University of Edinburgh – Page 3 – The NEN

Edinburgh Women’s Aid marks 50th Anniversary with ‘Changing the Landscape’ seminar

Edinburgh Women’s Aid, (EWA), is marking its 50^th anniversary this year with a series of events, including its latest seminar, ‘Changing the Landscape: 50 years of activism and action against domestic abuse’, attended by over 80 guests at Edinburgh University, including Councillor Cammy Day, Leader of the City of Edinburgh Council.

The seminar explored the role of research in changing the policy landscape around domestic abuse and looking back on the development of EWA, which has supported tens of thousands of women and children for the past 50yrs who have been able to access the safe accommodation and support, including legal advice and help securing employment.

Guest speakers at the event, which was co-hosted by the School of Social and Political Science at Edinburgh University, in partnership with genderED, included Professors Rebecca and Russell Dobash who began researching domestic abuse in Scotland, shortly after the first refuge in the city opened in 1973 and unveiled a map of refuges which have opened around the world over the past 50 years.

Over the years, they have published 11 books and numerous articles on violence, gender and murder, including their ‘Violence Against Wives’ study into the incidence and nature of domestic abuse in Scotland, later published as Violence Against Wives: the case against the patriarchy (1979).

Council Leader Cammy Day said: “Nobody should have to suffer abuse, whatever form it takes.

“Over the last 50 years, Edinburgh Women’s Aid has been unwavering in their commitment to help and support victims and survivors of domestic abuse. We know that there is still a way to go before we live in a world where domestic abuse is history. Our policies, such as the Multi-Agency Domestic Abuse Policy, is designed to provide an understanding and supportive service to those affected by this issue and to those who work to help them stay safe.

“We know that there is more that we can do to offer support, as an organisation and as individuals. As a Council we’re part of the Equally Safe Edinburgh Committee which is working to make the city safe for women, children and young people and recently I became an ambassador for White Ribbon Scotland to encourage men to play their part and stand up and speak out against violence against women. Working together we can make sure we provide the very best safeguards that we can to anyone at risk of harm.”

Professor John Devaney, Head of School of Social and Political Science, University of Edinburgh, whose research interests relate to domestic abuse and family violence, said: “Our understanding about what causes and sustains domestic abuse has improved significantly over the past fifty years.

“While the range of effective support available to child and adult victims has improved significantly in that time, unfortunately the level and nature of funding of support services is still too little given the scale and consequences of the issue.

“Edinburgh Women’s Aid are to be commended for the high quality of support they offer to child and adult survivors, and the University of Edinburgh remains committed to working in partnership regarding placement opportunities for students, joint research, and support for students and staff who experience domestic abuse.”

Fran Wasoff, one of the founding members of Edinburgh Women’s Aid, and also a senior lecturer and a Professor of Family Policies in the subject area of Social Policy at the University of Edinburgh, where her research interests were in family law and policy, also attended the event, reflecting on 50 years of domestic abuse in Scotland and how we change the landscape going forward.

The seminar also provided an opportunity to pay tribute to those who have provided support for women and their families over the past five decades in the city.

Linda Rodgers, Chief Executive of Edinburgh Women’s Aid, said: “It felt like a moment in history, bringing together these amazing people who have changed the research landscape and as a result improved policy and practice in relation to domestic abuse.

“I am so proud that Edinburgh Women’s Aid continues to lead the way in supporting research, improving policy and changing societal attitudes to domestic abuse.”

Charities and Scottish Parliament host online event to improve how we prevent child sexual abuse in Scotland

Stop It Now! Scotland and NSPCC Scotland are today (Wednesday, March 15, 2023) hosting ‘Public Health Approaches to Preventing Child Sexual Abuse’
The online event will look at the evidence on preventing sexual abuse and what could be done in Scotland to better protect children before abuse begins and to help with their recovery

Stop It Now! Scotland and the NSPCC are calling on the Scottish Government to develop a national strategy to tackle child sexual abuse that focuses on prevention to make the country a safer place to grow up.

The two charities, which are today hosting an event in partnership with the Scottish Parliament, say working together to stop the abuse from happening in the first place will prevent the devastating impact it has on the mental health of children and adult survivors.

