Incentive Exercises for Pensions : A Code of Good Practice

12 July 2012 A Code of Practice (produced by a broad industry Working Group with Government support: www.incentiveexercises.org.uk) has been released on Incentive Exercises for Pensions. Whilst the Code is voluntary in nature the Minister of Pensions, Steve Webb, has stated that he “expects all employers to voluntarily follow the Code” but does not rule out future legislation in this area though it is hoped that this is not necessary.

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DB Pensions – End-June 2012 PPF 7800 deficit

10 July 2012 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-June 2012) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. Total scheme deficits showed a partial tracing of last month’s heavy increase, falling from £312.1bn as at end May to £267.0bn as at end June with a corresponding improvement in s179 funding ratio to 79.6% from 76.8%. Assets had a stable to slightly improved month. Deficit movements were again dominated by changes in gilt yields and these, after…

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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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DB Pensions – End-May 2012 PPF 7800 deficit

12 June 2012 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-May 2012) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. Total scheme deficits showed a heavy increase from £216.8bn as at end April to £312.1bn as at end May with a corresponding decrease in s179 funding ratio to 76.8% from 82.6%: The aggregate funding level has now set a historic low since PPF records started in 2003. Unsurprisingly, the move in funding was dominated by the shift in…

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DB Pensions – End-April 2012 PPF 7800 deficit

11 May 2012 The Pension Protection Fund produces a monthly index update (the May 2012 release has data taken as at April 2012) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. Total scheme deficits showed a small increase from £206.2bn as at end March to £216.8bn as at end April with a corresponding decrease in s179 funding ratio to 82.6% thus, in a small way, reversing the trend of improvement since the start of the year. The backdrop to this change over the month was an improvement in…

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Department of Work and Pensions : Auto enrolment: inclusion of qualifying career average schemes

5 May 2012 The Department of Work and Pensions has proposed that the provisions of the 2010 Auto-Enrolment regulations be amended to permit the inclusion of career average salary schemes under the qualifying scheme umbrella for auto enrolment. This is subject to the scheme providing that accrued rights should benefit from revaluation at or above CPI or 2.5% per year at any time that pensionable service is continuing (protection of rights after leaving service already being protected). The DWP is consulting on this amendment, with responses required by 11 June. External link

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