Rethinking DB PENSIONS

Transcription

1 Rethinking DB PENSIONS Time for Change Including discussion of the 2017 DWP Green Paper Security and Sustainability in Defined Benefit Pension Schemes Keynote contributions from: Alan Rubenstein Chief Executive PENSION PROTECTION FUND and Mark Boyle Chairman THE PENSIONS REGULATOR SPECIAL RATES FOR SCHEME SPONSORS AND TRUSTEES One Day Conference Wednesday 12 July 2017 Canary Riverside Plaza Hotel 46 Westferry Circus, Canary Wharf, London E14 8RS

2 The sustainability of the UK s private sector defined benefit pension system has long been debated but in 2016 attracted particular public scrutiny as a result of the BHS saga and other high profile schemes facing difficulty. Along with soaring deficits over the past year, this has driven increasing calls for change. Numerous organisations have contributed to the discussion, producing widely diverging views at times but a rich variety of proposals. Notably, the PLSA s DB Taskforce Interim Report (Oct 2016), identified structural weaknesses in the sector and warned DB pension schemes are under severe pressure and without change the likely outcome will be hardship for members or sponsors. By contrast, the DWP s Green Paper (Feb 2017), suggested there is not an affordability crisis but clearly acknowledged scope for improvement and outlined an extensive range of options for consultation. Importantly, it also echoed wider views that stakeholders may not be fully utilising existing flexibilities that could help them meet their objectives. Although the outcome from the Green Paper is not yet known, it has added focus to the discussion. Policy makers are in listening mode and the growing momentum for reform is an opportunity not to be missed. Now is the Time for Change. The purpose of this event is to bring together a wide variety of stakeholders to discuss the best way forward. It will include detailed analysis of the Green Paper s key themes and discuss some of the consultation submissions. It will also focus on ways to improve DB within the current framework. It is intended to combine forward thinking with practical discussion for the here and now. Conference Chairman Sir Steve Webb Director of Policy ROYAL LONDON

3 Policy and Regulation The DWP s Green Paper recognises that the DB system may not be operating optimally in all areas and outlines a range of possible options, some quite radical, for reform. Which are most likely to come to fruition? Does the PPF see a systemic affordability issue with DB? How is it managing the risks it faces? Security and Sustainability in DB A Strategic Overview Alan Rubenstein Chief Executive PENSION PROTECTION FUND How does the Pensions Regulator see the outlook for DB? What s working well and where are improvements required? What difference would enhanced regulatory powers as discussed in the DWP s Green Paper make? How might additional flexibilities for stressed schemes work? How might consolidation be encouraged? And how is TPR adapting its regulatory approach to deal with emerging issues? Rethinking DB The Regulator s View Mark Boyle Chairman THE PENSIONS REGULATOR The State of DB How many schemes are stressed and at serious risk of failure? Opinions vary widely. What explains this disparity? How do you define stressed? What solutions are available? What is the True Scale of Stress in DB? Chris Curry Director PENSIONS POLICY INSTITUTE Identifying Solutions for Stressed Schemes Darren Redmayne Chief Executive Officer LINCOLN PENSIONS and Stefan Lundbergh Director CARDANO INSIGHTS Reform and Restructuring To what extent is reform necessary? Is the approach to pensions funding more dysfunctional than the DWP perceives? What powers and opportunities already exist that are not being fully utilised? How can trustee Boards help reshape DB on a more collaborative basis? What is the scope for restructuring? Reform vs Existing Flexibilities Raj Mody Partner, Global Head of Retirement & Pensions PRICEWATERHOUSECOOPERS

4 Can we Trust the Trustee? Alan Pickering Chairman BESTRUSTEES Legal Restrictions: Just Hurdles or Real Roadblocks? Faith Dickson Partner SACKERS DB Master Trusts: Consolidation in Practice Paul Murphy Head of Strategy & Business Development TPT RETIREMENT SOLUTIONS Lessons from Overseas Peter Routledge Head of Trustee Clients WILLIS TOWERS WATSON Pension Scheme Consolidation The potential benefits of consolidating smaller schemes are generally accepted but opinions differ regarding how and whether it will be achieved. Why have DB Master Trusts seen limited take-up? Is a more conducive or coercive environment a pre-requisite for greater consolidation? Might ambitious new superfunds, merging assets and liabilities, be the answer? Could current bulk annuity providers become superfund providers? Is the bundling of services, including fiduciary management, a more likely approach? The Superfund Model Ashok Gupta Chair, DB Taskforce PENSIONS AND LIFETIME SAVINGS ASSOCIATION The Role of Insurers John Towner Head of Origination, Pension Risk Transfer LEGAL & GENERAL Indexation RPI to CPI switching is a hot topic. What recent cases have there been and with what results? What should trustees and employers take into account? Is switching ever in the best interests of members? How might things change in light of the Green Paper s references to conditional indexation and rationalising indexation? RPI to CPI Switching: Cases and Considerations Arron Slocombe Partner, Pensions Department BAKER MCKENZIE Indexation Changes: Present and Future Alex Waite Partner LANE CLARK & PEACOCK

