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PENSIONS DE-RISKING: WHAT IT REALLY MEANS De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for de-risking is clear. Trustees (and the Pensions Regulator) would UNDERSTANDING PENSION TRUSTEE LIABILITY INSURANCE Jonathan Bull answers the common questions trustees ask when looking into trustee liability insurance and provides a brief guide to insurance protection Why do we need insurance when we have an indemnity and an exoneration clause to protect us against claims? An indemnity may be given by the scheme APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH) 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market TWO-YEAR TRIPLE LOCK COULD SAVE GOVT £1.5BN IN 2022/23 The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS DE-RISKING: WHAT IT REALLY MEANS De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for de-risking is clear. Trustees (and the Pensions Regulator) would UNDERSTANDING PENSION TRUSTEE LIABILITY INSURANCE Jonathan Bull answers the common questions trustees ask when looking into trustee liability insurance and provides a brief guide to insurance protection Why do we need insurance when we have an indemnity and an exoneration clause to protect us against claims? An indemnity may be given by the scheme APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH) 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market TWO-YEAR TRIPLE LOCK COULD SAVE GOVT £1.5BN IN 2022/23 The government could save £1.5bn in 2022/23 and each year thereafter if it alters the state pension triple lock to be applied over two years rather than one, according to LCP analysis. 1.8M LOST TO PENSION SCAMS IN Q1 2021 Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. PDP URGED TO AVOID 'SET AND FORGET' APPROACH TO DASHBOARDS Continued testing and optimisation should take place once pensions dashboards are live to ensure their continued effectiveness, according to a report from the Behavioural Insights Team, commissioned by the Pensions Dashboards Programme (PDP). The Rapid Evidence Assessment report found that work on PENSIONS INDUSTRY WELCOMES CLIMATE LEGISLATION 'MILESTONE The pensions industry has welcomed the government’s decision to push forward with climate reporting and assessment legislation, branding it a “major milestone”. The new regulations, which are subject to parliamentary debate in the coming months, will affect all authorisedmaster trusts and
INDUSTRY CALLS FOR BALANCE AND GUIDANCE ON PENSION The Department for Work and Pensions (DWP) has been urged to ensure that incoming regulations regarding pension transfers are balanced and that further guidance is provided to help trustees. In response to the government’s consultation Pension scams: empowering trustees andprotecting members
A THIRD OF DB SCHEMES NOW USING PROFESSIONAL TRUSTEES The number of defined benefit (DB) pension schemes using a professional trustee has increased by around 60 per cent over the past five years, with one in three now using a professional trustee compared to one in five in 2015, according to LCP. The GOVERNMENT PUSHES FORWARD WITH PENSION CLIMATE REPORTING The government is pushing forward with legislation that will require pension scheme trustees to assess and report on the risks of climate change to their investments, making the UK the 'first major economy' to have such requirements on the statute books. The WOMEN HALF AS LIKELY TO AFFORD EARLY RETIREMENT Women are only half as likely as men to be able to afford to retire early, but poor health is the most common reason for their leaving work before 65, according to Just Group. The firm’s research among retired over-55s found that nearly a third (32 per cent) of men had the financial resources to JOHN GOODS & SONS PENSION SCHEME SECURES £17M BUY-IN WITH John Good & Sons Limited Pension Scheme has agreed a £17m full scheme buy-in with Legal & General (L&G) Assurance Society Limited, securing the benefits for over 80 pension scheme members. Transaction preparation was highlighted as an important part of the process for the scheme, involving thorough R&M SECURES NEARLY £2BN IN MANDATES AHEAD OF CMA FIDUCIARY 1 day ago · River and Mercantile (R&M) has secured close to £2bn in new pension scheme mandates over recent months, including a fiduciary mandate from the £210m Dover Harbour Board Scheme. The tender process for the Dover Harbour Board Scheme was intermediated by third-party evaluator, EY, which helped the UK PENSION FUNDS SIGN UP TO NET ZERO ASSET OWNER UK pension funds are amongst the new signatories to the Paris-Aligned Investment Initiative's Net-Zero Asset Owner Commitment. South Yorkshire Pension Fund, Wiltshire Pension Fund and TPT Retirement Solutions join Europe's largest pension fund, ABP, the Church of Sweden and National Trust in signing up to the commitment. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. NORTEL PENSION SCHEME AGREES SECOND BUYOUT WITH L&G The Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, securing additional benefits for around 8,200 retirees and 4,300 deferred members. This is the second buyout the scheme has completed with Legal & General, having agreed a 2.4bn buyout in 2018 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
USER-GENERATED FINANCIAL FRAUD TO BE INCLUDED IN ONLINE The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill. In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims. CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. NORTEL PENSION SCHEME AGREES SECOND BUYOUT WITH L&G The Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, securing additional benefits for around 8,200 retirees and 4,300 deferred members. This is the second buyout the scheme has completed with Legal & General, having agreed a 2.4bn buyout in 2018 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. The structure of the 'capital-backed journey plan' saw capital "locked in" alongside scheme assets from the outset,allowing scheme
APPOINTMENTS UPDATE 7 JUNE 2021 Sackers has named David Saunders as senior partner. Saunders initially joined the firm in 2004, before becoming a partner in 2008 and joining the firm’s managing committee in 2016, and brings over 18 years’ experience advising occupational pension scheme trustees and employersto his new role.
