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Uncertainty over PPF Compensation


On 6 September 2018, the Court of Justice of the European Union (CJEU) provided its ruling in Hampshire v The Board of the Pension Protection Fund (PPF). The judgment has important implications for the calculation of PPF compensation, with existing arrangements found to be in breach of EU law. It is not yet clear how the Government will respond.

Posted on Thursday Oct 18

PwCs Insurance on IFRS 17 and Insurance Contract Revenue

PwC's Insurance Gail Tucker and Chris Hancorn discuss which amounts will be included in the presentation of insurance revenue under IFRS17?

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Posted on Monday Oct 15

Pension Scams the industrys biggest problem

The pensions landscape has changed a great deal in recent years. For instance, by the introduction of Pensions Freedom and Choice, whereby members with Defined Contribution pension savings (flexible rights) have the potential to take their benefits in many more ways. Consider also the decline of Defined Benefit pension provision in the private sector; today there is a lot more pressure on individuals to maximise their pension savings to give themselves the best possible retirement.
Posted on Monday Oct 15

IFoA Working Party members discuss Revised Actuaries Code

IFoA Working Party members Malcolm Slee and Wendy Walford discuss the recent changes to the Revised Actuaries Code
Posted on Thursday Oct 11

PPF consultation proposes minor changes to the levy rules

The Board of the Pension Protection Fund (PPF) consultation document on the 2019/20 levy published on 20 September 2018 is closing on 25 October 2018. When the levy rules were set for the 2018/19 levy, they were designed to remain in force for three levy years until 2020/21. As a result, only minor changes are proposed for 2019/20, but more significant changes are expected from 2021/22.
Posted on Thursday Oct 11

Actuarial Post Awards 2018 Voting Now Open

Actuarial Post Awards 2018 Voting Now Open - We have collated your nomination forms and compiled this years shortlists. Thank you all for nominating and making this another fun year for the awards.Take a look at each of the finalists in the categories below and place your votes. The winners will be revealed in the December issue of Actuarial Post
Posted on Monday Oct 8

Solvency II Reporting and where its heading

The summer of 2018 will be remembered as one where we were spoiled with brilliant sunshine and a fantastic performance by the England football team at the FIFA world cup in Russia. After the tournament, I opted to pass the time until the return of premiership football by comparing the Solvency II Solvency Financial Condition Reports (SFCRs) of 57 solo insurance entities. I hoped to gain some insight into the state of the industry and Pillar III disclosures. So what have I found?
Posted on Friday Oct 5

New law comes in to protect pension savers in master trusts

A new law came into force on 1 October to drive up standards in master trust pension schemes used by millions to save for retirement. Every new and existing master trust will now have to apply to The Pensions Regulator (TPR) for authorisation to show they meet the tough new standards. Nicola Parish, TPR's Executive Director of Frontline Regulation, talks about the changes.
Posted on Wednesday Oct 3

Discount rate preparing for change with a proactive approach

Many insurers are just recovering from the impact of last year’s discount rate change. With the pending Civil Liability Bill, there may be yet another rate modification by the end of 2019. Insurers are sure to follow the bill’s progress closely to prepare for any changes to the discount rate—and avoid the turmoil that ensued last year.
Posted on Wednesday Oct 3

What do the new DC Code requirements mean for your scheme

For scheme years ending on or after 6 April 2018, trustees of defined contribution (DC) schemes will need to meet new governance requirements. Since 6 April 2015, trustees of trust-based pension schemes providing DC benefits have been required to prepare a mandatory annual governance statement, called the ‘Chair’s Statement’. This must be signed by the chair of trustees and included in the scheme’s annual report and accounts.
Posted on Tuesday Oct 2

Risk Models and how should Schemes use them

A financial model is ultimately just a tool. It’s a means of quantifying various factors together to answer specific questions. It therefore follows that different models can be more or less appropriate for different purposes. As a simple example, a model for a long-only equity stock-picker would need much more detail on equity sectors, regions, fundamentals and so forth than a multi-asset strategic asset allocation model would.
Posted on Friday Sep 28

IFRS 17 and the challenges for non life insurance business

Darren Shaughnessy, Actuarial Senior Manager from Deloitte's discusses IFRS 17 and the challenges for non life insurance.
Posted on Thursday Sep 27

