UK pensions: Defined benefit pension schemes deficit edging downwards in private sector companies January 4, 2016 UK private companies have marginally narrowed the deficit they are running on their defined benefit (DB) pension schemes. Figures from JLT Employee Benefits show that, at 31 December 2015, funding for DB pensions in all UK private sector pension schemes stood at a £228bn deficit. By comparison, at 31 December 2014, the deficit was £248bn. [...]
Pension tax relief changes are forcing employers to rethinking how they reward their higher earners December 23, 2015 A third of companies have gone back to the drawing table over how they reward their higher earners, as new restrictions slash the amount people can put into a pension pot tax free. Research released today by professional services firm PwC found that changes to the annual allowance for higher earners, which are due to come [...]
UK Pensions: ICAEW warns that the secondary annuity market could leave pensioners worse off December 16, 2015 The government's newly-unveiled secondary annuity market may only benefit a handful of people and could leave many pensioners worse off, an industry body for accountants has warned today. The Institute of Chartered Accountants in England and Wales (ICAEW) also cautioned that the plans, which were announced by the Treasury yesterday, were likely to be expensive to implement. John [...]
UK pensions: Industry experts react to the Treasury’s secondary annuity market plans announcement, cautioning that people should seek advice and not rush decisions December 15, 2015 That’s not festive spirit in the air you’re sensing – people are getting pretty excited about the Treasury’s announcement this morning of plans to create the long-awaited secondary annuity market. However, pensions industry figures are urging the five million people currently receiving income from an annuity not to get too carried away. The changes are [...]
Treasury reveals details of its plan to extend pension freedoms as economic secretary Harriett Baldwin unveils plans to create “new secondary annuity market” December 15, 2015 The Treasury has revealed details of its plans to extend pension freedoms to more than five million people as part of a move to create a secondary annuity market. Economic secretary to the Treasury Harriett Baldwin said this morning the tax restrictions will be removed from 6 April 2017, making it easier for people to sell their annuity for an [...]
Almost half of pensions industry professionals believe pensions will become a less important part of benefits in the future December 14, 2015 Today's businesses might be able to use a generous pension package as a key selling point for top talent, but will that ring true in the future? A survey released today by Aon Hewitt has discovered that 42 per cent of pensions professionals believe pensions will form a less integral part of benefits in the [...]
Defined benefit pension schemes becoming less and less popular with FTSE 100 companies, as contributions for their provision falls by 13pc in a year December 14, 2015 Defined benefit (DB) pension schemes have fallen further out of favour among FTSE 100 companies, as payments for their provision have tapered off. Research released today by JLT Employee Benefits has revealed that ongoing DB pension provisions among FTSE 100 firms fell 13 per cent in real terms to about £7.2bn in the 12 months [...]
The recently retired are now richer than under-45s for the first time in history, Resolution Foundation report finds December 10, 2015 Generous pensions and investments in property mean that recent retirees are now a collectively wealthier generation than the under-45s for the first time in history. New research reveals those aged between 65 and 74 hold 19 per cent of the UK's wealth, while it now stands at 16 per cent for those aged under 45 despite the younger population [...]
UK Pensions: Around five million annuity holders could be about to find out more about how to sell their fixed income for a lump sum December 8, 2015 An estimated five million annuity holders could soon have a clearer idea of how they could resell their retirement income stream for a cash lump sum in the next few days. Hargreaves Lansdown Pensions today pointed out that the Summer Budget revealed the government will set out plans for the secondary market for annuities in the autumn, meaning [...]
Pub lunches and buying a pet: The low-cost lifestyle changes you can make to be happy in middle age December 7, 2015 Alright, so the older generation may be the most well-off – but according to new research, splashing the cash won't necessarily make you happy. A study by retirement income specialist Age Partnership has put together the definitive list of lifestyle changes over-55s can make to stay happy as they get older – and it turns [...]