July/Aug 2019
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  • Unlawful firefighter pension changes will now apply across public sector

    16 July 2019

    Elizabeth Truss, chief secretary to the Treasury, has confirmed the recent Supreme Court ruling that changes made to firefighter’s pensions in 2015 were discriminatory will apply to all public sector schemes. Under the 2015 changes, workers 10 years from retirement were protected from reforms which saw younger workers moved to less generous pensions. The...

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  • Later life care fund idea gaining in popularity

    15 July 2019

    Nearly half of people would be happy to save into a fund for care bills, if the money could be left to family when they die.  In a nationwide study carried out by insurer AIG Life, a special fund which could be passed to beneficiaries was ranked the most popular option by (48%) of people, with...

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  • The real risks of BBB bonds

    15 July 2019

    With growing reports of potential increased downgrades of BBB bonds, David Thornton, senior investment manager, Premier Multi-Asset Funds, explains what he believes investors should be considering in their bond portfolios. There has been lots of coverage about the growth in issuance of BBB rated bonds and a potential impending wave of BBB bond downgrades. About...

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  • Beware death in service benefits breaching the LTA 

    14 July 2019

    Where death in service policies are written under pensions legislation, lump sums paid out upon death count towards the lifetime allowance and can result in LTA breaches, points out Danielle Byrne, technical consultant at AJ Bell I suspect when most individuals think of death in service policies their first thought isn’t the lifetime allowance....

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  • UK pension schemes may be understating liabilities by £260 billion

    14 July 2019

    UK pension schemes may be understating their liabilities by as much as £260 billion and this figure could rise, according to a new survey by XPS Pensions Group.  According to its second annual accounting pensions report, which covers 150 pension schemes, the difference between schemes accounting balance sheets and future long-term targets has been...

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  • Apricity launches resource area for SM&CR

    14 July 2019

    Apricity Compliance has launched a dedicated Senior Management & Certification Regime resources area to help firms prepare ahead of the FCA’s December deadline. The new initiative will provide a “variety of support” to advisers, ranging from workshops, implementation days, webinars and timeline checklists. The SM&CR Implementation days are aimed at firms who want more...

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  • PASA publishes DB Transfers Guidance, including expected timeframes and Transfers Template

    11 July 2019

    The Pensions Administration Standards Association (PASA), the trade body established to set, develop, guide and assess administration standards for pension schemes and administrators, has launched a DB Transfers Guidance document. The Defined Benefit Transfers: A Guide to Good Practice sets out procedures and time frames to help speed up the process for individual pension holders...

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  • Opperman praises third party administrator for joining pensions transfers initiative

    11 July 2019

    Guy Opperman, minister for Pensions and Financial Inclusion has praised XPS Pensions Group for joining STAR, the industry initiative to improve industry standards for pension transfers. Opperman said: “It’s great to see XPS embracing STAR in the interests of customers and throwing down the gauntlet to other administrators. I urge other firms to follow...

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