Tag: United Kingdom

Continuing COVID hangover would see pension liabilities drop

Mary Pat Campbell

Link: https://www.actuarialpost.co.uk/article/continuing-covid-hangover-would-see-pension-liabilities-drop-19483.htm

Excerpt:

Only in the event of a tragic Covid-19 scenario, seeing continued substantial additional deaths for many years would there be a significant reduction in UK DB scheme liabilities, according to a new report from LCP.


While LCP believes that the financial impact on DB schemes of direct deaths from the first two Covid-19 waves is likely to be marginal, it outlines several other scenarios around the pandemic’s longer-term impact on mortality rates and scheme labilities. The range of outcomes illustrates the challenges of choosing an appropriate mortality assumption at the current time, with much uncertainty over how Covid-19 will play out.

Author(s): Chris Tavener

Date Accessed: 20 April 2021

Publication Site: Actuarial Post (UK)

Prolonged brain dysfunction in COVID-19 survivors: A pandemic in its own right?

Mary Pat Campbell

Link: https://theconversation.com/prolonged-brain-dysfunction-in-covid-19-survivors-a-pandemic-in-its-own-right-158743

Excerpt:

One in three survivors of COVID-19, those more commonly referred to as COVID-19 long-haulers, suffered from neurologic or psychiatric disability six months after infection, a recent landmark study of more than 200,000 post-COVID-19 patients showed.

Researchers looked at 236,379 British patients diagnosed with COVID-19 over six months, analyzing neurologic and psychiatric complications during that time period. They compared those individuals to others who had experienced similar respiratory illnesses that were not COVID-19.

They found a significant increase in several medical conditions among the COVID-19 group, including memory loss, nerve disorders, anxiety, depression, substance abuse and insomnia. Additionally, the symptoms were present among all age groups and in patients who were asymptomatic, isolating in home quarantine, and those admitted to hospitals.

Author(s): Chris Robinson

Publication Date: 15 April 2021

Publication Site: The Conversation

Uber to give UK drivers minimum wage, pension, holiday pay

Mary Pat Campbell
Uber to give UK drivers minimum wage, pension, holiday pay

Excerpt:

 Uber is giving its U.K. drivers the minimum wage, pensions and holiday pay, following a recent court ruling that said they should be classified as workers and entitled to such benefits.

The ride hailing giant’s announcement Tuesday comes after it lost an appeal last month at the U.K. Supreme Court following a yearslong court battle. The court’s decision holds wider implications for the country’s gig economy.

Uber said it’s extending the benefits immediately to its more than 70,000 drivers in the U.K. Drivers will earn at least the minimum wage, which currently stands at 8.72 pounds ($12.12), after accepting a trip request and expenses, and will still be able to earn more.

Author(s): Kelvin Chan, Associated Press

Publication Date: 16 March 2021

Publication Site: WTMJ

Europe Confronts a Covid-19 Rebound as Vaccine Hopes Recede

Mary Pat Campbell

Link: https://www.wsj.com/articles/europe-confronts-a-covid-19-rebound-as-vaccine-hopes-recede-11615558520

Graphic:

Excerpt:

The European Union’s fight against Covid-19 is stuck in midwinter, even as spring and vaccinations spur hope of improvement in the U.S. and U.K.

Despite months of restrictions on daily life, new Covid-19 cases have been rising again in the EU since mid-February, as more-virulent virus strains outpace vaccinations.

By contrast, virus infections and deaths have been falling rapidly in the U.S. and U.K. since January as inoculations take off among the elderly and other vulnerable groups. U.S. infections and deaths, which were higher on a per capita basis for most of 2020, have fallen below the EU’s.

Author(s): Marcus Walker in Rome, Bertrand Benoit in Berlin and Stacy Meichtry in Paris

Publication Date: 12 March 2021

Publication Site: Wall Street Journal

Government sets out plans to raise normal minimum pensions age to 57 by 2028

Mary Pat Campbell

Link: https://www.professionalpensions.com/news/4027084/government-sets-plans-raise-normal-minimum-pensions-age-57-2028

Excerpt:

At present, people aged 55 can access their retirement funds but the age limit is likely to increase by two years under plans laid out by the Treasury.

The Treasury consultation said the government intended to legislate to increase the normal minimum pension age to age 57 on 6 April 2028.

Author(s): Jenna Brown

Publication Date: 11 February 2021

Publication Site: Professional Pensions

UK finds vaccines 80% effective at preventing hospitalisations in over-80s

Mary Pat Campbell

Link: https://www.reuters.com/article/uk-health-coronavirus-britain-vaccines/uk-finds-vaccines-80-effective-at-preventing-hospitalisations-in-over-80s-idUSKCN2AT38I

Excerpt:

The Pfizer and AstraZeneca vaccines are more than 80% effective at preventing hospitalisations from COVID-19 in those over 80 after one dose of either shot, Public Health England (PHE) said on Monday, citing a pre-print study.

Author(s): Alistair Smout

Publication Date: 2 March 2021

Publication Site: Reuters

7 Virus Variants Found in U.S. Carrying the Same Mutation

Mary Pat Campbell

Link: https://www.nytimes.com/2021/02/14/health/coronavirus-variants-evolution.html

Excerpt:

As Americans anxiously watch variants first identified in the United Kingdom and South Africa spread in the United States, scientists are finding a number of new variants that originated here. More concerning, many of these variants seem to be evolving in the same direction — potentially becoming contagious threats of their own.

