Keep up with what’s been happening this week in our latest actuary news round-up…
The Pension Protection Fund (PPF) will not be able to protect 1,350 Flybe employees under the UK’s lifeboat scheme, who are in the British Regional Airlines Group pension scheme which is located outside of PPF’s jurisdiction.
UK’s pension sector losing £6bn a year to fraud according to Crowe
National audit, tax, advisory and risk firm Crowe has revealed in a new report that the pension’s sector in the UK faces a ‘critical risk’ from fraud and is losing £6bn a year with private pension at most risk.
Hymans Robertson had found in an analysis that the financial impact of coronavirus will affect pensions scheme deficits where it has already contributed to the rise of the UK Defined Benefit (DB) pension scheme deficits by £100bn in the last week taking solvency deficits to around £500bn.
Insurer, Ecclesiastical has worked with the Charity Finance Group (CFG) to raise awareness on the impact of IPT on charities with the standard rate doubles from 6% to 12% from 2015. They hope to urge the Chancellor to make charities exempt from paying IPT.
The FTSE 100 continues to fall due to the financial impact of coronavirus affecting investor confidence. The index went down 2.37% after the UK has announced its first death from COVID-19.