CDCs will be a culture shock to UK pension choice

2014 was already shaping up to be a pivotal year in pension reform, but with an election fast approaching, the Pensions Minister Steve Webb, is showing no sign of slowing down the pace of change. The Queen’s Speech contained a proposal to enable UK employers, from 2016, to set up new Collective Defined Contribution (CDC) schemes for their employees. The Private Pensions Bill will introduce a new pension legislative framework later this year. This will set out the definitions for three different categories of ‘pension promise’ schemes for individuals in the savings phase. A scheme will be either Defined Contribution (DC), Defined Benefit (DB) or, the new ‘middle way’, Defined Ambition (DA).

Pillar 3 - Reporting and Disclosure

One of the boldest elements of the forthcoming SII regime is surely the goal of targeting consistent, efficient and transparent public and private reporting across the sector - both annually and quarterly. Pillar 3 is now at the forefront of most insurers’ minds given its wide reaching implications and dependencies on the wider SII framework. The good news is that there is still some time remaining until the first annual interim reports are due (for threshold firms) which should give organisations the ability to take stock of their SII programme and continue to iterate much what has already been developed.

Actuaries will be central to insurers’ preparations for SII

January 2016 marks the introduction of Solvency II, the new European wide methodology which will be used to maintain a safe and robust insurance industry capable of meeting its obligations to policyholders. With this new regime being introduced in just 17 months’ time, insurers haven’t got long to finalise their preparations.

3 Retiree Pitfalls In a Still-Lofty Market

Latest World News

Wed, 20 Aug 2014 Islamic State video purports to show beheading of U.S. journalist
Wed, 20 Aug 2014 Cameron returns to London to discuss Islamic State video
Wed, 20 Aug 2014 Gaza war rages on, Hamas says Israel tried to kill its military chief
Wed, 20 Aug 2014 Bank of England splits over rate hike for first time in 3 years
Wed, 20 Aug 2014 Pakistan cleric's supporters attempt to blockade parliament, but MPs escape
Wed, 20 Aug 2014 Insight - Ukraine rebel movement faces uncertain future
Wed, 20 Aug 2014 German government sticks to 2014 growth forecast despite disappointing second quarter
Wed, 20 Aug 2014 U.S. official says unified with Japan on need for Russian sanctions
Wed, 20 Aug 2014 Police move against protesters as calm dissolves in Ferguson, Missouri
Wed, 20 Aug 2014 UK households see no improvement from work income in Aug: Markit

Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month travelling Actuary Eve Hartridge gives us the lowdown on what is unmissable in Melbourne. Follow Eve on Twitter @allaboutevie

Site Search

Exact   Any  

Latest Actuarial Jobs

Digital Magazine

  Auto-enrolment for GIP

OUT NOW

Actuarial Post's Digital Magazine Issue 39

Exclusive interview: - The Benefits: Auto Enrolment for Group Income Protection

Click the image above to view. Click here to receive your future copies of our monthly magazine

Author Companies

Actuarial Jobs & News Feeds

Jobs RSS News RSS