August 2024 Edition
Welcome to August's edition of LCP Digest. Our monthly newsletter brings you our latest thinking on the big news and trends across insurance, investment, and pensions. Every month we will provide you with valuable insights and expert commentary.
LCP launches a new tool to help widows and widowers check their pensions
Earlier this month, LCP introduced a new tool to help widows and widowers check their state pension entitlements. LCP Partner Steve Webb has uncovered that the DWP may be making new errors on widows’ state pensions. These errors involve people claiming the new state pension who were already widowed at the time of retirement.
If you think you might be affected, visit our website here to complete the questionnaire and check your entitlement.
The new funding code: what it means for you
The Pensions Regulator released its DB Funding Code of Practice late last month. This new regime, effective for all pension scheme valuations dated on or after 22 September this year, introduces significant changes that both trustees and sponsors need to understand.
To help navigate the complexities, our experts - David Fairs , Helen Abbott , John Clements , and Richard Soldan - recently hosted a webinar. They discussed everything from the anticipated impact of the new regime, including scheme benchmarking, to the crucial actions trustees and sponsors should take ahead of their first valuation under these new rules.
Employee wellbeing: Building better financial futures
Our recent survey of 10,000 employees across the UK reveals that more than three in five have had to borrow for basic financial needs in the past year, with credit cards, dipping into savings, and borrowing from family and friends being the most common methods.
Our survey also highlights the significant impact of financial stress on daily life and workplace behaviour. Over half of those surveyed reported that financial pressure is affecting their job performance.
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Transforming insurance reserving
We recently published our insurance reserving report, which features insights from 166 heads of reserving, chief actuaries, regulators, and other senior insurance leaders worldwide.
The report explores the current reserving approaches, including the use of AI and explores the key challenges teams face with their data and processes. It also highlights areas for improvement and plans for future development.
Latest podcasts
Beyond Curious with LCP
In the latest episode of Beyond Curious with LCP, David Fairs and Steve Webb speak with Chris Curry , Director of the Pensions Policy Institute (PPI) , to discuss the government’s pensions review. The conversation also covers the reform of pension tax relief and the future prospects for collective DC schemes.
Investment Uncut
Jacob Shah and Laasya S. sit down with Charlotte O'Leary , CEO of Pensions for Purpose , for the final episode of the Investment Uncut podcast. She offers valuable insights into the assumptions we make in the investing world that need to be challenged.