Pensions Dashboard who needs the DWP anyway

One of the cornerstones of a modern pension is data access. Following reports that the DWP might pull out of the Pensions Dashboard project, over 170,000 people have signed an online petition asking for them to reconsider, yet despite this the DWP seem determined to leave it to the industry. Why the fuss? And why do we need the DWP anyway?
Posted on Tuesday Sep 25

Do not break the habit of the Lifetime

The members of the Treasury Committee have been a very busy crew this parliament, releasing their 19th report of the current parliamentary session in July. This report focused on household finances, in particular the issues of income, savings and debt. Whilst some of the recommendations are fairly tentative, there is a sharp clarity to their advice on the Lifetime Individual Savings Account (LISA) – “The Government should abolish it.”
Posted on Friday Sep 21

Quarterly InsurTech Briefing Q2 2018

How InsurTech is impacting the global Life & Health landscape from Willis Towers Watson
Posted on Thursday Sep 20

Boring Boring Pensions

Pensions are fascinating. In my line of work you would expect me to say that, but I do get bemused as to why more people don’t think the same. Maybe it’s a hangover from the days when of the traditional ‘Defined Benefit’ (DB) or ‘final salary’ pension schemes. In those days you didn’t really need to think about your pension. You just worked until you were 60 or 65 and the scheme paid you your pension until you died.
Posted on Tuesday Sep 18

PLSA Hitting the Target final report launch event

The PLSA have launched the final "Hitting the Target' report in Westminster. Journalist Simon Read chaired the discussion between Richard Butcher, Chair of the PLSA, Nigel Mills MP, and Jenny Allen, MD of Money at Which?
Posted on Monday Sep 17

Lets talk about the weather

In the 15 years I’ve been living in the UK I have never experienced a summer as glorious as this one. If this becomes the new normal I am sure the UK could become a popular tourist destination in Europe, so Cornwall here we go! Much as I would like this idea to bring unadulterated joy to all of us dwellers of the British Isles, I think it might have some downsides attached.
Posted on Thursday Sep 13

2018 Stars of the Future Voting Now Open

Stars of the Future highlights the rising talent in the actuarial industry. We know how hard you all work to qualify as actuaries and this is the perfect way to acknowledge those who strive and go above and beyond. Here is your opportunity to take a look at this years finalists and vote for your favourites.
Posted on Monday Sep 10

Delivering Major Improvement Through Administration Changes

This webinar explores delivering transformative service improvement through administration transitions.
Posted on Thursday Sep 6

Does transferring have to be a stark all or nothing decision

Could trustees help members by introducing a ‘partial transfer’ option, avoiding a stark all-or-nothing transfer decision. It is well known there is still a high level of interest in transferring out of defined benefit (DB) schemes in the UK. A number of factors are driving this interest, including historically high transfer values and the introduction of Freedom and Choice in 2015, which gave greater flexibility to members of defined contribution (DC) schemes.
Posted on Thursday Sep 6

Evolving Retirement Outcomes

The latest in a number of papers on the impact of Pension Freedoms was published by the Pensions Policy Institute (PPI). Following as it does in the wake of the Treasury Select Committee report and the FCA’s Retirement Outcomes Review it is able to both comment on the proposals from these publications and to model some practical suggestions of its own.
Posted on Monday Sep 3

Do Swaps Solve Repo Roll Risk

We have a running joke that every few years we lose the ability to price a swap. One advantage of swaps over repos is that holders can term out the trade for much longer (50 years rather than 12 months). They therefore mitigate repo roll risk, which has made them popular. The trouble is, swaps (especially bilateral swaps) also come with their own equivalent risks, largely due to changes in regulation.
Posted on Tuesday Aug 28

ARC Launch Event on Economic Thought and Actuarial Practice

The Actuarial Research Centre (ARC) commissioned independent academic Dr Iain Clacher of Leeds University to undertake a series of detailed interviews with a range of experts both internal and external to the profession, looking at economic theories in common use in current actuarial practice. Dr Clacher’s initial findings were discussed with senior actuaries and experts at this ARC event, looking at how the profession could improve economic understanding in areas that inform actuarial work.
Posted on Friday Aug 24

A declaration of intent by the DWP

On 26 June 2018, the DWP published the first of its promised consultations following on from the White Paper. This new consultation, which closes today the 21st August 2018, covers proposals for a range of new powers for the Pensions Regulator (TPR). As well as modifying the notifiable events framework, making some potentially sweeping changes to the anti-avoidance powers and introducing the prospect of more penal fines and sanctions, the DWP have proposed an entirely new “Declaration of Intent” framework.
Posted on Tuesday Aug 21
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