Social Housing Pension Scheme (SHPS) Employer Forums 2015
|
|
- Estella Nash
- 5 years ago
- Views:
Transcription
1 Social Housing Pension Scheme (SHPS) Employer Forums 2015
2 Welcome
3 Agenda Welcome Chair Session 1 - Valuation Paul Coward Session 2 - Benefit Changes Gary Bradley Comfort break Session 3 - Financial update Andy O Regan / Adam Gregory Session 4 - DC update Andy O Regan / Gary Bradley Open Forum
4 Session 1 - Valuation Paul Coward, Trustee Services Manager
5 Session overview Re-cap of valuation Funding update direction of travel Accelerated contributions
6 Re-cap of Valuation
7 Past service position Re-cap of 30 September 2014 valuation Deficit 1,035m 1,323m Funding Level 67% 70%
8 Reconciliation as at 30 September 2014 (1,035) (617) Opening surplus (deficit) Interest on liabilities Expected investment return on the assets Outperformance of investment return on the assets Contributions (net of expenses) less benefits accrued (54) (54) Impact of actual salary and inflation increases Impact of orphans valued on a solvency basis (630) Changes to assumptions 11 Miscellaneous (1,323) Closing surplus (deficit)
9 Recovery Plan from 1 April 2016 Valuation Tier 1 AVR m 4.7% Tier 2 AVR m 4.7% Tier 3 AVR m 3.0% Tier 4 AVR m 3.0% Existing deficit payments remain for each employer Additional tranche (tier 4) Tier 4 Same recovery plan end date as 2011 tranche Increasing at 3% each year
10 Other points Closed employer loading Rate reviewed and 2.5% of pensionable earnings SHPS employer expenses Basis reviewed to be more equitable Existing Active DB 0.9% of pensionable earnings Existing No Active DB (All DC) Fixed x s amount 0.9% of pensionable earnings at switch date From 1 April ,800 per annum plus 70 per DB member
11 Expenses Change in method does not increase overall amount recovered by SHPS SHPS Committee agrees expense basis with The Pensions Trust Expenses covers all non-investment fees including: Trusteeship Governance Actuarial and legal Pension Protection Fund levy Award winning administration
12 Funding 30 September 2015
13 Direction of travel
14 Where are we now? Key market indicators Key market indicators Long dated Gilt yield 3.0% 2.4% Corporate bond yield 4.0% 3.8% Market implied inflation rate (RPI) 3.4% 3.2% Assumptions 2014 Valuation 2015 Update Pre-retirement discount rate 5.9%? Post-retirement discount rate 3.3%? RPI assumption 3.1%? CPI assumption 2.2%? Earnings growth assumption 4.2%? Investment returns most material assumptions On-going low interest rate environment Lower expected rates on growth assets than 2014 Lower inflation expectation than 2014
15 Direction of 30 September 2015 Assumption Expected Impact on Funding Level Pre-retirement Discount Rate Post-retirement Discount Rate Inflation (RPI) Inflation (CPI) Increase in Earnings Mortality
16 Accelerated contributions
17 Accelerated contributions Response to feedback Accelerate payment of deficit contributions Discount equal to long term gilt yield at 30 September 2014 (i.e. 3.0%) This discount rate will remain until the 2017 Valuation Flexibility Reduce level of RP payments for term Zero window Timing
18 Accelerated contributions Example A Zero contribution window Payment of 3m will clear regular deficit contributions for period 1 April 2016 to 31 March 2019, plus 62% reduction for month of April 2019 Full deficit contributions recommence from May 2019
19 Accelerated contributions Example B Reduced payments for 6 years Payment of 3m will reduce payments to 54.5% of regular contributions for 6 years from 1 April 2016 to 31 March 2022 Full deficit contributions recommence from April 2022
20 Accelerated contributions Employer What funds available? Impact on the business? Consider Process S75 / future withdrawal likelihood Accounting / tax implications Plan ahead / allow time Actuarial advice Legal agreement Costs (actuarial / legal / implementation)
21 Session 2 Benefit changes Gary Bradley, Scheme Manager
22 Session overview Re-cap of benefit changes Consultation End of contracting out
23 Re-cap of benefit changes
24 Benefit changes Employer surveys, meetings, feedback and consultation Number of options proposed, two agreed upon Changes will be introduced from April 2016
25 Increase to NRA Current NRA is age 65 for all sections of the Scheme Increase to age 67 for benefits earned from 1 April 2016 benefits Benefits earned before 1 April 2016 will retain NRA of 65 Members can still retire at age 65 or earlier, with a reduction to the benefits earned from 1 April 2016
26 Decrease to CPI cap Revaluation of deferred pensions and increases to pensions in payment is currently CPI up to 5.0% pa For benefits built up from April 2016 the increase rate will be CPI limited to 2.5% pa Where CPI exceeds 2.5% in a given year, a lower increase will be applied than currently
27 Future service rates as at 30 September 2014 Future service rates excluding expenses / PPF Valuation equivalent Final Salary - 60 th accrual - 70 th accrual - 80 th accrual 18.5% 16.0% 13.9% 23.7% 20.4% 17.9% 2014 taking account of benefit changes 20.6% 17.7% 15.5% Change +/- +2.1% +1.7% +1.6% Effective from 1 April 2016 Include 0.4% allowance for death-in-service benefits but exclude allowance for expenses and PPF levies. CARE - 60 th accrual - 80 th accrual 17.2% 13.1% 20.8% 15.7% 16.7% 12.6% -0.5% -0.5% Additional NI from April 2016 (except 120ths CARE) due to cessation of contracting out th accrual 8.8% 10.6% 8.6% -0.2%
28 Consultation
29 Consultation The two benefit changes are both listed changes Obligation is on the employer to consult Who does the legislation apply to? Legislation around consultation is based on single employer pension schemes A consultation template is available on the Scheme website to assist you
30 Consultation other changes You may be considering other listed changes e.g. increase to member contributions Maintaining the member s salary link on final salary service Remains if driven by the employer Broken if driven by the member Employers can move members from a closed section down to another closed section Employer Form of Authority required by 31 January 2016 or default position applies
31 Consultation Can I take my pre 1 April 2016 benefits at age 65 and my post 1 April 2016 benefits at age 67? What is the default position for the CARE sections because the future contribution rate reduces? Does the reduction in the CPI cap apply across all benefits? Why is the early retirement factor lower for the final salary section?
