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Banking News

  • Auto-enrolment leading to benefit reforms

    JLT Employee Benefits has conducted its most recent quarterly 250 Club survey of the top 250 UK firms, which revealed that auto-enrolment has led some firms to overhaul their entire benefit offerings, in an effort to better integrate auto-enrolment pensions … Read more »

  • Less than half likely to use guidance service

    Retirement income specialist MGM Advantage has commissioned new research which reveals that most people who are approaching retirement are yet to be convinced about the forthcoming retirement guidance service. Those nearing retirement were asked about using the service, due to … Read more »

  • Many misjudge retirement income

    A study has revealed that two out of three over 40s are already planning on how they intend to spend their retirement years, Aviva has reported. The same study found that £15,000 a year was needed to support an ideal … Read more »

  • Retirement advice should be independent

    Retirement income specialist MGM Advantage has commissioned research by YouGov which reveals 83% of over 55s think a guidance service should be independent of pension providers and impartial. The over 55s were also surveyed regarding who they would trust to … Read more »

  • Pension transfers would have minimal impact

    If people were permitted to transfer from funded private sector defined benefit (DB) schemes to defined contribution (DC) pensions as they near retirement this would not lead to negative economic consequences, Standard Life has opined. A complete ban on DB … Read more »

  • Free advice may not be enough

    The UK retirement income market is in the midst of the most radical change in living memory, according to Skandia. Significant reforms announced in the Budget and Queen’s Speech this year have substantial implications for how retirement income operates, with … Read more »

  • Confusion over pension options

    Recent policy announcements in the Budget and Queen’s Speech regarding pension reform have revealed plans for substantial change, creating a need for better education for employers and members of pension schemes, according to The Pensions Trust (a leading third sector … Read more »

  • MGM calls for bespoke annuity rates

    Retirement income specialist MGM Advantage has called on the industry to emulate its own course and ensure that every annuity takes into account personal circumstances and is individually underwritten, to give anyone who opts for an annuity the best possible … Read more »

  • Support for DB pension flexibility

    A new survey by Mercer following the pension reforms announced in this year’s Budget has revealed strong support for private sector defined benefit (DB) scheme members to enjoy the same flexibility as defined contribution (DC) scheme members. Two-thirds (65%) of … Read more »

  • Consumers want independent pensions advice

    The popularity of the Government’s proposed free guidance on pension savings would vary significantly according to who provided it, according to new research from retirement specialist LV=. More than three-quarters (78%) of over-55s surveyed are in favour of those approaching … Read more »

  • Scottish referendum raises pensions doubts

    The National Association of Pension Funds (NAPF) has commissioned a poll which revealed an overwhelming majority (95%) of its members felt that the future of workplace pensions in Scotland and the rest of the United Kingdom is not sufficiently clear … Read more »

  • Retirement savings at 5 year high

    More than half of people are now saving adequately for retirement, with 53% saving enough, the highest proportion since 2009. The Scottish Widows Retirement Report also revealed the largest ever year-on-year increase, up from 45% last year to 53%. The … Read more »

  • CDC schemes ‘not a panacea’

    Collective Defined Contribution (CDC) schemes could appear attractive to sectors of the UK economy where long-term continuity of employment (perhaps especially the public sector and utilities) is likely, but few employers are likely to move away from the simple convenience … Read more »

  • Critical details awaited for CDC schemes

    Will Aitken, senior DC consultant at Towers Watson, has responded to the pensions measures announced in the Queen’s Speech last week. Aitken warned that Collective Defined Contribution (CDC) schemes are not the magic wand that they are sometimes presented as, … Read more »

  • Standard Life proposes pension reforms

    Standard Life has called upon the Government to implement a number of measures designed to improve pensions and encourage people to save for their winter years, as well as enhancing flexibility as to how people can take their pension savings … Read more »

  • Collective pensions gets mixed response

    Otto Thoresen, the Association of British Insurers’ (ABI) director general, has responded to the two Pensions Bills announced in the Queen’s Speech today. Thoresen asserted that the pension reforms previously announced in the Budget had radically changed the UK savings … Read more »

  • PwC raises collective pension concerns

    Pensions Partner at PwC Peter McDonald warned that whilst the Government’s plan to give people more choice over pension schemes was great in theory, reality would prove much more complex. McDonald stated that the success of Collective Defined Contribution (CDC) … Read more »

  • Pensioners warned of Budget tax trap

    Retirement income specialist MGM Advantage has warned that, although the Budget earlier this year offered individuals unprecedented flexibility and choice regarding how they use their pension savings, a substantial portion of pension funds could be payable in tax should large … Read more »

  • The most important features of retirement products

    Following the dramatic changes to pensions announced in the Budget, Partnership has commissioned research to identify what aspects of retirement products are considered most important by consumers. More than 2,000 people aged between 45-70 were surveyed to ascertain their views. … Read more »

  • Chasm between savings and ideal retirement income

    Retirement income specialist MGM Advantage has calculated the sum required to enjoy the average ideal retirement income of two-thirds of salary. For a typical retiree the gap is £5,954 per year, meaning a pension pot of around £100,000 for an … Read more »