Pension hurdles continue for UK corporates
|
|
- Robert Quinn
- 5 years ago
- Views:
Transcription
1 Page 1 of 6 CORPORATE UPDATE SECOND QUARTER 2011 Pension hurdles continue for UK corporates Throughout 2011 there will be no respite for employers with corporate pension arrangements. Here we look at some recent developments that require urgent action, including those expected to make an impact in 2012, for which advance planning is required. Increasing State Pension Age why have a different retirement age? The Chancellor s proposal to increase State Pension Age ( SPA ) in line with rising UK life expectancy will be viewed with interest by many private sector employers. Companies should consider linking their scheme retirement age to SPA. Whilst cost and risk could be reduced if members retire later, the challenge will be to communicate changes to employees. This week The Economist published a special pensions report, highlighting the need for later retirement patterns in rich countries read more at: In our experience of benefit changes, clear simple communication is key We look at the potential reductions in costs and risks from benefit changes linked to an increasing State Pension Age; We consider new opportunities arising from increased flexibility for those with pension benefits over 20,000 pa; Key UK Pension statistics* 31 March December March 2010 IAS19 discount rate % % % We tackle the concerns associated with equity market IAS19 RPI inflation % % % volatility, and examine an innovative approach to limiting the downside risk of equities; We discuss the implications of the Government s proposal to abolish contracting-out ; and IAS19 CPI inflation % % % Long term gilt yield 4.3% 4.2% 4.5% FTSE 100 index 5, , ,679.6 We look forward to 2012, to highlight pensions issues that must not be forgotten going into this Olympic year. *the figures shown are only indicative ranges, and different figures may apply with regard to individual circumstances
2 Page 2 of 6 Flexible drawdown from April 2011 There is a significant change in the retirement flexibility for members reaching retirement with pension income in excess of 20,000 a year. There are restrictions: the main requirement being to satisfy the 20,000 pa minimum income. This can include State pensions and bridging pensions, so for most the option becomes relevant if private pension savings are at least 15,000 a year or approximately 250,000 plus of DC funds. Instead of having to draw an annual pension for life, individuals with pension benefits in excess of 20,000 a year can now choose to have complete flexibility over how they draw the excess. This could include deferring those benefits beyond age 75; drawing the excess funds over a relatively short period; or even taking all the excess as a lump sum benefit (potentially subject to tax). This so-called flexible drawdown option gives pensioners the opportunity, for the first time, to spend their pension fund at a time of their choosing and in amounts of their choosing. For sponsors of defined benefit schemes, flexible drawdown broadens the opportunity to de-risk by offering employees with large pensions the facility to withdraw more of their benefits as cash instead of them being exposed to their remaining lifetime. Actions for the company stemming from this include: Review communications to include this new option at retirement, or if offering enhanced transfer values. Raise this with pension scheme trustees and ask them to consider allowing retiring employees to transfer the benefits in excess of 20,000 pa to a flexible drawdown policy. The pension industry s response to this new option has been mixed. However, we think that many higher earners will be keen to take advantage of this new option. At its simplest level, the flexibility may encourage additional pension savings in the run up to an individual s retirement. For employers, the opportunity to remove some of the biggest liabilities, and the concentrated longevity risk associated with them, may be especially welcome.
3 Page 3 of 6 Equity protection strategies Whilst equity markets have rallied strongly since the depths of the credit crunch, the first quarter of 2011 has ended with the FTSE 100 broadly where it began. As such, the outlook is far from certain. The political unrest in North Africa and the Middle East, continued issues with Eurozone sovereign debt, and the aftermath of the earthquake in Japan, could result in a reversal of many of the gains of the last two years. For this reason many pension schemes are looking for ways to protect against the impact of future equity falls without damaging upward potential. Self-financing protection strategies A key downside to the traditional put option is the up front premium required. But, what if there was an asset which benefits from much of the equity outperformance, has the capital protection characteristics of cash, and is free to enter into? An example of such a strategy is a put-spread collar. Such a strategy is financed by forgoing some up-side exposure (eg positive returns over 12%) to protect against the down-side (eg negative returns of more than 10%). In the example below, any pay-out from the asset is capped at 15% of today s equity prices. Funded protection strategies Funded protection strategies are similar to insurance policies. The equity investor simply pays a premium and receives a payout if the equity market suffers a loss. The simplest funded protection strategy is a put option. This provides full, uncapped, protection against market falls below a pre-defined level. The chart below illustrates the pay-off of a 90% put strategy. Self-financing equity protection strategies require no up front premium but can protect the value of equity portfolios Action: Deciding the best way forward There are many variants of both families of protection strategies. Determining which strategy meets your needs is not straightforward. The best first step is to clearly define your objectives and risk tolerances. This can then be used to prioritise equity protection strategies for consideration.