32 End of contracting-out
33 End of contracting-out The Government is removing this option from April 2016 All of the SHPS DB sections are contracted-out, bar the CARE 120ths Both the employer and the member will pay more in National Insurance contributions Current saving is 3.4% for employer and 1.4% member, based on the salary between the lower earnings level and upper accrual point
34 End of contracting-out Salary Additional employer National Insurance Additional member National Insurance 20, , ,000 1, ,000 1,
35 Comfort break
36 Session 3 Financial update Andy O Regan, Executive Scheme Manager Adam Gregory, Scheme Specific Investment Strategies Manager
37 Session overview FRS102 requirements and modeller Financial Assessment and covenant protection Investment update Late payment of contributions
38 FRS102 update
39 FRS102 update New accounting standard Applies for accounting periods commencing on or after 1 January 2015 Earlier adoption is allowed Requirement to disclose Net Present Value of deficit contributions in accounts Previously required, under FRS17, to include withdrawal debt figure in notes to accounts
40 FRS102 update FRS102 on-line tool developed Enables employers to: Calculate net present value of deficit contributions Download stream of deficit contributions Save disclosure notes, for agreement with auditors and inclusion in year end accounts Contact Gary Bradley if you need your code
41 FRS102 on-line tool: log in
42 FRS102 on-line tool: inputs
43 FRS102 on-line tool: output Disclosure note: scheme level description
44 FRS102 on-line tool: output Disclosure note: employer level numbers
45 FRS102 on-line tool: output Disclosure note: appendix
46 FRS102 on-line tool: usage
47 Financial Assessment
48 Financial assessment and covenant protection recent work Recent results Risk Rating Higher Medium Lower Total 2014 (employers) 70 (15%) 17 (4%) 367 (81%) (employers) 74 (17%) 9 (2%) 359 (81%) 442 KPI Results KPI 1 KPI For the recent 2015 assessment, Balance sheet strength (KPI 1) and Affordability (KPI 2) are largely in line with 2014.
49 Financial assessment and covenant protection current issues Timing Change FRS 102 Affordability focus Future accrual Forward looking Other issues: Budget impact
50 Investment update
51 Investment service (using TPT) Economies of scale & collective wisdom Purchasing power to negotiate fees Access to wide range of investments, liability risk management tools and a dynamic de-risking framework Collective investment governance oversight (custody, monitoring, research etc) Flexible to scheme specific needs Trust policy creates efficient framework Collective sponsor risk appetite can be catered for
52 Investment strategy Current strategy is more robust : Reduction in growth assets from 82.5% to 75% Growth assets are less exposed to one asset class (equities). Growth assets target a similar level of return but with less volatility Greater correlation between assets and liabilities by using Liability Driven Investments (LDI)
53 Investment strategy de-risking stages 3. Reduce growth assets from 77.5% to 75% 1. Reduce growth assets from 82.5% to 80% 2. Reduce growth assets from 80% to 77.5%
54 Investment performance Strong medium term performance LDI assets led the way as yields fell
55 Late payment of contributions
56 Late Payment of Contributions Timescales Contributions should be received by the 19 th of month following deduction In order to meet this date, upload your submission prior to 10 th Late payment of DC contributions will impact member benefits Late payments in the 9 month period 1/10/14 to 30/6/ occurrences of employers paying late High occurrence of repeat offenders always late 8 employers have been reported to The Pensions Regulator and their members informed in writing
57 Late Payment of Contributions Planned changes from 1 January 2016 Direct Debit will be the only form of contribution collection Administrative charges for late payment of contributions Action Administration Charge Payment received after 19 th of month following deduction 250 Contributions 30 days late letter to the employer 250 Contributions 60 days late letter to the employer 250 Contributions 90 days late report employer to TPR and notify all members 250 plus 2 per member Action Ensure contribution submission submitted before 10 th of month Complete Direct Debit Form
58 Session 4 DC update Andy O Regan, Executive Scheme Manager Gary Bradley, Scheme Manager
59 Session overview Investment performance Online member access Pension freedoms
60 Investment performance
61 Default fund Investment strategy through time
62 Investment performance Return Benchmark Difference % 2.0% 2.6% % 3.5% 3.1% % 5.0% 3.1% % 5.0% 3.3% Investment return linked to retirement vintage Benchmark is CPI + X (where X ranges from 1% for to 4% for vintage) Positive figures in the final column therefore indicate successful outcomes
63 On-line member access
64 On-line access
