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Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

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Latest news

Putting members at the heart of a bulk annuity transaction

Thursday, April 18, 2024

As a trustee, when selecting an insurer for a buy-in where you intend to move to buyout, you are effectively selecting a provider to whom you will be handing over the responsibility of looking after your scheme’s members for the rest of those members’ lives (as well as their spouses, children and financial dependants, depending on the scheme rules). This responsibility could last for 50 years or more.

Target Date Funds – a DC default solution?

Thursday, April 11, 2024

Target Date Funds, or TDFs, are a ‘one size fits all’ approach to defined contribution (DC) investing. They allow investors to select a fund closest to their expected retirement date, comfortable in the idea that the composition of the fund is managed over its lifecycle by a professional team and tailored to the investors’ time horizon and risk/return requirements.

Hello surplus my old friend? We’ve come to talk about you again…

Friday, April 5, 2024

Nearly a year after speaking at the LawDeb debate on the topic of whether DB surpluses should be returned to employers, the issue of surplus is attracting more attention than it has done since the 1980s.

Another month, another injustice

Friday, April 5, 2024

Why are our governments so unwilling to recognise a wrong and do something about it to ease the suffering of ordinary people? Why is justice so often delayed? What do they gain? If a private company gets it wrong, it is expected to fix it, but government departments seem to feel they are above such things.

Why Time is so Important for Our Economic Health

Friday, March 22, 2024

This article explains how the nature of money in an economy dramatically affects the time preference of both individuals and companies, which has huge implications for that country’s economic performance and health.

New entrants mean new opportunities

Thursday, March 21, 2024

With an ever-changing landscape in the bulk annuity market, staying abreast of new opportunities is crucial. One such opportunity that has garnered attention in recent times is the emergence of new players in the bulk annuity market.

The prospects and challenges of AI in pensions administration

Thursday, March 14, 2024

Artificial Intelligence (AI) is rapidly becoming a focal point of interest among trustees, who are increasingly keen to understand its impact on pensions administration, its practical applications, and how they can leverage it to optimise service.

A Reflection on Team Building

Monday, March 11, 2024

Throughout my career I have built teams, sometimes starting with a completely new team and in other cases building on a long-established group. I have learnt a lot of lessons about what makes a team succeed, and for me it comes down to trust, diversity and feedback.

Last one out turns off the light - The responsibility of being the last trustee

Thursday, February 29, 2024

Were you ever the last person to leave a shared rental house? One of those big houses, which has seen occupants come and go, enjoyed good, bad and some definitely ugly times and had a rather, ahem, varied history in terms of maintenance and general housekeeping.

Governments and central banks are destroying the value of your money

Thursday, February 22, 2024

It is time we look at how the value of money is being destroyed, why it is happening, and what you can do about it.

I’ll tell you what we want, what we really, really want!

Friday, February 16, 2024

The last few weeks have been interesting on the scams front. The release of the ITV drama, Mr Bates vs The Post Office, based on a true story of injustice, raised public anger at the callous treatment of sub-postmasters by those in charge.

All in favour say “aye” – How might board diversity change our decision-making process?

Thursday, February 8, 2024

The Pensions Regulator has made its position clear - diverse and inclusive boards make better decisions.

UK Pension Trustees: is switching advisers the right thing to do?

Thursday, February 1, 2024

Key advisers such as lawyers, actuaries and investment consultants play an important role in trustee decision-making. Given the complexity of pension funds and the need for trust in the relationship, adviser appointments are generally long-term affairs.

Change is afoot in the bulk annuity market

Friday, January 26, 2024

Following M&G’s (re)entry into the market in September 2023, announcing a £330m deal for their own scheme, the M&G pension scheme, commentators are predicting that there will be further new entrants into the market in 2024, and possibly some consolidation of existing insurers too.

How can trustees of DC pension schemes increase member engagement?

Thursday, January 18, 2024

We get it. On the surface, pensions can seem confusing and easier to think about at some other time instead. This often ends up being when it’s almost time to retire!

Stewardship priorities

Wednesday, December 13, 2023

In June 2022, the Department for Work and Pensions (“DWP”) published guidance for Trustees of Occupational Pension Schemes, concerning stewardship policies, and specifically priorities.

