Nearly 9 out of 10 (88%) trustees and employers of DB Schemes believe they should be doing more to communicate with members over their retirement choices post Freedom and Choice, according to a poll conducted by Hymans Robertson.
The College of Law Pension & Assurance Scheme has completed a fourth pensioner buy-in, of £28m, with Aviva.
We comment on the political parties' pension manifestos ahead of the General Election
In response to the DWP's Green paper we believe risk is the main issue facing UK DB schemes, and must be the key focus. Excellence in risk management, and using the funding flexibilities available, should be schemes’ main priority, putting a spotlight on improving benefit security.
As members receive their SMPIs for 2017/18, schemes have a duty to provide context, reassurance and guidance through their communications. Otherwise there is a risk that members will have knee-jerk reactions and be put off saving.
What should be in the political parties’ pension manifestos?
State Pensioners get £2.04 per week more from the implementation of triple lock, than from the double lock, and £7.02 more than if the pension was based solely on price inflation according to our research. While these extra pounds mean a lot to the recipients, such figures would be insignificant to government costs weighed up against the political impact of removing the triple lock.
Two years on from pension freedoms, trustees and employers need to do more to safeguard over £100bn of defined benefit (DB) pensions at risk from poor decisions and scams.
trustees and employers need to do more to safeguard over £100bn of defined benefit (DB) pensions at risk from poor decisions and scams.
James Mullins, Head of Risk Transfer responds to the findings of the April edition of our Buy-in Monitoring Service.
Employers have a 12% higher chance of attracting the most talented candidates if they advertise the role’s ‘financial security’ benefits, such as employer pension contributions, according to our new research.
Hymans Robertson, has launched an ‘on demand’ cashflow, funding and risk analytics service. This is in response to a changing pension landscape where freedom and choice can have a material impact on membership and the future funding, risk and cashflow outlook of schemes.
The under 40s don’t have to make an ‘either/or’ choice between Lifetime ISA (LISA) and pensions, but it is vital they consider tax efficiency when they make decisions, warns Hymans Robertson, the leading pensions and benefits consultancy.
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