Keep up with what’s been happening this week in our latest actuary news round-up…
UK Government taking steps to protect access to physical money to prevent the UK being ‘cashless’ withing a decade
The Access to Cash Review predicted that the UK would be ‘virtually cashless’ by 2035 and they have warned that cash use has fallen faster than expected in the past year due to an increase in ATM’s now charging customers and businesses not using cash due to banking costs.
CNA Financial has declared the retirement of its executive vice-president and chief actuary, Larry Haefner, who will retire by the end of the year. In light of Haefner’s retirement the company has names Robert Hopper to take on Haefner’s role and he will be in charge of leading CAN’s reserving, pricing, and other actuarial activities of the company across the globe.
The Pensions and Lifetime Saving Association (PLSA) has said in its updated Stewardship Guide and Voting Guidelines that pension fund investors must be prepared to hold the companies in which they invest accountable on how well they manage climate change risks.
Pensioners who have acquired retirement funds above the lifetime allowance face additional tax charges following new guidance from HM Revenue & Customs on how schemes should handle the legal requirement to equalise pensions for male and female members.
Lloyds Banking Group’s pre-tax profits have dropped to £4.39bn which is a 26% decrease from 2018 due to the mis-selling of payment protection insurance (PPI). The bank has said that it had reached a settlement with the Official Receiver over PPI.