A 21st Century solution for a 21st Century problem

Friday, December 8, 2023

Last week I spoke twice in Parliament about the unfair tax treatment of investment fraud victims. I also spoke to various media outlets on the same topic. It is good to see increasing interest in this injustice – a clear case of authorities being both deaf and blind to citizens’ hardship and stress.

Five takeaways from the DWP’s review of TPR

Thursday, November 30, 2023

Nigel Cayless of Sackers provides an overview of the key points from the Department for Work and Pensions review of the The Pensions Regulator.

Is this the dawn of a new era in pension scheme de-risking?

Thursday, November 23, 2023

The last few months have seen non-insurance de-risking transactions get over the line. In August the second capital backed journey transaction was completed on a sub £100m DB scheme, followed by the recent announcement that Clara had completed a £590m transaction with the Sears Retail Pension Scheme securing the benefits of c. 9,600 members.

The AI Revolution: How it could potentially transform the UK Defined Benefit Pensions landscape

Thursday, November 16, 2023

Artificial intelligence (AI) could be on the cusp of transforming the defined benefit (DB) pension sector in the UK; an area traditionally somewhat slow in embracing technological advancements.

Can technology and people combine for superior pension fund outcomes?

Thursday, November 9, 2023

Jaco Wasserfall of PensionSmith discusses the notion that both a blend of the human-touch and technology, can only be beneficial for pension savers.

In the Wake of a Crisis - 12 months later

Monday, October 30, 2023

One year on, George Scurr of Quantum Advisory evaluates the impact of the gilt crisis on pension portfolios.

Predators Stalking our Pensions

Friday, October 20, 2023

Margaret Snowdon argues that fraud prevention creates a net benefit for everyone, not just potential victims.

How can non-experts challenge the experts?

Friday, October 20, 2023

As a trustee it’s your duty to take advice. It's also your duty to scrutinise and, where appropriate, to challenge that advice.

But some pensions advice is incredibly technical and complex.

Has Automatic Enrolment Succeeded?

Tuesday, October 10, 2023

This month marks the 11^th anniversary of Automatic Enrolment (AE), first introduced in the UK in October 2012, following the Pensions Act of 2008.

But has it worked?

Post buy-in for bulk annuities

Thursday, October 5, 2023

Unless you’ve been in hiding, it won’t have escaped you that the demand for bulk annuities has skyrocketed over the past year, primarily due to the increase in gilt yields and an increased willingness for sponsors to fund DB scheme deficits.

What would pensions and investments look like with sound money?

Friday, September 29, 2023

Sam Roberts of Cartwright muses about how the pension system could work under a different monetary system.

Enhancing Pension Fund Communication: Fostering Trust and Overcoming Challenges

Thursday, September 14, 2023

When it comes to retirement planning, effective communications between pension providers and their members are key to building trust, bolstering financial literacy, and ensuring a secure financial future.

Beware the duck sized horses

Wednesday, September 13, 2023

Would you prefer to fight one horse sized duck or a hundred duck sized horses? What about thousands of duck sized horses? If your pension scheme has the power to make a discretionary transfer, then you should think about this question when designing your due diligence procedures.

Seven key lessons for schemes thinking that transacting with an insurer is the solution

Tuesday, September 5, 2023

ZEDRA Governance Client Director Alan Greenlees considers the crucial factors trustees should consider when contemplating buy-out for their schemes.

Shifting the paradigm – support the victims and pursue the scammers?

Thursday, August 31, 2023

Margaret Snowdon, Chair of PSIG, argues that putting the focus on perpetrators rather than victims is an essential step in the fight against pension scamming.

Discretionary decisions: Why do you need a lawyer when there is no one right answer?

Thursday, August 17, 2023

Many of the decisions that trustees make are discretionary decisions. Basically, as trustees, you have the power to decide what to do.

Cyber Security – An increasingly risky outlook

Thursday, August 10, 2023

Chris Heirene of Quantum Advisory provides some valuable advice with regards to how Trustees can protect themselves and prepare against cyber attacks

Small Scheme Buy-ins and Pensions Consolidation

Thursday, August 3, 2023

Mark Foster comments on how small pension schemes can be better prepared for a potential insurance transaction

Mansion House Reforms

Friday, July 28, 2023

Sam Roberts comments on the Chancellor's recent Mansion House speech

Master Trusts - how to turn dashboard delay to huge opportunity for member engagement

Thursday, July 20, 2023

The postponement of the Pensions Dashboard Program until October 2026 has put master trusts, that were hoping to utilise this tool as a way of positioning themselves as consolidators in the pensions industry, into a state of strategic re-evaluation.

