PENSIONS – RESEARCH & SURVEY DATA
Synopsis: A brief roundup of the pension market in the last week or so.
Date posted: Thursday, December 18, 2014
Research reveals female pension pots are 27% lower than males
Research published by My Pension Expert, based on business written since the turn of the year, has revealed that the average woman’s pension pot is 27% smaller than the male equivalent.
OECD publishes Pensions Outlook 2014
The Organisation for Economic Co-operation and Development (OECD) has published its ‘Pensions Outlook 2014′, which reveals that low growth, low interest rates and low returns on investment due to the slow economy are emphasising the problems of an ageing population for both public and private sector pension systems.
OECD publishes research on mortality assumptions and longevity risk
The Organisation for Economic Co-operation and Development (OECD) has published research outlining how pension funds, annuity providers and the regulatory framework account for future improvements in mortality and longevity risk. The report also compares the mortality tables often used by pension funds and annuity providers with well-known mortality projection models in order to assess the possible shortfall in provisions and suggests a set of policy options to encourage and facilitate the management of longevity risk.
NAPF responds to TPR consultation on auto-enrolment scheme list
The NAPF has published its response to The Pensions Regulator’s (TPR) ‘TARGET=NEW>consultation on its plan to publish a list of pension schemes and providers that are open to small and micro employers. We originally mentioned this in our Bulletin dated 24 November [PRSDB19]. The NAPF has welcomed the plans, but raised some concerns about the policing and implementation of the list.
Research reveals lack of awareness over workplace pension reforms
According to a YouGov survey commissioned by Friends Life, nearly 15% of employees do not know what pensions and insurance benefits are available from their employer. This means that over 3.7 million workers in the UK could have benefits they are unaware of, or be missing out on the opportunity to have insurance or a pension.
Metlife research reveals threats to Budget pension reforms
MetLife has published research that has revealed that 77% of advisers believe the greatest challenge faced by the launch of pensions flexibility next April will be the risk of some people spending all their pension fund. 67% of respondents cited clients not understanding the difference between guidance and advice as a major threat, while 58% are concerned that a lack of good quality advice could threaten the success of the reforms.
ONS publishes short stories on accessing DC savings
The latest release in the Office for National Statistics’ Pensions Short Stories series provides an overview of the changes to the options available to individuals in accessing their DC pension savings on retirement that were announced in the 2014 Budget.
TPR publishes automatic enrolment declaration of compliance report
The Pensions Regulator (TPR) has published its monthly report on automatic enrolment, which sets out information based on data submitted by employers. According to the report, 42,785 employers completed their declaration of compliance between July 2012 and the end of November 2014.
DWP publishes communications tracking research
The Department for Work and Pensions (DWP) Communications Directorate has published the findings of its research into attitudes and behaviours towards workplace pensions and auto-enrolment and the success of the ‘We’re all in’ advertising campaign. This report looks at the post-campaign research undertaken to evaluate the sixth burst of the campaign activity during June 2014.
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