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Index shows pension schemes hold record surplus

The FAB Index – which provides the aggregate position of the UK’s 6,000 defined benefit (DB) pension schemes calculated using the best estimate expected return on the assets held by those schemes – showed a record month-end surplus for April of £361bn, and a healthy 130% funding ratio.
Posted on: Friday May 18

DB pensions consolidation needs to be higher up the agenda

Responding to the Work and Pensions Select Committee’s Inquiry into the DWP’s DB white paper, Susan McIlvogue, Head of Trustee DB, Hymans Robertson, comments on how consolidation in a fragmented DB landscape can be best achieved:
Posted on: Friday May 18

Changes to the IFoA Actuaries Code

The Institute and Faculty of Actuaries (IFoA) has published changes to the Actuaries’ Code. The revised Code come into force on 18 May 2019 and will apply to all IFoA members. The changes to the Code, which follow a substantive review and public consultation, are intended to make it clearer, more concise and ensure it remains relevant to all IFoA Members.
Posted on: Friday May 18

Connecting the dots to identify Named Driver Fraud


As motor insurance costs have continued to rise, shopping around for cover is not just part for the course, it’s positively encouraged as insurance providers are now obliged to confirm last year’s premium with this year’s quote. The average motorist will normally obtain 4 or 5 quotes for their insurance.
Posted in: Articles
Posted on: Friday May 18

Committee Report is a claimant lawyer shopping list

Commenting on the Justice Select Committee report on the Small Claims Track (SCT) limit, James Dalton, Director, General Insurance Policy, ABI, said:
Posted on: Friday May 18

LCP and Hymans Robertson on Marks and Spencer annuity deal

LCP and Hymans Robertson comment on the deal that the Trustee of the Marks and Spencer Pension Scheme has purchased pensioner buy-in policies with both Aviva and Phoenix Life totalling £1.4bn. The insurance policies cover around a third of the Scheme’s pensioner liabilities.
Posted on: Thursday May 17

Phoenix also completes Marks and Spencer annuity deal

Phoenix Group, the UK’s largest specialist closed life fund consolidator, today announces that it has completed a £470 million bulk purchase annuity with the Trustee of the Marks and Spencer Pension Scheme covering a proportion of its pensioner members. This is Phoenix Group’s first external Bulk Purchase Annuity (BPA) transaction and comes less than a year after the insurer signalled its intention to enter the BPA market.
Posted on: Thursday May 17

Survey from Aon shows rise in transfer value requests

Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has said that a survey of over 300 UK defined benefit (DB) pension schemes has shown that 90% of them have seen a rise in transfer value requests from members during the last 18 months, with around 40% seeing a significant increase.
Posted on: Thursday May 17

Geography and Gender affect drawdown retirement income

New analysis by Aegon highlights the impact that gender and geographical location have on how much people should take as income in retirement, if drawing down from their pension pot, to avoid running out of money part way through retirement.
Posted on: Thursday May 17

New brand XPS Pensions to challenge the pensions market

XPS Pensions Group, the largest pure pensions consultancy in the UK, has today unveiled a new brand identity. This follows the acquisition of the actuarial consulting, pensions administration and investment consulting businesses of Punter Southall Group by Xafinity Consulting in January 2018.
Posted on: Thursday May 17

Will we ever summit the Pension Mountain

New research by mutual insurer Royal London has found that the pension pot needed to avoid an uncomfortable retirement – dubbed the ‘pension mountain’ – has grown in size in real terms by three quarters since 2002 from around £150,000 to £260,000. More worryingly still, falling levels of home ownership mean that younger generations who end up having to pay rent in retirement could need a total pot as high as £445,000 to avoid a slump in living standards when they stop work.
Posted on: Thursday May 17

Aviva complete bulk annuity deal with Marks and Spencer

Aviva has completed a £925 million bulk purchase annuity transaction with the Trustee of the Marks and Spencer Pension Scheme.
Posted on: Thursday May 17

Actuarial Post GDPR Acceptance

Actuarial Post GDPR Acceptance
Posted in: Software
Posted on: Wednesday May 16

Actuarial Post GDPR Privacy Statement

Actuarial Post GDPR Privacy Statement
Posted in: Software
Posted on: Wednesday May 16

A review of the insurability of GDPR fines across Europe

Aon and DLA Piper have launched a guide ‘The price of data security’, ahead of the General Data Protection Regulation (GDPR), effective from 25 May 2018.
Posted on: Wednesday May 16

Hymans Robertson comments on TPR criticisms on Carillion

Patrick Bloomfield, Partner at Hymans Robertson responds to the criticism of TPR in this morning’s report on Carillion: “The work of toughening up TPR has already begun. Assertive intervention, directive funding guidance and recent prosecutions have shown that it is willing to pursue failing employers.
Posted on: Wednesday May 16

No respite for pension schemes as base rate goes unchanged

Following the Bank of England’s widely anticipated decision to keep interest rates at the current level of 0.5%, Robert Palmer, partner at Quantum Advisory, explains what options there are for UK pension schemes as prevailing market conditions continue to be a massive challenge for all key stakeholders.
Posted on: Wednesday May 16

Commercial insurance pricing increased in first quarter 2018

Marsh today released its Global Insurance Market Index for the first quarter of 2018.
Posted on: Wednesday May 16

Longevity swap market is back in business says Aon

Aon has said the longevity swap with Zurich covering more than £2 billion of the pensioner liabilities of the National Grid Electricity Group of the Electricity Supply Pension Scheme (ESPS) - on which Aon was the lead transaction adviser - is a clear signal that the longevity swap market is back in business, with improved reinsurance pricing and a range of options for accessing this.
Posted on: Wednesday May 16

UK Pensions Dashboard architecture could lead the world

The UK has the opportunity to implement a world-leading Pensions Dashboard architecture that will enable consumers to access all of their pensions data and at the same time control who can get access to this data.
Posted on: Tuesday May 15

Advising on workplace pensions

Pensions are full of little nuances. As with any concept that has evolved over several decades and through various governments and regulatory bodies, there are oddities that sometimes creep to the surface. Here is one that often catches people by surprise – there are no regulations in place around who can advise an employer on setting up their workplace pension.
Posted in: Articles
Posted on: Tuesday May 15

PLSA appoint new head of Research and Policy for LGPS and DB

The Pensions and Lifetime Savings Association (PLSA) is bolstering its policy and research teams with two new appointments.
Posted on: Tuesday May 15

Consumers living in Cyber Denial regarding online security

According to new research from DAS UK Group and HSB Engineering Insurance significant numbers of UK consumers are failing to take the most basic online precautions
Posted on: Tuesday May 15

ESG guidance for trustees launched by Sackers

Sackers have announced the launch of its latest Environmental, Social and corporate Governance guide for pension scheme trustees.
Posted on: Monday May 14

Brokers admit lack of knowledge of cyber risk and insurance

The majority of UK brokers see cyber as an important and growing market yet nearly one-third admit to a ‘poor’ or ‘very poor’ understanding of cyber risks and cyber insurance, according to new research from DAS UK Group, the UK’s leading legal expenses insurer, and HSB Engineering Insurance.
Posted on: Monday May 14

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