4 Page 4 of 6 Abolition of contracting-out the final final straw for DB sponsors? The recent budget proposed a complete overhaul of the current State pension system, with one of the headlines being a proposed flat-rate pension of around 140 per week replacing the various State pension benefits people can currently be entitled to, possibly from 2015/2016. For the vast majority of DB pension schemes, the ending of the State Second Pension ( S2P ) will mean they are no longer able to contract out of it. Employers and employees who are currently contracted-out will therefore have to brace themselves for higher national insurance contributions (or income tax levels if the two are combined) in the medium term, equivalent to around 5% more of relevant salaries going to the Revenue. In addition, schemes with either a Pensionable Salary definition that has an offset for the Basic State Pension or a similarly-linked deduction from benefits will have to be careful there is a danger members could see their accrued pension rights dramatically reduced if the offset were to increase from around 100 per week to 140 per week. This will need careful communication. Action: Employers of schemes accruing benefits for employees therefore need to review the benefits being offered, and whether or not changes to the benefit structure are called for. Olympian 2012 pension changes And finally: The grandstand event in October 2012 will be the launch of the new pensions Auto-enrolment regime, under which employers must make arrangements for nearly all employees to become active members of an automatic enrolment scheme providing a minimum level of benefit or contributions (perhaps using the Government backed NEST arrangement). There will be big challenges around selection of the auto-enrolment vehicles, benefit design, administration and implementation. Contracting-out for DC schemes will reach its finish line, as this will not be permitted after April Sponsors of such schemes will need to review whether to make changes as a result of the end of NI rebates, since contribution rates, and costs, may increase accordingly. We will see a dive in employer NI rebates for contractedout DB schemes from 3.7% to 3.4% from April 2012 (employee rebates fall from 1.6% to 1.4%). Sponsors of such schemes need to review appropriate benefit levels urgently, due to the proposed abolition of contracting out. Finally, a difficult hurdle for high earners is the expected reduction in the Lifetime Allowance the lifetime limit on pension savings after which extra tax charges apply from 1.8m to 1.5m, effective from April This follows on from the changes to the Annual Allowance on pension savings effective from 6 April 2011.
5 Page 5 of 6 Future LCP events We hold a range of events that provide clear information and analysis on important pensions and investment topics. Our events receive excellent feedback and provide attendees with helpful information to make informed business decisions. Forthcoming events include: Notes If you would like any assistance or further information on the issues raised, please contact Alex Waite, Alex Whitley or the partner who normally advises you at LCP via telephone +44 (0) or by to enquiries@lcp.uk.com Specific contacts: Global Pensions Conference, 19 May Auto-Enrolment breakfast briefing, 12 July Annual Pensions Conference, 6 September Data Management breakfast briefing, 12 October Linking retirement age to SPA: Alex Waite or Colin Haines Drawdown options: Ian Gamon or Peter Clarke Equity protection strategies: Ian Mills or Gavin Orpin Changes in 2012: Tim Box or David Everett For more information or to register to attend for free please see or enquiries@lcp.uk.com. This LCP Corporate Update is based on our current understanding of the subject matter and relevant legislation which may change in the future. Such changes cannot be foreseen. This document is prepared as a general guide only and should not be taken as an authoritative statement of the subject matter. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this Corporate Update can be accepted by LCP. Special report on pensions in The Economist this week, visit
6 Page 6 of 6
End of the waiting game
Page 1 of 6 CORPORATE UPDATE FOURTH QUARTER 2010 End of the waiting game benefit, relative to the system introduced from April 2006. Nevertheless, some change was inevitable, and the new regime is more
More informationThe Chancellor s surprise pension announcements mean all employers must act now.
