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February 2025

25Feb

UK. Pension transfer times continue to fall as volumes increase

Simpler pension transfers took an average of 10.5 days to complete in 2024, while the volume of transfers increased, the latest Origo data has revealed. The overall average pension transfer figure, which allows for slightly more complex transfers where providers may need to rely on third parties for additional information, was 12.3 days in 2024. It also found that around half of all transfers were completed in just under seven working days, while for the providers opted in to share their...

February 25, 2025
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17Feb

UK. The growing problem of small pension pots and why consolidation is key to better retirement savings

Urgent reform is needed to ensure individuals can manage their retirement savings more effectively. The IFS report identifies small ‘deferred’ pension pots as a major issue in the UK’s pension landscape. Nearly 20 million defined contribution (DC) pension pots worth under £10,000 are no longer being contributed to, with 12.1 million of these containing less than £1,000 (‘micro pots’). Such fragmentation complicates retirement planning for savers and increases administrative costs across the pensions industry. This growing issue not only creates unnecessary...

February 17, 2025
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January 2025

21Jan

UK’s PensionBee Calls for Greater Clarity on Pension Transfers Following Appointment of New Pensions Minister

UK’s online pension provider PensionBee recently shared comments following the appointment of Torsten Bell MP as Pensions Minister. Lisa Picardo, Chief Business Officer UK of PensionBee, commented: “We welcome the new Pensions Minister to his new role. With his extensive experience in public policy, we’re keen to see his innovative approaches that prioritise savers and bring much-needed progress to the pensions industry.” Picardo added that they are looking forward to “seeing whether Torsten Bell – with a background of campaigning for high retirement living standards –...

January 21, 2025
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December 2024

20Dec

How would a U.S. government shutdown affect Social Security pensions?

Pensions are one of the major concerns of citizens around the world. From retirement, permanent disability or even in the tragic reality of receiving a widow’s benefit for the death of a spouse. Therefore, these retributions granted by the State are, without a doubt, one of the main reasons for society to pay taxes and enjoy an income that balances its purchasing power with increases in goods and services. Therefore, in the matter of the United States, despite hopes that a funding agreement would...

December 20, 2024
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September 2024

06Sep

Pensions Dashboards Programme. Progress update report

By Pensions Dashboards Programme This is the 9th Pensions Dashboards Programme (PDP) progress update report, covering our work to deliver the technical solution and facilitate connection to the dashboards ecosystem. It looks back at our achievements since October 2023, as well as looking ahead to our focus areas for the next 6 months. After a legal connection deadline of 31 October 2026 was set last year, the Department for Work and Pensions (DWP) has now published a revised staged timetable for...

September 6, 2024
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June 2024

25Jun

Transforming UK Pensions Landscape – The role of QPDS under the Pension Dashboard Program

As per the latest survey, one in four people has lost track of at least one pension in the UK, with almost three million pension pots left unclaimed. The estimated combined value of these unclaimed pensions is a staggering £26.6 billion1. Thus, a pressing need was long felt by the authorities and pension holders in the UK for a program that helps consolidate and simplify access to pension information across multiple pension providers, helping individuals better manage and plan...

June 25, 2024
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13Jun

UK. Auto-enrolment ambitions must go above and beyond just pensions

If I were to point to the most sensible decision made in pensions policy in the last 20 years, the introduction of auto-enrolment (AE) in 2012 would no doubt top the list. In one swoop, the mandatory law made saving for retirement the norm and improved the chances of maintaining a decent standard of living in later life for millions of employees. Of course, AE was never supposed to be the last word. It was meant to be the beginning of...

June 13, 2024
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07Jun

Investigation into the Pensions Dashboards Programme

By National Audit Office Pensions dashboards are intended to allow people to view information about their pensions – including their State Pension – online, securely and in one place. The Department for Work & Pensions (DWP) expects that pensions dashboards will deliver significant benefits by supporting people to plan better for retirement, make more informed financial decisions and connect with ‘lost’ pension pots. Get the report here

June 7, 2024
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May 2024

10May

UK government’s Pensions Dashboards Programme delayed

The UK government’s high-profile Pensions Dashboards Programme (PDP) is behind schedule due to ineffective governance and a lack of people with the right skills and experience, a National Audit Office (NAO) report has revealed. This has contributed to pushing the date for the new platform to be connected to providers to October 31, 2026, a year later than planned. Costs have also risen from £235 million ($295 million) in 2020 to £289 million in 2023, an increase of 23%. The Pensions Dashboards Programme (PDP)...

May 10, 2024
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09May

Swiss Parliament pushes discussion on pension funds’ cost transparency

The social security and health committee of the National Council (SGK-N), the lower house of the Swiss Parliament, has voted in favour of submitting a motion to discuss pension funds’ obligations on costs disclosure. The committee shares the view of the Swiss Federal Audit Office (SFAO), that information on administrative costs should be easily accessible and comprehensible for the general public, it said in a statement. Only a minority of the members of the committee considers the existing rules on pension funds’...

May 9, 2024
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