Defined benefit pension scheme deficits break £300bn mark, as uncertainty surrounding a potential Brexit grows June 1, 2016 The level of funding across defined benefit (DB) schemes has worsened over the last year, figures out today show. According to the analysis by JLT Employee Benefits, the total deficit across all private sector DB schemes has increased to £310bn at end of last month, up from £255bn the same time the year before. "Pension [...]
Pensions lifeboat may have to take on 33,000 UK pensioners of bankrupt Canadian telecoms giant Nortel May 31, 2016 The Pension Protection Fund (PPF), the lifeboat set to rescue BHS pensioners and possibly those of British Steel, may also have to take on the 33,000 UK pensioners of bankrupt Canadian telecoms giant Nortel Networks. Nortel's British pensioners are one of three groups of creditors wrangling over $7.3bn (£5bn) worth of assets. The long-running battle boils [...]
Fast forward: What will pensions be like in 20 years? Experts say taking a loan and easy access are on the cards, while inheritance may mean losing the state pension May 26, 2016 The nation's plans for old age have been subject to change lately as the chancellor has announced a range of reforms to how pensions work. There have been radical changes, and everyone believes more are heading our way. So what will pensions saving be like in 20 years’ time? Read more: The planned second-hand annuities [...]
Pensions dashboard takes a step closer to becoming a reality, with prototype in the pipeline May 26, 2016 The long-awaited pensions dashboard took a step closer to becoming a reality today, with a potential prototype revealed as being in the pipeline. In a white paper launched today, the Association of British Insurers (ABI) and the Money Advice Service (MAS) revealed that they would be taking the next step in developing the dashboard, which aims [...]
Prime minister David Cameron warns of hit to pensions if Britain backs Brexit May 26, 2016 Prime minister David Cameron has warned retirees face a triple threat to their pension pots if Britain votes to leave the European Union. He said pension funds would shrink due to the economic shock from a leave vote, just as the fallout increased the cost living and changes to visa and residency rules led to a shortage of [...]
Retail Acquisitions may not have been fully aware of the BHS pension position when it first explored buying the retailer May 25, 2016 BHS' pensions fund trustees today told MPs that Retail Acquisitions may not have been fully aware of the pension scheme position when it began the process of buying the business. Speaking in front of the Work and Pensions committee and the Business, Innovation and Skills committee, Chris Martin, chair of the BHS Pension Fund Trustees, pointed [...]
How your pension could cost you £13,500 May 24, 2016 Those who haven't reviewed their pension contributions since a string of rule changes came into force earlier this year could find themselves facing a hefty tax bill, a London accountancy firm is warning today. Blick Rothenberg has cautioned that people who haven't altered the amount they are topping up their pension pot with since the annual allowance was lowered [...]
Despite paltry interest rates, annuities are making a comeback May 24, 2016 When pension freedoms were introduced last year, the over 55s were widely expected to shun annuities for more flexible forms of investment for their retirement. Long criticised for their poor value and rigidity, these financial products – which provide a guaranteed income for life – have looked even less attractive in recent years, as rates [...]
Performance vehicle: Five tips to get the most mileage from your Sipp May 24, 2016 Whether you’re a young saver prepared to take on more risk, or a retiree who doesn’t want to trade their nest egg for an annuity, self-invested personal pensions (Sipps) are tax-efficient vehicles which put you at the controls. Also known as DIY pension schemes, Sipps can be used to invest in any number of assets [...]
Workplace pensions: In praise of the humble master trust May 18, 2016 I woke up this weekend to a series of vaguely apocalyptic headlines about workplace pensions, master trusts in particular. And today none other than the country's most revered pensioner, Her Majesty The Queen, has opined on the topic. Being managing director of Smart Pension, a provider of workplace pensions via our own secure master trust, I must speak [...]