LCP CORPORATE PENSIONS UPDATE APRIL 2014 Including special Budget comment The Chancellor s surprise pension announcements mean all employers must act now. IN THIS ISSUE A special extended edition of the
More informationWe live in uncertain times
First Quarter 2010 Corporate Update We live in uncertain times The new decade has commenced at a time of great uncertainty. Investment markets remain a concern, with an uncertain future for the economy
More information2009 Pension decisions navigating the storm
January 2009 Corporate Update 2009 Pension decisions navigating the storm All indications are that we are entering another challenging year. Whilst we hope that 2009 will not see anything like the financial
More informationA5.01: CURRENT TOPICS - PENSIONS
A5.01: CURRENT TOPICS - PENSIONS SYLLABUS Changes to annual allowance test Planned changes to lifetime allowance test Removal of requirement to secure pension income Capped drawdown Flexible drawdown Tax
More informationGovernment simplifies state pensions at a price
Page 1 of 5 News Alert 2013/02 15 January 2013 Government simplifies state pensions at a price At a glance The Coalition Government has set out its plan to combine the various current elements of state
More informationPension policy where have we been, where are we going?
Pension policy where have we been, where are we going? Paul Johnson Introduction People living longer and incomes in retirement rising Incomes higher than non-pensioners on average Next decade likely to
More informationPPI response to the Work and Pensions Committee s inquiry: Understanding the new State Pension
response to the Work and Pensions Committee s inquiry: Understanding the new State Pension Please find attached the Pensions Policy Institute s response to the Work and Pensions Committee s inquiry: Understanding
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 informationBudget 2014: radical changes to pensions (and not just DC)
Page 1 of 7 News Alert 2014/01 20 March 2014 Budget 2014: radical changes to pensions (and not just DC) At a glance On 19 March, the Chancellor announced a number of shock changes to pensions from April
More informationThe Pensions (Automatic Enrolment) Regulations 2009 are scheduled to come into force from October 2012 and include the following:
19th March 2009 Issue No: 11 Pensions Bulletin Automatic enrolment Some detail now available The Department for Work and Pensions (DWP) has published a consultation document along with an impact assessment
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 informationPENSIONS POLICY INSTITUTE. The Pensions Primer: A guide to the UK pensions system
The Pensions Primer: A guide to the UK pensions system Updated as at June 2018 The Pensions Primer: A guide to the UK pensions system Table of Contents An introduction to the UK pensions system... 1 First
More informationROYAL LONDON POLICY PAPER 4. Britain s Forgotten Army : The collapse in pension membership among the selfemployed and what to do about it
ROYAL LONDON POLICY PAPER 4. : The collapse in pension membership among the selfemployed and what to do about it ABOUT ROYAL LONDON POLICY PAPERS The Royal London Policy Paper series was established in
More informationPENSIONS POLICY INSTITUTE PPI. The Pensions Primer: A guide to the UK pensions system
PPI The Pensions Primer: A guide to the UK pensions system Updated as at June 2014 The Pensions Primer: a guide to the UK pensions system An introduction to the current UK pension system 1 Reference note
More informationIn Sight Quarterly Pension Publication February 2010/Issue 9
In Sight Quarterly Pension Publication February 2010/Issue 9 Welcome to In Sight Keeping you up to date with the latest developments in work-based pension schemes This quarter s round-up More pain, less
More informationTHE 2016 STATE PENSION SCHEME
THE 2016 STATE PENSION SCHEME The changes to the state pension in 2016 are the most radical change to state benefits for a generation. In the following pages we shall endeavour to summarise how these changes
More informationNational Employment Savings Trust The future of retirement. Response from The Pensions Management Institute
National Employment Savings Trust The future of retirement Response from The Pensions Management Institute - 2 - Response from the Pensions Management Institute to NEST s Consultation The future of retirement
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 informationValue for money in DC workplace pensions 4 May 2016
Value for money in DC workplace pensions 4 May 2016 Melissa Echalier, Pensions Policy Institute Venue: Central Hall, Aldersgate Room www.pensionspolicyinstitute.org.uk We d like to thank... The sponsors
More informationPensions Bill 2013 Briefing for Commons Second Reading,17th June 2013
2013 Briefing for Commons Second Reading,17th June 2013 parliamentary brief The mainly legislates for a single-tier state pension, by combining the basic state pension and state second pension thus ending
More informationPENSIONS POLICY INSTITUTE
The Pensions Primer: A guide to the UK pensions system Third-Tier Provision Updated as at July 2013 The Pensions Primer: a guide to the UK pensions system Overview of private pension provision 1 Employer-sponsored
More informationThere are several types of tax-favored retirement
Tax-Favored Retirement Plans Steve Rosenthal April 20, 2017 There are several types of tax-favored retirement plans. They differ mainly on the type of sponsor and the tax treatment of contributions and
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 informationC1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES
C1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES SYLLABUS Nature of contracting out Nature of NI rebate or reduction Reference scheme basis GMP and WGMP Money purchase basis Protected Rights Extent of guarantees
More informationOur view on recent regulatory and legal developments for trustees of small self administered pension schemes.
