Bookkeeper in Sussex Blog

Nov 21, 2023 | Blog

NEWS:

 

Rumours that ‘pot for life’ plan might be included in Autumn Statement

FT.com, Tuesday, November 21st (paywall)

The Chancellor, Jeremy Hunt, is believed to be getting ready to announcing sweeping reforms to the pension market to give British workers a “pot for life” as he pushes forward with an agenda to unlock retirement capital for economic growth.

At present, employers are obliged to automatically enrol eligible new staff into a retirement scheme, chosen by the company.

This requirement has resulted in tens of millions of small pension pots building up in the system, as workers move jobs and switch to their new employer’s scheme.

Measures to be outlined by Hunt in the Autumn Statement on Wednesday will give a worker the right to nominate the pension scheme that their employer pays contributions to — a similar approach taken by countries such as Australia.

 

Government unveil £320m to support Mansion House proposal

FT Adviser, Tuesday, November 21st

The Chancellor, Jeremy Hunt, has announced a £320m plan to drive innovation and unlock the first tranche of investment from his Mansion House reforms.

A raft of measures announced in July – which the government says will provide an extra £1,000 a year for the average person who starts saving at age 18 – will help pension funds invest in “high growth, innovative companies”.

The government is supporting new investment vehicles tailored to the needs of pension schemes.

It has also committed £250m to two successful bidders under the long-term investment for technology and science (LIFTS) initiative, subject to contract.

 

PLSA publishes illiquid assets investment case studies

Pensions Age, Monday, November 20th

The Pensions and Lifetime Savings Association (PLSA) yesterday published a set of case studies demonstrating how different types of pension schemes are investing in illiquid assets.

Its Pension Scheme Investment in Illiquid Assets report featured case studies from 10 public and private sector pension schemes, including defined contribution (DC), defined benefit (DB), Local Government Pension Scheme funds and DC master trusts.

Schemes featured in the report felt that including illiquids in their portfolios brought several benefits, such as diversification, inflation protection, better returns in private credit and the opportunity to invest locally.

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