Aviva survey shows a quarter of people would consider using cryptocurrency as part of retirement plans
New research from Aviva reveals the number of UK adults who say they would consider cryptocurrency as part of their retirement planning – despite widespread concerns about its volatility, security, and lack of regulation.
Cryptocurrency has captured the imagination of many investors, with just over one in five UK adults (21%) – equivalent to 11.6 million people – claiming to have invested in crypto, and 14% who say they are currently holding some form of digital assets. Amongst younger adults aged 25–34, one in five (18%) say they have already withdrawn money from their pension to invest in crypto, contributing to a total of 4.3 million people (8%) who have done so.
Looking ahead, more than a quarter (27%) of respondents say they would consider investing in cryptocurrency as part of their retirement planning, and 23%[1] would consider withdrawing part, or all, of their pension to do so. A further 13% (7 million people) remain unsure.
Among those considering using their pension funds to invest in crypto, most (43%) are motivated by the higher potential returns; more than a third (36%) are excited by innovation and new technologies and a similar number (32%) said they wished to diversify their portfolio.
However, this interest is also tempered by significant concerns around security risks (41%), such as hacking or phishing; the lack of regulation and protection around crypto (37%) and the volatility in crypto trends (30%).
Three in ten (30%)[2] respondents are interested in crypto, but don’t understand the benefits they may be giving up by cashing in their pensions, and 27%[2] didn’t realise there are any risks involved.
Despite the growing popularity of crypto over recent years, pensions remain a cornerstone of future financial security. More than four in five people (82%)[3] in the UK today invest in a workplace or private pension.
Yet, the awareness of pension benefits amongst this cohort seems to be lacking. Although six in ten (62%[4]) said they would be concerned about losing pension benefits if they opted out to invest in crypto; more than one in five (22%) are unaware of the tax relief and employer contributions available and, one in ten (12%), surveyed didn’t realise their employer contributes to their pension at all.
Michele Golunska, Managing Director of Wealth & Advice at Aviva commented:
“There are lots of different investment opportunities out there, and it’s easy to see why cryptocurrency has become so popular in recent years. But we mustn’t forget the value of the good old pension. It comes with some powerful benefits, like employer contributions and tax relief, that can make a real difference to your long-term financial wellbeing. It’s important to weigh up the risks and rewards carefully and make sure your retirement savings are working as hard as they can for you.”
Aviva encourages consumers to take a balanced approach to retirement planning and urges people to prioritise long-term financial security over short-term speculation.
1 ‘Yes, I already have’ and ‘Yes, I’m thinking about it’ responses combined [↑]
2 ‘Strongly agree’ and ‘Somewhat agree’ responses combined [↑]
3 Workplace pension participation and savings trends of eligible employees: 2009 to 2024 – GOV.UK [↑]
4 ‘Yes, very concerned’ and ‘Yes, somewhat concerned’ responses combined [↑]
PartnerRe Announces the Retirement of Jacques Bonneau and the Appointments of Philippe Meyenhofer as CEO and Jon Colello as President
PartnerRe Ltd. (“the Company”) announced that effective April 1, 2024, Jacques Bonneau will retire from the Company and Philippe Meyenhofer will succeed him as Chief Executive Officer and take his place on the Board of Directors. As part of the transition, Jon Colello, CEO, P&C Americas, assumes the added role of President of PartnerRe Ltd., with executive responsibility for all Non-Life Underwriting, reporting to Philippe. During the interim period, Jacques will delegate most of his duties to Philippe and Jon to ensure a smooth transition.
Mr. Meyenhofer joined PartnerRe in 2010 and has held positions of increasing leadership since that time, most recently as a member of the Executive Leadership Team and CEO, Specialty Lines. He was appointed to Head of Specialty Casualty PartnerRe Global in 2013, to Head of Europe P&C in 2016, and gained the additional responsibility of Deputy CEO P&C in 2018. In 2020, he was named CEO of PartnerRe’s Specialty Lines. Mr. Meyenhofer will continue to be based in the Company’s Zurich office.