LCP SSAS UPDATE NOVEMBER 2013 Our view on recent regulatory and legal developments for trustees of small self administered pension schemes. IN THIS UPDATE: We highlight the effect of changes to the Annual
More informationQ3 QUARTERLY GUIDE PENSIONS ACCOUNTING
Q3 QUARTERLY GUIDE PENSIONS ACCOUNTING As at 30 September 2017 Guidance for Finance Directors 1 QUARTERLY GUIDE TO PENSIONS ACCOUNTING ASSUMPTIONS REPORT SEPTEMBER 2017 QUARTERLY GUIDE TO PENSIONS ACCOUNTING
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 informationPPI analysis of Friends Life proposals for a single rate of pensions tax relief
PPI analysis of Friends Life proposals for a single rate of pensions tax relief Introduction In November 2014 Friends Life approached the PPI to ask it to review and validate its public policy proposal
More informationGUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT
GUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT FINANCIAL GUIDE Green Financial Advice is authorised and regulated by the Financial
More informationQ2 QUARTERLY GUIDE PENSIONS ACCOUNTING
Q2 QUARTERLY GUIDE PENSIONS ACCOUNTING As at 30 June 2017 Guidance for Finance Directors 1 QUARTERLY GUIDE TO PENSIONS ACCOUNTING ASSUMPTIONS REPORT JUNE 2017 QUARTERLY GUIDE TO PENSIONS ACCOUNTING AS
More informationBy the end of this learning outcome you will be able to explain the following:
Pensions Update Programme Learning Outcome 5 By the end of this learning outcome you will be able to explain the following:. The changes to the state pension in 2016 How these changes affect different
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 informationA Guide to. Retirement. Planning. Developing strategies to accumulate wealth in order for you to enjoy your retirement years
A Guide to Retirement Planning Developing strategies to accumulate wealth in order for you to enjoy your retirement years Welcome A Guide to Retirement Planning Welcome to. This guide provides a wealth
More informationPPI analysis of Aviva proposals for a single rate of pensions tax relief
analysis of Aviva proposals for a single rate of pensions tax relief Introduction In November 2014 Aviva approached the to ask it to review and validate its public policy proposal for the reform of pension
More informationNEST quarterly investment report End of October 2016 to end of December 2016
NEST quarterly investment report End of October 2016 to end of December 2016 Fund facts Total size of assets under management 1.42bn Annual management charge/total expense ratio 0.3% Contribution charge
More informationRecent UK pensions policy
Recent UK pensions policy Carl Emmerson Presentation at UCEA Annual Higher Education Pensions Conference, London, 13 June 2016 Currently seeing major pensions reform State pensions new flat-rate state
More informationPENSIONS POLICY INSTITUTE
The Pensions Primer: A guide to the UK pensions system Second Tier Provision Updated as at June 2014 The Pensions Primer: a guide to the UK pensions system Overview 1 State Second Pension (S2P) 3 S2P
More informationUnited Kingdom. Qualifying conditions. Key indicators. United Kingdom: Pension system in 2012
United Kingdom United Kingdom: Pension system in 212 The public scheme has two tiers (a flat-rate basic pension and an earningsrelated additional pension), which are complemented by a large voluntary private
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 informationAndrew Vaughan Chair, Defined Ambition Industry Working Group and Chair, International Association of Consulting Actuaries
w w w. I C A 2 0 1 4. o r g Defined Ambition A successful synthesis between defined benefit and defined contribution A summary of the DWP consultation paper Reshaping workplace pensions for future generations
More informationPENSIONS POLICY INSTITUTE. Comparison of pension outcomes under EET and TEE tax treatment
Comparison of pension outcomes under EET and TEE tax treatment This report has been commissioned by the Association of British Insurers (ABI). A Research Report by John Adams and Tim Pike Published by
More informationResponse by TISA to DWP Consultation Meeting future workplace pension changes: improving transfers and dealing with small pots.
