On Tuesday, we held our final Future Influencers event of the year in our new offices, just off Liverpool Street in London. The event itself is approaching its second anniversary and there was a mix of familiar faces plus those attending for the first time. Despite the Monopoly-themed surroundings, there was no domination of a single entity and we were instead treated to three highly insightful presentations on current pension topics over breakfast.
The Future Influencer events, for those who are unfamiliar with them, aims to bring together up-and-comers within the pensions industry, from a wide range of professions: legal, actuarial, trustees and administration, to name a few. By building networks and sharing insights around our various roles, our hope is that this will lead to more innovative service delivery within the industry. So, without further ado, let’s look at what we discussed: Read more »
Spence & Partners, the UK pension actuaries and administration specialists, today shared its concerns that with figures from the ONS* showing newborn female babies are expected to live to 93, and male babies to at least 90, if pension savers don’t fully understand longevity risk (that they will outlive the funds in their pension pot) when planning their savings, they may be facing a long and financially difficult retirement.
David Bogle, Mortality Expert, Spence & Partners said: “People need to start understanding how their retirement prospects will be impacted by uncertainty around their own life expectancy. Research published last week by the Office of National Statistics (ONS) projected that in 50 years’ time newborns in the UK will be expected to live past 97 – life expectancy has vastly increased since previous generations, and this underlines the importance of fully understanding our own longevity risk and ensuring we are putting enough money aside. Unfortunately we just don’t expect to live as long as we will, and it is crucial that this is factored in to everyone’s retirement planning.” Read more »
The Pensions Ombudsman appears to have adopted a pragmatic and flexible approach in dismissing case PO-5688 regarding delayed settlement of a transfer value payment..
Mr David Brackley, a member of the Travel Automations Systems Retirement Benefits Scheme, complained that Capita (then Bluefin), the Scheme’s administrators, unreasonably delayed the provision of a transfer quotation and the subsequent processing of his request to transfer. While The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (SI 2008/1050) may not be this year’s stocking-filler, it offers the statutory timescales to complete a transfer value payment. To recap, trustees must provide the cash equivalent transfer value within three months, and then the member has three months (from a guarantee date) in which to accept. The member is then required to confirm acceptance in writing and the transfer value must be paid within six months of the guarantee date. Read more »
Spence & Partners, the UK pension actuaries, investment and administration specialists, today welcomes the publication of The Pension Regulator’s (TPR) Integrated Risk Management Guide, and urges trustees to review scheme management in line with the new principles.
The guidance from TPR sets out practical help on what a proportionate and integrated approach to risk management might look like and how trustees could go about putting one in place. Spence already adheres to the guidance with its ‘Spence Approach’. Read more »
The Pensions Regulator has recently issued a report on the 2015 Trustee Landscape Research. For your convenience we have summarised the key findings from this report. We have also highlighted, what we think, trustees should consider going forward in our conclusion.
The survey results are based on 816 telephone interviews with trustees from DB, DC and hybrid schemes with at least 12 members.
Click here to download the report now.
If you would like to read the full report from the Regulator, you can download the report here: http://www.thepensionsregulator.gov.uk/docs/trustee-landscape-quantitative-research-2015.pdf
It is that time of year where it is traditional to reflect on the last twelve months and look forward to the year ahead. It would be nice to say that is has been a relatively calm year in the world of pensions. However, I think we can all agree, that despite the slow start, 2015 was a bit of a pensions whirlwind.
This year, it was up to me to take a closer look at the impact 2015 has had on your pension schemes, from pensions liberation and DB to DC transfers, to budget announcements and court case proceedings.
For your convenience we’ve created this short update, highlighting everything you need to know, and how these events could affect your scheme. Download your copy of ‘2015 – A review of the year’ here.