Mr. Colello is a member of PartnerRe’s Executive Leadership Team and has had executive responsibility for leading PartnerRe’s Property & Casualty business in the US, Canada and Latin America, and for the Company’s Health business in the US since joining the Company in 2019. He will continue to be based in Stamford.
Commenting on the appointments, Thierry Derez, Chairman of the PartnerRe Board of Directors, said, “The fact that we are in the position to appoint PartnerRe’s next CEO and President from within the Company speaks to the strength and depth of talent in the organization. Together, Philippe and Jon bring a wealth of industry experience, proven business and leadership skills, and a strong track record in underwriting combined with a deep knowledge of PartnerRe’s clients, brokers and employees.”
Mr. Derez continued, “On behalf of the Board, I would like to express our gratitude and appreciation to Jacques for his stewardship as CEO and President over the past three and a half years. Under his leadership, the Company’s business, strategic positioning, financial results, and operational excellence have been strengthened in important ways. Jacques also led the successful transition to Covéa ownership. Jacques has been a very dedicated and strong leader and we wish him all the best in his retirement.”
Mr. Bonneau commented, “I am proud of what we have achieved and the progress we’ve made in our various Business and Support Units and operations with the improvement in our executional performance and delivery for our numerous stakeholders. I am confident PartnerRe is well positioned for future success and Philippe, Jon and the Executive Leadership Team provide continuity with their in-depth knowledge and insight of PartnerRe’s people and business.”
Effective immediately, Christian Mitterer assumes executive responsibility for Specialty Lines as CEO, Specialty Lines and Ingrid Gjonaj joins the Executive Leadership Team as CEO, P&C EMEA. Mr. Mitterer is a member of the Executive Leadership Team and has served in various senior roles since joining PartnerRe in 2012, most recently as CEO P&C EMEA. Ms. Gjonaj started with PartnerRe in 2006, and during this time, she has held senior positions in Legal, and underwriting in Specialty Casualty, P&C and currently serves as Head of region, Western and Southern Europe.
Legal & General Group Plc Board announces the planned retirement of Sir Nigel Wilson
Legal & General Group Plc (“Legal & General” or “the Group”) announces that Sir Nigel Wilson has informed the Board that he has decided that he would like to retire from executive life after over a decade as Chief Executive.
Sir Nigel Wilson joined Legal & General Group in 2009 as Chief Financial Officer and was appointed Chief Executive in 2012.
Since Sir Nigel joined Legal & General, the Group has delivered a consistently strong financial performance with a total shareholder return of over 600% driven by significant growth in dividends, earnings per share and ROE. During his time as Chief Executive, Sir Nigel has executed numerous strategic initiatives to grow and re-focus the business, consistently exceeding financial and operational targets while also ensuring Legal & General has delivered Inclusive Capitalism with positive outcomes for shareholders, customers and the broader economy.
The Board will now commence a rigorous process to appoint a successor, considering both internal and external candidates. Sir Nigel has agreed to continue as Chief Executive until the new Chief Executive starts and he will support a smooth transition following their appointment. It is envisaged that this process will take around a year. In the meantime, Sir Nigel will continue to focus on delivering the current strategy of the Group, supported by the executive team.
Sir John Kingman, Group Chair: “The Board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost fourteen years. He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.
Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the Group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.
Under his stewardship, the Group has consistently delivered profitable, sustainable and inclusive growth. Nigel has been a tireless champion for investment-led growth and responsible investment.
Nigel’s decision to announce his planned retirement from Legal & General now allows for an orderly process to appoint a new Chief Executive who can continue delivering on the Group’s immense potential.”
Sir Nigel Wilson, Group Chief Executive: “Legal & General has been a big part of my life and my decision to retire from the Group has been taken with mixed emotions. It has been an honour and privilege to serve as Chief Executive of Legal & General over the past decade and I am deeply proud of everything we have achieved. It has been a remarkable team effort by all my colleagues across the world. Without their unstinting efforts we would not have achieved the tremendous success we have. I have also benefitted hugely from the support of an outstanding Board.
I firmly believe we have laid strong foundations to support the next phase of growth for the Group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this.