Response by TISA to DWP Consultation Meeting future workplace pension changes: improving transfers and dealing with small pots. March 2012 TISA response to DWP Consultation: Meeting future workplace pension
More informationROYAL LONDON POLICY PAPER Will we ever summit the pension mountain? ROYAL LONDON POLICY PAPER 21. Will we ever summit the pension mountain?
ROYAL LONDON POLICY PAPER ROYAL LONDON POLICY PAPER 21 1 Will we ever summit the pension mountain? ABOUT ROYAL LONDON POLICY PAPERS The Royal London Policy Paper series was established in 2016 to provide
More informationAccounting for pension costs
Accounting for pension costs March 15 Introduction This survey focuses on universities which operate Self Administered Trusts (SATs) and looks at the significance of these schemes in the context of the
More informationThe RBS Group Pension Fund
The RBS Group Pension Fund Members Newsletter 2011 Message from the Chairman Welcome to the 2011 members newsletter In last year s newsletter, I told you that we were working on the valuation of the Fund
More informationPENSIONS POLICY INSTITUTE. Tax relief for pension saving in the UK. Executive summary
Tax relief for pension saving in the UK Executive summary This report is sponsored by Age UK, the Institute and Faculty of Actuaries, Partnership and the TUC. The PPI is grateful for the support of the
More informationAccounting For Pensions UK and Europe. Annual Survey 2005
Accounting For Pensions UK and Europe Annual Survey 2005 This is the 12th edition of Lane Clark & Peacock s annual Accounting for Pensions survey. It is widely recognised as an authoritative survey of
More informationDefined benefit pension schemes. The impact on FTSE350 company accounts at 31 December 2011
Defined benefit pension schemes The impact on FTSE350 company accounts at 31 December 2011 June 2012 Defined benefit pension schemes The impact on FTSE350 company accounts at 31 December 2011 Contents
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 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 informationPension Benefits from 6 April 2011
R E T I R E M E N T PL A N N I NG Pension Benefits from 6 April 2011 Overview The rules governing the way in which benefits are taken from Registered Pension Schemes changed on 6 April 2011. These changes
More informationSocial Housing Pension Scheme (SHPS) Employer Forums 2015
Social Housing Pension Scheme (SHPS) Employer Forums 2015 Welcome Agenda Welcome Chair Session 1 - Valuation Paul Coward Session 2 - Benefit Changes Gary Bradley Comfort break Session 3 - Financial update
More informationChanges to USS an update
Changes to USS an update From 1 April 2016, the benefits provided by Universities Superannuation Scheme are changing, as are the contribution levels payable by employers and members. Since 2011 the scheme
More informationBT PENSION SCHEME SECTION C. Explanatory booklet for Members who joined Section C of the BT Pension Scheme between 1 April 1986 and 31 March 2001
BT PENSION SCHEME SECTION C Explanatory booklet for Members who joined Section C of the BT Pension Scheme between 1 April 1986 and 31 March 2001 (and Section B members who elected to be subject to Section
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 informationWork and Pensions Select Committee Inquiry into governance and best practice in workplace pension provision
Work and Pensions Select Committee Inquiry into governance and best practice in workplace pension provision Introduction 1. With the advent of automatic enrolment, questions of governance and best practice
More informationPENSIONS POLICY INSTITUTE. The impact of opting-out of private pension saving at younger ages
The impact of opting-out of private pension saving at younger ages This report is sponsored by Prudential A Discussion Paper by Daniel Redwood and John Adams Published by the Pensions Policy Institute
More informationFinancial Planning Report
{{TOC}} Financial Planning Report Prepared for: ABC Company Prepared by: Mr PPOL REMOTE DEMO Independent Financial Adviser PPOL 25/11/2014 SUITABILITY REPORT Introduction and Basis of Advice I am authorised
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 informationTransfer values Government consults on draft regulations
12th July 2007 Issue No: 29 Pensions Bulletin Transfer values Government consults on draft regulations Further to the consultation last summer (see Pensions Bulletin 2006/33) and the government s statement
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 informationInvestment Report With Profits Fund
Investment Report 2011 With Profits Fund With Profits Fund Investment Report 2011 The information in this report should not be considered as investment advice and we recommend that you speak to a suitably
More informationPENSIONS POLICY INSTITUTE
The Pensions Primer: A guide to the UK pensions system Second Tier Provision Updated as at July 2013 The Pensions Primer: a guide to the UK pensions system Overview of the Second Tier Provision 1 State
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 information150bn to go backwards. LCP Accounting for Pensions 2017
150bn to go backwards LCP Accounting for Pensions 2017 Over the last 10 years, FTSE 100 companies have paid around 150bn into their defined benefit pension schemes, but their accounting position has worsened.
