Pension news

Week ending 10 January 2020

It’s back!

The Pension Schemes Bill has been reintroduced. It is substantially the same as when it was introduced last October and now starts its journey towards becoming law in the House of Lords.

FCA cracks down on DB transfer advice

In a podcast released this week, the FCA confirmed that it has stopped 24 of the 63 firms it assessed in 2019 from offering DB transfer advice, due to significant bad practice. In recent work the FCA has found that only about 50% of the advice given on DB transfers is suitable. It is currently individually assessing the 90 “most impactful” firms that provide such advice. It has also written to 1,600 other firms to outline specific concerns.

Budget date confirmed

The Chancellor has confirmed 11 March 2020 as the date of the first Budget of the new government.

Successful class action

The UK Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme have been successful in their US class action against the company, First Solar. First Solar was accused of concealing a manufacturing defect in its products and reporting false information in the company’s financial statements. A pre-trial $350 million settlement has been agreed for all who bought or acquired shares in the company in the relevant period. This settlement is still subject to approval by the US District Court of Arizona.

Recent publications

News

20 November 2020

In the news this week, the second Lloyds judgement says that historic transfer payments need to reflect GMP equalisation, the Pension Schemes Bill moves back to the Lords, TPR gets tough on AE compliance, the FCA surveys DB transfer advisers again and another buy-in is completed.

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.

Perspective

Emerging from lockdown

As we keep hearing, we are living in unprecedented times. However, as we turn our attention to the future, what does the “new normal” mean for defined benefit pension schemes? In this Pensions Perspective, Leonard Bowman considers the most common pension issues that companies are facing and how best to ensure that the company approaches these on the front foot.

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