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 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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Babies & Bathwater – Preliminary QIS results for IORP 2

11 April 2013 The European Insurance and Occupational Pensions Authority (EIOPA) has been tasked by the European Commission with establishing a new framework for the Europe-wide regulation of pension schemes – IORP 2. The most controversial aspect of their consultation work to date is the calculation of scheme solvency and how best to include a quantitative estimation of the value of sponsor support. Much media coverage has already focused on the additional costs that might need to be incurred by sponsors and speculation about how this project, if implemented badly, could serve as the final nail in the coffin of…

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The Pensions Governance Index: a joint initiative

28 March 2013 Three influential pension schemes (Royal Mail, Telent and SAUL) have combined to develop a project aimed at a survey of pensions governance arrangements and the consequent internal and advisory costs incurred in performing this function. The exercise is sponsored by Russell Investments. To this end, they have published a questionnaire on a joint website: www.pensionsgovernanceindex.com and are inviting other schemes to download, complete and return this to extend the reach of the research universe.

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ONS : Result of Consultation on RPI Calculation

10 January 2012 The Office for National Statistics has announced the result of their review into the RPI calculation methodology. This product is used as a key reference index for UK index-linked securities and derivatives as well as being the reference for some benefit increases in defined benefit pensions entitlement. The ONS have recommended that the calculation of the RPI remain unchanged : thus protecting the status of RPI-linked pensions and financial assets : whilst acknowledging the shortcomings in the methodology by adding the new RPIJ index based on geometric averaging (which is consistent with both the CPI and generally…

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Follow Up: Department of Work and Pensions : Auto Enrolment Thresholds 2013 / 14

19 December 2012 The Department of Work and Pensions has announced the results of their consultation on auto enrolment thresholds for 2013/14 (our previous article is published here). The conclusion of the consultation has agreed DWP’s approach to align the three key thresholds to the corresponding National Insurance thresholds and the earnings trigger has been adjusted to take into account changes in the PAYE threshold announced in the Chancellor’s Autumn Statement.

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