Author Archive for: ‘simon’

People vote for control: The Great British pensions cash out

People of all ages are getting out of their final salary and defined benefit pensions in the UK, and the numbers are unprecedented. Spurred on by massive pension valuations, attractive incentives, failing companies and flexible access 80,000 people transferred last year, and 120,000 are estimated to follow this year.   The Pensions Regulator’s estimated 80,000 defined benefit transfers occured from …

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UK pension administrator claim pension Transfer Values steadily falling

Xafinity1 produce a monthly pension transfer value index, where it’s actuaries (read smart math’s people) calculate what the value of someone’s pension would be worth if they were to transfer it out.   The Xafinity Transfer Value Index tracks the transfer value for a final salary scheme to a 64 year-old member entitled to a pension of £10,000 each year …

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Taking Control Part 1: A few numbers rule your retirement

    We are writing about control, because we spend much of our lives faced with things that are out of our control. Governments make decisions we have no say in, traffic congestion, the cost of fuel, the weather…the list goes on and on.   Recently we’ve talked of the perilous state of the UK pensions industry and the huge …

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UK expats and returning Kiwis advised to transfer personal pensions before Brexit

British expats and Kiwis who’ve left their personal pension back in the UK are being advised to transfer it before Brexit kicks in.   The advice is aimed not just at UK expats already living in New Zealand, but also to those planning to emigrate in the near future.   It’s being spurred by increasing concern over the viability of …

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Foreign advisers scamming NZ and OZ based UK pension holders

For years the Australian and New Zealand regulators have been building strong regulatory regimes aimed at protecting people living in their countries from bad investments. The central plank of regulations in Australia and New Zealand is that you must be regulated in those countries to provide financial advice to people living in the countries. Seems logical enough right, particularly because …

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Huge pension fund deficits are a global crisis in waiting

Ania Zalewska, University of Bath In the past decade, the banking industry has been a central focus of attention for regulators, academics and the general public. The 2007-08 financial crisis led to new regulations and institutions to keep things in check.   In contrast, the issues of the pension industry have tended to be swept deep under the carpet. Much …

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Now harder than ever to transfer a UK pension

It’s never been harder to transfer a UK pension to New Zealand. Over the last three years UK government agencies have put up consistent barriers to stop the outflows of UK pensions to overseas schemes (QROPS). Some barriers have been direct, like the shutting down of pension transfers out of public sector schemes like the NHS, teachers, civil service and …

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Theresa May’s election shambles save UK final salary pension holders

The Conservative government had sought to address the burden of pension commitments in its election manifesto, with a plan to decouple annual rises in pensions from inflation from 2020. But when the election returned a minority government for May propped up by Northern Ireland’s Democratic Unionists, the commitment was abandoned.

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UK final salary transfer values falling

U.K. pension deficits fell to the lowest level since the end of 2015, dropping 10 percent in June as yields on government bonds rebounded. The gap between the assets and obligations of U.K. defined-benefit pension plans dropped to June 30, 2017, according to the latest PricewaterhouseCoopers LLP’s Skyval Index. The index tracks around 6,000 defined benefit schemes in the U.K. …

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The Evolution of New Zealand QROPS

Having been involved in pension transfers since 1999 we have seen it all. What started out as a cottage industry helping New Zealanders and British expats that had moved to New Zealand get their pensions into the same the country that they lived in has grown into something bigger and ultimately better.   History can teach us a lot, because …

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