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01 February 2016

Tortoise vs Hare - a pensions fable

By Nikesh Patel We all know the folklore race between the fleet-of-foot Hare and slow-moving Tortoise. The hare charges ahead but, confident of winning, takes a nap and wakes to find the tortoise, having moving slowly but steadily, had crossed the finish line. The proverbial upshot is "less haste, more...

11 December 2015

Pass the deficit

By Brian Peters New UK accounting rules may have a significant impact on how some companies run their business and pay dividends. This is because the rules may change the way companies allocate deficits in a Defined Benefit (DB) pension scheme in their accounts. When a subsidiary company is unable...

25 November 2015

Beware of the pensions generation gap

By Philip Smith Today’s commitment to the triple lock combined with a generation that have retired with generous defined benefit pensions, means that today's pensioners are better off than they have ever been, with increases in pensioner incomes outpacing those in work. Our analysis shows that pensioners are better off...

24 November 2015

More flexibility on the way for member option exercises

Over recent years many trustees and scheme sponsors have considered member options as a way of managing the risk in their pension scheme and making a full range of choices available to their scheme members. A Code of Good Practice (the ‘Code’) for such exercises was launched in the summer...

19 November 2015

Take action now to avoid an income statement charge from your pension deficit

By Brian Peters The IASB is planning to amend IFRIC 14 and the outcome might not be what companies expect. The new accounting rules will require companies to have a balance sheet liability equal to the value of contributions committed towards a deficit. The rules will only apply if the...

13 October 2015

Better planning leads to better outcomes

By Tom Neale As corporate sponsors and trustees involved with the running and management of pension schemes know, the past five years or so have been a challenge. It has been a period of increased proactivity for all those involved in pension schemes. Scheme closures have been a strong trend,...

23 September 2015

In search of a better way

By Raj Mody The Government are in the middle of the consultation on how the tax system can be amended, if at all, to encourage people to save more for their retirement. It has raised the question whether tax relief would be better placed on benefits, rather than contributions. Some...

18 September 2015

Pensions challenges increasing for financial services institutions

By Nadeem Ladha A number of my clients in the Financial Services sector have been telling me how the topic of pensions has rocketed up their Board’s agenda. Significant increases in balance sheet volatility, pension scheme deficits, capital requirements and unbudgeted cash demands have shone a spotlight on their defined...

10 September 2015

Back to work, back to your PPF levy invoice...

By Julia Dickson Summer holidays are over, the kids are back to school and there's already an autumnal chill in the air. And it's time to get thinking again about your PPF levy! Invoices are coming out now for the 2015/16 levy and this is the first levy year to...

24 August 2015

Who needs it the most?

By Steve Blackmore Financial advice is an odd thing. Generally, the best advice is received by those with the most. The less you have the less able you are to afford advice. But who needs it the most? If the higher paid get their finances wrong they don’t go skiing....

20 August 2015

Give me an ISA any day

By Philip Smith The ISA has been one of the greatest long-term savings success stories – simple, easy to understand and most importantly trusted. So it should be no surprise that people are attracted to its simplicity when thinking about their retirement savings. Our research shows that one of the...

10 August 2015

All for one and one for all

By Raj Mody I believe the best company pension schemes will involve everyone. They will be open to all and all will want to join. Management in particular will be members and their active participation will focus the attention of senior management and will benefit the scheme as a result....

08 July 2015

Local Government Pension Scheme asset pooling

By Mark Packham Today’s announcement on asset pooling should go a long way to address the affordability of the Local Government Pension Scheme. The reward for getting this right should add up to £600 million a year across the country. There are a few strong local initiatives already bubbling up,...

Summer Budget – the impact of the pension changes

By Peter McDonald Further to the Government's announcement that it will launch a consultation to radically change how pensions are taxed, my view is that this review is long over-due as the tax treatment of pensions has got out of hand and is overly complicated. Continual changes have undermined confidence...

01 July 2015

Pension scheme deficits now extending further into the future

By Steve Blackmore The latest PwC survey shows that businesses are taking longer to clear pension scheme deficits In my most recent blogs, I have been considering pension scheme deficits, and pertinent to this would be some recent PwC research, showing that more than half of company pension funds have...

29 May 2015

The new Pensions Minister

By Raj Mody We now have a new Pensions Minister. The appointment of Ros Altmann marks a step change in how government regards our industry. Our new minister has already outlined her priorities. She has said that getting the new DC regime of flexibility and choice sorted and in place...

14 May 2015

Deflation and pensions

Inflation is a key factor for many defined benefit pension schemes, and rates have fallen sharply over the last 18 months. Most economic commentators expect there will be some deflation in 2015, albeit possibly a 'blip'. However there is likely to be a risk of deflation for some time to...

18 March 2015

Extending pension freedoms to existing pensioners

By: Peter McDonald, Pensions partner We welcome greater freedom of choice and flexibility within the pensions annuity market. However, it remains to be seen how the industry will enable the changes and ensure that existing annuity holders do not make poor choices in the rush to cash-in. This further flexibility...

Reduction in the lifetime pensions allowance

By: Philip Smith, head of defined contribution pensions A further reduction in the lifetime pensions allowance will affect a significant number of employers and employees with defined benefit and defined contribution schemes, and will create further overall uncertainty by another lowering of limits. This reduction means that many employees working...

03 March 2015

Amey selects Skyval to manage £1bn of pensions obligations across six pension schemes

Amey, one of the UK’s leading public and regulated services providers, recently selected our Skyval offering as the platform to manage the pension obligations of its six defined benefit pension schemes, with assets totalling almost £1bn. This follows a detailed review of the pensions platforms in the market. Amey chose...