MASTER TRUST DEFAULT FUND PERFORMANCE IMPROVES DESPITE Retirement outcomes for master trust pension savers generally improved in the last 12 months if members remained in their existing investment strategies, according to Hymans Robertson. The firm’s Master Trust Default Fund Review, which examined the growth, consolidation and pre-retirement stages - PENSIONS AGE MAGAZINE Nature-focused financial framework launched to build on TCFD successes. READ STORY. MMMM calls on DC pension providers to commit tonet zero
WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
1.8M LOST TO PENSION SCAMS IN Q1 2021 Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for PENSIONS AGE MAGAZINE Pensions Age Magazine - DC and DB corporate pensions news PENNON DB SCHEMES SWING INTO SURPLUS FOLLOWING ADDITIONAL Pennon’s defined benefit (DB) pension schemes swung from a deficit of £8.5m in March 2020 to an £8.8m surplus in March 2021, the water supplier’s full-year results report has revealed. During the year, Pennon contributed an additional £36m to its principal pension scheme, the Pennon Group Pension Scheme (PGPS), following its sale of PSIG LAUNCHES VERSION 2.2 OF SCAMS CODE PSIG launches version 2.2 of scams code. By Duncan Ferris. 1/4/21. The Pensions Scams Industry Group (PSIG) has announced the publication of version 2.2 of its Code of Good Practice on Combating Pension Scams. The organisation said the updates to the latest version of the code, which is effective from 1st April 2021, reflected recent regulatory 6.4 MILLION SAVERS HAVE LOST TRACK OF A PENSION POT By Duncan Ferris. 4/5/21. Around 6.4 million working age people have lost track of one or more pension pots, although the proportion of people to have misplaced a pension has dropped in the last five years, according to Aegon. Its research found that, among people who had multiple pension pots, the proportion who had lost track of one ormore
PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the 2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the 2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. UNITE THREATENS POTENTIAL STRIKE ACTION OVER GE PENSION The union Unite has warned that a ballot for industrial action is “very much on the cards” this summer over GE’s proposed pension changes. Global conglomerate GE has proposed changing the pension arrangements of around 2,600 of its UK workers from defined benefit(DB) to
FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer GOVT RESPONDS TO TREASURY COMMITTEE CALL FOR PENSIONS TAX Changes to pensions tax relief could have “profound and far-reaching” implications and would require “careful consideration”, the government has said. In response to the Treasury Committee’s Tax after coronavirus report, which called for urgent reform to the entire approach to pensions tax ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON Just under half of employers and pension trustees are offering or considering offering some form of financial guidance or advice, according to Sackers. The law firm, which obtained the survey results from a recent webinar, noted that the results “do not come as a surprise” due to the increasing UNDERSTANDING PENSION TRUSTEE LIABILITY INSURANCE A trustee or trustee director is also potentially at risk of having to pay a civil fine for breach of pensions’ legislation. Fines for individuals range up to £5,000 and for corporate trustees £50,000. Insurance protection. In these circumstances, insurance is playing an increasingly important role in protecting trustees and pension scheme 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
FCA PUBLISHES FINALISED DB PENSION TRANSFER ADVICE The Financial Conduct Authority (FCA) has published finalised guidance on advising defined benefit (DB) pension transfers. The guidance contains some amendments and additions to draft guidance released in June 2020, but the FCA said it had proceeded with the guidance “largely as consulted”. The 2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found DB TRANSFER VALUES FALL TO NEAR PRE-LOCKDOWN LEVELS By Sophie Smith. 17/9/20. Defined benefit (DB) transfer values have fallen to levels "similar to pre-lockdown" over the past month, reaching £253,200 at the end of August, according to XPS Pensions Group. The XPS Transfer Value Index showed that transfer values had fallen “consistently” throughout the month from the record-highlevels
