Pension Scheme Trustees Need to be Careful About Record Keeping
A lawyer has warned that trustees may face expensive consequences for failing to keep accurate member data on scheme wind-up despite legislations protecting trustees.
Research by the Association of Consulting Actuaries show two thirds of employers with no pension schemes has no plans to offer auto-enrolment facility to workers.
A report published by Swiss Re calls on for sweeping changes in mortality calculations, arguing new assumptions will help capital markets and pension schemes gain better understanding of the factors that affect them.
A Prudential research reveals pensioners’ income will drop by over 60 per cent in the next twenty years due to inflation, if they took fixed benefits today.
The latest research published by the Chartered Institute of Personnel and Development (CIPD) shows more than half of UK employees are unaware of the sweeping changes in pension norms coming into play next year.
A survey conducted by provider Standard Life found most of the large employers are still not prepared for the regulatory requirements of auto-enrolment. Only 7 per cent of the big firms have proper plans in place to meet auto-enrolment requirements when they are rolled out next year.
At the launch of the UKSIF (UK Sustainable Finance and Investment Association) biennial pensions report on Friday, the trade body will call on pension scheme sponsors and employers to help retirement funds support the UK stewardship Code.
Amid renewed investors interest in ultra-long maturity bonds, the Debt Management Office (DMO) is reportedly considering launching a new batch of 50 year maturity gilts in October this year.
The Department for Works and Pensions has issued clarifications to dispel confusions on employers’ pension contributions for workers on maternity leave.
Scottish Life, the pensions specialist arm of Royal London, will switch to Franklin UK Mid Cap fund for the underlying investments of Scottish Life UK Mid Cap Specialist Pension fund, from the present Schroder UK Mid 250 fund. From 14 November, the underlying investments of Scottish Life US Core Plus Pension fund will also change to Fidelity American from Investec American.
Putting the blame squarely on faulty systems, provider Aegon accepted out-of-date advice was mailed to annuity clients that stated they must annuitise by the age 75. The firm’s service was termed ‘sloppy’ after the goof-up and may result in legal claims.
Pensions schemes may not function properly if the government fails to pass legislations defining money purchase benefits immediately, said the Society of Pension Consultants (SPC).
A survey by provider MetLife Assurance finds the importance placed by defined benefits pension scheme trustees and sponsors on inflation risk has gone up “dramatically” as uncertainty looms over the switch from retail price index (RPI) to consumer price index (CPI).
Data released by specialist insurer Pension Corporation shows the recent market slide has wiped out £250 billion in pension savings. However, pensions experts advice investors to stay put and capitalise on the volatility of the equity market.
The ITV pension scheme has entered into the UK’s third largest longevity swap deal with Credit Suisse to fully hedge the longevity risk of the 12,000 members of the scheme.
Global consultancy major PwC welcomed the conclusion of HMRC’s consultation on tax relief for asset backed contributions saying it will make such arrangements accessible to smaller schemes and bring much needed clarity.