More informationInvestment Report The Flexible Guarantee Bond and Flexi Guarantee Plan
Investment Report 2011 The Flexible Guarantee Bond and Flexi Guarantee Plan The Flexible Guarantee Bond and Flexi Guarantee Plan Investment Report 2011 This information does not constitute investment advice
More informationNEST quarterly investment report
NEST quarterly investment report July to September 2015 Fund facts Total size of assets under management 0.56bn Annual management charge/total expense ratio 0.3% Contribution charge 1.8% Pricing basis
More informationTHE EDF ENERGY PENSION SCHEME. A guide for new joiners
THE EDF ENERGY PENSION SCHEME A guide for new joiners January 2016 CONTENTS Welcome 3 CARE Section 4 At a glance How it works Membership and contributions Building retirement benefits today Building retirement
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 informationPresented by: Don Stone, President and Co-founder Plan Sponsor Advisors Phone:
Presented by: Don Stone, President and Co-founder Plan Sponsor Advisors Phone: 312.214.1500 Email: dstone@psaretire.com Bruce Ashton, Partner Drinker Biddle & Reath LLP Phone: 310.203.4048 Email: Bruce.Ashton@dbr.com
More informationIn Sight. a quarterly pensions publication. Summer Budget This quarter s round up
Aon Hewitt In Sight a quarterly pensions publication August 2015 This quarter s round up Page 1 Summer Budget 2015 2 Governance of money purchase schemes 3 Scheme funding 4 Update on transfers 4 Pensions
More informationThe Origen Guide to Retirement Options. Annuity Drawdown Lump sum Retirement income Death benefits. Illuminating Advice
The Origen Guide to Retirement Options Annuity Drawdown Lump sum Retirement income Death benefits Illuminating Advice The Origen Guide to Retirement Options Following the introduction of Pension Freedom
More informationAvestaPolarit Pension Scheme Defined Benefit/Final Salary Section
AvestaPolarit Pension Scheme Defined Benefit/Final Salary Section Members' handbook Members in employment with Outokumpu Stainless Limited on 31 March 2003 1 Contents Section 1: Section 2: Section 3: Section
More informationRestricting pensions tax relief for high income individuals
4th March 2010 Issue No: 9 Pensions Bulletin Restricting pensions tax relief for high income individuals Consultation has now closed on the Government s proposals on implementing its controversial plans
More informationProposed changes to your future pension benefits
Proposed changes to your future pension A guide for team members November 2017 CONTENTS page 1 Introduction 2 The proposed changes and what they mean to you 4 Why we need to make changes 6 Overview of
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 informationMEMBERS Zone Annuity CONFIDENCE, WITH POTENTIAL AND PROTECTION. Move confidently into the future REV 0418
MEMBERS Zone Annuity CONFIDENCE, WITH POTENTIAL AND PROTECTION Move confidently into the future 10003559 REV 0418 A financial services company serving financial institutions and their clients worldwide.
More informationIN RELATION TO USS NOTICE OF STATUTORY CONSULTATION BY EMPLOYERS IMPORTANT INFORMATION BACKGROUND
IMPORTANT INFORMATION NOTICE OF STATUTORY CONSULTATION BY EMPLOYERS IN RELATION TO USS BACKGROUND Based on an extensive assessment, and discussion with employers (via Universities UK (UUK)) and the Pensions
More informationPensions freedom drawing from your pension
KEY GUIDE Pensions freedom drawing from your pension Radical reform The changes announced in the 2014 Budget were described by some retirement planning experts as a pensions revolution. The radical proposals
More informationPension reform in the UK: Overtaking New Zealand? Dr. Alison O Connell 23 September 2013
Pension reform in the UK: Overtaking New Zealand? Dr. Alison O Connell 23 September 2013 Presentation Alison O Connell 2013 Glossary Pension = retirement income = superannuation Public pension = state
More informationPosition Paper on the Taxation of Private Pension Provision
Position Paper on the Taxation of Private Pension Provision Paper issued in November 2011 Supplementary Note issued in November 2017 Supplementary note to the Position Paper on Taxation of Private Pension
More informationAre you aware of the latest market developments and regulations?
