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 Regulator : Helping trustees understand risks in hybrid pension arrangements

25 October 2011 The Pensions Regulator today published a statement on “Helping trustees understand risks in hybrid pension arrangements”. Based on a survey that the Regulator carried out earlier in 2011, the paper highlights the need for a proper understanding of the characteristics of individual schemes (given the lack of homogeneity in this sector, this is understandable) along with key risks facing trustees: governance, member communications, benefit segregration and calculation, investment risk and provision of statutory retirement options. External link

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National Association of Pension Funds : Performance measurement, attribution and risk ‘made simple’ guide

21 October 2011 Yesterday, at their annual conference in Manchester, the NAPF announced the publication of their new ‘made simple’ guide on performance measurement, attribution and risk. This looks to be a really positive development for trustee understanding : I have to caveat slightly as I haven’t yet read the guide. Risk and performance are now inextricably linked in our minds but the area of performance attribution is often not yet paid as much attention as it deserves. It provides a lot of analytical detail into how and why performance was achieved and lost at both the asset allocation and…

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