Welcome on board!

Friday, July 7, 2023

Some obvious, and some less obvious, reasons why it’s good to have new trustees

Stewardship in India: findings from a recent survey

Thursday, July 6, 2023

Ensuring that investment practitioners in emerging markets integrate responsible investing practices into the way they invest is critical to attracting and retaining global capital.

“It needn’t be perfect – just get it going”

Friday, June 30, 2023

Margaret Snowdon suggests improvements to pension transfer regulation

Six things every Chief Financial Officer can do to support their pension scheme

Friday, June 23, 2023

Dan Richards, Client Director, ZEDRA Governance explains key areas where CFOs can help to support good scheme governance and effective decision-making.

How to get data ready

Friday, June 16, 2023

The market for buy-in/buy-out has grown exponentially post the LDI crisis of last year with many schemes finding themselves in a position of funding they couldn’t have predicted. This has provided them with a much earlier opportunity to buy-out, but their data could be holding them back.

Illiquid assets – a blocker to buyout?

Thursday, June 8, 2023

With recent rapid increases in interest rates and the positive impact that has had on most DB pension schemes’ funding levels, many find themselves in a funding position to afford buy-out.

Don’t miss an opportunity - what should a good transition look like?

Friday, June 2, 2023

There is a growing trend in the market to switch administration providers. There are many reasons why a Scheme may look to move their administration from their existing third-party administrator to a new provider.

Dashboards: Technology is great but don’t forget the member!

Wednesday, May 31, 2023

The UK pension dashboard scene has witnessed significant developments, albeit facing its fair share of challenges and delays.

Governance in Emerging Markets

Friday, May 19, 2023

“Weak governance” is often cited as a reason for avoiding emerging markets, despite the diversification and return opportunities that investing there can bring to an institutional portfolio.

A New Era for LDI

Friday, May 12, 2023

In less than a year the world of LDI has changed dramatically.

When is a penalty not a penalty?

Friday, April 28, 2023

No, I’m not talking about football, but that other kick-about sport: HMRC’s relentless pursuit of tax from scams victims. And yes, I’ve talked about it until I am hoarse, but I learned something in my research last week, which is rather Kafkaesque - and no I am not referring to the Raabster’s resignation diatribe in the Telegraph, but to a genuine injustice.

The Impact of Employment Trends on UK Pension Pots

Tuesday, April 25, 2023

Pension providers, trustees of defined contribution schemes, and employers should consider the impact of employment trends on pension pots, and reflect on what they can do to protect members.

‘I’m late! I’m late! For a very important date!’

Friday, April 21, 2023

…but unlike the White Rabbit, we aren’t worried about that.

Understanding your de-risking options

Thursday, April 6, 2023

After a tumultuous three years in financial markets, Adam Davis discusses endgame options open to scheme trustees, and the further implications that bear consideration.

Let’s be professional - changing pension administration providers shouldn’t be a nightmare

Thursday, March 30, 2023

Throughout the lifetime of a pension scheme, the provider of administration services will change at least once if not more.

The reasons for the switch are varied and complex, such as an acquisition or a merger. However, the most common reasons to change providers comes down to poor service and high costs.

An evolving dashboard is better than none at all

Thursday, March 30, 2023

Following the announcement that the launch of the Pension Dashboard will experience further delays, Jaco Wasserfall argues that staggering its release could be beneficial.

Real Estate - what will the new normal be?

Tuesday, March 21, 2023

The impact of rising interest rates to control inflation will likely have significant short- and long-term impact on global real estate markets. While initial effects are starting to be seen in loan defaults in the office sector, we believe the true impact won't be known until 2H23/1H24. With rates expected to be higher for longer, what will the new normal be for valuation capitalization rates (cap rates), real estate allocations and managers survivability?

Mirror Mirror on the Wall

Thursday, March 9, 2023

Meaningfully measuring investment performance

Eight reasons why trustee boards should take training seriously

Thursday, March 2, 2023

Trustee training is an essential component of good scheme governance, for new and existing trustees alike.

Consumer Duty

Thursday, March 2, 2023

"I had an interesting conversation with a trustee the other day, in which I happened to mention the new FCA Consumer Duty coming into play from 31^st July. “Thank goodness that doesn’t apply to us” he said. I was taken aback but also intrigued as to why such a negative reaction."

Margaret Snowdon, Chair, PSIG

The flood gates are open – are you prepared?

Tuesday, February 21, 2023

Analysis shows that DB pension scheme funding has improved from c.70% back in March 2021 to over 90% by the end of 2022...

Pension Dashboard will shine a spotlight on the elephant in the room; the gender pension gap

Tuesday, February 21, 2023

An issue that has received lots of attention over recent years is the gender pay gap. However, that is only a drop in the ocean compared to a bigger issue, the pension gender gap. The upcoming release of the dashboard will hopefully result in the spotlight shining brighter on this increasingly important topic.

Hedge Funds - Multistrat vs HFOF

Tuesday, January 31, 2023

Hedge funds have long been a popular alternative investment choice among pension funds but have waned in popularity in recent years. In 2020, European pension funds had an average 5% allocation to hedge funds (44% of funds surveyed were in the UK).[1]

The bumpy road to Disneyland

Friday, January 13, 2023

Mohamed El-Erian, Chairman of Gramercy and previously CEO of PIMCO, recently described the future for investors globally as the “bumpy road to Disneyland”. He described a picture of an excited father and son leaving for Disneyland but arriving all tired and exhausted after going through traffic, detours, and travel sickness. (...)There have been many bumps on the road, whether it is regulation, geopolitics or COVID lockdowns. It’s worth revisiting why one should travel to Disneyland

10 reasons why bulk annuity transactions are happening

Friday, January 13, 2023

Some trustees and employers still assume a bulk annuity transaction isn’t going to happen or if it is, that it’s in the distant future. What’s interesting is that many are surprised by what’s possible and how close they might be to securing members’ benefits.

2023 - The year for kindness and common sense

Friday, January 13, 2023

2022 has been a turbulent year causing confusion and anxiety everywhere, even in pensions where we are often content to be boring. In fact, a bit more of boring wouldn’t go amiss sometimes!

I am, by nature, an upbeat soul – positivity and hope for change drives me. But 2022 was a challenge - some disappointing outcomes on the personal and professional front that sapped enthusiasm. - Margaret Snowdown

ESG and Fiduciary Responsibility: Europe vs US

Tuesday, December 13, 2022

Institutional, private, and public capital globally have largely contributed to the surge in ESG related investments; currently estimated to be approximately $35 trillion and growing^[1]. This phenomenon has led to increased interest and scrutiny of ESG investing.

Buyout Aware Investment Strategy

Tuesday, December 13, 2022

Over the past 12 months the landscape for UK defined benefit (“DB”) pension schemes has forced trustees and their advisers to focus their attention on their investment strategy and grasp de-risking opportunities as they are presented. Throughout the year headwinds have been coming from all directions: geopolitical risks, stubbornly high inflation, and not least the recent spike in UK gilt yields which caused a tail risk event to occur for schemes holding liability driven investing (“LDI”) strategies.

Bulls vs Bears

Tuesday, November 29, 2022

A relief rally by global equities continued in the first half of August before hawkish comment from the US Federal Reserve sent global markets back into a downtrend. Since then, it’s been a mixed ride driven by inflation news and interest rate expectations. The Chinese markets, while driven by different factors, were equally volatile: a Party Congress, erratic foreign sentiment, COVID lockdowns and releases, a property sector slowdown. Despite pockets of good news on exports and infrastructure investment, China’s economy remained lacklustre.

Mission Possible?

Monday, November 14, 2022

Isn’t it typical of Hollywood that Mission Impossible isn’t actually impossible after all. Rather, perfectly doable with a bit of daring, a bit of willing, a mild disdain for the rules and a winning way with prosthetics.

Clearing up misconceptions about LDI

Thursday, November 3, 2022

Much of the press coverage on LDI during the recent market turmoil has, been inaccurate and based on, what we can only assume to be, misunderstandings. The biggest example of this being the suggestion that pension schemes were on the brink of insolvency and that large amounts of leverage was being used to generate returns. This was not the case.

Reflections

Thursday, November 3, 2022

Richard Butcher looks back at his time as managing director of ZEDRA (previously PTL) and reflects upon the changing world of professional trusteeship

Early retirement in times of high inflation

Thursday, November 3, 2022

The unusually high level of inflation being experienced in the UK is forcing trustees of defined benefit schemes to review their schemes and consider the impact of this on members who are considering taking early retirement imminently.

The good news struggling to get out from the LDI crisis

Wednesday, October 19, 2022

Pensions is in the news, and not in a good way. The recent turmoil in the gilt markets has been very heavily driven by the actions of defined benefit pension schemes who have needed to post material levels of collateral on their liability driven investments (LDI) as long-term interest rates have risen, and fast.

Creating engaging pension communications with impact

Wednesday, October 5, 2022

We know that pensions is a very complex subject. There’s a serious lack of confidence among large groups of members that can easily lead to the dreaded inertia. Which is why your approach to communicating the ins and outs of your scheme to those who need a little help is so important.

Central Banks Have Caught Themselves in a Trap

Wednesday, October 5, 2022

Could Bitcoin be Part of the Solution?

The small scheme buyout BOOM

Thursday, September 29, 2022

I passionately believe that our industry must do more to help smaller schemes. By number, small schemes make up the vast majority of all private sector DB schemes in the UK. The Pension Protection Fund’s (PPF) 2021 Purple Book showed that approximately 36% of all PPF-eligible DB schemes had fewer than 100 members and a further 44% had between 100 and 999 members – so that’s 80% of all schemes.

Pension scammers over the years

Tuesday, September 27, 2022

Scams have changed, but somehow remain the same. More and more people have joined the fight against pension scams - However we must pay attention and government, regulators, police and courts must act in lockstep.

How to put the ‘S’ in your ESG policy

Tuesday, September 27, 2022

The importance of good governance has been understood and assessed for many years, with investors paying close attention to the composition, behaviour, and running of corporate boards. Similarly, the full reality of climate change has become mainstream news, with the COP26 summit in Glasgow last year putting pressure on governments and investors around the world to limit the damaging effects of global warning.

Winners today may be losers tomorrow

Tuesday, September 27, 2022

“Past performance is not indicative of future results”

Pension Scams: How They Are Evolving & What More Can We Do?

Tuesday, August 30, 2022

The recent publication of the joint Pension Regulator and National Fraud Investigation Bureau Pension Scams Threat Assessment provided insightful commentary into how pension scams have changed over the years. Nothing stays the same of course and it is unsurprising that those who wish to rob hard-working people of their financial security in retirement have continued to explore different and more effective ways of doing so.

Livestreaming e-commerce

Tuesday, August 30, 2022

During times of turbulence and economic volatility, it is very easy to forget the main reason for investing in China. It is the single largest digital-savvy population globally presenting excellent opportunities for innovative entrepreneurs to exploit. The emergence of live streaming e-commerce in China is an example of this innovation.

It’s time to prepare for pension dashboards

Tuesday, August 30, 2022

It’s fair to say that the evolution of pensions dashboards has been a marathon, not a sprint. But over the last year we’ve seen major progress in terms of timetables, scope, and specifications for their launch. It’s now time for pension schemes to play their part to help savers keep track of their pension savings and make better plans for their retirement.

Data Cleansing

Tuesday, July 5, 2022

Getting ‘transaction ready’ – you snooze you lose!!

Solvency II reform: More clarity for bulk annuity insurers

Tuesday, June 28, 2022

In our March blog, we commented on the first glimpse of the UK Government’s proposed reforms to the “Solvency II” regulations that set out how much capital UK insurers are required to hold, which were outlined in a speech by John Glen MP, the Economic Secretary to the Treasury. On 28 April, HM Treasury published a consultation paper providing more detail on the proposed reforms.

Buy-out and risk transfer – a case study by Chris Mason, Senior Consultant & Actuary at Quantum Advisory

Monday, June 20, 2022

Helping Trustees to navigate the challenges of a buyout for a small scheme

Is China investible?

Monday, June 13, 2022

Does investing in China still make sense?

What is Value for Money?