They are urging the Scottish Government to develop a comprehensive and coordinated national approachto prevent child sexual abuse, which involves health, police, education, community safety, children’s services, social services, housing and the wider community. The child protection charities say it is vital that everyone understands what child sexual abuse is and knows how they can be part of preventing it.

A review of UK data revealed that 15 per cent of females and 5 per cent of males will experience some form of sexual abuse before the age of 16. This means at least 80,000 children in Scotland will have been affected by this issue before they leave high school. Although this is thought to be an under-representation of the scale of the problem and the actual number of children who have experienced sexual abuse in Scotland is not known.

The charities say that to understand the numbers of children in Scotland affected and the scale of the suffering it is crucial that a prevalence survey is conducted. At the event, leading experts will discuss current evidence on preventing child sexual abuse and explore the next steps needed to make Scotland the safest country for children to grow up.

Joanne Smith, NSPCC Scotland’s Policy and Public Affairs Manager, said: “Child sexual abuse has a devastating impact on people’s lives.

“The response, to date, has focused largely on bringing perpetrators to justice and providing some children with therapy and support. But we believe that as a society our focus should be on preventing child sexual abuse before it occurs, before people at risk of abusing become offenders, and before potential victims become actual victims. Understanding child sexual abuse, and what causes it, is a vital step towards developing effective prevention strategies.”

Stuart Allardyce, Director, Lucy Faithfull Foundation / Stop It Now! Scotland, said: “We are calling on the Scottish Government to carry out a dedicated prevalence survey to identify the levels of sexual offending against children in Scotland, alongside a national strategy for tackling child sexual abuse.

“We know that sexual abuse has an enormous impact on the mental health outcomes for children and adult survivors and the economic costs for the criminal justice system.

“We believe sexual harm towards children and young people could be reduced if we focused more on prevention, including therapy being offered to adults who are worried about their sexual thoughts and feelings towards children.”

Childlight, based at the University of Edinburgh, also launches the first comprehensive global data repository today, which will look at all forms of child sexual exploitation and abuse (CSEA), with the aim of being able to show the scale and nature of this abuse.

The international team, made up of experienced individuals from academia, the private sector, law enforcement and non-governmental organisations, will produce an annual report, global dashboard and index with the data that can be used by tech companies, law enforcement agencies and those who work in child protection so they can take action to prevent CSEA.

Speakers at the online event will include:

Professor Elizabeth Letourneau, Moore Centre for the Prevention of Child Sexual Abuse, School of Public Health, John Hopkins University
Pat Branigan, Assistant Director – Together For Childhood – NSPCC
Stuart Allardyce, Director, Lucy Faithfull Foundation / Stop It Now! Scotland
MSP Clare Haughey, Minister for Children and Young People

Children and young people can contact Childline for free, confidential support and advice 24 hours a day online at www.childline.org.uk or on the phone on 0800 1111.

Anyone with concerns about a child’s wellbeing can contact the NSPCC Helpline on help@nspcc.org.uk. The NSPCC practitioners provide free and confidential help and advice and can take appropriate steps to help keep children safe. If a child is in immediate danger, please call 999.

NHS Lothian publishes research findings about the Royal Infirmary of Edinburgh’s historical ties to slavery

NHS Lothian has published the findings of a research project, funded by NHS Lothian Charity, to learn about the Royal Infirmary of Edinburgh’s historical ties with the enslavement of African people and people of African descent.

The main findings include:

From 1729 to 1850, the Royal Infirmary of Edinburgh (RIE) received at least £28,080 from 43 individuals with ties to Atlantic slavery. These donors included physicians, surgeons, politicians, colonial officials, bankers, and a range of merchants, both in Britain and its colonies, who were connected to the enslavement of African people in the British West Indies and America.

From 1749 to 1892, the RIE owned and leased an estate in Jamaica called Red Hill pen, bequeathed in the will of the Scottish surgeon and enslaver Dr Archibald Kerr. Until the abolition of slavery in Britain’s colonies in 1834, the RIE owned and leased the enslaved people, drawing substantial rents from the property. After Abolition, the estate employed ‘apprentice’ Black labourers.