I remain fully committed to delivering the current strategy of the Group, in partnership with the executive team, and supporting the transition to a new Chief Executive.”
Thomas F. Motamed to Retire from AIG’s Board of Directors
American International Group, Inc. announced that Thomas F. Motamed, a Director of the company since January 2019, is retiring from the Board of Directors for health reasons.
“On behalf of the Board of Directors, I want to thank Tom for his leadership and many contributions to AIG over the last few years,” said Peter Zaffino, Chairman & Chief Executive Officer. “On a personal level, I have appreciated Tom’s steady and balanced perspectives regarding AIG’s turnaround and transformation. We wish Tom the very best as he focuses on his own well-being and that of his family.”
Mr. Motamed was Chairman and Chief Executive Officer of CNA Financial Corporation from 2009 to 2016. Prior to CNA, Mr. Motamed spent over 30 years at The Chubb Corporation, where he rose to Vice Chairman and Chief Operating Officer. He is a past Chairman of the Insurance Information Institute and is Chair Emeritus for Adelphi University.
SCOR’s CUO of IDI Jean Tuccella announces his retirement – Jaume Avella Fluvia to take over
After 27 years of service, Jean Tuccella has decided to retire. Effective July 1st, the Inherent Defects Insurance (IDI) team will be led by Jaume Avella Fluvia who will be taking over as Chief Underwriting Officer. Jean will stay part-time at SCOR until the end of January 2023 to ensure a smooth transition.
Jean started with SCOR in 1995 as an underwriter for construction insurance and has been at the head of SCOR’s IDI team since 2001. As Global Line CUO of IDI, he has been instrumental in extending SCOR’s IDI business worldwide with strong positions already established in key developing markets. He has built and led an international team of underwriters to produce a portfolio that has provided a substantial contribution to the company’s overall performance and visibility.
Tucella Fluvia
SCOR’s P&C CEO Jean-Paul Conoscente comments: “Jean Tuccella has decided to retire so it is with a heavy heart that, after all these years of service with SCOR, we bid farewell and wish him a healthy, happy and long retirement. I’m fully confident that Jaume, who has worked for the past eight years with Jean and the team, will continue to develop the IDI line of business of SCOR P&C”.
Committed to a consistent underwriting approach over the past 40 years, SCOR’s dedicated IDI team offers clients a global market vision on both established and emerging markets. IDI protects construction owners against damage caused by defects in design, workmanship, or materials affecting structure, external walls and roofs, and against any consequential damage to non-structural works and equipment. Claims may be raised if the defect was unidentified at the date of practical completion, and if the damage occurs during the 10-year coverage period.
Allstate Announces Retirement of Vice Chair, Don Civgin and Senior Leadership Change
After a distinguished 13-year career at Allstate, Don Civgin, Vice Chair and CEO, Protection Products and Services has announced his decision to retire, effective May 1. Don joined the company as Chief Financial Officer in 2008, became President and CEO of Allstate Financial in 2012 and Vice Chair of The Allstate Corporation in 2019. He also serves as Chairman of the internationally renowned Ravinia® Festival. With Don’s retirement, Terrance Williams will become President, Protection Products and Services.
“Don’s leadership, business acumen and enterprise-first approach made Allstate successful in pursuing its purpose of protecting people from life’s uncertainties,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “He has been an excellent partner and mentor to senior executives as Allstate transforms into a digital protection solutions provider. Don’s ability to attract, mentor and lead talent leaves us with an outstanding management team. His forward-thinking and innovative leadership helped position Allstate as a leader in telematics, identity protection and device protection plans. We thank him for his many contributions to Allstate’s continued success and wish him and his family the very best in their next chapter.”
Wilson continued, “Terrance Williams has been leading our Transformative Growth initiatives to enable Allstate agents to increase growth while improving the customer experience and provide lower insurance prices. Terrance will bring his extensive experience in building and growing innovative businesses to the Protection Products and Services organization.”
“This leadership change supports our objective of Allstate being a purpose-driven company powered by purpose-driven people,” concluded Wilson.
