News in brief: 19 August

- The number of people aged over 65 in employment increased by 174,000 in the three months to June 2022 compared to the start of 2022, figures from the Office for National Statistics have revealed.

The data showed that the employment rate of over-65s was 11.9 per cent in Q2, the highest figure on record and 1.4 percentage points higher than the start of the year. In comparison, the employment rate of people aged between 16 and 64 had fallen from 75.6 per cent at the start of 2022 to 75.5 per cent. AJ Bell stated that surging inflation was the most likely reason for this ‘great unretirement’, with those who quit the workforce during the pandemic being forced to return to work to boost their income.

- Millions of pensioners are not receiving the maximum amount of state pension, analysis of Department for Work and Pensions data by Interactive Investor has found.

The average weekly payment for 12.5 million people receiving a state pension was £159.81 in February 2022. Under the new state pension, the average was £168.40 per week and under the pre-2016 basic state pension it was £157.63 a week. However, the full weekly new state pension was £179.60 in February 2022, so the amount received by the average pension was around £20 a week lower than the headline figure. Those receiving the new state pension got nearly £11 a week less on average.

- Just Group has become the first provider in the retirement income space to partner with Comentis, a digital cognitive assessment tool.

The firm stated that the partnership was part of its drive to identify and support customers with characteristics of vulnerability. The cognitive assessment engine aims to help Just Group identify ‘at risk’ customers through a clinically developed, online process. The assessment provides a report on the nature of any vulnerability, how this impacts the customer and how Just Group can better support the customer’s needs.

    Share Story:

Recent Stories


Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Podcast - The power of three: Using Common Contractual Funds to improve tax outcomes for investors
Large asset owners are still investing in equities in a way where they are taxed on their income. The implication is that they get a poorer return. They need to, and can, improve this, but how?

In this podcast, AMX Head of Client and Manager Development, Aaron Overy, and AMX Product Tax Specialist, Kevin Duggan, discuss with European Pensions Editor, Natalie Tuck, about three options to help ensure good withholding tax outcomes for institutional investors.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows