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Hymans Robertson on the 2016 edition of the Purple Book

Hymans Robertson respond to the PPF's publication of the 2016 edition of the Purple Book. Calum Cooper, Head of Trustee Consulting at the firm said Defined Benefit schemes have had an unprecedented amount of attention this year due to the volatility of deficits, high profile scheme failures as well as a raft of closures. However, the figures published today don’t capture the acceleration in schemes closing we’ve seen through the remainder of 2016. Rising costs have been the main driver behind this, with it now taking 50% of pay to provide a DB pension. Low gilt yields are the reason it’s now so expensive.
Posted on Thursday Dec 8

Reaction to OECD pension report recommending annuities

Below are two reactions from Aegon and Selectapension on the OECD Pensions Outlook 2016 report that recommended annuities purchase from retirement savings
Posted on Thursday Dec 8

PPF launch 2016 Purple Book which shows stable trends for DB

PPF publish the Purple Book 2016 which gives the most comprehensive picture of the risks faced by defined benefit pension schemes.. This is the eleventh year that the book has been published and this year shows trends are stabilising for DB pension schemes in a year where the future of defined benefit pensions has risen up the public agenda.
Posted on Thursday Dec 8

OECD recommend annuities in their Pensions Outlook 2016

OECD launch their Pensions Outlook 2016 and recommend that individuals should buy an annuity with part of their retirement savings to protect themselves against longevity risk
Posted on Thursday Dec 8

Deficit for FTSE350 DB pension schemes falls to £127bn

Mercer's Pension Risk Survey shows that the deficit of Defined Benefit pension schemes for FTSE350 companies has fallen back to £127bn as of end of November 2016, from £149bn at the end of October 2016
Posted on Wednesday Dec 7

MetLife: Two in Five pensioners fear running out of money

MetLife have published new research showing that two out of five pensioners, the equivalent of 4.4 million, fear running out of money in retirement as they don’t have enough guaranteed income
Posted on Wednesday Dec 7

PLSA survey finds running a DB pension scheme up by 37%

The PLSA publishes its 42nd Annual Survey and find that the costs for running a defined benefit pension scheme have risen by 37% in one year
Posted on Wednesday Dec 7

MUMS improves DB valuation process

Medical Underwriting Mortality Studies whose service improves the DB valuation process has grown their pension liabilities assessed by 63%. When measured by the numbers of scheme members assessed this is a similar growth figure of 66% with over 5,000 scheme members assessed across all schemes over the year.
Posted on Tuesday Dec 6

Aegon: More opt for pension drawdown to invest than annuity

29% of pensioners over 65 have some of their income invested in the stock market. However, this number is set to increase as an increasing number of Defined Contribution pensioners look to take pension drawdown rather than an annuity, marking a trend towards a fundamental challenge to risk averse retirees

Posted on Monday Dec 5

Legal problems for pension trustees who ignore climate risk

Two leading UK barristers, including pensions expert Keith Bryant QC, have confirmed that pension fund trustees who fail to consider climate risk could be exposing themselves to legal challenge.
Posted on Friday Dec 2

Aviva say action needed on auto enrolment

Aviva respond to DWP's new workplace pension figures by saying that action is required by government as a gap continues to widen as the numbers of people saving continues to rise, but the amount saved per person continues to fall
Posted on Thursday Dec 1

PLSA report shows pension funds say executive pay too high

The PLSA has published its AGM report, focussing on the issue of executive pay. The report shows that 87% of pension funds say that executive pay is too high
Posted on Thursday Dec 1

ACA: Speech on Pension policy, Brexit, LISA and Donald Trump

ACA chairman Bob Scott speaking at the ACA Annual Dinner declared that he thought that he had a good understanding of where the governments pension policy may be heading but then things started to change. The changes he mentions include topics such as the introduction of LISA, Brexit and the pension problems at BHS and British Steel and touches on Donald Trump gaining the Presidency. His speech also reiterated the widespread call for a permanent independent pension commission, with the remit to promote the active extension and betterment of private retirement income provision.
Posted on Thursday Dec 1

The highs and lows of pensions in 2016

Over the last few years there have been some monumental changes in pensions policy in the UK. Throughout 2016 we have seen a continuation of these policies and the beginning of a totally new pensions landscape starting to emerge. Not all of the changes have been unqualified successes.
Posted on Wednesday Nov 30

Aggregate Industries completes £135m 'buy-in'

LCP today announces that the Aggregate Industries Pension Plan (the Plan) recently completed a £135m pensioner buy-in with Just Retirement Ltd, part of the JRP Group.
Posted on Tuesday Nov 29

Just Retirement comments on ONS life expectancy figures

Stephen Lowe, group communications director at Just Retirement, comments on the publication today by the Office of National Statistics of new figures showing life expectancy continues to rise.
Posted on Tuesday Nov 29

Government consultation on a proposal for equalising GMP

The government has published a consultation on a proposed method for equalising Guaranteed Minimum Pensions (GMPs) as well as proposed changes to GMP conversion legislation to allow this method to be implemented.
Posted on Tuesday Nov 29

2016 Pension Provider Service Time League Tables

Portafina has published its 2016 league table of pension provider service times. The annual list benchmarks the time taken by different pension schemes to provide the basic information necessary to advise clients on areas like the pension freedoms. As in 2015, the fastest provider is the Halifax, and the slowest First UK Bus Pension.
Posted on Tuesday Nov 29

Tata Steel to invest £100m: Will TPR cut pension benefits?

Commenting on Tata Steel’s plan to invest £100 million a year into its British steelworks, Richard Farr, Managing Director at Lincoln Pensions, said:

Posted on Monday Nov 28

No deficit improvement for 25% of pension schemes until 2036

The number of pension schemes facing no improvement in deficits in 20 years could fall dramatically from 25% to 8% if the pensions industry abandons traditional advisory silos and genuinely adopts an integrated and strategic approach to managing scheme risks, Hymans Robertson's new research report has found.
Posted on Monday Nov 28

Putting Grey Gliders in a jam

This week, Miranda Seath (@seathmiranda), Senior Researcher looks at the impact of the reduction in the Money Purchase Annual Allowance.
Posted on Friday Nov 25

Comment on FCA's consultation on Retirement Income

Stephen Lowe, group communications director at Just Retirement, welcomed the publication today of the FCA's consultation paper Regulatory Reporting: Retirement income market data CP 16/36 as an important step towards the creation of an 'early warning system' needed to understand how pension freedom is likely to pan out over the long term.
Posted on Friday Nov 25

Balance of power is shifting shows AMNT Conference

At their quarterly conference, hosted in London this week and attended by over 80 members, The Association of Member Nominated Trustees (AMNT) led the debate on how the delicate balance of power is managed and measured in the industry.
Posted on Friday Nov 25

Baby Boomers, Generation X and Millennials: Which Pension?

The Pensions and Lifetime Savings Association has published new research analysing the incomes different UK generations can expect in retirement. ‘Retirement Income Adequacy: Generation by Generation’ reveals that automatic enrolment will deliver a real improvement in the retirement outcomes of millions of people in the UK, but there is still room for improvement.
Posted on Thursday Nov 24

IORP II Directive voted in by European Parliament

ShareAction is calling on the UK government to ensure that protections afforded to European savers by new EU Directive, IORPs II, are extended to Brits despite the UK’s vote to leave the European Union.
Posted on Thursday Nov 24

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