Between 1773 and 1801, the RIE was involved in requests for the manumission (the granting of freedom) of an enslaved Black woman (Juliet) and later her two enslaved children (John and William Moodie) on Red Hill at the request of their father, Dr John Moodie, a White man.

Through a complex series of events, the RIE eventually received approximately £832 from the British Government after the abolition of slavery (1834) as ‘compensation’ for the loss of the labour of the enslaved people at Red Hill.

NHS Lothian is committed to eliminating unlawful discrimination and harassment, advancing equality of opportunity, and fostering good relations between the different groups of people working for the organisation and using its services.

Throughout January, a series of public engagement events, led in partnership between the project’s independent Advisory Group and researcher, will be held in Edinburgh and online.

The purpose of these events is to start a conversation about what we have learned, the lasting impact, and the changes NHS Lothian can make today.

We are particularly interested in hearing from those groups who are most adversely affected by this history of slavery, including NHS Lothian BME staff and the wider ethnically diverse communities across Lothian. The Advisory Group will then make recommendations to the NHS Lothian Board to suggest how the organisation might correctly and appropriately learn from its past and act to tackle the modern-day racism and racial inequalities experienced by the people who work for NHS Lothian and use our services.

The full historical report and further details on the project itself can be found on NHS Lothian’s website, including how to take part in these important conversations – https://org.nhslothian.scot/AboutUs/OurHistory/Slavery/Pages/default.aspx

Two open sessions will also take place at the Centre for Research Collections, University of Edinburgh. During these sessions, relevant eighteenth and nineteenth century records used in the historical report will be available for people to view with the guidance of staff at Lothian Health Services Archive.

Talking about the importance of this charity-funded project, NHS Lothian Chief Executive, Calum Campbell said: “It is essential that our health and care system is truly inclusive so that everyone in Lothian lives longer, healthier lives, with better outcomes from the care and treatment we provide.

“We also strive to be an inclusive employer where everyone who works with and for us has better experiences. This work to acknowledge and tackle racism and racial inequality is vital to delivering this ambition.

“This project was fully funded by NHS Lothian’s official charity, NHS Lothian Charity. An independent researcher was contracted by NHS Lothian Charity to undertake the research and will lead the subsequent public engagement work.

“We hope that the public will get involved in conversations about this important work, helping us to understand and consider different reflections and viewpoints that will inform the independent Advisory Group’s final recommendations.”

Director of NHS Lothian Charity, Jane Ferguson said: “This is an important piece of work that we are serious about working in partnership on with NHS Lothian and we are providing charitable funding to take it forward.

“Reducing health inequality is one of the Charity’s priority objectives and this research helps both us and NHS Lothian understand what more we can do to help improve the health outcomes of our ethnically diverse communities.”

A list of FAQs has been provided to help with any questions that you might have about this project.

For more information visit:

https://org.nhslothian.scot/AboutUs/OurHistory/Slavery/Pages/default.aspx

NHS Lothian helps pioneer new treatment for kidney cancer patients

A kidney cancer drug has been accepted for use within NHS Scotland and across the UK thanks to an international study, with NHS Lothian and Edinburgh University leading the UK part of the trial.

The treatment, pembrolizumab, is an antibody delivered intravenously as an immunotherapy to reduce the chances of a relapse after kidney cancer surgery.

Thanks to the research, the Scottish Medicines Consortium (SMC) has advised that the drug will now be made available to treat eligible adults with renal cell carcinoma (RCC).

In Scotland, about 1000 patients are diagnosed with RCC each year, and the incidence of the disease has been increasing over time.

Surgery carries the hope of cure if disease is caught early, but about a quarter to half of patients who undergo a nephrectomy (whole or partial kidney removal) have disease recurrence at different sites within three to five years of this.

RCC is generally resistant to chemotherapy and radiation therapy so, until now, there have been no additional treatments that reduce this risk of relapse.

The study showed that, for patients with a raised risk of relapse, pembrolizumab reduced the risk of kidney cancer coming back by a about a third and there are early indications that this is leading to patients living longer.

