IFoA calls for Government to prioritise future generations & more…Keep up with what has been happening this week in our latest actuary news round-up…
Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies was £76bn at the end of April 2021, an improvement from £80bn at the end of March.
The Institute and Faculty of Actuaries (IFoA) believes a long-term view is essential to meet the needs of UK society, without placing an unfair and unmanageable burden on younger, and future generations. IFoA President Tan Suee Chieh said“The IFoA recognises climate change as one of the greatest risks facing our world today. As well as highly disruptive physical changes, there are significant implications for the entire financial system. We are supportive of the UK Government’s plans to set the world’s most ambitious climate change target into law to reduce emissions by 78 per cent by 2035 compared to 1990 levels – and urge the Government to ensure plans to enshrine the new targets in law are a priority… We call on the Government to recognise the significance of a trend that long precedes its time in office: the transfer of risks from institutions to individuals as set out in our recent report, The Great Risk Transfer.”
Redington has announced the appointment of Jill Davys to lead its offering for the local government pension scheme (LGPS).
According new research from Legal & General Retail Retirement, over 1 million workers over the age of 50 are now saving less than they did before the Covid-19 pandemic with some workers expected to reduce their pension contributions.