Monday, June 6, 2022

“Man must measure”, wrote the mathematician Lancelot Hogben over sixty years ago. A little later Peter Drucker allegedly asserted “if it cannot be measured, it cannot be managed” – although a more complete quotation would be “What gets measured gets managed — even when it’s pointless to measure and manage it, and even if it harms the purpose of the organization to do so.”

Are we currently seeing the emergence of a new global monetary system?

Thursday, May 26, 2022

After World War 2, the US and other developed economies, agreed to establish an international gold backed monetary system. Under this system they agreed that US dollars could be converted to gold upon demand at a fixed exchange rate. This system was maintained until 1971 and made the US dollar the global reserve currency.

Administrator, you shall go to the ball!

Thursday, May 26, 2022

Pensions administration is often described as the “Cinderella service”. While the ugly sisters go the ball in all their gaudy finery, Cinderella is left behind to clean the house and nibble on a few crusts. We make the comparison in jest, but behind the kindly humour there is a great deal of truth.

How to create a more diverse, inclusive trustee board

Friday, May 20, 2022

Auto-enrolment has permanently changed the demographics of pension saving. While there is still more to be done to make sure everyone can save comfortably for retirement, more women now save into a defined contribution (DC) pension than ever before, and saving among young employees has skyrocketed from around 25% in 2009 to 85% in 2020[1].

Is the buyout market capacity crunch here?

Wednesday, May 11, 2022

Insurers have the capital and appetite to write a vast amount of bulk annuity business each year and, to date, a lack of insurer capacity has never been an issue for pension schemes looking to purchase a bulk annuity.

And you thought equal pay was the issue?

Wednesday, May 11, 2022

Karen Partridge discusses how important it is to change how and when the pensions industry engages with women

Pensions Act 1995 – 25 years on…

Wednesday, April 27, 2022

Would you believe the Act is now 25 years old, having come into force on 6 April 1997, and is probably the most important legislation in the industry’s history?

Print in Haste, Repent at Leisure

Wednesday, April 20, 2022

I try to live by the maxim: act in haste, repent at leisure. After drafting anything longer than an acknowledgment email, I like to leave it a while (preferably overnight) before one final sense check. It is slower, but any mistakes might become visible with fresh eyes.

The opportunity in China small cap

Tuesday, April 12, 2022

Chinese regulators have been busy with a crackdown against monopolistic behaviour by large domestic companies as part of the drive for “Common Prosperity”. A consequence of this is a more competitive environment which creates opportunities for smaller companies. And yet this space is largely unexplored in China.

Managing downside risk in defined benefit schemes

Monday, April 4, 2022

Investment strategy is the powerhouse of any defined benefit (DB) scheme. Strategies are as unique as schemes themselves, based on characteristics such as the maturity of the membership, strength of the sponsor covenant, scheme rules and a host of other factors.

Pension Scams: How Will We Know If We Are Making A Difference?

Friday, April 1, 2022

The publication of the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 rightly received extensive coverage in the pensions press and media - they represent a significant step forward in the fight against pension scams. It is hoped that the new statutory powers afforded to trustees will make a real difference and provide much needed protection to scheme members.

Shades of Green

Thursday, March 31, 2022

The evolution of ESG investing - What information do we need to help us take that first step?

Why the war in Ukraine affects every pension scheme, however small

Monday, March 14, 2022

The current situation in Ukraine is unsettling and concerning on many different levels. We hope it will de-escalate as soon as possible and our thoughts are particularly with those at personal physical risk – I can’t imagine what they’re going through right now.

Solvency II reform – Seismic Shift or Gentle Transformation?

Monday, March 7, 2022

It has been known for some time that the UK Government and the financial services regulatory body, the Prudential Regulation Authority (PRA), have concerns with “Solvency II”, the current rules that set out how much capital UK insurers are required to hold.

'Conditions for Transfers Regulations' - Is this a positive step or an unwelcome development?

Thursday, February 17, 2022

In this blog Margaret Snowdon discusses that more is to be done in defining the latest transfer regulations, but urges we should be careful that we don’t let perfect become the enemy of the good.

The wider implications of regulation

Tuesday, February 15, 2022

If the leitmotif of the present age is ‘sustainable’, its obverse is just as evident. Housing, child care, social care (any kind of care), financial advice – you name it, how often do we see it labelled ‘unaffordable’, implying ‘unsustainable’ by extension.

