Pensions - Articles - PTL announces results of quarterly DB Risk Survey


PTL announces the results of their second quarterly DB Risk Survey. The survey, which was first run in July asks trustees to indicate their top three current DB risks.

 The results, detailed below, show the aggregate number of votes each risk received as a proportion of all the risks selected.
  

 Richard Butcher, Managing Director, said: “What’s more interesting than what is at the top or the bottom of the pile, is how some of the scores have moved. The most significant move is that the employer covenant score has jumped from 14% to 24%, this suggests trustees are feeling much more nervous about the prospects for their sponsor than they did three months ago. In the context of integrated risk management that would lead eventually to more conservative valuation settlements and reductions in the allocations to growth assets. Also up is concern about risk of new deficit funding rules being introduced, this could well reflect thinking about what may be included in the DWP’s DB white paper due over the winter.

 “It's not, however, all bad news. Our respondents are less concerned than they were about longevity increases, consistent with the latest mortality tables that are showing a slowing in the rate of longevity increase. The impact of Brexit on investments is also troubling them less, perhaps it is felt this is priced into the market now.as is Inflation. Surprisingly GDPR is also down however this could simply because they are starting to work their way through compliance and feel more comfortable with it.”

 PTL will be running this survey every quarter, the next to take place in January 2018, and will report the results and trends revealed.

 Anyone wishing to take part should email PTL on jwillard@ptluk.com
  

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