Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 26th of September 2018
October 30, 2012

Aon launches online bulk annuity assessment

by Gill Montia

Story link: Aon launches online bulk annuity assessment

Aon Hewitt has launched an online Settlement Readiness Assessment, open to all UK defined benefit pension schemes. The test is designed to provide an overview of a scheme’s readiness to move to a bulk annuity, with the results analysed to show how close a scheme could be to taking up a de-risking solution. The firm’s […]



August 2, 2012

Jelf launches new pension proposition

by Gill Montia

Story link: Jelf launches new pension proposition

Jelf Employee Benefits has launched a new pension proposition aimed at ensuring employers and their staff get the support they need in the light of increasing pension legislation. The offering, which comprises “Jelf Money at Work” and “Jelf Money after Work” takes a holistic approach, looking after the complete pension journey from joining through to […]



February 21, 2012

ATMs, smartphones and TVs could unlock pension top-up potential

by Gill Montia

Story link: ATMs, smartphones and TVs could unlock pension top-up potential

The UK’s pensions providers need to find new ways for people to top up and manage their pension payments, according to research from Friends Life. A study for Friends by the Future Foundation indicates that millions of Britons are keen to pay into their pensions using an ATM, making deposits in cheques, cash and by […]



October 31, 2011

Retirement plans in tatters for one in five

by Gill Montia

Story link: Retirement plans in tatters for one in five

The UK is probably headed towards a perfect retirement storm, according to Standard Life. New research from the life and pensions provider suggests that one in five 45 to 65-year-olds who have made financial provision for retirement believe their plans are inadequate, due to the financial crisis. Of those still working, 6% don’t expect to […]



October 5, 2011

Budget weddings enhance retirement

by Gill Montia

Story link: Budget weddings enhance retirement

Top savings advice from today’s retirees to the younger generation is to spend less on expensive life events such as weddings, according to research from Aviva. The budget wedding needs to be followed by few children, if financial security in retirement is to be achieved, with other savings advice from beyond retirement including: Shopping around […]



August 2, 2011

LV= first-half life sales up 9%

by Gill Montia

Story link: LV= first-half life sales up 9%

LV=’s life sales increased 9% during the six months to the end of June, to £69.3 million. The mutual reported an 11% increase in retirement business, with annuity sales rising 14% and pension sales up 10%, while protection sales leapt 16%. The firm’s life managing director, Richard Rowney, says: “LV=’s life business has had a […]



April 14, 2011

Pru bungles pension fund valuations

by Gill Montia

Story link: Pru bungles pension fund valuations

Prudential is contacting 39,000 pension customers whose funds have been incorrectly valued, The Daily Telegraph reports. According to the newspaper, the Pru will be paying out £4 million over mis-pricing errors affecting Scottish Amicable unit-linked pension plans between June 2004 and December 2008. Problems occurred over the allocation of tax on income earned on unit-linked […]



November 8, 2010

Aviva launches salary-exchange calculator

by Gill Montia

Story link: Aviva launches salary-exchange calculator

Aviva is launching a salary-exchange calculator for advisers, which can help demonstrate the benefits of salary exchange to clients. Salary exchange (also known as salary sacrifice) involves employees trading part of their salary or bonus in exchange for a pension contribution from their employer. Using the method, employees and employers pay lower National Insurance contributions, […]



July 26, 2010

Ageas sells Turkish life and pensions business

by Gill Montia

Story link: Ageas sells Turkish life and pensions business

Ageas (previously Fortis) has announced that it has reached an agreement with BNP Paribas Assurance on the sale of its pension and life activities in Turkey. The disposal, for an undisclosed sum, is in line with the group’s strategy of streamlining its current portfolio. Ageas acquired Fortis Emeklilik ve Hayat in 2005, as part of […]



April 20, 2010

Aviva to ditch final salary pension scheme

by Gill Montia

Story link: Aviva to ditch final salary pension scheme

Aviva is proposing changes to its UK staff pension arrangements for employees of both Aviva and the group’s RAC business. The insurer has been reviewing its pension commitments in light of the future funding requirements, and wants to switch 7,600 staff from final salary benefits to money purchase arrangements, from 1st April 2011. Under the […]