Another turbulent year for investors: China in 2021

Tuesday, February 15, 2022

As China enters the Year of the Tiger, we look back on a tough 2021. The long-term uptrend of large consumer companies like Alibaba and Tencent ended abruptly as the state prioritised objectives like social stability and common prosperity

Key issues for trustees in 2022

Monday, February 7, 2022

With 2021 behind us, and an uncertain outlook for the year to come, we asked three PTL Client Directors for their views on the top issues facing pension trustees in 2022.

Pensions dashboards – Lots of cooks but how do we avoid spoiling the Rice, Rice, Baby?

Monday, January 31, 2022

Our appetite for pensions dashboards has been well and truly whetted. Now they’re just around the corner, it’s worth considering the sheer number of ingredients needed to ensure they’re a resounding success.

Getting to buyout – the importance of using the best partners

Thursday, January 20, 2022

For many small schemes who do not have access to the same depth of resources as their bigger counterparts, getting to buyout can seem like a moonshot. A seemingly impossible target that is too far away, too expensive, and too difficult to attempt. Even the prospect of insurance and all that it involves can be overwhelming.

Pensions risk settlement in 2021: A year in review

Wednesday, January 19, 2022

Make your first steps now, de-risk before transacting.

Benchmarking cash

Wednesday, December 22, 2021

It has become apparent that inter-bank rates have regrettably long passed their sell-by date. This is in part due to the way they are calculated...

On the limitations of legislation

Thursday, December 9, 2021

Pension scheme trustees, administrators and advisers have been much exercised lately by new pension transfer regulations from the DWP.

Reducing carbon emissions in emerging markets

Thursday, December 9, 2021

A case of necessity trumping over the environment?

Sponsors need value for money too: managing costs in defined benefit schemes

Tuesday, November 30, 2021

Getting value for money is one of the most hotly debated topics in pensions – and rightly so.

The focus is often on value for members in defined contribution schemes, but defined benefit (DB) trustee boards must also be able to show scheme sponsors that they are running their scheme cost-effectively.

Scams: the beginning of the end?

Tuesday, November 30, 2021

At last. We have the regulations to help trustees and managers just say no to suspect transfers. Hooray! Put out the bunting! Pop open the bubbly!...

‘Parents, schools, government; where does the responsibility lie when it comes to educating children about pensions?’

Monday, November 1, 2021

With the State Pension Age (SPA) and Minimum Pension Age (MPA) both set to rise respectively, and according to the Actuarial Post, two thirds of adults are unsure whether they will have enough money to retire, there has never been a greater emphasis on the need to begin to save from a young age.

4IR and the pensions industry’s juxtaposition, success will be in keeping it personal

Monday, November 1, 2021

It’s an exciting time to be a consumer. New technologies are constantly being created to simplify and enhance our lives, and the way we live and work has been transformed in recent years, with sweeping changes across many sectors from supermarket shopping to online banking.

China’s tech giant edge

Thursday, October 21, 2021

China is the only country besides the USA that has delivered several multi-billion dollar technology companies. Why is this? We try to unpack the key ingredients in this article.

”Common Prosperity” in China

Thursday, October 21, 2021

Chinese regulatory events have dominated recent market news. This regulatory activity led to volatility across the Chinese markets as foreign investors in particular became concerned about China’s policy direction with some even questioning the government’s commitment to a market economy. Numerous sectors have been targeted, whether it is after-school education, online gaming for children, or most recently gambling licences in Macau.

What we talk about when we talk about pensions

Monday, October 11, 2021

A former Chancellor threw open a stable door seven years ago, and the pensions industry has been the same ever since. Yes, the same, in one sense: we still talk the same language. Even though fewer and fewer people have pensions: private sector employees are instead building up – or as we say, ‘accruing’ – pots of money.

Trustees and sponsors: 5 tips for building better relationships

Tuesday, September 21, 2021

Pension schemes thrive when there is a good relationship between the trustee board and the scheme sponsor. For defined benefit (DB) schemes, that relationship sits at the heart of scheme governance, influencing everything from day-to-day tasks through to major discussions over scheme direction and funding.