65 DC on-line member access Valuable communication tool Interactive Amend contribution rates Switch investment funds Request retirement quote Current fund value Pension modeller Investment funds
66 On-line access SHPS DC SHPS DC
67 SHPS DC On-line access
68 On-line access
69 On-line access
70 On-line access
71 On-line access SHPS DC State Pension
72 Pension Freedoms
73 Pension Freedoms
74 Pension freedoms First announced in March 2014 Budget Fully in place from April 2015 DC members can take part or all of their fund as cash Tax-free element remains at 25% of fund Remaining 75% taxed at marginal rate A DB member with a transfer value in excess of 30,000 must take financial advice before transferring
75 Story so far FCA have produced a report on the first 3 months of the pension freedoms commencing April 2015 Over 200,000 pension policies have been accessed 12,000 new annuities have been set up During the same period in 2013, 90,000 annuities set up It is clear the freedoms have changed the pension landscape
76 Our experience Majority of DC only funds are being cashed in due to small size SHPS members can use their DC fund to offset against their DB PCLS (tax-free cash) Subsequent drop in new annuities An increase in DC transfer-out cases for members over 60 Small increase in DB to DC transfers
77 The Pensions Trust Continue to assist members in setting up an annuity Allow members to take all their fund as cash Will facilitate the transfer of the fund to another provider for drawdown products Is considering the viability of introducing new products, such as a drawdown facility Has amended the default investment fund
78 Open Forum
79 Thank you Thank you for attending Contact details
SHAPS COMMITTEE MEETING
SHAPS COMMITTEE MEETING Minutes of a meeting held on Thursday 30 March 2017 Double Tree, Cambridge Street, Glasgow, G2 3HN All Pensions Committee members were invited to attend. Present: In Attendance:
More informationThe housing sector scheme of choice. Social Housing Pension Scheme House Policies and Rules Employer Guide. April 2018
The housing sector scheme of choice Social Housing Pension Scheme House Policies and Rules Employer Guide April 2018 Contents Introduction Background Employer responsibilities House policies and rules
More informationNORFOLK PENSION FUND Employer Forum: 2010 valuation results
NORFOLK PENSION FUND Employer Forum: 2010 valuation results John Wright 30 November 2010 Hymans Robertson LLP and Hymans Robertson Financial Services LLP are authorised and regulated by the Financial Services
More informationThe Cheviot Pension. Actuarial valuation as at 31 December June 2018
The Cheviot Pension Actuarial valuation as at 31 December 2017 June 2018 . The Cheviot Pension actuarial valuation as at 31 December 2017 Valuation highlights I have carried out an actuarial valuation
More informationTRANSFER VALUE ANALYSIS (TVAS) REPORT UNDERSTANDING THE
UNDERSTANDING THE TRANSFER VALUE ANALYSIS (TVAS) REPORT This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. Introduction INTRODUCTION
More informationPENSION TRANSFER ANALYSIS
PENSION TRANSFER ANALYSIS Prepared for Mr J Smith Relating to ABC Pension Scheme Prepared Transfer Bureau Member ref: 100-23456 ref: 1035350 CONTENTS Introduction... 3 Transfer Value Comparator... 4 Critical
More informationActuarial valuation as at 31 December 2015
Actuarial valuation as at 31 December 2015 Rentokil Initial 2015 Pension Scheme ('the Scheme') Prepared for Rentokil Initial Pension Trustee Limited ('the Trustee') Prepared by David Lindsay FIA, Scheme
More informationCONTENTS. Introduction: BREXIT: THE IMPLICATIONS FOR UK PENSIONS 1
CONTENTS Introduction: BREXIT: THE IMPLICATIONS FOR UK PENSIONS 1 Statement from the Pensions Regulator 1 Legislative Change 2 Reliance on European Court Judgments 2 Other Implications for Pensions 2 Section
More informationPENSION TRANSFER ANALYSIS
PENSION TRANSFER ANALYSIS Prepared for Client Name Relating to Sample Pension Scheme Prepared Heather Dunne Member ref ref: 10003979 CONTENTS Introduction... 3 Critical Yields For Annuity Purchase... 4
More informationA-Z of pensions and actuarial terminology
A-Z of pensions and actuarial terminology Version 1.0 July 2013 A-Z of pensions and actuarial terminology Status of this information This document is intended to be a general guide to some of the most
More informationMethodology and Inputs for the 2017 Valuation: Initial assessment. Technical discussion document for sponsoring employers
NOTE: This document was first circulated to stakeholders in February 2017 as part of the Trustee's preparations for the 2017 valuation. In December 2017, a formal actuarial report was submitted to the
More informationYour Guide to Understanding the Old Mutual Wealth Pension Transfer
Your Guide to Understanding the Old Mutual Wealth Pension Transfer Analysis (TVAS) Report The sections of the report covered in this guide are those relating to: The client The Pension Protection Fund
More informationVAILLANT GROUP PENSION SCHEME. Pension Newsletter October 2015
