June 2024
17Jun

UK. DWP Spending Review May Require PIP Recipients to Repay Money

The Department for Work and Pensions (DWP) provides State Pension and welfare benefits to about 22.7 million people across the United Kingdom. New numbers revealed in the 2024 Fraud and Error in the Benefit System report show that the overall number of benefit overpayments over the last year was £9.7 billion (3.7%), up from £8.3 billion in 2023. Personal Independence Payment (PIP) was implemented in 2013 to aid with additional expenditures associated with a long-term disability or health condition. The numbers reveal that...

June 17, 2024
News, ,
Read more...
14Jun

UK. Labour manifesto confirms key pension priorities

The Labour Party has shared its 2024 manifesto, confirming plans to conduct a pensions review if elected, to consider what further steps are needed to improve security in retirement, and increase productive investment in the UK economy. In its manifesto, Labour said that it will act to increase investment from pension funds in UK markets, by adopting reforms to ensure that workplace pension schemes take advantage of consolidation and scale, and to deliver better returns for UK savers and greater...

June 14, 2024
News, , ,
Read more...
12Jun

UK. WASPI women promised they’ll receive ‘apology and proper compensation’

WASPI women have received a compensation pledge ahead of July's General Election. Department for Work and Pensions ( DWP ) campaigners have called for WASPI women to receive payouts after the Ombudsman's damning report earlier this year. In its election manifesto, the Liberal Democrats has stated: "The women affected by changes to their state pension age should receive an apology from the government and should be given proper compensation." Director of public affairs Becky O'Connor welcomed the measures to widen pension participation to gig economy...

June 12, 2024
News, ,
Read more...
07Jun

Protection of EU Consumers Vis – À – Vis Pension Products: the Dutch Case: Towards a New Regime

By Hans van Meerten The book is an extensive examination of the intersection between EU consumer protection laws and the Dutch pension system, particularly in light of the transition to a new pension regime. It contains lessons for a new EU consumer regime vs pension products. The Dutch reform is taken a a case study. The document advocates for a comprehensive review of the Dutch pension system and its alignment with EU consumer protection laws. It suggests that while the Dutch pension...

June 7, 2024
Articles, System Characterization, , ,
Read more...
07Jun

Navigating the UAE’s updated pension regulations

The United Arab Emirates (UAE) has recently undergone a comprehensive reform of its legislative framework. It aims to address shifts in the work environment and align UAE relations with international best practices. The most recent and radical change to the pensions landscape is the implementation of a new pensions law, UAE Federal Decree Law No. 57 of 2023 (the 2023 Law). Discrepancy on effective date The 2023 Law was officially published on October 2, 2023. This legislation represents the most substantial...

June 7, 2024
News, ,
Read more...
05Jun

EU. ESAs publish final greenwashing report calling for critical scrutiny

The European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA) – have called on financial institutions to deepen their critical scrutiny of sustainability related claims and improve product disclosures to combat greenwashing. Following two years of research, the trio today published their key findings and recommendations in tackling greenwashing. Key recommendations include an increase of human resources and expertise, along with increased use of tools for greater...

June 5, 2024
News, ,
Read more...
04Jun

How Sustainability Disclosures and Regulations Benefit Investors

There are several regulations and disclosure requirements aimed at meeting sustainability and greenhouse gas reduction targets worldwide that investors will need to understand and from which they can hopefully benefit. Asset owners representing trillions in assets have pledged to mandate things such as sustainable, carbon-neutral portfolios and divestments from carbon producers. For example, the U.N.’s Net-Zero Asset Owner Alliance represents 69 asset owners with $8.4 trillion in assets under management with a target of achieving net-zero portfolios by as late as...

June 4, 2024
News, ,
Read more...

May 2024
24May

UK. What could the general election mean for pensions, mortgages and investments?

Mortgage rates, pensions policy and investments could all be affected by the upcoming general election. Last night (May 21), prime minister Rishi Sunak called a general election for July 4, but what does this mean for people’s finances? All parties will need to set out their personal finance priorities which could include changes to pensions rules and may see some promised long-awaited reforms such as changes to auto-enrolment. The UK could also see impacts to mortgage rates and investments as well as...

May 24, 2024
News,
Read more...
22May

UK. Equality regulator probing DWP over treatment of disabled benefits claimants

The equality regulator is investigating the Department for Work and Pensions over suspicions that its treatment of disabled benefits claimants broke equality laws. Work and Pensions Secretary Mel Stride and some of his predecessors are suspected to have violated the Equality Act 2010 while in charge of the DWP, the Equality and Human Rights Commission (EHRC) said on Wednesday. The regulator is looking at whether during health assessment determinations, which form part of the application process for some benefits, the DWP...

May 22, 2024
News, ,
Read more...
20May

UK. DWP checks find 63,000 breaking rules after monitoring bank accounts – are you at risk?

A test of new Department for Work and Pensions (DWP) plans to monitor bank accounts has found tens of thousands of benefit claimants breaking the rules. The DWP asked two high street banks to trial the measures to assess their feasibility. One anonymous bank identified 713,000 accounts held by individuals receiving Universal Credit, Pension Credit, or ESA (Employment and Support Allowance). Over a three-month period, it found that 60,000 accounts had too much money in them for the individuals to...

May 20, 2024
News,
Read more...