AIG Life & Retirement and Annexus Launch X5 Accelerator Annuity, Powerful New Opportunity to Increase Income in Retirement
AIG Life & Retirement, a leading provider of annuities, today announced the launch of the X5 Accelerator AnnuitySM in partnership with Annexus, an innovator in delivering retirement solutions to the marketplace. X5 Accelerator is issued by American General Life Insurance Company, a member company of American International Group, Inc. (NYSE: AIG), and marketed through a network of Annexus-contracted independent distribution companies.
The newest addition to the X5 suite of index annuities, X5 Accelerator is a powerful accumulation and income solution with an innovative design that emphasizes income growth from the outset to help consumers generate more income for retirement. The product’s front-end acceleration features include a bonus equal to 35% of the premium that is immediately added to the lifetime income benefit, as well as a multiplier that can increase lifetime income by 250% of net interest earned every year during the accumulation phase.
“X5 Accelerator offers consumers a valuable head start on their retirement planning with an immediate bonus and a strong multiplier,” said Bryan Pinsky, President, Individual Retirement, AIG Life & Retirement. “We are excited to continue our work with Annexus to provide their network of financial professionals with more options and flexibility for increased retirement income and security.”
X5 Accelerator offers exclusive indices developed by premier asset managers PIMCO and Morgan Stanley Investment Management to provide upside growth potential. X5 Accelerator also provides principal protection against market downturns so principal cannot be lost.
“A real concern for many retirees is how to keep pace with rising costs and how to reduce the risk of running out of money in retirement,” said Don Dady, Annexus Co-founder. “With the addition of X5 Accelerator, the X5 Suite offers financial professionals and their clients more choice and flexibility in creating a personalized retirement plan that can help them overcome these risks.”
Additionally, X5 Accelerator includes the potential for an enhanced beneficiary benefit, that may provide a greater inheritance, plus a unique benefit that doubles the annual income should the policy holder become confined to a nursing home or other qualified facility.1 These features, along with the guaranteed lifetime income benefit, are subject to an annual fee.
Guarantees are backed by the financial strength and claims-paying ability of American General Life Insurance Company (AGL). AGL does not solicit, issue or deliver policies or contracts in the state of New York.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.
Index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the claims-paying ability of the issuing insurance company. They provide the potential for interest to be credited based in part on the performance of the specified index, without the risk of loss of premium due to market downturns or fluctuations. Contract value can be reduced for withdrawals and, if applicable, withdrawal charges. Index annuities may not be appropriate for all individuals.
There is no guarantee that the growth potential of an index annuity will keep pace with inflation or rising costs in retirement. In addition, no interest will be credited in flat or down markets.
Withdrawals may be subject to federal and/or state income taxes. An additional 10% federal tax may apply if individuals make withdrawals or surrender their annuity before age 59½. Individuals should consult their tax advisor regarding their specific situation. Withdrawals may also be subject to a withdrawal charge that begins at 10% in year 1 and declines to 0% in year 11. State variations apply. See the Owner Acknowledgment and Disclosure Statement for more information.
The Morgan Stanley Expanded Horizons Index℠ is a service mark of Morgan Stanley Investment Management Inc. or its affiliates (collectively “MSIM”) and has been licensed for use for certain purposes by American General Life Insurance Company (“licensee”). The intellectual and other property rights to the methodology and formula of the Index are owned by or licensed to MSIM. This annuity (the “product”) is not sponsored, endorsed, sold or promoted by MSIM or any of its third party suppliers including data licensors (“MSIM and its suppliers”). MSIM and its suppliers make no representations or warranties regarding the advisability of adopting a strategy, obtaining investment exposure to the Index through any means, investing in financial products generally or purchasing the product particularly or the ability of the Index to track general market performance. MSIM is not acting as investment adviser to you in connection with, or through, the Index or the product, and MSIM undertakes no, and expressly disclaims any, fiduciary duties to you in connection with the Index or the product. Past performance of an index is not an indicator of or a guarantee of future results. Use and distribution of the Index, index data and MSIM’s service marks are prohibited without MSIM’s express written permission.
