Climate reporting a ‘burden’ for pension funds but the only way forward, says Opperman July 11, 2022 Newly reappointed pensions minister Guy Opperman said today that new climate reporting measures for pension funds were a “challenge” and “burden” for fund managers but it was clear it was now the only way to clean up investment. Opperman, who resigned and was reappointed to his role last week, said that becoming the first country [...]
Fire Bridges Union wins permission to challenge govt’s pension reforms via judicial review July 5, 2022 Public sector workers’ unions have been given permission to challenge a UK government’s pensions policy through a judicial review. A coalition of unions, led by the UK’s Fire Brigades Union (FBU), will be allowed to challenge the government’s decision to force members to pay for changes to public sector pensions schemes, instead of footing the [...]
Clamp down on ‘rogue pension providers’ preventing transfers, PensionBee boss tells ministers July 5, 2022 The boss of fintech firm PensionBee has called on the government and regulators to clamp down on “rogue providers” preventing the transfer of pension pots, as ministers prepare to assess the impact of freedoms granted to retirement savers seven years ago.
Pensions growth ‘stabilises’ despite fears of a pandemic plunge, DWP finds June 28, 2022 Growth in pension saving has “stabilised” in the past two years despite fears that the pandemic would slash the amount of workers squirrelling away cash for retirement, official figures revealed today.
Insurers calls on government to expand pensions ‘auto-enrolment’ scheme June 21, 2022 The Association of British Insurers (ABI) has called on the government to to expand its pensions “auto-enrolment” scheme, following a review of the policy’s successes since it came into force a decade ago. The ABI said the government should set out plans to expand its auto-enrolment policy, which requires employers to automatically enroll all staff [...]
Legal challenge over retail price index changes could cost taxpayer $40bn, analysts warn June 21, 2022 The government could be forced to fork out as much as £40bn in compensation if a legal challenge launched today over the Treasury’s move to recalculate retail prices succeeds, analysts have warned.
Missing out on £142 per week: More older Brits slide into poverty after rise of state pension age from 65 to 66 June 20, 2022 Roughly around one in seven 65-year-olds were in income poverty in late 2020 as a direct consequence of the state pension age rising from 65 to 66, according to the Institute for Fiscal Studies (IFS). Between late 2018 and late 2020, the state pension age for men and women rose from 65 to 66, leaving [...]
DWP: Decades old IT system errors over ‘successive governments’ meant millions paid wrong pensions June 17, 2022 IT system failings over “successive governments” led to millions of people getting the wrong pensions for decades. The department for work and pensions (DWP) is investigating how to rectify the situation to ensure ‘every pensioner receives the financial support to which they are entitled”. The discrepancy was revealed by the BBC this morning, which cited [...]
Specialist insurer PIC buys out House of Fraser pensions scheme for £600m June 14, 2022 Specialist insurer Pension Insurance Corporation (PIC) bought out the House of Fraser pensions scheme, in a deal worth £600m, following the department store chain’s collapse in 2018. The British insurer will take over control of the pension scheme, which was formed in 2013, for ex who worked at House of Fraser, and its two subsidiaries [...]
Exclusive: Half of City’s asset managers, pension funds and insurers still do not have any ESG policy in place May 30, 2022 It has emerged that many key players in the City still do not have developed an environmental, social and governmental investment policy. In fact, just under half (45 per cent) of asset managers, pension funds and insurers still do not have ESG investment policies in place, according to new research from Clearwater Analytics, shared exclusively [...]