In a study posted on Sunday, a team of researchers reported seven growing lineages of the novel coronavirus, spotted in states across the country. All of them have evolved a mutation in the same genetic letter.

“There’s clearly something going on with this mutation,” said Jeremy Kamil, a virologist at Louisiana State University Health Sciences Center Shreveportand a co-author of the new study.

Author(s): Carl Zimmer

Publication Date: 14 February 2021, updated 25 February 2021

Publication Site: NY Times

U.K. Virus Variant Is Probably Deadlier, Scientists Say

Mary Pat Campbell

Link: https://www.nytimes.com/2021/02/13/world/europe/covid-uk-variant-deadlier.html

Excerpt:

British government scientists are increasingly finding the coronavirus variant first detected in Britain to be linked to a higher risk of death than other versions of the virus, a devastating trend that highlights the serious risks and considerable uncertainties of this new phase of the pandemic.

The scientists said last month that there was a “realistic possibility” that the variant was not only more contagious than others, but also more lethal. Now, they say in a new document that it is “likely” that the variant is linked to an increased risk of hospitalization and death.

The British government did not publicly announce the updated findings, which are based on roughly twice as many studies as its earlier assessment and include more deaths from Covid-19 cases caused by the new variant, known as B.1.1.7. It posted the document on a government website on Friday.

Author(s): Benjamin Mueller, Carl Zimmer

Publication Date: 13 February 2021, updated 17 February 2021

Publication Site: NY Times

‘Encouraging’ signs for Covid vaccine as over-80s deaths fall in England

Mary Pat Campbell

Link: https://www.theguardian.com/society/2021/feb/16/encouraging-signs-covid-vaccine-over-80s-deaths-fall-england

Graphic:

Excerpt:

Deaths from coronavirus have fallen by 62% among over-80s since 24 January, the point at which a third of that age group had some level of immunity against coronavirus, having received their first vaccine dose at least two weeks earlier, data analysis by the Guardian showed.

This drop was larger than among groups with a lower level of vaccination. Among people aged between 20 and 64 the drop in deaths was 47%, while the drop among those aged 65 to 79 was 51%.

Author(s): Anna Leach, Ashley Kirk, and Pamela Duncan

Publication Date: 16 February 2021

Publication Site: The Guardian

Up to 90 volunteers in UK to take part in pioneering Covid infection trial

Mary Pat Campbell

Link: https://www.theguardian.com/world/2021/feb/17/uk-to-begin-worlds-first-covid-human-challenge-study-within-weeks

Graphic:

Excerpt:

The world’s first coronavirus human challenge study will begin in the UK in a matter of weeks, following approval from the country’s clinical trials ethics body, the business department said.

Approval has been given for an initial trial that will involve up to 90 carefully screened, healthy, adult volunteers aged between 18 and 30. They will be exposed to the coronavirus in a safe, controlled environment. It is hoped further trials will follow.

“These are quite unique studies, able to accelerate not only understanding of diseases caused by infection, but also to accelerate the discovery of new treatments and of vaccines,” said Peter Openshaw, a professor of experimental medicine at Imperial College London.

Author(s): Nicola Davis

Publication Date: 17 February 2021

Publication Site: The Guardian

HMT Review of Solvency II: Call for Evidence—IFoA Response

Mary Pat Campbell

Link: https://www.actuaries.org.uk/system/files/field/document/HMT_SII_v7.pdf

Excerpt:

The current design of the SII risk margin is too interest-rate sensitive and too high, particularly in the current low-interest rate environment. We believe reform, and an overall reduction, in the risk margin is desirable and can be done whilst keeping an appropriate balance between policyholder protection and cost.


The Matching Adjustment (MA) is vitally important to UK insurers, UK pension schemes and individuals. Without it, annuity prices would increase, and it would simply not be affordable for many pension schemes to buy-out with an insurance company. The IFoA fully supports the continued inclusion of the MA; the MA has successfully helped reduced
procyclical investment behaviour, such as during the stressed conditions in early 2020. However, we believe that the MA framework needs to incorporate more pragmatic flexibility, without a lowering of regulatory standards.


We favour incentivisation of ‘green’ investment rather than overly penal disincentives for ‘brown’ asset classes, noting that sectors considered ‘brown’ must also be part of the solution to the challenges of climate change.

Author(s): Institute and Faculty of Actuaries

Publication Date: 19 February 2021

Publication Site: Institute and Faculty of Actuaries

Solvency II Review: Call for Evidence

Mary Pat Campbell

Link: https://www.gov.uk/government/publications/solvency-ii-review-call-for-evidence

Excerpt:

Solvency II is the regime that governs the prudential regulation of insurance firms in the UK. This call for evidence is the first stage of the review of Solvency II.

The review is underpinned by three objectives:

to spur a vibrant, innovative, and internationally competitive insurance sector

to protect policyholders and ensure the safety and soundness of firms

to support insurance firms to provide long-term capital to support growth, including investment in infrastructure, venture capital and growth equity, and other long-term productive assets, as well as investment consistent with the government’s climate change objectives.

The government seeks views on how to tailor the prudential regulatory regime to support the unique features of the insurance sector and regulatory approach in the UK.

Author(s): Her Majesty’s Treasury

Date Accessed: 24 February 2021

Publication Site: Gov.UK