VAILLANT GROUP PENSION SCHEME Pension Newsletter October 2015 2 Message from the Chairman of the Trustees I am pleased to introduce the Annual Newsletter of the Vaillant Group Pension Scheme (the Scheme),
More informationICI Specialty Chemicals Pension Fund
ICI Specialty Chemicals Pension Fund 15 May 2015 Summary The main results of the Fund s actuarial valuation are as follows: Technical provisions funding level as at 31 March 2014 has decreased to 91.1%
More informationReport on actuarial valuation as at 31 December Church Workers Pension Fund
Report on actuarial valuation as at 31 December 2016 Church Workers Pension Fund 3377205 Page 1 of 32 Church Workers Pension Fund Report on actuarial valuation as at 31 December 2016 As instructed, we
More informationcurrent i s s u e s i n pensions
health wealth career current i s s u e s i n pensions trustee edition february 2016 health wealth career 1 in this edition first streamlined longevity hedge executed in the uk 3 eu referendum 4 contracted-out
More informationHSBC Bank (UK) Pension Scheme HSBC Global Services Section
HSBC Bank (UK) Pension Scheme HSBC Global Services Section Actuarial valuation as at 31 December 2016 1 July 2018 willistowerswatson.com Summary The HSBC Bank (UK) Pension Scheme was segregated into two
More informationSCHEME FUNDING REPORT OF THE ACTUARIAL VALUATION AS AT 5 APRIL 2013 THE CO-OPERATIVE PENSION SCHEME (PACE) 21 July 2014
OF THE ACTUARIAL VALUATION AS AT 5 APRIL 2013 21 July 2014 CONTENTS 1. Introduction... 1 2. Key results of the scheme funding assessment... 2 3. Experience since last valuation... 5 4. Projected future
More informationScheme Funding David Unsworth 3 April 2006
Scheme Funding David Unsworth 3 April 2006 This presentation Not a comprehensive overview of the legislation or the code of practice Aspects of particular interest to actuaries The forthcoming Regulator
More informationDB Complete. A Master Trust consolidation solution for DB pension schemes
DB Complete A Master Trust consolidation solution for DB pension schemes The management of legacy defined benefit (DB) schemes can take up valuable time and create significant costs for employers. The
More informationIn this edition of the Trustee report, we review the updates from this year s March Budget and how these changes might affect your retirement plans.
DUN & BRADSTREET 2015 Trustee Report In this edition of the Trustee report, we review the updates from this year s March Budget and how these changes might affect your retirement plans. These changes are
More informationCURRENT I S S U E S I N PENSIONS
HEALTH WEALTH CAREER CURRENT I S S U E S I N PENSIONS TRUSTEE EDITION AUGUST 2015 HEALTH WEALTH CAREER 1 IN THIS EDITION SUMMER BUDGET 3 PENSION FREEDOMS: THE STORY SO FAR 4 MERCER S VALUATION SURVEY 5
More informationPension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Forename Client Client Ref: _ Adviser: Anne Adviser Report Print Date: 02/09/2018 This report has been based on the following
More informationSHPS Forums Q&As October 2016
SHPS Forums Q&As October 2016 Financial update How do the Committee decide on valuation assumptions? The Scheme Actuary advises the SHPS Committee (the Committee) on the financial and demographic assumptions
More informationAkzo Nobel (CPS) Pension Scheme
Akzo Nobel (CPS) Pension Scheme Actuarial valuation as at 31 March 2015 23 March 2016 willistowerswatson.com Summary The main results of the Scheme s actuarial valuation are as follows: Technical provisions
More informationUNIVERSITIES SUPERANNUATION SCHEME
UNIVERSITIES SUPERANNUATION SCHEME INSTITUTIONS MEETING 2014 ACTUARIAL VALUATION 4 December 2014 Ali Tayyebi Scheme Actuary Agenda Valuing Pension Benefits 2011 Valuation Results Key Changes Since Last
More informationNews Release This announcement contains inside information.
News Release This announcement contains inside information. DC(18)135 May 10, 2018 BT ANNOUNCES TRIENNIAL PENSION FUNDING VALUATION BT and the Trustee of the BT Pension Scheme ('BTPS', or the 'Scheme')
More informationHDC Pension Transfer Seminar
HDC Pension Transfer Seminar April 2017 HDC 3 rd April 2017 Welcome Aim of Today: Increase your understanding of Pension Transfers Motivation Execution Compliance requirements How Explore reasons for Pension
More informationSummary Funding Statement as at 31 March 2012
SUMMARY FUNDING STATEMENT AS AT 31 MARCH 2012 Summary Funding Statement as at 31 March 2012 The USS Summary Funding Statement is issued to all scheme members and beneficiaries with information on the financial
More informationScottish Voluntary Sector Pension Scheme Scheme valuation: Key terms
Scottish Voluntary Sector Pension Scheme Scheme valuation: Key terms 1 SCVO Pension Scheme Employer Information Guide Scheme valuation: Key terms This document will help to explain some of the terms you
More informationPension transfers. AF7: edition. Web update 3: 24 November Web update. Chapter 2, section D2, example 2.2, page 2/16. Example 2.
