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10 October 2014

The new PPF levy – how much is it going to cost you?

By Julia Dickson The PPF’s consultation update on the 15/16 levy, published earlier this week provided more clarity in how PPF levy will be calculated, but confirmed for definite a few key areas that employers need to be aware of in managing their 15/16 PPF levy bill. There remain outstanding...

29 September 2014

The No Vote – impact on Asset Backed Contributions

By Deborah Cane Over the last few years ABCs (Asset Backed Contributions) have been an increasingly popular way for employers to fund their schemes. These investments involve the sponsoring employer using business assets to secure cash which is paid to the pension scheme. Over 60 ABCs have been put in...

19 September 2014

A step in the right direction for pension funding - PPF may recognise ABCs that have a proper valuation behind them

By Deborah Cane I was very pleased to read in Professional Pensions recently that the Pensions Protection Fund (PPF) are expected to recognise a wider class of Asset Backed Contributions (ABCs) (those that have proper third party valuations behind them) and see this is a further endorsement to companies that...

28 July 2014

Can guidance really address the big retirement question?

By Philip Smith and Tim Sexton The Chancellors’ budget reforms have ushered in a new era for defined contribution (DC) pension savers. Suddenly, pensions have become attractive and flexible tax efficient savings vehicles freed from their previous shackles. We are finally to be trusted with managing our own savings –...

03 July 2014

De bunking-derisking myths

By Ben Stone 2014 is shaping up to be a record-breaking year for pension schemes transferring risks to the insurance market via bulk annuities (buy-ins and buy-outs) and longevity swaps. With over £10bn of deals already completed, the question is no longer whether 2014 will be a record-breaker but by...

24 June 2014

The end of contracting-out : Employers must act now to understand costs and options

With all the excitement and press coverage around the recent Budget changes to DC pensions, the ending of contracting-out for DB schemes in April 2016 may seem a long way away. However, for those employers who wish to make changes to their schemes to mitigate potentially significant increases in National...

05 June 2014

Going Dutch isn't a free lunch

By Philip Smith Proposed as the answer to the UK’s pensions challenges, collective defined contribution (CDC) provides a middle ground (of sorts) between defined benefit (DB) and individual defined contribution (DC) plans with the promise of economies of scale and fairer sharing of risk. Although common in the Netherlands, we...

28 May 2014

The start of a recovery? Trends in pensions accounting over 2013

Our recent survey of over 140 of our clients with UK defined benefit pension schemes reporting under IFRS or UK GAAP looks at market trends in accounting assumptions over 2013. Companies’ experience was varied, depending on both their asset and liability profiles. Long awaited signs of recovery finally appeared during...

27 May 2014

Pensions - a growing headache for charities

By Ian Oakley-Smith and Mark Jennings Just as many charities are concentrating their efforts on cutting costs against a backdrop of reducing income and donations, pension costs are still moving in the wrong direction, and it could be about to get a lot worse! Many charities participate in the Local...

15 May 2014

Simple can be best – The PwC Reservoir Trust

By Deborah Cane Back in December I wrote about the inherent dangers of trapped surpluses and how our Reservoir Trust has been popular in solving that problem. For those of you that aren’t aware, our Reservoir Trust (RT) was developed in 2007 in response to demand from our clients for...