BAE AGREES PENSION RECOVERY PLAN AS DEFICIT HITS £1.9BN By Jack Gray. 20/2/20. BAE Systems has agreed to a new deficit recovery plan with The Pensions Regulator after its 31 October 2019 funding valuation revealed a pension deficit of £1.9bn. Its current deficit recovery plan will be replaced by the new plan, which includes a one-off payment of £1bn to be made “in the coming months”. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the 2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. PENSIONS AGE MAGAZINE Pensions Age is a UK-wide pensions magazine and internet site, offering comprehensive coverage of the financial, regulatory, and management issues facing the UK pensions sector. It focuses on a wide range of professional areas including portfolio management, asset allocation, investment, governance, regulation, administration, legal issues, funding and accounting. WELCOME // PENSIONS AGE AWARDSHOMEENTERCATEGORIESTHE AWARDSSPONSORSHALL OF FAME Shortlist announced - view the 2021 shortlist here. 8th annual Pensions Age Awards: Celebrating excellence within the UK Pensions Industry - organised by Pensions Age. The Pensions Age Awards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. WELCOME // PENSIONS AGE SPRING CONFERENCE The Pensions Age Spring Conference, which has become a must-attend event in the UK pensions calendar, offers pension funds and those working in the pensions sector the opportunity to learn and network alongside their peers at one of the most dynamic yet challenging timesin
PENSIONS DE-RISKING: WHAT IT REALLY MEANS Mark Duke explains what a successful pensions de-risking plan should look like. De-risking is a slogan applied to many of the actions being taken by trustees and sponsors running defined benefit (DB) pension schemes. But, like all slogans, it conceals a diverse and complex pension landscape. The rationale for APPT RAISES CONCERNS OVER AUDITOR REQUESTS FOR SCHEME 23/4/21. The Association of Professional Pension Trustees (APPT) has written to the Institute of Chartered Accountants in England and Wales (ICAEW), expressing concerns regarding how auditors are requesting scheme information. It acknowledged that the Financial Reporting Council (FRC) had identified deficiencies in the audit of pension PENSION SCHEMES SEEKING RPI/CPIH JUDICIAL REVIEW 9/4/2021. Trustees of the BT, Ford and Marks and Spencer pension schemes are seeking a judicial review of the government’s recent decision to align the Retail Prices Index (RPI) with the Consumer Prices Index including owner occupiers’ housing costs (CPIH). The government previously confirmed its plans to align inflation measuresas of
CHAIR’S STATEMENT ‘DOES NOT WORK’ AS SINGLE INSTRUMENT FOR Chair’s statements do not work as intended in achieving multiple policy goals as a single instrument, the Department for Work and Pensions (DWP) has said. In a review of The Occupational Pension Schemes (Scheme Administration) Regulations 1996, the government noted that policy objectives were 2021 SET TO BE 'ANOTHER BUSY YEAR' FOR LONGEVITY SWAP By Sophie Smith. 1/4/21. Aon has predicted “another busy year” for the longevity swap market in 2021, after 2020 witnessed an increased demand to hedge longevity risk, despite uncertainty around the impact of Covid-19 on future mortality rates. The group's latest Risk Settlement Market Update described 2020 as a "strong year" for the 2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found 'FIRST OF ITS KIND' CAPITAL-BACKED JOURNEY PLAN A ‘first of its kind’ transaction by a UK pension scheme to secure member benefits using capital provided by a third party investor was completed last month. UNITE THREATENS POTENTIAL STRIKE ACTION OVER GE PENSION 1 day ago · The union Unite has warned that