This has led to the SMC recommending the drug for NHS use and the first non-trial patients are now receiving this new treatment in Edinburgh.

Dr Stefan Symeonides, Senior Lecturer at the University of Edinburgh and Oncology Consultant at the Edinburgh Cancer Centre, said: “Research continues to explore which people might benefit most from this treatment, as pembrolizumab is not always effective or suitable for every patient.

“However, this represents a significant breakthrough in the treatment of kidney cancer as confirmed by UK approvals from the SMC in Scotland and NICE in England and Wales, as well as its incorporation in treatment guidelines from the European Society for Medical Oncology (ESMO).

“Approval of pembrolizumab is welcome news to many RCC patients, who otherwise had no treatment options available to them to prevent or reduce the risk of relapse of the cancer following nephrectomy.”

Visit the University of Edinburgh‘s website to read more.

University of Edinburgh graduate receives prestigious scholarship at BVA veterinary achievement awards

A recent veterinary graduate from the University of Edinburgh has received a highly respected scholarship at the British Veterinary Association (BVA) awards ceremony.

BVA yesterday announced the winners of its four prestigious veterinary achievement awards at its annual Members’ Day, held this year at Clare College, University of Cambridge.

The annual awards recognise the exceptional commitment, work and achievements of vets from across the profession. Dr Rosa Loedel, a veterinary graduate from University of Edinburgh received the Harry Steele-Bodger Memorial Travel Scholarship during the ceremony.

The Harry Steele-Bodger Memorial Travel Scholarship was established in 1953 to honour the memory of Mr Henry Steele-Bodger, President of BVA from 1939-41, in recognition of his great services to the veterinary profession and to agriculture, particularly during the Second World War.

The award is open to penultimate or final year students at veterinary schools in the UK and Ireland or to those who have qualified from these schools within the previous three years. The grant will assist with visits to a veterinary or agricultural school, research institute or some other course of study approved by the Trustees.

Dr Rosa Loedel, a recent veterinary graduate from the University of Edinburgh, developed a keen interest in global health and the impact of infectious diseases of socioeconomic, geopolitical and ecological factors.

She is fascinated by challenges such as the reemergence of infectious diseases, antibiotic resistance and the impacts of climate change on human, animal and environmental health. She is now in Paris to complete an internship with the World Organisation for Animal Health.

Rosa said: “Vets are multi-skilled operators in many fields, I am excited to gain further insight into how we use our skills to protect animal health and welfare; to protect public health; and to protect our trade and our economy.

“I’m delighted to receive this award as it enables me to take on this fantastic opportunity with WOAH. I am excited to be able to experience an international organisation and hone in on my project focus areas of dog-mediated rabies control and research coordination.”

Outgoing BVA President Justine Shotton said: “Congratulations to all five winners. These highly sought-after awards shine a well-deserved light on an exceptional group of veterinary professionals, who each in their own field and practice, have helped propel the veterinary profession forward.

“Congratulations to you all on behalf of everyone at BVA.”

Other awards presented today include the BVA’s most prestigious scientific award, the Dalrymple-Champneys Cup and Medal along with the Chiron Award and John Bleby Cup.

This year’s other winners are:

· Dalrymple-Champneys Cup and Medal – Professor Tim Greet, equine surgery specialist

· Chiron Award – Dr David McKeown, farm and mixed practice vet, Veterinary Defence Society Member Services Director and mental health volunteer with Vetlife, VetSupport and the Samaritans

· John Bleby Cup – Mr Paul Freeman, retired mixed practice vet, BVA Council and North of England Veterinary Association member and Vetlife Trustee

· Harry Steele-Bodger Scholarships – University of Cambridge student Annabelle Lack

BVA Members’ Day and AGM is an annual event which includes the awards ceremony and the election of BVA’s President, Senior Vice President and Junior Vice President.

The BVA Member Survey 2022 is live until 3 October 2022, offering every BVA member the chance to help shape the future of BVA.

The survey takes just 15 minutes to complete using the unique link sent to members via email. The results will be used to help BVA deliver the best possible support to the profession.

