Milking and Dumping – new paper by the Pensions Institute

31 August 2016 The Pensions Institute was set up as part of the Cass Business School as the first and, as yet, only UK academic research centre to focus exclusively on pensions matters. It’s contributors have published a series of academic research papers, combined with Practitioner Reports – the latter perhaps more accessible to the non-academic. The latest report, authored by Keith Wallace1 is titled “Milking and Dumping: The Devices Businesses use to Exploit Surpluses and Shed Deficits in Their Pension Schemes” The first part of the paper provides a historical perspective on the rise in significance of defined benefit…

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

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Pensions Liberation Schemes – a significant new threat

13 March 2013 Pensions liberation schemes (whether advertised by cold call, email or text message) seem to be on the increase and are causing alarm bells. Pensions tax regulation is clear here: a member is able to receive 25% of accumulated capital back tax-free at the point of retirement but there are extremely restricted circumstances where an earlier return of capital is anything other than an unauthorised payment. There is also the risk of outright fraud with these schemes and a potential for full loss of the pension pot.

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