The case for DC Consolidation?

Tuesday, September 21, 2021

Earlier this summer DWP published its consultation: ‘Future of the defined contribution pension market: the case for greater consolidation’.

Member engagement – the next generation

Thursday, September 2, 2021

It's essential for members to be engaged with their pension fund if they're to make informed, active decisions and value the benefit they're receiving. The tricky bit is how to obtain that engagement. At CEM we believe that appropriate engagement channels and timing are key to maximising member engagement.

Standing out in the crowd

Friday, August 27, 2021

The bulk annuity market is buoyant, but you might not realise it looking at recently published numbers on transaction volumes. The first quarter of 2021 was relatively quiet but since then the number of schemes approaching the insurance market has been very high.

“Funding - are you missing an opportunity?”

Wednesday, August 25, 2021

In DB pensions, we know that opportunities will come but we also know that time is running out as schemes move towards their end-game.

How do you solve a problem like…pensions?

Wednesday, August 11, 2021

How do you catch a cloud and pin it down? If the 1950s gave us The Sound of Music, it seems we all now need to start to face the music when it comes to pensions savings.

Shifting the Balance

Tuesday, August 10, 2021

As we navigate our way out of the Covid-19 restrictions July 19 was hailed as Freedom Day. But, how free are we? We are surrounded by ‘freedoms’, but when is freedom really freedom?

Not a Pointless Answer I’m Afraid

Wednesday, July 21, 2021

Ignorance of the law (and of regulation) is no defence against the consequences of a breach. So it is important to know what it is and understanding what it means in practice.

Cost vs Performance

Thursday, July 15, 2021

One of the most interesting things about having lots of data is the unexpected things you discover when you start playing with it.

Nudging members toward better retirement choices

Thursday, July 15, 2021

The Financial Conduct Authority (FCA) has released a consultation titled ‘The stronger nudge to pensions guidance’. Its aim is to create an environment where consumers are encouraged to take the right guidance at the right time to support them to make informed decisions.

The Road Ahead is Under Construction

Thursday, July 15, 2021

We are all waiting for the expected regulations on transfers, bringing in the curbs to the statutory right to transfer. PSIG has battled long and hard for legislation to help trustees do the right thing by members tempted by dodgy offers, so we are fully supportive of the DWP regulations to come, and indeed, have helped form them.

The Investment Podcast: Sustainability in private credit – can the two go hand in hand?

Tuesday, July 6, 2021

While sustainability has been most obviously implemented within public markets, appetite from investors to access private market opportunities has grown. With fewer disclosure requirements, and challenges in providing tangible evidence and data that prove the sustainability of business operations, can allocations to private credit be coherent with a desire to increase sustainability in investment? Catherine Ross and Fiona Hagdrup at M&G Investments sit down to explore the compatibility of these two investment aims.

Considering climate risk – some pointers for trustees

Friday, July 2, 2021

Richard Butcher discusses the “must do’s” versus the “can do’s” when it comes to climate change and investments.

CTI Templates - fail fast, learn fast

Friday, July 2, 2021

CTI has been a success. It has improved the flow and consistency of cost data coming from investment managers, but challenges remain. Anyone collecting templates, either within an asset owner or an intermediary, need to learn fast to make the data useable.

The Investment Podcast: Navigating the road to real estate recovery

Friday, June 25, 2021

Picking up on the themes from their latest Global Real Estate Outlook, the real estate team at M&G Investments discuss the outlook across different sectors and geographies. Which could see rapid growth and which may lag behind? They also explore the potential impact of inflation on the asset class.

Setting your pension strategy – now is the time

Friday, June 18, 2021

A trustee’s ultimate responsibility is to ensure that benefits are paid in full up to and including the final payment to the very last member. The challenge is how to deliver on something that is so far away.

Are DC contribution levels enough in the current low economic growth world?

Friday, June 18, 2021

Understandably a lot of the focus in the last 15 months has been placed on the short-term impacts on the financial wellbeing of individuals and businesses alike from the Covid-19 global pandemic. Whilst engagement by Trustees and members in Defined Contribution (“DC”) pension arrangements have seen a boost over the period, our experience is still that DC arrangements are often forgotten by sponsoring employers when compared with their Defined Benefit (“DB”) counterparts.