MSIM and its suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including with respect to the index, index data and any information included in, related to, or derived therefrom (“index data”). MSIM and its suppliers shall not be subject to any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) with respect to the product or the adequacy, accuracy, timeliness or completeness of the index and the index data, all of which have been provided and are provided on an “as is” basis. Any decision to purchase and or invest in the product is at your own risk.
The PIMCO Global Elite Markets Index® (the “Index”) is an excess return index that allocates to a diversified range of global equity and global government bond markets. It employs a rules-based rebalancing process that is designed to enhance returns and manage volatility. The Index is a trademark of Pacific Investment Management Company LLC (“PIMCO”) and has been licensed for use for certain purposes by American General Life Insurance Company (“the Company”) with respect to this annuity (“the Product”). The Index is the exclusive property of PIMCO and is made and compiled without regard to the needs, including, but not limited to, the suitability, appropriateness or needs, as applicable, of the Company, the Product, or owners of the Product. The Product is not sold, sponsored, endorsed or promoted by PIMCO or any other party involved in, or related to, making or compiling the Index. PIMCO does not provide investment advice to the Company with respect to the Product or to owners of the Product. It is not possible to directly invest in the Index.
Neither PIMCO nor any other party involved in, or related to, making or compiling the Index has any obligation to continue to provide the Index to the Company with respect to the Product. Neither PIMCO nor any other party involved in, or related to, making or compiling the Index makes any representation regarding the Index, Index information, performance, annuities generally or the Product particularly.
PIMCO disclaims all warranties, express or implied, including all warranties of merchantability or fitness for a particular purpose or use. PIMCO shall have no responsibility or liability whatsoever with respect to the Product.
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£5.3 billion lost from over 50s retirement pots throughout the course of the pandemic
4 million over 50s workers are continuing to save less towards their retirement when compared to before the pandemic – with £3,283 lost on average
Those who have cut savings are now putting £155 less monthly towards retirement, however at the peak of the pandemic contributions dipped by more than £200
Legal & General Retail Retirement (LGRR) analysis suggests this reduction in payments could delay the retirement of someone who saved less by more than four years (based on the median average) if contributions remain at reduced levels.
Financial outcomes can be returned to pre-pandemic levels and LGRR encourages people to ‘Spend A Day’ on retirement this Pension Awareness Week with its course with The Open University
Over 50s workers in the UK could have a £5.3 billion hole in their collective pension pot due to cutbacks on retirement savings over the course of the pandemic, according to new research from Legal & General Retail Retirement (LGRR) 1.
The new findings, released as part of Pension Awareness Week, estimate that approximately 10% of pre-retired over 50s – 1.4 million people2 – are continuing to save less every month when compared to before the pandemic. At present, those over 50 saving less have reduced their monthly savings by £155 a month, however at the peak of the pandemic this was an average of £219 less a month. Overall, over 50s saving less towards retirement will have contributed £3,283 less on average over the course of the pandemic than they otherwise would have.
Over 50s workers who are continuing to save less are doing so for a variety of reasons, such as pay decreases (39%), redundancies or job losses (22%) and the impact of being furloughed (13%). One in five over 50s saving less (20%) have also had to reduce their retirement contributions in order to provide more monetary support to their loved ones.
Retirement planning course with The Open University
To help those approaching retirement understand their options – and manage their financial affairs better in later life – Legal & General has a free online course with The Open University, setting out a series of stepping stones to a financially secure retirement.
The introductory 4-hour course combines guidance, short videos and tools and covers various aspects of retirement planning, from how to budget for retirement, how different types of pensions work and what to do if pension income is at risk of falling short.
“It’s completely understandable that those who have faced financial hardship as a result of the pandemic may have looked for opportunities to cut back on their outgoings. However, as our research shows, saving less, particularly for those in their 50s, could have a significant impact on retirement prospects and planning. Our own analysis suggests that those who have saved less would, based on the median average, need to bring their contributions back to pre-pandemic levels, then pay an additional £41 per month to make good on their shortfall. If the same saver does not bring their contributions back to pre-pandemic levels they might need to delay their retirement by more than four years to reach the levels they previously would have saved before cutting back on their monthly contributions.
