Gender pension gap narrows but women still lag behind November 11, 2020 Women will need to work beyond 100 to match men’s pension pots even as the gender pension gap narrows. More women are putting money aside for retirement, with the pension gap closing to just one per cent, the narrowest on record according to pension provider Scottish Widows. Despite this, the gender pay gap and part-time [...]
Scottish Widows pulls £440m from investments in ESG push November 9, 2020 Pensions provider Scottish Widows has announced it will pull millions from companies failing to meet its ESG standards. The £440m divestment from companies that “pose significant ESG” risk is the firm’s latest sustainable push, and is one of the largest exclusions policy by an institutional investor yet. The divestment seeks to protect almost 6m customers [...]
City to shift €150bn of UK assets into France ahead of Brexit October 13, 2020 Firms have begun shifting around €150bn (€135bn) of UK assets from the City into France ahead of the Brexit transition period deadline, according to the governor of the Bank of France. Francois Villeroy de Galhau told the Europlace International Financial Forum that the Bank of France has authorised asset shifts by 32 companies — mostly [...]
The pensions triple-lock is unjustifiable in normal times — in the Covid era, it is utterly unconscionable October 9, 2020 Imagine you a Conservative chancellor trying to steer the economy through the midst of the worst pandemic in modern history. You have done your best to protect jobs and support struggling businesses in the face of drastic lockdown restrictions, while tax receipts shrivelled and the healthcare bill has ballooned beyond all previous measures. Despite your [...]
Royal London in talks with LV= over £500m tie-up September 26, 2020 Royal London is in negotiations with fellow financial services provider LV= regarding a tie-up and could reach an agreement within days. A deal would see the groups merge their pensions, life insurance and asset managements businesses, according to Sky News. The transaction would end LV=’s 177-year status as an independent business and create a “mutual [...]
Q&A: Top tips to consolidate your pensions in a post-Covid world September 11, 2020 Zoe Bailey, a director at financial planning specialist Tilney, goes through the pros and cons of consolidating your pensions Keeping track of multiple pension pots can be challenging – especially in times of economic uncertainty. As a result, simplifying your retirement funds and transferring them into one place can be an attractive proposition. However, there [...]
Rishi Sunak can afford to be bold on pension reform in his autumn statement September 8, 2020 Rishi Sunak’s summer economic statement was essentially an exercise in positivity. The update, given by the chancellor two months ago, was mainly focused on helping Britain emerge from the coronavirus pandemic in decent shape. However, as with the various virus-related schemes announced in his spring Budget, his new initiatives to kickstart the economy come at [...]
Regulators target football fans in pension scam awareness campaign August 25, 2020 Regulators are targeting football fans in a new campaign intended to raise awareness of pension scams, with over £30m reportedly lost to scammers since 2017. Reported losses range from under £1,000 to as much as £500,000, according to the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) with the average victim being a man [...]
Royal London swings to £181m loss on drop in sales and asset values August 10, 2020 Pensions provider Royal London today said it swung to a loss in the six months to 30 June which it blamed on falling asset values and slow sales during lockdown. Royal London posted a loss before tax of £181m for the six-month period, down from a profit of £397m at the half-year in 2019. Its [...]
BBC hires 800 agents to quell pensioner revolt over licence fee August 5, 2020 The BBC has hired 800 agents to curb a growing revolt over the end of the over-75s licence fee, as it today prepares to send out millions of letters to affected households. The public service broadcaster last week scrapped the free TV licence for pensioners, arguing that the freebie was costing the BBC £745m a [...]
