UK watchdog blacklists five pensions advisors after high-risk scheme lost £50m May 9, 2022 The UK’s financial watchdog has blacklisted five pensions advisors and fined them more than £1m after their advice saw customers lose a combined sum of more than £50m. The UK’s Financial Conduct Authority (FCA) banned and fined the five men after they convinced more than 2,000 customers to put their pensions in high-risk funds, which [...]
Millions of pensioners set to lose out as rampant inflation eats into capped pension schemes May 3, 2022 Millions of pensioners on “final-salary” pension schemes are set to lose out on thousands of pounds each, due to rampant inflation outstripping the cap on increases. Inflation is set to cost pensioners an average of £400 this year and £7,000 over their lifetimes, as soaring price rises eat into people pension pots. Almost all “defined [...]
Exclusive: Half of Londoners aged 75+ wish they were better prepared for retirement May 1, 2022 Almost half (49 per cent) of all Londoners aged 75 and older wish they had been better financially prepared for their retirement, according to new figures shared exclusively with City A.M. At the same time, 45 per cent of Londoners between the ages of 45 and 65 do not have a clear idea as to [...]
XPS Pensions announces chairman exit and steady client growth amid regulatory changes April 21, 2022 London-listed firm XPS Pensions reported steady organic growth this morning, as well as announcing that its chairman, Tom Cross Brown, will be retiring in September. The firm reported growth across the board, with revenues growing eight per cent organically year on year. Advisory work has continued to see high client activity levels driven by continued [...]
21m German retirees in line for hefty pension increase this year thanks to higher wages and inflation March 26, 2022 German retirees will get a hefty pension increase this year, largely as a result of higher wages in Europe’s biggest economy as inflation climbs sharply, the government said. The German labour ministry said pensions will increase by 5.35% in the former West Germany on July 1 and by 6.12% in the formerly communist east. There [...]
Two-thirds of over-50s wish they had started saving for their pensions sooner March 23, 2022 Almost two thirds of over-50s wish they had started saving towards their retirement at an earlier stage, new data from Aviva shows. Close to half (49 per cent) of over-50s regret not saving for their pensions sooner, while 64 per cent said they wish they’d started saving sooner. More than a quarter (26 per cent) [...]
PensionBee doubles revenue as assets under management hit £2.6bn March 17, 2022 PensionBee has more than doubled its revenue over the past 12 months, as firm’s assets under management blossom. Assets under management have bloomed over 90 per cent to £2.6bn in the year to 31 December, up from £1.4bn in 2020. Revenue has also rocketed, from £6.3m to £12.8m, as the pandemic-era drive to get one’s [...]
Exclusive: Most UK businesses failing to offer employees workplace pension support February 23, 2022 Most British businesses do not offer their employees adequate support in understanding their workplace pension plans, according to the results of a survey shared exclusively with City A.M. In a poll of 365 decision makers from financial services company Mintago, 60 per cent said they do not believe their businesses provide sufficient support to employees [...]
Pensioners face biggest loss in spending power for nearly 50 years February 12, 2022 British pensioners will suffer the greatest loss in spending power since in nearly 50 years, following Sunak's decision to halt the triple lock.
Legal & General forecasts pension risk transactions to hit £30bn for 2021 February 8, 2022 The Legal & General Group has forecast pension risk transaction volumes to hit £30bn for last year, as the market maintains its momentum into 2022. Britain’s oldest insurance group expects demand for pension risk transactions (PRTs) to remain strong this year, according to its latest Global PRT Monitor which analyses the market’s outlook across the [...]