As we look ahead towards a period of recovery, the best thing people can do is commit to spending a day sorting through their affairs to better understand the options at their disposal, rather than burying their head in the sand. To encourage people to do this, we offer a range of resources, including a free online course that can be completed in an afternoon. Our hope is that by encouraging older workers to engage with their later life finances, growing numbers will be equipped with the tools to enjoy a more comfortable retirement.”
Emma Byron, Managing Director, Legal & General Retirement Solutions
Long-time Nationwide senior executive Mark Thresher to retire
Nationwide Chief Financial Officer Mark Thresher has announced his plans to retire in September following 25 years of distinguished service. Thresher has served in that role since 2009. In addition to overseeing the Fortune 100 company’s financial operations, Thresher also leads Nationwide’s investment operations and oversees Nationwide Realty Investors. He also recently announced his retirement as chairman of the Otterbein University board of trustees after 21 years of board service, eight as chairman.
Thresher started his Nationwide career in 1996 following nearly 20 years at KPMG, where he was responsible for the Nationwide account. He helped establish and broaden Nationwide’s financial services footprint, helping to take Nationwide Financial public in 1997 as its vice president of finance and treasurer. He became president of NF in 2004. Today, Nationwide’s financial services business drives half of the company’s revenues.
“Mark leaves an incredible legacy of strategic and people-centered leadership at Nationwide,” said Nationwide CEO Kirt Walker. “His focus on growth and profitability, along with being a champion for professional development, diversity and inclusion, and community service, has impacted associates and community members alike throughout his 40-plus years in the industry.”
Throughout his tenure as CFO, Thresher has emphasized building and maintaining Nationwide’s capital strength, with the company consistently earning A+ ratings from A.M. Best and Standard & Poor’s. This, in turn, has enabled the company to maintain its obligations while also making key acquisitions to expand Nationwide’s portfolio and capabilities. Key acquisitions included the 2012 merger with Harleysville Mutual Insurance company expanding Nationwide’s geographic reach and distribution among independent agents, as well as the acquisition of Jefferson National in 2016, expanding the company’s distribution capabilities with registered investment advisors.
An advocate for community and industry service, along with serving on the Otterbein board, Thresher is a member of the Federal Advisory Committee on Insurance and has served as chair of COSI Columbus. He also has served on the advisory board for ODW Logistics, Inc. Thresher was inducted into the Ohio Foundation of Independent Colleges Hall of Excellence in April 2017.
Tim Frommeyer will succeed Thresher as Nationwide’s Chief Financial Officer and will be a part of the Nationwide executive leadership team. Frommeyer began his career with Nationwide in 1986 as an actuarial student and advanced through positions of increasing responsibility, including chief actuary for financial services, chief financial officer for that organization, and most recently as chief financial officer for both financial services and property & casualty under Thresher.
“Nationwide has tremendous talent and bench strength that contribute to our strong succession planning efforts,” said Walker. “This thorough planning will enable a smooth transition for our businesses and associates.”
Frommeyer is a mathematics graduate of Xavier University, a member of the American Academy of Actuaries and a Fellow of the Society of Actuaries. He is a member of the board of trustees for the Columbus Metropolitan Library and serves on the board of the Women’s Care Center.
Founders of Massachusetts’ Renaissance Alliance Retire; Callahan, Bondi to Lead
The founders of Renaissance Alliance Insurance Services, a membership alliance of independent insurance agencies, have retired after 21 years of leading the company.
Bruce and Janet Cochrane retired from their full-time roles within the Massachusetts-based insurance agency partnership organization, effective Jan. 1, 2021. They originally started the company in the late 1990s.
Executive Chairman Kevin R. Callahan and President Robert A. Bondi now lead the executive committee. Bruce will remain a member of the Renaissance Alliance board of directors and serve as special advisor to Callahan. Callahan praised the Cochranes for their work and said the company would continue its geographic expansion.
Renaissance Alliance offers services to fully independent property/casualty agency owners designed to help them grow premium, maximize revenue and increase agency value through profit sharing, override revenue and offloading non-revenue generating activities.