Pensions Wire

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  • November 20
    Happy anniversary
    ​Today is a special day for the Queen – it is 70 years to the day since she married her husband, Prince Philip.  Her longevity is incredible.  Not only is the Queen our longest serving monarch, together with the Duke of Edinburgh, she is the first British monarch to celebrate a platinum wedding anniversary. It is fair to say that very few couples come close to being married for as long as the Qu... Read More
  • November 07
    Changes for PPF compliant contingent assets on the horizon
    ​On 19 October the Pension Protection Fund (PPF) issued a further consultation on contingent assets certified for recognition in the PPF levy.  This followed earlier doubts expressed by the PPF in March regarding the wording of the standard form contingent asset agreements and the feedback received which was published in September. This new consultation focuses primarily on the operation of liab... Read More
  • October 31
    New guidance on redress for unsuitable DB pension transfer advice
    ​ The Financial Conduct Authority (“FCA”) published its new guidance for firms on how to calculate redress for unsuitable defined benefit pension transfers last week.  This followed a three month consultation period conducted during the Spring. The new approach will require assumptions to be set each quarter based on prevailing market conditions rather than once a year as was previously the cas... Read More
  • October 20
    Talk the talk, walk the walk
    ​At the Pension and Lifetime Savings Association conference in Manchester on Thursday, Lesley Titcomb, Chief Executive of The Pensions Regulator (“the Regulator”), announced that the UK pensions watchdog has issued a section 231 warning notice for the first time. Introduced along with a raft of powers in the Pensions Act 2004, section 231 allows the Regulator (where circumstances permit) to exe... Read More
  • October 17
    A quick figure on US gun crime
    ​It is well known that gun crime is a serious problem in the US. Being an actuary interested in mortality, I want to find out how gun-related violence in the US might impact overall death rates in the country. In the US, there are about 11 deaths per 100,000 citizens annually from gun-related causes. This includes both homicides (which make up around 40%) and suicides (which make up around 60%).... Read More
  • October 16
    Government policy - as fair as the Scottish Widows widow?
    ​The Institute and Faculty of Actuaries published the third in a series of bulletins on intergenerational fairness last Thursday.  The bulletin looked at the increasing cost of healthcare as the Baby Boomers have started to hit retirement age, with the over 60s now accounting for almost half of all NHS hospital activity. The authors noted that whilst the incomes of the retired population are hig... Read More
  • October 13
    Safe withdrawal
    ​As defined benefit pension schemes, already largely the preserve of the public sector, go the way of the dinosaurs, more and more of us are going to be faced with a serious dilemma when we come to retire.  Do we take the pot of money that we have accumulated in our defined contribution arrangement(s) and buy an annuity that provides us with a guaranteed income for life, or do we keep the money i... Read More
  • September 26
    Deferring your pensions debt
    ​ Can we expect the introduction of a new “deferred debt arrangement” shortly, sitting alongside the existing apportionment and withdrawal arrangements available to employers who cease to participate in multi-employer defined benefit pension schemes?   In April 2017 the Department for Work & Pensions issued draft amendments to the Employer Debt Regulations that set out how such a deferred ... Read More