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09 October 2019

Telling stories about pensions

Discussing pensions disclosures.

27 August 2019

Why considering life expectancy risk is like Love Island

By Paul Kitson, Partner “I’m writing a blog on projecting life expectancy for pension funds” I said to my friend the other day. “How do I make it more interesting?” I asked. “Include references to Love Island'' she said. “People might read it then”. Hmm, I’m not so sure. ‘Write...

23 May 2019

DB Pensions: How can integrated risk management help charities?

If you fully understand the risks that your charity and its pension fund faces, you’re in a better position to prepare its defined benefit (DB) pension for any shocks that may come.

15 May 2019

The endgame for defined benefit schemes - Every cloud has a silver lining

By Ben Stone I can vividly remember the time in my life when I have felt most cold. As a teenager, I joined my Dad in climbing up Snowdon one November day and the higher we went into the cloud the more damp and cold I got. Eventually we had...

05 March 2019

Roll forwards

By Brian Peters, Financial Reporting Pensions Leader When I was growing up, a roll forward (or was it a forward roll?) was something we were required to do in PE and I wasn’t very good at them, or cartwheels, for that matter. Roll forwards have re-entered my consciousness in a...

28 February 2019

The death of life expectancy increases may have been somewhat exaggerated

By Rick Watts, Financial Reporting for Pensions Actuaries are not known for keeping things simple, but in the realm of life expectancy assumptions we have really outdone ourselves. Between base table scaling factors, age ratings, CMI improvements, and smoothing parameters it’s not surprising that we can face some glazed expressions...

21 January 2019

Re-measurements change presents new practical and accounting challenges

The International Accounting Standards Board has implemented a new remeasurements pensions change, which applies for accounting years beginning 1 January 2019. Learn more here.

29 October 2018

Accounting for GMP equalisation - 28 years in the making

By Brian Peters It’s unusual for companies to take 28 years to decide how they should account for an event. But that’s how long it has taken to work out how companies should interpret the May 1990 Barber judgement by the European Court of Justice on providing equal pension benefits...

24 September 2018

Pension scheme bulk annuities: 2018 is now officially a new ‘Personal Best’ for the market

By Ben Stone Earlier this month the Airways Pension Scheme announced their £4.4bn buy-in with Legal & General. PwC led the transaction and we are proud to have helped the scheme reach a position where, when added to existing insurance contracts, it is now 90% hedged across all risk. The...

21 September 2018

Improving the pensions accounting 'experience'

By Rick Watts. Clearly no-one is a fan of bad surprises, but good surprises can be just as annoying in certain circumstances.

06 September 2018

Time to modernise pension accounting

By Brian Peters, Financial Reporting for Pensions Leader Large multinational companies typically operate employee benefit plans according to local custom and practice for their workforce around the world. PwC has carried out research in to how companies collect and process their pension information around the world for financial reporting purposes...

16 July 2018

Don't be fooled by the emergence of pension accounting surpluses

By Brian Peters Actuaries are using more sophisticated approaches to setting the discount rate for IAS 19 financial reporting purposes. These approaches might involve the removal of certain bonds from the index that are arguably not corporates such as university bonds. In addition, actuaries may include corporate bonds which are...

01 May 2018

Jack and the pension bean (scheme)-stalk

By Deborah Cane Once upon a time there was an Employer called Jack Plc who was worried about the cash cost of funding its defined benefit pension scheme. Also, Jack’s trustees wanted security from the golden hen (Jack’s parent company) but Jack Plc did not know how to reach up...

16 April 2018

DB Pensions: the next charity crisis?

By Dhrupti Shah and Ian Oakley-Smith In 2017 charities were on the hook for over £7 billion in defined benefit (DB) pension liabilities – this could well be higher now - how can your scheme be managed? And do you understand your covenant? A report by Hymans Robertson in 2017...

21 February 2018

Accounting for mortality trends

By Brian Peters The gerontologist Aubrey de Grey believes that the first man to live for 1,000 years is alive today. This is based on a theory that technological advances in medical science will resolve and ultimately stop the ageing process that currently leads to a life span. On the...

08 February 2018

Treating pension scheme members like customers - what can we learn from retailers?

By Stuart Bradbury Communications is big business, with UK retailers leading the world at grabbing the public’s attention and making it easy to take action (in their case, to purchase their goods and services). In contrast, the pensions industry has long grappled with the difficulty of effectively communicating with pension...

08 December 2017

Five PenTech predictions for 2018

By Raj Mody, partner and global head of pensions at PwC This article first appeared in Professional Pensions on 6 December 2017 At the start of this year, I made five predictions about what lay ahead for pensions technology - "PenTech" - in 2017. Here's how I did, and also...

04 December 2017

Counting the pension cost

By Brian Peters, Pensions partner This article first appeared in Pensions Expert on 13th November 2017 Many investors, like most people, do not really understand pensions. While there is now a lot of pension information in financial statements, unless you happen to be sitting next to an actuary it...

20 November 2017

P(l)aying by the rules - the top 6 changes to the PPF Levy that you need to know

The Pension Protection Fund (“PPF”) has recently released its new levy rules for the next three years. There will be some significant winners and losers - Although the aggregate PPF collection target for the upcoming year is due to fall by 10% from £615m to £550m, 1 in 5 schemes...

11 October 2017

Can IRM make scheme monitoring and reporting easier, not harder?

By Jane Evans Integrated Risk Management (IRM) – the idea of looking collectively at all the risks that might ultimately prevent a scheme paying out all its member benefits over time – is an excellent concept. It would be crazy to spend a lot of energy solving a particular scheme...