Pension transfers AF7: 2017 18 edition 3: 24 November 2017 Please note the following update to your copy of the AF7 study text: Chapter 2, section D2, example 2.2, page 2/16 Replace example 2.2 and the
More informationPension Transfer Analysis Report
Pension Transfer Analysis Report Created for Ms Maxine Investor On 04 December 2018 By IFA Firm In respect of a transfer from DB Scheme Client Reference:AB123456C Introduction This Pension Transfer Analysis
More informationPMI Level 2 Award in Pensions Essentials Qualification Specification
PMI Level 2 Award in Pensions Essentials Qualification Specification Award in Pensions Essentials Qualification Specification Page 1 of 14 PMI Level 2 Award in Pensions Essentials QUALIFICATION AIM To
More informationAF7 Pension Transfers 2018/19 Part 1 DB schemes and Flexible Benefits
AF7 Pension Transfers 2018/19 Part 1 DB schemes and Flexible Benefits Anyone who wants to give advice on transferring safeguarded benefits must pass a recognised qualification. AF7 was introduced in October
More informationPension Transfer Report. Defined Benefits Arrangement
Pension Transfer Report Defined Benefits Arrangement Client Name: Rachel Jones Client Ref: RP000912 Adviser Name: Fred Bloggs Report Print Date: 20/04/2016 This report has been based on the following information.
More informationBBC Pension Scheme. Actuarial valuation as at 1 April June willistowerswatson.com
BBC Pension Scheme Actuarial valuation as at 1 April 2016 30 June 2017 willistowerswatson.com 1 Summary The main results of the Scheme s actuarial valuation are as follows: Technical provisions funding
More informationPublic Sector Schemes Funded Arrangements
Pensions Conference 2011 John Livesey Public Sector Schemes Funded Arrangements Agenda Hutton Discount Rate Other factors 1 1 Legal Structure Statutory Legally three schemes split into 100 sub-funds Open
More informationProposed Pension Changes September 2016
Proposed Pension Changes September 2016 Who we are Jennifer Doran Gordon Campbell Today s agenda Recap of proposed changes Understanding your illustration Your current pension benefits Your proposed new
More informationSOCIAL HOUSING PENSION SCHEME FRS102 ASSUMPTION SETTING METHODOLOGY
THE PENSIONS TRUST SOCIAL HOUSING PENSION SCHEME FRS102 METHODOLOGY Month ends from 31 March 2019 to 29 February 2020 TABLE OF CONTENTS 1 Introduction... 3 2 Proposed Assumptions... 4 3 Discount Rate...
More informationUniversity of Aberdeen Superannuation and Life Assurance Scheme. Member Consultation
University of Aberdeen Superannuation and Life Assurance Scheme Member Consultation Your guide to the proposed changes to your future pension benefits June 2018 Contents Page 1 Introduction 2 2 UASLAS
More informationToshiba Pension and Assurance Scheme Trustees Report to Members for the Year to 31 March 2006
Toshiba Pension and Assurance Scheme Trustees Report to Members for the Year to 31 March 2006 Welcome to the Toshiba Pension and Assurance Scheme 2006 Trustees Report. The Trustees have been very busy
More informationThe Purple Book D B P E N S I O N S U N I V E R S E R I S K P R O F I L E
The Purple Book DB PENSIONS UNIVERSE RISK PROFILE 2014 2 t h e p u r p l e b o o k 2 014 The Purple Books give the most comprehensive picture of the risks faced by the PPF-eligible defined benefit pension
More informationICI Specialty Chemicals Pension Fund
ICI Specialty Chemicals Pension Fund Actuarial report as at 31 March 2018 11 October 2018 willistowerswatson.com Summary The main results of this actuarial report and those from the latest actuarial valuation
More informationBy way of background, Carillion (DB) Pension Trustee limited became trustee of the 6 schemes on 1 April I have been chairman since that date.
Rt Hon Frank Field MP Chair Work and Pensions Committee House of Commons London SW1A 0AA workpencom@parliament.uk By email 26 January 2018 Dear Mr Field Carillion (DB) Pension Trustee Many thanks for your
More informationChair s Annual DC Governance Statement 2017
TPT Retirement Solutions Chair s Annual DC Governance Statement 2017 DC Governance Standards 1 October 2016-30 September 2017 Annual Governance Statement for the Scheme year ended 30 September 2017 prepared
More informationF SOMERFIELD PENSION SCHEME
F SOMERFIELD PENSION SCHEME Financial Statements For Year Ended 31 March 2017 PENSION SCHEME REGISTRY NO. 10000532 Contents Some Helpful Terms... 2 Trustee Directors and Advisers... 4 Our Annual Report...
