Something Different: March 2015 Solar Eclipse

20 March 2015 Well the solar eclipse came and went under the glare of incredible media and popular attention. Hopefully it will have ignited some sustained interest and excitement amongst the next generation! I wanted to thank you for some really kind feedback on the previous posting (below) and some general interest in my hobby of astronomy. I’ve therefore set up an informal personal blog on the subject: www.orionwatching.org – please pay a visit if you have a spare moment! 27 February 2015 On this Friday afternoon, perhaps a little whimsically, I’ve chosen to write on a subject that has…

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Auto Enrolment – 2015 review of thresholds

1 February 2015 I last wrote about the auto enrolment thresholds at the end of 2012.1 Since then, the auto enrolment staging process has progressively unfolded and, as at the time of writing, smaller employers with just 50-60 workers are in the process of implementation. Whilst staging will continue for some considerable time, it is fair to say that auto enrolment should now be just as embedded in the thinking of smaller and mid-size as well as larger companies. One aspect that seems to be getting little coverage – though some of the trades unions and other commentators have highlighted…

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Where did the deficit come from? – a study in scarlet (ink)

20 January 2015 According to Pension Protection Fund (PPF) data1, the s.179 funding level for the aggregate universe of DB schemes potentially eligible for entry into the PPF fell sharply during 2014. According to their database, the aggregate funding position moved from a small surplus (0.8% at Dec 13) to a significant deficit (-17.7% at Dec 14). So where did all this red ink2 come from? Well … conventional growth assets may not have helped much. Trustees will be familiar with the roll-forward phenomenon on actuarial valuations; that the selected discount rate becomes a sort of ‘hurdle rate’ going forward…

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Seasons Greetings from Veasey Associates

4 December 2014 2014 marked yet another busy year for pensions. Looking back on the same time last year, it would seem that the macro-economic crystal ball had clouded over. Speculations abounded that the Bank of England would raise interest rates rather sooner than expected – perhaps even Q4 2014; as it turned out, that milestone now appears even further ahead than before. Investment was again tricky with many key asset classes being seen as rather over-bought. Ironically, the twin stars of 2014 (nominal and index-linked gilts) were probably the most overbought of the lot but that didn’t stop the…

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DB Pensions – End-February 2014 PPF 7800 deficit

16 March 2014 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-February 2014) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. February marked a small improvement in aggregate universe funding levels, due mainly to a small increase in growth assets. The average funding ratio rose from 93.7% to 94.9% reflecting an reduction in overall deficit from £76.4bn to £61.2bn. Report and analysis is provided by the PPF on their website

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DB Pensions – End-January 2014 PPF 7800 deficit

28 February 2014 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-January 2014) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. Growth asset levels declined slightly during January – the traditional post-Christmas bounce was short-lived this year! – though long gilt yields declined slightly. This combination led to a small decline in eligible scheme funding with the average universe funding ratio declined from 97.6% to 93.7% reflecting an increase in overall deficit from £27.6bn to £76.4bn. Report and analysis…

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  • Author: Martin Veasey
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