a ballot for industrial action is “very much on the cards” this summer over GE’s proposed pension changes. Global conglomerate GE has proposed changing the pension arrangements of around 2,600 of its UK workers from defined benefit (DB) to FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA The Financial Conduct Authority (FCA) has outlined its expectations on requirements for workplace personal pension scheme providers to publish costs and charges data, with plans to provide further clarity on value for money via a policy statement in the summer GOVT RESPONDS TO TREASURY COMMITTEE CALL FOR PENSIONS TAX Changes to pensions tax relief could have “profound and far-reaching” implications and would require “careful consideration”, the government has said. In response to the Treasury Committee’s Tax after coronavirus report, which called for urgent reform to the entire approach to pensions tax ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON Just under half of employers and pension trustees are offering or considering offering some form of financial guidance or advice, according to Sackers. The law firm, which obtained the survey results from a recent webinar, noted that the results “do not come as a surprise” due to the increasing UNDERSTANDING PENSION TRUSTEE LIABILITY INSURANCE A trustee or trustee director is also potentially at risk of having to pay a civil fine for breach of pensions’ legislation. Fines for individuals range up to £5,000 and for corporate trustees £50,000. Insurance protection. In these circumstances, insurance is playing an increasingly important role in protecting trustees and pension scheme 1.8M LOST TO PENSION SCAMS IN Q1 2021 By Jack Gray. 21/4/21. Savers lost £1.8m to pension fraud in the first three months of 2021, data from Action Fraud has revealed. According to its figures, there has been increase in reporting this year so far, with 107 reports of pension scams being received by the organisation in Q1. This represents an increase of nearly 45 per centin
FCA PUBLISHES FINALISED DB PENSION TRANSFER ADVICE The Financial Conduct Authority (FCA) has published finalised guidance on advising defined benefit (DB) pension transfers. The guidance contains some amendments and additions to draft guidance released in June 2020, but the FCA said it had proceeded with the guidance “largely as consulted”. The 2021 COULD BRING DB TRANSFER 'GOLD RUSH' DESPITE DIP IN Interest in transfers out of defined benefit (DB) pension schemes has once again dipped during the latest lockdown, although a flood of insolvencies in 2021 could see a “gold rush” for DB transfers in the new year, analysis by LCP has found DB TRANSFER VALUES FALL TO NEAR PRE-LOCKDOWN LEVELS By Sophie Smith. 17/9/20. Defined benefit (DB) transfer values have fallen to levels "similar to pre-lockdown" over the past month, reaching £253,200 at the end of August, according to XPS Pensions Group. The XPS Transfer Value Index showed that transfer values had fallen “consistently” throughout the month from the record-highlevels
BAE AGREES PENSION RECOVERY PLAN AS DEFICIT HITS £1.9BN By Jack Gray. 20/2/20. BAE Systems has agreed to a new deficit recovery plan with The Pensions Regulator after its 31 October 2019 funding valuation revealed a pension deficit of £1.9bn. Its current deficit recovery plan will be replaced by the new plan, which includes a one-off payment of £1bn to be made “in the coming months”.* Established 1996
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10:43:12 PM
Sunday, June 6, 2021LATEST NEWS
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AON MOVES CLOSER TO WTW MERGER WITH SALE OF US RETIREMENT BUSINESSES*
LAPFF QUESTIONS UKEB'S APPROVAL OF ACCOUNTING STANDARDS*
GEN X CARERS 'CONSIDERABLY DISADVANTAGED' IN RETIREMENT PLANNING*
ALMOST HALF OF EMPLOYERS AND PENSION TRUSTEES POSITIVE ON OFFERINGMEMBER GUIDANCE
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NEWS IN BRIEF - 4 JUNE 2021*
FCA CLARIFIES PENSION PROVIDER COSTS AND CHARGES DATA EXPECTATIONS__ __
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