Pension news

Week ending 29 November 2019

New fiduciary management guidance published

The Pensions Regulator has published new guidance for trustees on running a competitive tender for fiduciary management services, in line with the CMA’s requirements. The guidance explains the key issues to consider when putting together a competitive tender exercise, including the possible use of independent third-party evaluators. The legal requirement for a competitive tender, which comes into force from 10 December 2019, applies when trustees appoint a fiduciary manager for 20% or more of their scheme’s assets.

Conservatives’ manifesto

The Conservative party has published its general election manifesto, which includes the following pension-related policies:

  • address the problems which the tapered annual allowance is causing doctors
  • maintain the triple lock for State pensions
  • reintroduce the Pension Schemes Bill
  • review the net pay anomaly
  • raise the threshold for National Insurance contributions to £9,500 (with the ambition of eventually raising it to £12,500).
HMRC would like to jog members’ memories

In its latest Pension Schemes Newsletter, HMRC has asked scheme administrators to remind members to declare their annual allowance charges on their self-assessment tax returns. This declaration is required even if the member’s scheme is paying the charge. HMRC acknowledges that “scheme members are forgetting to declare” these details on their tax returns.

National Grid buys in again

The National Grid UK Pension Scheme has agreed a £1.6 billion buy-in with Legal & General, covering the benefits of around 6,000 pensioner members. This is the scheme’s second buy-in of 2019, the first being a £2.8 billion bulk annuity with Rothesay Life, which was announced in November.

Recent publications

News

BAC News

Hymans Robertson announces today that it has acquired Bath Actuarial Consulting (BAC). At the same time Andrew Udale-Smith and Leonard Bowman from Bath Actuarial Consulting (BAC) will be joining the firm as new Partners.

News

29 January 2021

In the news over the last week, the DWP responds to its consultation on climate risk governance and reporting for pension schemes, transfer-blocking powers could be on the horizon, MaPS delivers on pension guidance and there’s more de-risking.

Arena

Pensions Arena October 2020

This quarter’s Arena has a summary of our recent Pensions Perspective, “Endgame planning comes of age”, which looked at how long-term funding and investment plans are evolving and why companies are increasingly taking the lead in designing an endgame strategy. It also shows all the usual financial and investment analysis for the quarter ending 30 September 2020.

Perspective

Endgame planning

Journey plans or glide paths may have been around for a long time but they’re at the heart of the Regulator’s proposed new funding code. In this Pensions Perspective, Leonard Bowman looks at how long-term funding and investment plans are evolving and explains why companies are increasingly taking the lead in designing an endgame strategy for their schemes.

Arena

Pensions Arena July 2020

This quarter’s Arena has a summary of our recent Pensions Perspective, “Emerging from lockdown”, which looked at how best to tackle the most common pension issues which companies are currently facing. It also shows all the usual financial and investment analysis for the quarter ending 30 June 2020.

Copyright © 2012 – 2018 Bath Actuarial Consulting Limited
Unit 13A | Church Farm Business Park | Corston | Bath | BA2 9AP | Telephone: +44 (0) 1225 481450
Registered Address: 37 Great Pulteney Street, Bath BA2 4DA | Company Registered in England & Wales Company No. 07975135