Keep up with what has been happening this week in our latest actuary news round-up…
Willis Towers Watson (WTW) has warned that UK defined (DB) pension schemes may need a ‘once-a-century’ performance in order to close funding gaps by 2030, as they are overly-dependent on improbable equity returns.
Following the high court judgement of the Financial Conduct Authority test case, they have ruled in favour of the policy holders that insurers need to pay out business interruption claims relating to the pandemic.
As part of their monthly Transfer Watch tracker, XPS have launched a Red Flag Index which measures the incidence of possible scams in cases covered by their scam protection services. This has come after pension scams have increases this past year.
The Bank of England has voted to keep the interest rate the same at a low 0.1% however, they have warned the even though the economy recovery is still on track, the outlook has remained ‘unusually uncertain’.
Data has shown that the unemployment rate in Britain has increased slightly to 4.1% in the past three months compared to 3.9% earlier this year. The Office for National Statistics have said that one tenth of Britain’s workforce are still furlough less than a few months away from the end of the Job Retention Scheme.