More informationValue for members. The Pensions Trust Defined contribution. TPT Retirement Solutions
TPT Retirement Solutions Value for members The Pensions Trust Defined contribution V10-18 December 2017 Agreed by Verity Trustees Limited Trustee of The Pensions Trust Contents Page Section heading 3 Background
More informationUSS employer consultation 2018: script to accompany presentation slides
USS employer consultation 2018: script to accompany presentation slides Neither the speaker nor Universities Superannuation Scheme Limited (USSL) accepts responsibility for any errors, omissions, misstatements
More informationPension Transfer Report. Defined Benefits Arrangement
Pension Transfer Report Defined Benefits Arrangement Client Name Paul Lewis15 Adviser Name: John Reynolds Report Print Date: 15/02/2017 This report has been based on the following information. Please make
More informationPensions update for universities
Spring 2015 Pensions update for universities Welcome to the latest issue of our pensions update for universities. Pensions remain at the forefront of discussions, with changes to the USS, LGPS and TPS
More informationThe Metal Box Pension Scheme. Statement of Funding Principles
The Metal Box Pension Scheme Statement of Funding Principles This statement has been prepared by the Trustee of The Metal Box Pension Scheme ( the Scheme ) to satisfy the requirements of Section 223 of
More informationContents. Redrow Staff Pension Scheme Trustees Annual Newsletter Defined Benefit Members November 2010
Redrow Staff Pension Scheme Trustees Annual Newsletter Defined Benefit Members November 2010 Welcome to the Trustees Annual Newsletter to Members Contents Welcome to the Trustees Annual Newsletter to Members
More informationAF7 Pension Transfers 2018/19 Part 2 Rights to a transfer and early leavers
AF7 Pension Transfers 2018/19 Part 2 Rights to a transfer and early leavers The milestones for this part are to understand: When someone can transfer pension rights. What happens to pension rights when
More informationSAMPLE REPORT. Pension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Peter Williams Client Ref: PW120167 Adviser Name: John Smith Report Print Date: 24/09/2018 _ This report has been based on
More informationCONSULTATION BY EMPLOYERS WITH AFFECTED EMPLOYEES ON PROPOSALS FOR CHANGES TO UNIVERSITIES SUPERANNUATION SCHEME
CONSULTATION BY EMPLOYERS WITH AFFECTED EMPLOYEES ON PROPOSALS FOR CHANGES TO UNIVERSITIES SUPERANNUATION SCHEME IMPORTANT INFORMATION SECTION ONE INTRODUCTION Contents March 2015 Introduction to the consultation
More informationCARILLION (DB) PENSION TRUSTEE LIMITED
MERCER CARILLION (DB) PENSION TRUSTEE LIMITED ACTUARIAL VALUATIONS AS AT 31 DECEMBER 2011 - CARILLION STAFF PENSION SCHEME - MOWLEM STAFF PENSION AND LIFE ASSURANCE SCHEME - ALFRED MCALPINE PENSION PLAN
More informationDefined Benefit Transfers Workshop eworkbook v3.3 June 2018
Defined Benefit Transfers Workshop eworkbook v3.3 June 2018 Name Course Trainer Date Interactive Index Contents Interactive Index... 1 Session 2 Sense and Sensibility... 2 Session 3 State of the Nation...
More informationSONY UNITED KINGDOM PENSION SCHEME ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 SCHEME REGISTRATION NUMBER
ANNUAL REPORT AND FINANCIAL STATEMENTS SCHEME REGISTRATION NUMBER 101354642 CONTENTS Page Trustee and advisers 1-2 Trustee's report 3-8 Investment report 9-13 Statutory certificate of technical provisions
More informationJaguar Land Rover pensions consultation
Jaguar Land Rover pensions consultation Useful questions and answers Final update 22 March 2017 Notification (28/02/2017) Following on from our notification on 17/02/2017 regarding the circulation of a
More informationThe New Airways Pension Scheme Actuarial Valuation as at 31 March 2006
The New Airways Pension Scheme Actuarial Valuation as at 31 March 2006 The New Airways Pension Scheme Report on the actuarial valuation as at 31 March 2006 To the Management Trustees and to British Airways
More informationYour Pension Arrangements
Your Pension Arrangements Who are BMA Services Independent financial advice only for BMA members Service provided by Chase de Vere - ALL welcome to attend seminars and briefings - Personal advice only
More informationEssential pensions news
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Essential pensions news Updater December 2013 Contents 01 TPR publishes
More informationFor members of the mothercare executive pension scheme. trustee report
For members of the mothercare executive pension scheme trustee report January 2018 welcome to this year s report from the trustees of the mothercare executive pension scheme In last year s report, I told
More informationPensions Update. Mitchells & Butlers Pension Plan. Autumn 2011 Edition. In this Edition: Defined Contribution (DC) and Defined Benefit (DB) Sections
