The Pensions Regulator : Six principles for good workplace DC

6 December 2011 The Pensions Regulator has today released its six principles for the design and governance of workplace defined contribution pension schemes in a presentation to the NAPF Trustee Conference. In brief, the six principles are as follows: Schemes are designed to be durable, fair and deliver good outcomes for members A comprehensive scheme governance framework is established at set-up, with clear accountabilities and responsibilities agreed and made transparent. Those who are accountable for scheme decisions and activity understand their duties and are fit and proper to carry them out. Schemes benefit from effective governance and monitoring through their…

Continue reading

UK DMO : No CPI Gilts to be issued in 2012-13

6 December 2011 The UK Debt Management Office has concluded its consultation on the possible issuance of CPI gilts (as we reported here). As a result of this consultation, the DMO has announced that no CPI-linked gilts will be issued in 2012-13, though this does not preclude the issuance of such gilts in the medium term, should circumstances change. The DMO gives four broad reasons for its decision: The concern that the introduction of CPI-linked gilts could detract from the liquidity of the existing RPI-linked market The uncertainty about potential future changes in CPI calculation methodology and the possibility of…

Continue reading

PPF : Confirms GMP Treatment Method And Announces Pilot Project

10 November 2011 The Pension Protection Fund has confirmed how it will calculate compensation for males and female members of schemes : either being assessed for entry into the PPF or which are already in the PPF : in order to ensure compliance with equal treatment legislation. The PPF proposes to spend six months on a pilot scheme to iron out any teething issues before moving to full adoption of the new methodology. External link

Continue reading

Department of Work and Pensions : consultation on Amendment of Occupational Pension Schemes (Levies) Regulations

21 November 2011 The Department of Work and Pensions is consulting on a proposed amendment of the Occupational Pension Schemes (Levies) Regulations 2005. This proposed amendment deals with the levy which is charged to schemes and used to pay the administration costs of the Pensions Ombudsman, the Pensions Advisory Service and parts of the Pensions Regulator. The levy is raised from schemes on a per-member basis and has not been reviewed in some time. The likely effect of the amendment would be for a significant reduction in the general levy largely due to a big drop in the part going…

Continue reading

DB Pensions – End-October 2011 PPF 7800 deficit

21 November 2011 The Pension Protection Fund produces a monthly index update (the November release has data taken as at 31 October) of the estimated funding position of the defined benefit schemes potentially eligible for entry into the Fund. Total scheme deficits showed a decrease from £196.4bn as at end September to £158.6bn as at end October. Despite current turbulent market conditions, gilt yields were in fact relatively stable over the month leaving the dominant factor in the calculation to be the positive performance of equity markets over that period. External link

Continue reading

  • Author: Martin Veasey
    © www.veaseyassociates.co.uk 2011 – 2024

    Please call or email me for further information on this page or my services.