October 10, 2009

AEGON overpays drawdown customers

by Gill Montia

Story link: AEGON overpays drawdown customers

AEGON has admitted to a computer error that has led to 7,000 of its income drawdown customers unknowingly receiving overpayments. No reimbursements will be demanded from savers, but those affected will see their income reduced. The pensions, protection and investment firm says its system failed to accurately record whether pension savers took a 25% tax-free […]



August 5, 2009

Standard Life profit down 35%

by Gill Montia

Story link: Standard Life profit down 35%

Standard Life saw profit slump 35% in the first half of 2009, as pension sales weakened and asset values fell. Pre-tax operating profit came in at £348 million for the period, down from £534 million a year earlier. Net inflows from the group’s worldwide life and pensions operations stood at £662 million, compared with £1,842 […]



May 29, 2009

Pensions crisis looming with 50% saving nothing

by David Masters

Story link: Pensions crisis looming with 50% saving nothing

Half of Brits aged 20 to 60 risk a postponed retirement by not putting any savings into a pension fund, according to the results of a new BBC survey. Only one in three of those under thirty are putting money in a pension pot. Even in the older age group of 41 to 60 year […]



April 10, 2009

Aviva follows Aon in overhauling pension scheme

by Gill Montia

Story link: Aviva follows Aon in overhauling pension scheme

Aviva has joined Aon in making changes to its pension scheme to ride out the credit crisis and recession. According to a report in The Times, around 15,900 Aviva staff will no longer benefit from a defined contribution (DC) scheme that has been completely free, while thousands of final-salary scheme members will see their contributions […]



April 9, 2009

Women over £6k a year worse off than men in retirement

by Gill Montia

Story link: Women over £6k a year worse off than men in retirement

Prudential has revealed some shocking statistics highlighting the discrepancy between the pension incomes of men and women. The Prudential Class of 2009 retirement survey suggests that the estimated 2.76 million women in the UK who plan to retire this year expect to receive an average pension income £6,642 behind that of their male peers. For […]



April 8, 2009

Aon cuts employer’s pension contribution

by Gill Montia

Story link: Aon cuts employer’s pension contribution

Aon’s UK division is proposing to cut the contribution it makes to employees’ pensions as part of a cost reduction strategy. The firm has already closed its final salary scheme and according to a BBC report is now proposing to reduce the level of its employer contributions by up to a half. Aon has been […]



January 19, 2009

Norwich Union cuts with-profits bonuses

by Gill Montia

Story link: Norwich Union cuts with-profits bonuses

Aviva-owned Norwich Union (NU) has cut bonuses on its with-profits policies. Effective 1st January, 2.3 million policyholders will receive payouts worth up to 15% less than a year earlier. As a result, a 25-year Norwich Union endowment mortgage costing £50 per months is worth £42,322, compared to £45,911 at the beginning of 2008. In the […]



December 8, 2008

FSA review exposes poor advice on pension transfers

by Gill Montia

Story link: FSA review exposes poor advice on pension transfers

The Financial Services Authority (FSA) has been reviewing the quality of advice given to customers wanting to switch into a personal pension or self-invested personal pension (SIPP) plan. The study focused on transfers since April 2006 from any registered pension scheme to a personal pension plan or SIPP, excluding transfers to group personal pensions, group […]



November 11, 2008

NU compensates stakeholder pension customers

by Gill Montia

Story link: NU compensates stakeholder pension customers

Norwich Union (NU) has announced that it will be compensating some of its pension customers by around £300 each. The insurer has discovered an error in its scale of administrative charges which means that some people who bought the company’s stakeholder pensions have been overpaying. Stakeholder pensions were introduced in April 2001 under legislation that […]



October 27, 2008

Aon estimates 28% decline in DC pension assets

by Gill Montia

Story link: Aon estimates 28% decline in DC pension assets

Research from Aon Consulting indicates the extent to which the credit crisis has impacted on the pension pots of Britons who are not members of final salary schemes. According to Aon, turbulent markets and plummeting share prices have wiped billions of pounds of the value of employees’ defined contribution pension funds. Around four million people […]