Autumn 2011 Edition Pensions Update Mitchells & Butlers Pension Plan Defined Contribution (DC) and Defined Benefit (DB) Sections In this Edition: 02 DC Annual Accounts 05 DC/DB Legislative Changes 07 Eligibility
More informationACTUARIAL REPORT AS AT 31 MARCH 2016 UNIVERSITIES SUPERANNUATION SCHEME SEPTEMBER 2016
ACTUARIAL REPORT AS AT 31 MARCH 2016 UNIVERSITIES SUPERANNUATION SCHEME SEPTEMBER 2016 1 Results and Analysis Introduction 1.1 This paper is commissioned by and addressed to the Trustee of the Universities
More informationRegulatory Update January 2013
Regulatory Update Pensions Regulator, DWP, Pension Protection Fund, and HMRC State Pension Reform The Government has published a White Paper confirming its intention to move away from the current two-tiered
More informationDevon Pension Fund Funding Strategy Statement
Devon Pension Fund Funding Strategy Statement 1 Introduction 1.1 This is the Funding Strategy Statement for the Devon County Council Pension Fund. It has been prepared in accordance with Regulation 58
More informationFrequently Asked Questions. Northern Bank Defined Benefit Pension Scheme
Frequently Asked Questions Northern Bank Defined Benefit Pension Scheme 29 June 2017 FREQUENTLY ASKED QUESTIONS Northern Bank Defined Benefit Pension Scheme 1. What is the FSU s position on the closure
More informationPRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM) PRINCIPLES AND PRACTICES
PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM) PRINCIPLES AND PRACTICES CONTENTS Page 1. Introduction 02 2. The Amount Payable Under A With-Profits Policy 03 2.1. The Amounts Payable To Our With-Profits
More informationSAMPLE REPORT. Pension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Peter Williams Client Ref: PW120167 Adviser Name: John Smith Report Print Date: 02/07/2018 _ This report has been based on
More informationModelling the case for a new public Superfund as a consolidation vehicle to address legacy defined benefit scheme risks
Modelling the case for a new public Superfund as a consolidation vehicle to address legacy defined benefit scheme risks This Paper was commissioned by the PLSA from Simon Willes, Chairman, Gazelle Corporate
More informationDe-risking report The evolving bulk annuity and longevity swap markets
De-risking report 2015 The evolving bulk annuity and longevity swap markets De-risking report 2015 The evolving bulk annuity and longevity swap markets AWARDS 2014 Deal of the year Contents Introduction
More informationPaper 2 Employers Pensions Forum (EPF) USS Town Hall Event USS Mutuality: Flexibility of pension cost and provision an introduction
Paper 2 Employers Pensions Forum (EPF) USS Town Hall Event USS Mutuality: Flexibility of pension cost and provision an introduction Contact/s Mary Lambe Senior Policy Lead Pensions and HE Infrastructure
More information3.6TRN 4 UK INSTITUTIONAL CLIENT MARKET KEY FINDINGS
THE INVESTMENT ASSOCIATION 4 UK INSTITUTIONAL CLIENT MARKET KEY FINDINGS MARKET OVERVIEW >> IA members managed an estimated 3.6 trillion for institutional clients, up from 3.3 trillion in 2015. Pension
More informationKent County Council Superannuation Fund
Kent County Council Superannuation Fund Funding Strategy Statement 2017 www.kentpensionfund.co.uk Introduction This is the Funding Strategy Statement (FSS) for the Kent County Council Superannuation Fund.
More informationAF7 Pension Transfers Part 4: Making it compliant
AF7 Pension Transfers Part 4: Making it compliant This part will consider the compliance issues around all pension transfers. The milestones are to understand: The difference between safeguarded and flexible
More informationA GUIDE TO PENSION TRANSFERS FINANCIAL ADVICE & WEALTH MANAGEMENT
A GUIDE TO PENSION TRANSFERS FINANCIAL ADVICE & WEALTH MANAGEMENT 2017 Have confidence in your pension and peace-of-mind to enjoy life now. Chartered Financial Advisers 29 years professional experience
More informationpensionswatch A SUMMARY REPORT AND ACCOUNTS FOR THE MEMBERS OF ARMSTRONG PENSION SCHEME ("THE SCHEME")
LCP 2017 pensionswatch A SUMMARY REPORT AND ACCOUNTS FOR THE MEMBERS OF ARMSTRONG PENSION SCHEME ("THE SCHEME") DECEMBER 2017 Welcome Welcome to the latest edition of the Armstrong Pension Scheme newsletter.
More informationGetting control back on the vessel some offloading required September 21, 2016
Getting control back on the vessel some offloading required September 21, 2016 Eleanor Marshall, CPA, CA, CFA Vice-President, Pension & Benefits, BCE and Bell Canada Heather Wolfe, FIA, FCIA, FSA Managing
More informationCESSATION POLICY. October Hertfordshire Pension Fund Local Government Pension Scheme
CESSATION POLICY October 2012 Hertfordshire Pension Fund Local Government Pension Scheme 1 Introduction 1.1 Aims This Cessation Policy for the Hertfordshire Pension Fund (the Pension Fund), which is administered
More informationSubject to arrangements being made to cover the shortfall, benefits will continue to be paid from the Plan.
