John Greenwood

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PensionBee sells stake to State Street

State Street Global Advisors has taken a strategic equity stake in direct to consumer pension platform PensionBee. As a result of the financing, PensionBee, which was launched in 2016, will expand its white-label product line to offer pension consolidation services to banks and life companies. PensionBee already has partnerships with fellow fintech company Revolut and […]

‘Defined ambition’ pensions back on table with new MP inquiry

The Work and Pensions select committee is launching a new inquiry into defined ambition pension schemes, which were legislated for but not fully implemented in 2015. The inquiry will consider whether collective defined contribution arrangements can give better outcomes than traditional DC plans, how they might be governed and whether seriously underfunded defined benefit schemes […]

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Govt confirms auto-enrolment charge cap will stay

The 0.75 per cent charge cap on auto-enrolment pension schemes is working “broadly as intended” and will not be changed, the Government has confirmed. In a written statement today, pensions minister Guy Opperman, confirmed that following a review of the Government recent Pension Charges Survey, which took data relating to over 14m pension savers, there […]

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Pensions minister: Companies should offer in-house IFA

Employers should follow the lead of a Stoke-on-Trent pottery business that brings an IFA into their business on a regular basis as part of their HR offering, pension and financial inclusion minister Guy Opperman says. Speaking at the Pensions and Lifetime Savings Association conference yesterday, Opperman said Stoke-based Steelite, whose premises he had visited, should […]

Pension savers to get income boost as inflation rises

The state pension will increase by at least £4.78 a week, the Lifetime Allowance will increase by £30,000 and public sector pensions will be upgraded by up to 4.6 per cent, following today’s September CPI inflation figures of 3 per cent. The increase, up from 2.9 per cent in August, has sparked predictions of a […]

Scottish Widows mulls Standard Life corporate pensions book takeover

Lloyds Banking Group is believed to be in advanced talks to buy the Standard Life corporate pensions book and roll it into Scottish Widows. The deal, following on yesterday’s announcement that Lloyds is buying the Zurich corporate pensions book, would make Scottish Widows the largest corporate pensions provider in the UK by a considerable margin. Speculation […]

Standard Life and Scottish Widows complete bulk DC transfer

The first automated transfers between occupational defined contribution schemes through Origo’s new transfers service has taken place, moving 305 members between Standard Life and Scottish Widows in around five days. Origo says the new automated bulk transfer process, operated through its Options Transfers service, has brought down to a number of days an operation that […]

Scams could be behind 1 in 12 pension transfers

New data has shed a light on how many pension transfers could be scams, but also raises questions over the potential efficacy of the Government’s cold-calling ban. Just 20 per cent of pension transfer scams have originated through cold calling, data from 550 pension schemes administered by Xafinity suggests. Figures from Xafinity’s pension scam identification […]

Hargreaves Lansdown

Hargreaves joins ABI as as first platform member

Hargreaves Lansdown is joining the Association of British Insurers with a view to strengthening its representation with government, regulators and other stakeholders. The firm is joining as the ABI’s first platform member. It is not able to join the ABI as a full member because it is not an insurer. The ABI says it wants […]

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Scottish Widows calls for workplace pensions exemption for data protection rules

The workplace pensions sector should be given exemptions from tough new data protection rules to enable providers and trustees to continue to run engagement programmes designed to improve retirement outcomes says Scottish Widows. Widows argues that the new General Data Protection Regulation, which takes effect from 25 May 2018, will severely restrict providers from being […]