A Personal Perspective on Transparency

12 January 2017 Governance and transparency have always been key components of my belief framework so I was pleased when Andy Agathangelou of The Transparency Taskforce asked me to write an article for his magazine: The Transparency Times “Transparency is a valuable enhancement of the flow of information which improves governance, trust and outcomes. I do not see it as a primary or intrinsic objective in itself, but significant benefits certainly flow from its introduction though there are cost and other factors that should be taken into consideration … (continued)” A link to the magazine is provided – I hope…

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Milking and Dumping – new paper by the Pensions Institute

31 August 2016 The Pensions Institute was set up as part of the Cass Business School as the first and, as yet, only UK academic research centre to focus exclusively on pensions matters. It’s contributors have published a series of academic research papers, combined with Practitioner Reports – the latter perhaps more accessible to the non-academic. The latest report, authored by Keith Wallace1 is titled “Milking and Dumping: The Devices Businesses use to Exploit Surpluses and Shed Deficits in Their Pension Schemes” The first part of the paper provides a historical perspective on the rise in significance of defined benefit…

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21st Century Trusteeship and Governance – Pensions Regulator discussion paper

24 August 2016 The Pensions Regulator has issued a discussion paper titled “21st Century Trusteeship and Governance” which continues engagement with the pensions industry in considering how best to support trustees in fulfilling their responsibilities and improving beneficiary outcomes. The paper highlights key findings and challenges from the Regulator’s research into the work of trustees, and poses thirteen key questions to shape future policy decisions. The questions are wide ranging, covering: the role of professional trustee, the role of the chair, the challenge for new trustees and trustee knowledge and understanding, minimum competence and continuous personal development, conflicts of interest,…

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DB Pensions – End-July 2016 PPF 7800 deficit

22 August 2016 The Pension Protection Fund produces a monthly index update (this article has data taken as at end-July 2016) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. It’s been a while since I last reviewed this data (my last – December 2014 – update is available here: Where did the deficit come from? – a study in scarlet (ink)) and it’s interesting to see how things have changed since then. The aggregate PPF 7800 funding ratio has declined from 82.3% at the end of 2014 to…

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Seasons Greetings from Veasey Associates

12 December 2015 2015 marked yet another busy year for the pensions industry. We still await the first move upwards in UK interest rates and the effect of an economic slowdown in China – though many developed countries would give much to share China’s current slower rate of growth! This time last year, I said that the macro-economic crystal ball had clouded over; it remains gloomy and headlights are needed. Investment is still tricky with many growth assets classes showing rather anaemic performance. The pensions freedoms April 2015 deadline came and went and many providers are still formulating what they…

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DB to DC transfers – Pensions Regulator consultation

2 March 2015 The Pensions Regulator has produced a useful consultation document on DB to DC transfers and conversions and invited comments by 17 March 2015. The consultation document is pretty clear, concise and accessible and is likely to form the basis of new guidance for DB pension scheme trustees faced with the tricky question of how to handle DB members wishing to transfer to a DC scheme.     For me, there are five key areas: There should be relatively few cases where such a transfer is actually in the best interests of the member – giving up guaranteed…

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  • Author: Martin Veasey
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