Week ending 8 January 2021
The Regulator’s scam-busting campaign, launched on 10 November 2020, has had more than 100 pledges so far, including three master trusts (which alone account for 50,000 savers). The trustee toolkit’s scam module, which was also launched as part of the campaign, has been taken up over 1,200 times.
Edinburgh Woollen Mill entered administration owing £51 million to unsecured creditors, including a deficit of £17½ million in its DB scheme. The administrator has indicated that, while some funds may be available to unsecured creditors, they are not likely to cover all of the debts. The PPF has assured members of the scheme that they have its protection.
The Government has confirmed that individuals moving, from 1 January 2021, to the EU, EEA or Switzerland will get their State pensions uprated as normal, in line with the increase paid in the UK. This is a helpful confirmation, now the UK has left the EU. A report has also been released by a parliamentary group covering its inquiry about those countries where there is no agreement for uprating the UK State pension (so State pensions are effectively frozen). The report recommends that the Government ends the frozen pension policy and increases the State pension to the appropriate level for those affected.
In the news over the last week, the Pension Schemes Bill is at the final hurdle, automatic enrolment limits are reviewed, there is new research into trustee decision-making, the FCA sees signs of improvement in DB transfer advice and a full buy-in is completed.
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.
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.
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.
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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Registered Address: 37 Great Pulteney Street, Bath BA2 4DA | Company Registered in England & Wales Company No. 07975135