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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Password Protection …

11 June 2012 Password protection isn’t a subject that we would normally cover, but we use LinkedIn extensively and many of our contacts also do so. I’ve been a keen follower of computer security for many years and last week’s news that at least part of LinkedIn’s internal password database had been misappropriated, published on the net and was in the process of being ‘decrypted’ was, frankly, a real shock.

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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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The Pensions Regulator : Annual Funding Statement

11 May 2012 Given current market conditions : in particular gilt yields : the Pensions Regulator was widely reported as preparing guidance for trustees of defined benefit schemes, in particular those moving through the actuarial valuation process at the current time. The Regulator has now published the annual funding statement (web-link below), which addresses this question.

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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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