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.

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