The value of variable annuity sales fell nine per cent to £1.05 billion in 2009 compared with 2008 while the number of policies rose marginally during the same period according to research by consultants Towers Watson. According to the firm, the value of variable annuity sales in the fourth quarter of 2009 was £188.4 million, up 32 per cent from third quarter sales of £143.1 million. In addition it said the size of the variable annuity market has almost doubled since 2007 when the research started.
Sales of enhanced annuities in the UK rose to £1.79 billion last year, an increase of 24 per cent on 2008, according to research by consultants Towers Watson. Sales in the fourth quarter of 2009 reached record levels of £478.8 million, significantly up from third quarter sales of £415.8 million. According to the firm, the market share of enhanced annuity sales, as a percentage of total pensions annuity sales, has more than doubled since 2001 when the research started.
Sales of enhanced annuities in the U.K. rose to £1.79 billion last year, an increase of 24% over 2008, according to research by global professional services company Towers Watson (NYSE, NASDAQ: TW).
New figures from the Office for National Statistics show a continuing decline in the proportion of private sector employees saving in workplace pensions, according to Towers Watson. They also underline the ongoing shift from defined benefit (DB) to defined contribution (DC) pension provision.
The number of bond mandates awarded by global professional services company Towers Watson’s (NYSE, NASDAQ: TW) clients worldwide in 2009 increased by over 50% from 2008, which was already over 20% higher than the year before. The most significant increase in demand was for U.S. bonds, with twice the number of selections in 2009 as in 2008.
Insurers should avoid planning paralysis and an overreliance on recruitment if they are to convince the Financial Services Authority (FSA) that they are making progress towards Solvency II compliance, warns global professional services company Towers Watson (NYSE, NASDAQ: TW).
Despite the economic downturn, the average maximum contribution that large employers are making to defined contribution (DC) pensions is increasing, according to a survey of FTSE 100 companies by Towers Watson.
The Prime Minister’s choice of general election date will affect when the Basic State Pension must be linked to earnings, according to Towers Watson.
Fund managers are confident that higher equity returns and positive, albeit modest, economic growth will manifest a continued global recovery, according to a survey conducted by global professional services firm Towers Watson (NYSE, NASDAQ: TW).
Towers Watson has appointed Jason Pope as a client manager in its Technology and Administration Solutions Practice.
Towers Watson welcomes the proposals to improve the governance of Defined Contribution (DC) schemes contained in an industry consultation document published by the joint Government-industry Investment Governance Group (IGG).
The liability risk-hedging market in the UK passed the £40 billion mark for the first time in 2009, topping the previous high of £35 billion set in 2007 according to Towers Watson estimates.
Global Professional Services company Towers Watson (NYSE, NASDAQ: TW) has recruited Emma Hunt from Mercer Investment Consulting where she was a principal heading up the responsible investment (RI) and active ownership areas in Europe.
The Department for Work and Pensions has today published a series of regulations on the workplace pension reforms that are being introduced from 2012. A response to its recent consultation and a regulatory impact assessment for the new regulations has also been published.
Employers assumed by the Pension Protection Fund to have least chance of going bust should brace themselves for higher PPF levies in 2011, according to Towers Watson.
Global institutional pension fund assets in the 13 major markets increased by 15% during 2009, from US$20 trillion to over US$23 trillion, according to Towers Watson’s Global Pension Assets Study released today.
Towers Watson has appointed David Holding and Gregory Jackson as investment consultants to its Investment teams in the UK.
Towers Watson has turned positive about the strategic case for ‘opportunistic’ real estate investing, as part of a diversified long-term real estate strategy, but warns the associated fees for many vehicles are too high.
Almost 1,200 defined benefit schemes closed to existing members between 2000 and 2008, according to figures published by the Pensions Regulator and the Pension Protection Fund this morning. One in five defined benefit schemes had closed to future accrual by March 2009.
The Department for Work and Pensions has today published a series of regulations on the workplace pension reforms that are being introduced from 2012. A response to its recent consultation and a regulatory impact assessment for the new regulations has also been published.
Officially, the Government is still collecting evidence for its review of default retirement ages but an interview with Harriet Harman, the Leader of the House of Commons, in today’s Daily Mail hints that they may soon be abolished.
Towers Watson & Co. announced today the completion of the merger of Towers Perrin and Watson Wyatt. The transaction to form Towers Watson, a leading global professional services company, was announced on June 28, 2009. Watson Wyatt Chief Executive Officer John Haley will serve as Towers Watson’s Chairman and Chief Executive Officer; Towers Perrin Chief Executive Officer Mark Mactas will serve as Deputy Chairman, President and Chief Operating Officer.
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc. (NYSE, NASDAQ: WW), both leading global consulting firms, announced that at their respective special meetings of shareholders, each held earlier today, their shareholders adopted the merger agreement pursuant to which the companies will combine their businesses.
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc. (NYSE, NASDAQ: WW), both leading global consulting firms, today announced that they have been granted conditional clearance from the European Commission to allow the Parties to proceed with their merger to form Towers Watson & Co. U.S. antitrust authorities previously cleared the transaction.
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc. (NYSE, NASDAQ: WW) today announced that Jupiter Saturn Holding Company (“Jupiter Saturn”), the new entity formed as part of the merger process between Towers Perrin and Watson Wyatt, filed a registration statement on Form S-4 with the Securities and Exchange Commission.
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc. (NYSE, NASDAQ: WW) today announced that their respective Boards of Directors have unanimously approved a definitive agreement under which Towers Perrin and Watson Wyatt will combine in a merger of equals to form a new, publicly listed company called Towers Watson & Co.
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