Introducing the 2016 Summary Funding Statement to all defined benefit (DB) members and beneficiaries of the Capgemini UK (2004) Pension Plan ( the Plan ) As the Trustees of the Plan, we are required to
More informationPaddington Churches Housing Association 2001 Pension Scheme A Guide for Defined Benefit Members
Paddington Churches Housing Association 2001 Pension Scheme A Guide for Defined Benefit Members A Guide for Members The Paddington Churches Housing Association 2001 Pension Scheme (the Scheme) has been
More informationMEMBER AUTUMN 2017 BRIEFING. For members of the Mitchells & Butlers Executive Pension Plan
MEMBER AUTUMN 2017 BRIEFING For members of the Mitchells & Butlers Executive Pension Plan CHAIRMAN S WELCOME Welcome to the 2017 Member Briefing for members of the Mitchells & Butlers Executive Pension
More informationQ4 QUARTERLY GUIDE PENSIONS ACCOUNTING
Q4 QUARTERLY GUIDE PENSIONS ACCOUNTING As at 31 December 2017 Guidance for Finance Directors 1 QUARTERLY GUIDE TO PENSIONS ACCOUNTING ASSUMPTIONS REPORT DECEMBER 2017 QUARTERLY GUIDE TO PENSIONS ACCOUNTING
More informationKeele Superannuation Scheme. The 21 st Annual Members Assembly The University, the Trustees and KPMG 7 February 2017
Keele Superannuation Scheme The 21 st Annual Members Assembly The University, the Trustees and KPMG 7 February 2017 Introduction Trustees Mary Clarke (Chair of Trustees) University Appointed Trustee Advisers
More informationPensions - Before you Begin Guide
Pensions - Before you Begin Guide This guide contains information to help you prepare to use the FCNB Portal to register a pension plan or submit a related filing. Portal functionality: Please take a moment
More informationDevon County Council Pension Fund Funding Strategy Statement
Devon County Council Pension Fund Funding Strategy Statement Approved by the Investment and Pension Fund Committee 16 June 2017 1. Introduction This is the for the Devon County Council Pension Fund. It
More informationFinancial Conduct Authority. Enhanced transfer value pension transfers
Financial Conduct Authority Thematic Review TR14/12 Enhanced transfer value pension transfers July 2014 Enhanced transfer value pension transfers TR14/12 Contents Executive summary 3 1 Overview and scope
More informationScottish Independence
Scottish Independence Commentary on the key challenges facing an independent Scotland within financial services October 2013 1 P a g e Contents 1. Introduction 2. The state pension in an independent Scotland
More informationFor the year ended 31 March 2016
BOC Pension Scheme Annual Report and Financial Statements For the year ended 31 March 2016 Scheme Registration No. 10124787 BOC Pension Scheme 31 March 2016 Contents Trustee and advisers... 2 Trustee Report...
More informationThe evolving retirement landscape
The evolving retirement landscape This report has been sponsored by A Research Report by Lauren Wilkinson and Tim Pike Published by the Pensions Policy Institute May 2018 978-1-906284-52-23 www.pensionspolicyinstitute.org.uk
More informationPMI Level 4 Diploma in Pensions Administration Qualification Specification
PMI Level 4 Diploma in Pensions Administration Qualification Specification Diploma in Pensions Administration Qualification Specification Page 1 of 36 PMI Level 4 Diploma in Pensions Administration QUALIFICATION
More informationThe National Assembly for Wales Members Pension Scheme
The National Assembly for Wales Members Pension Scheme Valuation as at 1 April 2014 Date: 26 March 2015 Authors: Martin Clarke FIA and Ian Boonin FIA Contents 1 Summary 1 2 Introduction 4 3 Contributions
More informationXerox Final Salary Pension Scheme
Xerox Final Salary Pension Scheme Actuarial report as at 31 March 2017 4 January 2018 willistowerswatson.com Summary The main results of this actuarial report and those from the latest actuarial valuation
More informationRetirement Planning Report
Retirement Planning Report Client Name: Rachel Jones Client Ref: RP000912 Adviser Name: Fred Bloggs Report Print Date: 24/07/2017 _ This report has been based on the following information. Please make
More informationChurch Administrators Pension Fund. Annual Report and Financial Statements 2017
Church Administrators Pension Fund Annual Report and Financial Statements 2017 Contents The Church Administrators Pension Fund Trustee s report 2 Defined Contribution Governance Statement 6 Statement of
More informationThe Genesis Pension Scheme Member Guide for the Defined Benefit Scheme
The Genesis Pension Scheme Member Guide for the Defined Benefit Scheme Defined Benefit The Genesis Pension Scheme (the Scheme ) has been designed to provide security for you during your retirement and
More informationW O R C E S T E R S H I R E C O U N T Y C O U N C I L P E N S I O N F U N D
W O R C E S T E R S H I R E C O U N T Y C O U N C I L P E N S I O N F U N D 2 0 1 6 A C T U A R I A L V A L U A T I O N Ian Kirk FIA Leanne Johnston FIA V A L U A T I O N B A S I C S I N S I M P L E T
More informationFREEDOM AND CHOICE IN PENSIONS MERCER
FREEDOM AND CHOICE IN PENSIONS CONTENT ACCESS TO FREEDOM AND FLEXIBILITY FIONA DUNSIRE UK Market Leader and Chief Executive Officer THE NEW DC WORLD ROGER BREEDEN Product Leader DC & Savings Team DB TO
More informationInvestment Implications of RPI to CPI
Robert Gardner, Redington Jay Shah, Pension Corporation Investment Implications of RPI to CPI 21 September 2011 The Inflation basket RPI: + Financial Services 1 1 Percentage 21/09/2011 What has happened
More information