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Comment on today’s interest rate announcement 22 Mar 2024

Commenting on today’s interest rate announcement, William Marshall, Chief Investment Officer, Hymans Robertson Investment Services (HRIS) says:

“Wednesday’s inflation news would have pleased the members of the Monetary Policy Committee as the data continues to make good progress towards target. Today’s meeting was always going to be a hold in interest rates, but the prospects for a rate cut in Summer have improved. That being said, the last piece of the jigsaw continues to be the labour market. Wage growth north of 5% means a risk of further inflationary pressures remains...

Comments on the FCA thematic review 22 Mar 2024

Commenting on the outcome of the FCA’s Thematic review of retirement income advice and the need for advisers to take a more holistic approach to retirement advice, Kate Rainbow, Head of Key Accounts, Hymans Robertson Investment Services (HRIS), says:

“One of the main things the review highlights is the need for advisers to ensure they have in place a clear advice model that is focused around the needs of their customers...

Comment on interest rate hold at 5.25% - Hymans Robertson 21 Mar 2024

Commenting on the Bank of England’s interest rate hold at 5.25%, Chris Arcari, Head of Capital Markets, Hymans Robertson, said:

“As expected the Bank of England left rates unchanged at a 23-year-high of 5.25% p.a. Headline CPI inflation has fallen sharply, to 3.4% year-on-year, from its 11.1% peak in October 2022. Indeed, it is expected to fall further and even dip below target in late spring and early summer, as the full impact of lower energy prices and lower food and goods price inflation is felt.

Comment on CPI fall to 3.4% and tomorrow's interest rate announcement 20 Mar 2024

Commenting on today’s Consumer Price Inflation fall to 3.4% and tomorrow’s Bank of England interest rate announcement, Chris Arcari, Head of Capital Markets, Hymans Robertson, said:

“Headline CPI fell more than expected to 3.4% in February, its lowest level since September 2021. Indeed, it is expected to fall further in 2024, with consensus forecasts expecting inflation to dip below the 2% target in late spring and early summer, but at a slower pace than in 2023. Falls in energy and goods and food price disinflation – large detractors from headline inflation over 2023 – have largely run their course...

Comment on 10th anniversary of pension freedoms announcement 19 Mar 2024

Commenting on the 10th anniversary of Chancellor George Osborne’s speech announcing ‘pension freedoms’, Kathryn Fleming, Head of DC At-Retirement Services, Hymans Robertson, said:

“The pension freedoms have been a minefield for many members.  Many savers know it’s a serious decision they now have to take, but they’ve been wrestling with where to get information and who to trust. The tax-free cash has also given relief from short-term financial pressures, but it may come at a longer-term cost, and occasionally with a tax bill.

Hymans Robertson advises Debenhams Pension Scheme on first ever superfund transfer from PPF assessment 14 Mar 2024

Hymans Robertson has advised Debenhams Pension Scheme and its Trustee on a £600m bulk transfer to Clara. The transaction sees the transfer of member benefits to Clara, in doing so exiting PPF assessment and restoring full benefits for members.

Vidett is the Chair of the Trustee Board and Hymans Robertson LLP is the lead transaction advisor to the Trustee of the Scheme. Osborne Clarke acted as legal advisor.

Three quarters of DC members want automatic pension payments at retirement 13 Mar 2024

Three quarters (75%) of DC pension savers aged 55 or over would find it helpful for their DC savings to start paying them an income automatically when they reached the point of retirement, research by Hymans Robertson has found. The research has been released today in the firm’s paper Designing decumulation defaults – remember the member. The paper argues the need for member-centric default decumulation design, something that can be a safety net for any member that doesn’t actively engage and make their own choices about their retirement income. It outlines the essential principles that providers should consider in scheme design. The leading pensions and financial services consultancy claims that too many members are at risk of poor outcomes through lost opportunities, expensive mistakes and fundamental confusion. Letting this continue is simply not acceptable and default decumulation will be essential.

Buy-ins and buy-outs hit a record £50 billion in 2023 12 Mar 2024
  • 2024 expected to be another bumper year
  • £50bn a year will be the new normal for buy-in volumes, with the market expected to be at least that level every year for the remainder of the decade

Total pension scheme buy-in and buy-out volumes for 2023 reached an all-time high with both the number and value of transactions secured the highest ever recorded, says Hymans Robertson. The leading pensions and financial services consultancy has analysed the 2023 results which have now been published by the majority of insurers currently active in the market, along with publicly announced buy-in transactions.

Spring Budget 2024 07 Mar 2024

Comment on the Spring Budget 2024 from William Marshall, Iain Campbell, Simon Jones, Julie Hammerton, Susan Waites, Alison Leslie and Paul Waters.

Comment on pensions investment and pot for life in Budget speech 06 Mar 2024

Comments from Alison Leslie and Paul Waters following on from today's Spring Budget announcements.

Comment on plans to launch a British ISA 06 Mar 2024

Commenting on plans to launch a British ISA, Julie Hammerton, Partner and Head of Hymans Robertson Personal Wealth, said:

"The introduction of a British ISA is unlikely to be a meaningful way to fulfil the policy objective of boosting UK growth. While it’s great to see a long-overdue rise to the ISA allowance, encouraging people to save more in a tax efficient way, stipulating that the extra £5,000 goes towards a British ISA has the potential to be at odds with the old saying "don't put too many eggs in the one basket". A key tenet of investing is diversification. Investing across different countries is a way to reduce investment risk by avoiding excessive concentration in any one market...

Comment on the Chancellor’s cut to employee National Insurance Contributions (NIC) 06 Mar 2024

Commenting on the Chancellor’s cut to employee National Insurance Contributions (NIC), Susan Waites, Partner, Hymans Robertson, said:

“The widely trailed 2% reduction in employee National Insurance Contributions (NICs) announced in the Spring Budget will provide a welcome boost to take home pay from April. An individual earning £35k will be £448 a year better off. It does however further erode the savings an employee makes by sacrificing pay for pension contributions, which cuts across Government intentions and industry efforts to incentivise employees to pay much more into their workplace pensions.”

Contact Our Press Team

For any media enquiries, get in touch.

Rowena Swatton
Rowena Swatton
+442070826233 rowena.swatton@hymans.co.uk
Patrice Seaforth
Patrice Seaforth
+442070826053 patrice.seaforth@hymans.co.uk
Anthony Ozimic
Anthony Ozimic
+442070826276 anthony.ozimic@hymans.co.uk