Pension news and articles written by actuaries for actuaries - read the latest research pieces, today's news and latest articles in the Pension's market.

Pension scammers are simply ignoring the law

“Pension fraud is an urgent and potentially devastating crime for its victims and the problem is not going to go away on its own, so I welcome the Work and Pensions Select Committee’s continued interest to co-operate with the industry and tackle the problem.

“Covid-19 has presented a clear opportunity for fraudsters to prey on the growing financial fears of their victims. A Canada Life survey found that 5.2 million UK adults (11%) had either fallen victim or knew someone who had fallen for a scam since March with one in four of these (28%) relating specifically to pension fraud*.

“During the session The Pensions Regulator also revealed that at least £54m of lost pension savings were under investigation, involving over 18,000 savers. However this is likely only to be a fraction of the scale of the problem as many cases will go undetected for years or the victims may feel shame or embarrassment in coming forward.

“While falling prey to scams hits victims financially, there are also quite severe hidden costs to mental health as people’s ability to trust is shattered overnight. Despite the public message campaigns and the ban on cold-calling, the scammers are either simply ignoring the law or looking to sophisticated campaigns over social media in order to con people out of their savings. The rapid rise of romance scams and using the Track and Trace service only serves to show we all need to be vigil...Read More

Bulk annuities: Who should steer the ship

By Chris Hawley, Risk Transfer Partner at Barnett Waddingham

However, the views of the sponsor are important for any bulk annuity purchase and they should be involved from the outset, particularly if additional funds need to be paid into the scheme.

Traditional approach
In our experience, most bulk annuity transactions have been led by a risk transfer advisor selected by the trustees – be that an existing advisor or an external firm brought in to support this project.

One of two approaches is typically taken:

1. A Joint Working Group (JWG)

A JWG would include representation from both the trustee board and sponsor.

In some cases, the trustees’ risk transfer advisor...Read More

Pension scam busting campaign hits over 100 pledges

The Pensions Regulator (TPR) launched its latest anti-scam campaign on 10 November, calling on administrators, providers and trustees to play their part in stopping fraudsters and signing up to the pledge to combat pension scams.

A month on from the campaign’s launch, 117 pledges have been made, including three master trusts, which alone represent 50,000 savers.

A further 37 of those that pledged have also self-certified to confirm they have adopted stringent practices on due diligence, member warnings and reporting scams demanded by the pledge campaign.

To make the pledge trustees, providers and administrators agree to:
1. regularly warn members of the risk of scams
2. encourage those requesting cash drawdown to call The Pensions A...Read More

A reflection on BIBA2023 conference and whats to come

Lifestyle Actuary

Dalriada Trustees Limited (Dalriada), one of the largest providers of professional trustee services to pensions schemes in the UK, has today announced the appointment of Sarah Brough as a professional trustee.

Lights Camera Actuary

For the next few months Zoe Bolton will be talking to the senior actuaries in these firms, getting a brief insight into their career paths and visions for the future. This month Zoe interviews Shil Patel the UK Managing Director at Dynamo Analytics

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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