Over 50s to be hardest hit by the cost-of-living crisis and the financial impact of the Covid pandemic

A report by leading UK data scientists has revealed that the over-50s are being hit hardest by the current financial crisis and could face a lifetime of financial insecurity.

That’s according to new research from the University of Edinburgh’s Smart Data Foundry, supported and funded by abrdn Financial Fairness Trust.

According to the report, economic inactivity rates have risen a third amongst the over 50s since 2019, and people aged 50-54 face double the financial vulnerability risk than those aged 70-74.

Findings reveal that people in their 50s and 60s are facing the ‘perfect storm’ of circumstances including redundancy, ill health or caring commitments combined with a lack of savings and pension provisions.

To offset this loss of income, many people are being forced to withdraw lump sums from their pension pots to deal with pre-retirement income shocks.

And with the majority of pension pots worth under £30,000, this is causing knock-on issues with income tax and entitlement to benefits. Worryingly, the research also identified that those people who do cash in their pension pots early are 1.75 times more at risk of financial vulnerability in the future.

To tackle this, Smart Data Foundry is calling on the Department of Work and Pensions to act now to reduce the risk of pension assets being spent before retirement. It recommends an increase to the current capital limit of £16,000 for means tested benefits and, for those on Universal Credit, the reform of the Support for Mortgage Relief (SMI) loan facility by removing the zero earnings rule.

Chair of Smart Data Foundry, Dame Julia Unwin, explains: “We are seeing a pattern of people in their early to mid-fifties going from being in positions of comfortable, middle-aged breadwinners eyeing their future retirement over the horizon, to a generation suddenly finding themselves facing long-term financial hardship.

“A combination of being unable to secure viable work, confused messaging over pensions, little by way of state aid, and the savage cost-of-living rises resulting in many making decisions that could have long-term negative consequences.

“With this report and our key recommendations, we are calling for UK Government to intervene to protect and support the most vulnerable before it is too late. If they don’t act now, we will undoubtedly see even bigger problems in the years ahead. Data doesn’t lie; the evidence is there – older workers are at very real risk of financial vulnerability, but it is not yet too late to act.”

The research study also uncovered a widespread lack of understanding about the benefits system, confusion about claims processes, and hardship arising from payment frequency. To improve the transition to retirement, the report calls for increased government investment in the Pension Wise guidance service and expansion to include the state pension.

According to the findings, older workers are encountering barriers to returning to work, including lack of digital skills, unavailability of flexible working, lack of specific government initiatives, ageism, psychological barriers, and retraining needs.

The longer the unemployed worker remains out of work, the harder it is for them to find a suitable position and the greater their risk of falling into forced retirement.

The report calls for a government-funded employment programme targeted at those who need support in changing careers, starting from the first day of unemployment for the over 55s.

Lead researcher Dr Lynne Robertson-Rose from the University of Edinburgh added: “We set out to understand the financial vulnerability amongst those in their 50s and 60s and have been surprised by the bleak picture that the data paints.

“Any disruption in earning capability in the decade before the state pension is forcing older workers to draw down on savings earmarked for retirement with little ability to top up the pot, leading to the risk of financial vulnerability becoming lifelong.

“We have access to rich data supplied to Smart Data Foundry by UK financial institutions and these insights have furnished us with the information that enabled us to make policy recommendations. It also flags opportunities for the financial services and fintech sector to innovate in order to help individuals better manage their finances.”

Karen Barker, Head of Policy and Research at abrdn Financial Fairness Trust, added: “Making decisions about your pension is tricky to navigate, and for those on lower incomes, advice is too expensive.

“The Government needs to improve access to advice on pensions planning for those on lower incomes to avoid a living standards catastrophe.”

ABRDN-OWLL-SDF-Full Download

Cancer Research Horizons renews partnership with Edinburgh University entrepreneur incubator programme

Cancer Research Horizons, the innovation engine of Cancer Research UK, the world’s largest independent cancer research organisation, is renewing its partnership with the University of Edinburgh’s flagship Venture Builder Incubator which supports the commercialisation of data-driven PhD research.

