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: and are inviting other schemes to download, complete and return this to extend the reach of the research universe.

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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: 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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New rules and guidance on how pension transfer values are calculated

4 May 2012 In March, we highlighted (see Updates) the FSA’s consultation on their to change the way that pension transfer values are calculated. These are often considered in the context of moving a pension pot from an existing defined benefit arrangement into a separate defined benefit scheme but also have influence in other areas of establishing cash equivalence: e.g. tax-free commutation, inter-scheme transfers, purchase of addditional years accrual and so forth. The FSA has noted, particularly given the risk involved in given up the certainty of DB, that they would expect the starting point for pensions transfer advice to…

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The Pensions Regulator : Revamp of Trustee Toolkit

22 March 2012 The Pensions Regulator has announced a revised version of the Trustee Toolkit, perhaps the best known e-learning system aimed at helping UK trustees comply with their knowledge and understanding obligations under pensions legislation. According to the Regulator updates include: Downloadable resources, including PDF versions of the case studies and tutorials, to aid offline working More choices relating to scheme size and type when registering so that every learner benefits from a more tailored programme Clearer navigation and an overview of the user’s progress towards receiving the certificate of completion Increased screen size and a refreshed look and…

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Financial Services Authority : Consultation on how pension transfer values are calculated

22 March 2012 The FSA is coming to the end of the consultation period on proposals to change the way pension transfer values are calculated. This consultation, ending on 25 March, seeks to “clarify and update the current standards and aim to ensure that pension scheme members considering a transfer are given a fair assessment of what they will receive in retirement”. The FSA defines the scope of a pension transfer as the process by which a pension is moved from a DB into a personal pension scheme, but the approach could have influence in other areas of establishing cash…

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