LCP EXPLAINS: Keeping on top of your LDI portfolio 1 TEST YOURSELF Are you prepared for cash calls? APRIL 2017 LCP EXPLAINS Keeping on top of your LDI portfolio Are you aware of the latest market developments
More informationTHE CATERPILLAR DEFINED CONTRIBUTION PENSION PLAN. Application Form
THE CATERPILLAR DEFINED CONTRIBUTION PENSION PLAN Application Form You are strongly advised to read the Pension Plan booklets before completing this form. Part 1 Member Details Forenames Surname Payroll
More informationMerchant Navy Officers Pension Fund (MNOPF) Statement of Investment Principles
Merchant Navy Officers Pension Fund (MNOPF) Statement of Investment Principles Introduction The main purpose of the MNOPF is to provide pensions on retirement at normal pension age for Officers in the
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 informationThe Unite case in detail
Unite the Union s submission to the House of Commons Work and Pensions Select Committee in respect of the Government s Single Tier State Pension proposal This response is submitted by Unite, the UK s largest
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 informationNew rules for pension transfer advice - how generous are transfer values?
New rules for pension transfer advice - how generous are transfer values? LCP survey of DB Transfer Value Comparators October 2018 In this survey + + What is the Transfer Value Comparator (TVC)? + + How
More informationProposed changes to your future pension benefits. A guide for BTPS managers November 2017
Proposed changes to your future pension A guide for BTPS managers November 2017 CONTENTS page 1 Introduction 2 The proposed changes and what they mean to you 4 Why we need to make changes 5 Why we ve proposed
More informationMEMBER AUTUMN 2015 BRIEFING. For members of the Mitchells & Butlers Executive Pension Plan
MEMBER AUTUMN 2015 BRIEFING For members of the Mitchells & Butlers Executive Pension Plan CHAIRMAN S WELCOME I am delighted to send you the 2015 edition of Member Briefing, the annual newsletter for members
More informationPLANNING FOR PENSIONS AUTO-ENROLMENT AUGUST 2010 Employers will be required from October 2012 onwards to enrol the vast majority of their employees
PLANNING FOR PENSIONS AUTO-ENROLMENT AUGUST 2010 Employers will be required from October 2012 onwards to enrol the vast majority of their employees into a pension scheme of sufficient quality and to contribute
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 informationLotus Development Pension Investment Plan Changes to the Default Lifestyle Strategy
Dear Member Lotus Development Pension Investment Plan Changes to the Default Lifestyle Strategy The Trustees of the Lotus Development Pension Investment Plan (the Plan ) are making changes to the Plan
More informationUK Risk Settlement. Longevity swap activity expected to increase. Any de-risking strategy should include consideration of bulk annuities
Aon Hewitt Consulting Retirement August 2017 UK Risk Settlement Headlines In this issue Exceptional annuity pricing expected to continue until at least early 2018 Longevity swap activity expected to increase
More informationLCP Annual Pensions Conference Tuesday 28 September 2010 Delivering pensions in a new era of austerity
LCP Annual Pensions Conference Tuesday 28 September 2010 Delivering pensions in a new era of austerity Lane Clark & Peacock LLP Trustee Consulting Investment Consulting Corporate Consulting Insurance Consulting
More informationThe Independent Schools Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures
Established in 1996 in consultation with the Independent School ISPSBursars Association The Independent Schools Pension Scheme A Guide for Members CARE and Final Salary Benefit Structures A Guide for Members
More informationBT PENSION SCHEME SECTION B. Explanatory booklet for Members who joined Section B of the BT Pension Scheme between 1 December 1971 and 31 March 1986
BT PENSION SCHEME SECTION B Explanatory booklet for Members who joined Section B of the BT Pension Scheme between 1 December 1971 and 31 March 1986 (and Section A members who elected to be subject to Section
More informationVodafone UK Defined Contribution Pension Plan
1. Introduction Vodafone UK Defined Contribution Pension Plan Statement of Investment Principles This Investment Statement sets out the principles governing decisions about investments for the Vodafone
More informationConsiderations for Evaluating Target Date Glide Paths
Considerations for Evaluating Target Date Glide Paths Stefan Hubrich, CFA, Ph.D., Director of Asset Allocation Research, T. Rowe Price Judith Ward, CFP, Senior Financial Planner, T. Rowe Price Things to
More information