Cancer Research Horizons, through its Entrepreneurial Programmes, will sponsor ten places for cancer-related research projects from across the UK to take part on this 16-week programme which aims to drive academic entrepreneurship by supporting PhD students and early career researchers to develop their business ideas, build their skills and secure funding.

In 2021, the first year of the Cancer Research Horizons collaboration, eight companies operating in the field of cancer were selected as start-ups for the incubator.

For the second year running, Cancer Research Horizons’ continued support for PhD students and researchers will play an important role in accelerating the commercialisation of ideas aimed at conquering cancer.

Laura Bernal, Venture Builder Incubator Programme Manager, said: “We are delighted to be partnering with Cancer Research Horizons again this year.

“Our Incubator programme is designed to help fledgling entrepreneurs across all sectors of business build their skills and take their businesses to the next level and through continuing to build our relationship with the brilliant team at Cancer Research Horizons, we can ensure that we are supporting the commercialisation of vital research across 10 cancer-related projects this year.”

The Venture Builder Incubator, delivered by the Bayes Centre, the University of Edinburgh’s world-leading innovation hub for Data Science and Artificial Intelligence, on behalf of the University’s five Data-Driven Innovation Hubs and Edinburgh Innovations, the commercialisation service of the University, will start later this year and builds on the success of the previous cohorts which have seen considerable success, attracting £1.8m in funding in the last 12 months.

Previous oncology-related ventures focused on developing early diagnosis tools and less invasive testing to enable improved outcomes for people affected by cancer. They included: OncoAssign, a precision medicine startup integrating AI and onco-diagnostics to deliver accurate treatment prediction; 10zyme, a start-up devising a simple method of detecting cancers through urine or saliva samples; ForceBiology, developers of a versatile, more accurate and cost-effective high throughput drug-screening platform for cancer and Therapevo, a screening platform striving to fill the gap between research and the medical testing of new therapeutic strategies.

Commenting on her experience as a participant in last year’s cohort, Estefania Esposito, Co-founder of Therapevo, said: “Being introduced to a network of Venture Builder cohorts past and present was invaluable.

“They all had different backgrounds, and even when they had similar backgrounds, they all added something: an experience, an idea or an opinion.”

Dr Alessia Errico, Associate Director of Search and Evaluation, and Entrepreneurial Programmes Lead at Cancer Research Horizon said: “We want to inspire the next generation of scientific entrepreneurs in the field of cancer research as well as inspiring cultural change within the industry, so working alongside Edinburgh University and their Data Driven Innovation programme provides us with the perfect platform to do this.

“Supporting entrepreneurs on the journey from an ideation to venture creation is one of the most important things that we can do, so we are excited about what this next year will bring.”

The Venture Builder Incubator is designed to help fledgling entrepreneurs across all sectors build their skills and take their businesses to the next level. Start-ups are chosen after an application process which is open to PhD students, early career researchers and academic staff from the University of Edinburgh or Heriot-Watt University, as well as early career researchers focused on cancer-related projects from across the UK.

Each startup is provided with £2,000 as well as business support through a series of workshops, networking events, mentoring, peer-to-peer learnings and access to the University of Edinburgh’s entrepreneurial ecosystem and its data expertise.

Applications have now opened for the Venture Builder Incubator 3.0. For more information visit https://edinburghdde.com/dde-programmes/venture-builder-incubator-2

The early bird deadline for applications is Friday 22^nd July and those entering before this date are guaranteed application feedback and the chance to resubmit their proposal and an invitation to a Bayes Centre Community Event.

The final deadline for applications is Friday 9 September.

Rebrand for Edinburgh First

The University of Edinburgh’s first-class hospitality and events portfolio, previously known as Edinburgh First, has ‘transitioned to a new identity closely aligned to the strong, globally recognised University brand’.

The rebrand includes the relaunch of the brand’s enviable accommodation offering. The new Hospitality and Events Collection now includes The Scott Hotel, a boutique hotel with 36 stunning suites and spacious bedrooms, perfectly positioned to appeal to those business and leisure travellers who are looking for a five star luxury experience.