5 Registration To register for Rethinking DB PENSIONS please write clearly in BLOCK CAPITALS. Please photocopy the form for additional delegates. Then post it to the address overleaf or scan and it to Telephone enquiries are very welcome but registrations must be in writing or via our website Mr Mrs Ms Miss Dr Other First name Surname/family name Job title Company/Organisation Address Postcode Telephone Fax 463BG Ticket Options please select standard delegate ticket(s) which includes speaker documentation, powerpoint hard copies, lunch with wine, mid-morning and mid-afternoon tea, coffee and soft drinks, and post conference pack VAT at 20% 130 each Total 780 multiple ticket(s) as for standard ticket where 3 or more delegates from the same company are booked at the same time (names can be advised later) VAT at 20% 109 each Total 654 per person scheme sponsor and trustee ticket(s) as for standard delegate ticket but reduced price available at the discretion of the organisers. For full details please telephone non-delegate pack(s) for those unable to attend consisting of speaker documentation and full sound track synchronised with available visuals. Please select CD or Memory Stick For postal deliveries allow 14 days after the conference date VAT at 20% 40 Total 240 Please turn over

6 Payment Payment Method Please select one of the methods below and ensure your payment reaches us before the date of the conference. All payments must show the sender's name or, if known, quote the invoice number. A VAT invoice will be returned with your admission ticket and joining instructions. VAT No Please give your purchase order number, or reference, or the address of your accounts payable.... Bank Transfer to HSBC sort code a/c Overseas Bank Transfer IBAN GB30MIDL Swift MIDLGB22 a/c Cheque made payable to Westminster and City Programmes enclosed. Card payment. Credit cards, not debit cards, attract a 2% supplement to cover bank charges. Please telephone our accounts department on We do not take Amex. Please send me a VAT invoice. Payment method to be confirmed. The preferred payment method is internet bank transfer with delegate reference. Venue and Catering The venue is the Canary Riverside Plaza Hotel, Westferry Circus, Canary Wharf, London E14 8RS Tel (020) Registration from Opening Session Wednesday 12 July Please tick for a vegetarian lunch non dairy other dietary needs Please tick for details of overnight accommodation (not included in the registration fee). Terms The full fee becomes payable upon registration and must be paid prior to the event. Written cancellations received and acknowledged by 28 June 2017 attract a 90% refund. Registrations made and/or cancelled after 28 June are payable in full. Full substitutions are acceptable, but not part substitutions. Non appearance is chargeable. The Late Payment of Commercial Debts (Interest) Act applies. Every effort will be made to keep to the published programme. Occasionally speaker or timetable changes are unavoidable. The right to modify arrangements without liability is reserved. Personal data will be held on our database and used to inform you of other events, products and services from Westminster and City and other providers. The information may be disclosed to third parties unless you advise us not to. Please put a cross here if you do not want to receive information from us. I agree to the terms and confirm my registration. Signed Date Please send the completed form or your details to Westminster and City Programmes: POST The Coach House, Heath Farm, Tannery Lane, Send, Surrey GU23 7EF registrations@westminsterandcity.co.uk FAX (020) You may also register on our website PHONE (020) From Overseas

7 Networking Exhibiting Space As specialists in financial services we attract to our events a senior audience of thought leaders and strategic decision makers representing a wide range of organisations. You can maximise the excellent networking opportunities and simultaneously enhance your company profile by taking an exhibition space in the registration and refreshment areas. This is a cost effective way to make valuable contacts in addition to promoting your company brand, product or service. A space about two metres long includes one standard delegate ticket and also an advertisement in the conference binder. PRICE VAT Advertising An advertisement in the printed delegate binder and on screen several times during the conference day will reach all delegates plus purchasers of non-delegate packs. PRICE VAT Branding Associate your company with the event. Your logo can appear on our marketing s sent throughout the UK and overseas. PRICE from VAT Literature Distribution Make contact with all the delegates by putting your firm s sales literature or latest research or report on every delegate s desk. PRICE VAT To book any of the above facilities or discuss your requirements please contact Anna Barber annabarber@westminsterandcity.co.uk

8 Other Summer Events The 5th Conference on DB Member Options DB to DC TRANSFERS Taking the Market Forward 23 May 2017, London The Industry Forum on THE ADVICE MARKET 8 June 2017, London InsurTech TRANSFORMING INSURANCE 21 June 2017, London For further information please info@westminsterandcity.co.uk To Contact Us For registrations and networking contact Anna Barber annabarber@westminsterandcity.co.uk For conference content contact Barry Griggs barrygriggs@westminsterandcity.co.uk For database amendments contact Mark Upton markupton@westminsterandcity.co.uk For future events visit Westminster and City Programmes PHONE FAX info@westminsterandcity.co.uk BOOKINGS registrations@westminsterandcity.co.uk POST The Coach House, Heath Farm, Tannery Lane, Send, Woking, Surrey GU23 7EF WESTMINSTER AND CITY PROGRAMMES LIMITED All rights reserved. The design, format and intellectual content of this brochure are the copyright of Westminster and City Programmes. Westminster and City and the Westminster and City logo are registered trade marks. Any infringement will give rise to legal proceedings.