Tag: Consultation

ONS : Pre-Announcement of Consultation on RPI Calculation Methodology

19 September 2012 The Office for National Statistics has announced that the National Statistician will shortly be consulting (from 8 October to 30 November 2012) on updating the calculation methodology for the Retail Price Inflation index. 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.

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Department of Work and Pensions : Consultation on Auto Enrolment Thresholds 2013 / 14

13 September 2012 The Department of Work and Pensions have published a consultation document on updating the auto enrolment thresholds for the 2013/2014 tax year. The DWP continues to work with three principles that were identified as part of the previous year deliberation: i) bringing the right people into scope, ii) finding the right minimum level of saving and iii) balancing costs and benefits for individuals and employers. The DWP’s provisional proposal updates the threshold levels and, for operational payroll simplicity, aligns these with existing tax and National Insurance thresholds.

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ONS : Consultation on CPI (inclusion of housing costs)

12 July 2012 The Office for National Statistics is consulting on the method for including owner occupier housing costs (OOHC) in a new and additional measure of consumer price inflation. This is important because the current statutory CPI does not capture this (whereas RPI does) and OOHC account for approximately 10% of household expenditure (UK National Accounts). There are a number of possible methods to capture OOHC; ONS propose to accomplish this by converting relevant expenditure into an equivalent rental cost for incorporation into the calculation. Inclusion of OOHC is not currently consistent with the general European Statistics framework and…

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Solvency 2 : Draft Technical Specifications; QIS of EIOPA’s Advice on the Review of the IORP Directive

21 June 2012 The European Commission has asked the European Insurance and Occupational Pensions Authority (EIOPA) to review the 2003 European Directive for the activities and supervision of Institutions for Occupational Retirement Provision (IORP). The outcome of this process is likely to drive the shape of the UK pensions industry for at least the next ten years and is therefore of vital importance. EIOPA has been criticised in the media for not providing any form of impact analysis for their recommendations; this is an important part of any European legislation and is highly relevant as the stated aims of the…

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UK DMO : Super-long and Perpetual Gilts Consultation

7 June 2012 The United Kingdom Debt Management Office has launched a gilts consultation exploring the case for the issuance of gilts with longer maturities than those currently in issue and/or perpetual gilts. The DMO will focus on the depth and sustainability of investor interest and the impact of issuance on the structure and functioning of the gilt market. For reference, the longest conventional gilt is the 4% Treasury of 2060 (47 yr maturity, appx 23yr duration) : though various small undated gilts (such as the famous War Loans) exist. The longest linker is the 3/8% Treasury of 2062 (49…

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DWP Consultation : Guaranteed Minimum Pension (GMP) Equalisation

27 January 2012 The Department of Work and Pensions has launched a consultation on new draft regulations for Guaranteed Minimum Pension (GMP) equalisation along with a proposed possible method for accomplishing equality of treatment. Progress on this consultation has already proven unusual as it has already excited significant negative press comment and is likely to continue to prove controversial.

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