The hotels rebrand also includes KM Hotel & Apartments in Edinburgh’s old town, a mix of stylish, modern bedrooms and apartments and, finally, The Scholar Hotel, located in the beautiful grounds of the Pollock estate. This hotel now has a contemporary bar and restaurant, as well as rooms that have been designed to ensure maximum comfort and the best possible night’s sleep.

The conference and events portfolio has always been a core part of The University of Edinburgh’s Hospitality and Events Collection, and the rebrand will further strengthen this connection to the University.

The University’s conference venues have always helped to attract global conferences and events with large delegate cohorts to the City of Edinburgh, and the team will work closely with academics and researchers to ensure that this grows even further.

The rebrand represents the growth of the University of Edinburgh’s commercial arm and further positions The University of Edinburgh Hospitality and Events Collection as a major player in the hospitality and business tourism industry.

Carina Svensen, Director, Accommodation, Catering and Events at The University of Edinburgh said: “The rebrand has been years in the making and our expert team has spent a lot of time analysing the market and exploring changing customer demands. Our transition has been expertly executed at every level to reflect the new hospitality, conference, and events landscape.

“We’re looking forward to welcoming guests old and new into our hotels, apartments, and unique event spaces.”

For more information, please visit: www.uoecollection.com

Pensions: people on lower incomes can be confused and disadvantaged by defined contribution pensions

New research released finds defined contribution (DC) pension schemes, which do not automatically offer a secure, guaranteed income for life, can lead to poor outcomes for those on lower incomes.

Since the introduction of ‘pension freedoms’ in 2015, the vast majority of consumers are opting against a guaranteed income, resulting in them facing significant threats to their retirement security.

Researchers from the University of Birmingham, supported by abrdn Financial Fairness Trust, conducted in-depth interviews with DC pension consumers and gained insights from industry stakeholders to shed light on the experiences, risks and challenges of pension decision-making in the new retirement landscape.

They concluded that the existing system disadvantages people who are already vulnerable to poor pension outcomes.

Those from more disadvantaged backgrounds are less likely to have access to networks of friends and family who can help them with their decision-making. In addition, the support available for those without access to regulated financial advice (typically those with smaller pension pots and/or low-to-middle incomes) remains largely limited to written information and checklist-based guidance.

This means many people do not have access to the kind of support they need – i.e. a personal recommendation on the best course of action.

Researchers found:

1. Consumers feel confused and overwhelmed by the DC withdrawal decision. Many people feel ill-prepared for making the ‘right’ decision about accessing their DC pension savings. They are often overwhelmed by its complexity and feel they need more help in the form of personalised advice, however, the cost of this advice is unaffordable for those on lower incomes.

2. Consumers (particularly non-advised consumers) do not know who to trust when they need support with their decision. This leads to poorer outcomes for those from less affluent backgrounds, who do not have social networks of people who can recommend trustworthy advisers.

3. Consumers have to manage high levels of confusion and uncertainty about the future when making a decumulation decision. Consumers are aware they have to manage multiple risks when deciding what to do with their DC pension pot. This includes several highly unpredictable aspects of the future, such as their health and longevity, the need for care, and stock market performance. This ‘individualisation’ of risk creates a sense of insecurity and adds to the discomfort and difficulty of the decision-making process.

Researchers have called for government, regulators and employers to do more to protect low-income DC scheme holders.

They make the following recommendations:

Better value products – Government and regulators must ensure industry works harder to meet the needs of people on low-to-middle incomes by creating more flexible, better value products. For example, by introducing a charge cap for DC investment pathways and drawdown arrangements to prevent consumers paying unnecessarily high charges, and help rebalance some of the responsibility for achieving good consumer outcomes
Price-capping – There should be Government-funded, price-capped, financial advice services so that lower income people can access regulated financial advice to support their pension decisions.
Reducing risk – Access to affordable, trustworthy regulated financial advice should be expanded as an option for all DC pension consumers. Through the introduction of pension freedoms, Government has created a situation where individuals are taking on too much responsibility and risk for securing an adequate retirement income. Government therefore needs to redress this balance by taking responsibility for providing appropriate protection and support. More regulation is needed of DC pensions to ensure value for customers.

