FTSE 350 defined benefit pension scheme deficit soars at close of 2018 amid falling stocks January 7, 2019 Defined benefit pension scheme deficit among FTSE 350 firms surged to £41bn by the end of 2018, up from £32bn the previous year, driven by falling asset prices. The figure, a 28 per cent increase, came at the end of a volatile year which saw pension schemes in surplus for five months from May to [...]
Government-backed financial guidance body launches, combining three previous advisory services January 3, 2019 The Money Advice Service, the Pensions Advisory Service and Pensions Wise have been pulled together to form one central financial advice service. The Single Guidance Finance Body (SFGB), funded by levies on the financial services industry and pension schemes, launched for the new year comprising the staff of the three previous bodies. Although not a government [...]
Pensions data is stuck in the ‘dark ages’, says former pensions minister Ros Altmann January 2, 2019 The pensions industry is “light years behind where it should be” in the way it handles data, endangering the success of modernisation drives such as the government’s pensions dashboard project, according to a former pensions minister. Many small firms still handle employee data manually from spreadsheets, and half of customer auto-enrolment data uploaded by these [...]
Beefeaters strike at London landmarks over pension dispute December 21, 2018 Staff from Hampton Court palace, Kensington Palace and the Tower of London today staged a walk-out over changes to their pension scheme. Workers formed picket lines at the famous tourist sites in the first of a series of strikes organised by the GMB Union and Public and Commercial Services union (PCS). The strikes follow an [...]
Police raid Essex properties in £18m pension fraud probe December 19, 2018 Police have made six arrests as part of an investigation into a suspected pension scheme fraud that has conned victims out of £18m. The arrests come after a criminal investigation led by the Pensions Regulator (TPR) into a scam in which roughly 370 people were persuaded to transfer money into eight pension schemes. The regulator [...]
The changes that could shake up your finances in 2019 December 19, 2018 We Brits approach 2019 with a sense of dread, waiting with bated breath to find out how (and if) the UK leaves the European Union on 29 March. There’s no doubt that Brexit will affect various corners of our finances, but perhaps the real game-changer for our money will be the ongoing push to make [...]
The Pensions Regulator names Charles Counsell as new chief executive December 18, 2018 The Pensions Regulator (TPR) has appointed the head of the Money Advice Service as its new chief executive. Charles Counsell, who was formerly executive director of automatic enrolment at TPR, will replace outgoing chief executive Lesley Titcomb in April. Counsell said: “The work that TPR does is ever more important in a world where millions [...]
Former BHS owner Dominic Chappell fined for breaching pensions law December 14, 2018 Dominic Chappell, the former owner of collapsed retailer British Home Stores, has been fined almost £124,000 for breaking pensions law after the troubled department store fell into administration. Judge Christine Henson QC, who presided over today's re-sentencing at Hove Crown Court, criticised Chappell for showing a "complete lack of remorse". He was ordered to pay [...]
Legal & General hires bankers to sell its general insurance business December 12, 2018 Legal & General has appointed an investment bank to sell its general insurance arm. According to Sky News, L&G has hired Fenchurch Advisory Partners to sell the business in a deal that could be valued at more than £300m. L&G previously tried to dispose of its general insurance arm three years ago, but that attempt [...]
Time for a brave new online pension world December 12, 2018 Imagine a free, user-friendly, online service that offers you information about all of your pension savings at your fingertips, available in your own home and on your mobile. That’s why the government has championed the pensions dashboard, harnessing digital to make planning for retirement easier in the digital age. As we all know, most parts [...]