It was always very likely that the cost-of-living crisis was eventually going to have an impact on pension savings. Corporate Adviser reports an LCP survey suggesting that a majority of employers say that employees have asked to reduce their pension contributions.
More than one in two (51 per cent) of employers report that staff are now requesting reductions in their pension contributions, with an alarming 47 per cent stating employees have asked for contributions to be stopped completely.
The findings, contained in LCP’s latest Financial Wellbeing report show a further 10 per cent of employers saying they expect to see this happen in the near future.
It looks as if the report covers as many as 10,000 employers, but it would be great to see the full analysis and an indication of how many employees at these employers.
(If I find the link to the full report, I will add it!)
Corporate Adviser also reports on NatWest entering the workplace pensions market, having taken an 85 per cent stake in workplace savings and pension provider Cushon for a reported £144m.
MoneyFarm is to expand into pensions advice.
The average St James's Place adviser owes the company £111,000, according to an analysis of its accounts.
It reveals total loans outstanding to partners of £521m, an increase of £49.9m on the previous year.
This is quite interesting. RegTech firm Aveni chief executive officer Joseph Twigg says firms with roughly 20 advisers serving a few thousand clients are finding it more challenging to implement Consumer Duty requirements.
Aveni works with this size of firm.
FTAdviser asks where did it go wrong for Gars? in a long read speaking to some of the original fund managers.
Following all manner of regulatory woes, Nexus IFA enters administration and is up for sale.