Dr Louise Overton, Assistant Professor in Social Policy and Director of CHASM from the University of Birmingham, said: “Seven years on from the introduction of pension freedoms, too many people are facing poor retirement outcomes because industry and government aren’t doing enough to protect them.

“Our research shows that Pension Wise (set up as ‘a first port of call for DC consumers, offering free and impartial information and guidance) does not offer adequate support, and those without access to good quality regulated financial advice (those with smaller pension pots and lower incomes) are particularly at risk of adverse outcomes.

“We call on government, industry and the regulator to expand the scope of money guidance, widen access to regulated advice, and prioritise product innovation.”

Karen Barker, Head of Policy at abrdn Financial Fairness Trust, said: ““The current ‘one size fits all’ system is not suitable for those on lower incomes. Whilst the new pension freedoms introduced by the government have benefitted many, this research shows they cause a great deal of confusion.

“It’s not practical to expect those with smaller pension pots to pay a lot of money for advice on how to manage those pots.

“However, it’s vital that those on low-to-middle incomes are properly advised if we are to avoid a return to high levels of pensioner poverty.”

Edinburgh woodland regeneration innovators secure £370k investment

A company behind innovation to create healthy forest ecosystems which support successful tree-planting has secured £370,000 in equity investment.

Edinburgh-headquartered Rhizocore Technologies produces locally adapted mycorrhizal fungi to enhance tree-planting projects, a key measure in addressing carbon sequestration. The company’s specially developed fungal pellets are used when new saplings are planted helping accelerate woodland regeneration, improve forest productivity, and increase natural capital benefits.

Rhizocore was founded by Toby Parkes, a Biology graduate from the University of Bath who also holds a PhD in Biochemistry; and David Satori, a Master’s degree graduate in Plant and Fungal Taxonomy, Diversity and Conservation from Queen Mary University of London and the Royal Botanic Gardens, Kew.

The pair developed their business idea with support from the University of Edinburgh’s Roslin Innovation Centre. Rhizocore also participated in the Food & Agriculture Science Transformer (FAST) programme.

A collaboration between Deep Science Ventures and the University of Edinburgh, FAST is supported by the University’s Data-Driven Entrepreneurship programme to work with innovative high growth start-ups operating in the agriculture sector. The initiative draws applications from around the world.

The seed investment package secured by Rhizocore includes £85K of equity funding via the Edinburgh Technology Fund (ETF) managed by the University of Edinburgh’s Edinburgh Innovations Investment Team, and a further £85K from Deep Sciences Ventures. An additional £70K comes from climate tech investors including David Rowan with £130K investment from Nucleus Capital, specialist investors which provide finance for purpose-driven entrepreneurs tackling planetary health challenges.

The company has also secured around £180K in additional grants from SMART:SCOTLAND, Scottish Edge, the Forestry Commission, and Graduate Career Advantage Scotland.

The University of Edinburgh assisted Rhizocore providing strategic business advice including internal and external due diligence support on its recent SMART:SCOTLAND grant application.

Now employing seven staff, Rhizocore will use this additional investment to scale its business across all parts of the UK where local fungi is implemented as part of its production processes. The company will also invest in further strategic partnerships aimed at enhancing woodland ecosystems and increasing carbon sequestration from tree-planting projects.

Rhizocore is currently involved in several existing pilot projects including one with woodland regeneration charity Trees for Life in the Caledonian rainforest, and another with forestry management company Tilhill in the Scottish Borders.

Rhizocore co-founder and CEO Toby Parkes said: “This latest investment will help us scale production as we aim to support the planting of 40 million new trees across the UK every year.

“The range of support we’ve had from angel investors and grant funding bodies is a real testimony to our innovative approach in addressing the challenges of successful and sustainable tree-planting by enhancing local forestry ecosystems.”

Charlotte Waugh, Enterprise and Innovation Programme Lead at Edinburgh Innovations, said: “The University of Edinburgh is proud to support and invest in Rhizocore, a purpose-led business focused on maximising the impact of reforestation projects.

“The company’s participation in the FAST programme and further support through the Roslin Innovation Centre has helped Rhizocore develop its proposition where it’s now ready to scale for significant growth. We look forward to working with them and supporting the exciting journey that lies ahead.”