could it mean for the rest of Europe?

Read more
Image for Lord McFall's mission to get the UK saving 

Lord McFall's mission to get the UK saving 

03 October 2011

Lord John McFall, former MP and chair of the Work Retirement Income Commission, spoke to Pension Funds Insider (on 23 February 2011) about his wide-ranging investigation into the UK's retirement savings crisis

Read more
Image for Dutch scheme forced to sell gold by Regulator

Dutch scheme forced to sell gold by Regulator

03 October 2011

Rob Daamen, chairman of SPVG, the Dutch pension scheme that has been forced to sell most of its 13 per cent stake in gold by the Dutch central bank (DNB), has described the order as "weird", and questioned why it took the bank so long to notice the scheme's holding in bullion.

Read more
Image for 
Pension accounting 'transparent and objective', says Aon Hewitt
 

Pension accounting 'transparent and objective', says Aon Hewitt  

03 October 2011

An associate at pension advisor Aon Hewitt has said he does not agree with the findings of the Accounting for Pensions report which was commissioned by the UK's National Association of Pension Funds (NAPF) and released on 7 September. 

Read more
Image for Accounting for pensions must change, says report 

Accounting for pensions must change, says report 

03 October 2011

The accounting standards currently used to calculate companies' pension scheme assets and liabilities are undermining pension provision in the UK, according to a report published today by Leeds University Business School

Read more
Image for CalSTRS broke within 30 years, finds audit 

CalSTRS broke within 30 years, finds audit 

28 September 2011

The California State Teachers' Retirement System (CalSTRS) could see its assets disappear by 2041 if laws governing the contribution rates for members and their employers do not change, says the California state auditor

Read more
Image for PPF announces lowest ever pensions levy

PPF announces lowest ever pensions levy

22 September 2011

Alan Rubenstein, chief executive of the Pension Protection Fund (PPF), has announced that the pension protection levy estimate for 2012/13 will be £550 million, its lowest level to date

Read more
Image for Dutch pensions reform: Where will it all end up? 

Dutch pensions reform: Where will it all end up? 

21 September 2011

After the biggest union within the Federation of Dutch Unions (FNV) last week voted against proposed pension reforms, the nation is unsure on the future of their pensions. Pension Funds Insider sets out the dilemmas and the current state of affairs in one of Europes most sophisticated countries, when it comes to retirement provision

Read more