Well, the wait is finally over. Horton v Henry has been decided. After hearing arguments in April and deliberating over this important decision for 6 months, the Court of Appeal released their much anticipated judgment on 7th October 2016. Unfortunately for me, this came a week after my summary of the case history was published in PMI News with a “wait and see” conclusion on the Horton decision. The Lord Justices clearly forgot to give me a heads-up… so rude!
Anyway, as mentioned in my article and earlier blog this decision has been a long time coming. A controversial and potentially devastating judgment for bankrupts (Raithatha in 2012) has been put to bed, meaning bankrupts can now breathe a sigh of relief that their entire pension pots post Pension Freedoms are not at risk of an Income Payment Order. Read more »
One thing you can be sure of is that there is no shortage of pension updates hitting your inbox on an almost daily basis – updates we don’t always get round to reading. Here at Spence we like to be helpful so to save you time, the team have scoured the news and developments which have impacted the pensions world in the last quarter and produced an update of the most topical, newsworthy and essential matters that you need to see to keep you updated and informed.
This quarters highlights include
- 5 investment questions to ask post Brexit.
- We are still in Europe so how does this affect risk assessment frameworks?
- Gilt yields have been detrimentally effected by Brexit but what does this mean for transfer values and funding?
- We explain HMRC’s latest announcement on VAT and pension schemes.
- What’s been happening with the Pensions Ombudsman and in the Court?
- Governance has been tightened up for DC Schemes. We explain how.
Read more »
Our latest report details market movements over the 3 month period to 30 September 2016, and how this impacts the key financial assumptions required for determining pension liabilities under FRS102 or IAS19.
Major asset classes have had a strong performance over the 3 month period to 30 September 2016. This strong performance follows on from the similar growth experienced in the previous quarters. However, it is likely that any investment gains will have been more than offset by increases in schemes’ liabilities resulting in lower funding levels. To help draw attention to the practical implications, the effect of these market conditions have been illustrated on a typical pension scheme.