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Category Archives: de-risking
Seven ways to improve Defined Benefit funding
In March 2020, The Pensions Regulator (TPR) opened a consultation on its proposed revisions to the DB funding code. In framing its response, First Actuarial proposes seven ways to change DB funding for the better. What do we want the … Continue reading
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Posted in accountants, dc pensions, de-risking
Tagged #Pensiondebate, DB Funding Code, pension, TPR
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Have DB pensions dodged the Beeching bullet?
When the Pensions Regulator launched its DB funding consultation earlier in the year, I thought it a “slam dunk”. Back then it was already clear the world was in the grip of a pandemic and the paper presaged what was … Continue reading
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Posted in de-risking, First Actuarial, pensions
Tagged David Fairs, DB fundin gcode, de-risking, DR Beeching, Funding Code, The Pensions Regulator, TPR
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A practical illustration of Contractual Accrual Rates – Clacher and Keating
In this article Con Keating and Iain Clacher explain an alternative to the current way we require DB schemes to be funded. It challenges received thinking and offers a way forward to regulators struggling to find an acceptable funding … Continue reading
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Posted in de-risking, pensions
Tagged Accrual, Car, Con Keating, Conractual accrual rate, defined benefit, Iain Clacher, liability, pensions
11 Comments
Death by discount rates
Q: When is a million dollars not a million dollars? A: When it is not yet a million dollars. The pensions business is all about the long term. Fund managers like me are responsible for ensuring we have sufficient funds … Continue reading
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An alternative to the dystopia of “pension de-risking”
One interesting thing about this episode is that we have seen the Pension Regulator’s preferred view ahead of the final legislation itself. Their usual defense of ”It’s the law that Parliament decided, and we are only implementing … Continue reading
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Posted in actuaries, advice gap, de-risking, pensions, Retirement
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Lords say “no” to the “dumping” of open DB pension schemes!
This blog pays tribute to someone of whom I knew nothing but a couple of weeks ago but who has made an extraordinary contribution to UK pensions by means of what should be known as the Bowles Amendment. The Bowles … Continue reading
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Posted in Bankers, CDC, dc pensions, de-risking, DWP, pensions
Tagged CDC, DB, Liberal Democrat, pensions, Sharon Bowles
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A different approach to pension scheme solvency and funding.
Solvency and Funding This is the second of our blogs answering questions which arose from our original essay written in response to the proposed DB Funding Code. It covers issues of solvency and funding. Solvency estimation involves the comparison of … Continue reading
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Posted in advice gap, de-risking, economics, pensions, Retirement
Tagged Bond, Clacher, Equitability, Keating, Mark to Market, pensions, solvency prudence
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The other way to value DB schemes- Clacher and Keating.
DB scheme value Valuation – the long way round Our blog (May 28th) calling for a bonfire of pension regulation led to a surprising amount of interest and a wide range of questions and even some requests for expansion … Continue reading
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Posted in accountants, actuaries, advice gap, de-risking, pensions
Tagged Car, Con Keating, Contractual accrual rate, DB, defined benefit, Iain Clacher, valuation
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Pensions need a bonfire of regulation – (Con Keating and Iain Clacher)
This essay is motivated both by the Pensions Regulator’s consultation on its proposed code of practice for scheme funding and by papers published in recent years by the Institute and Faculty of Actuaries, such as “Actuarial valuations to monitor defined … Continue reading
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Posted in dc pensions, de-risking, pensions
Tagged Con Keating, DB pensions, Iain Clacher, professional pensions
13 Comments
“Your pension data could be taken down and used against you”
The last two weeks has seen Professional Pensions going data barmy with not one, not two but three stories extolling the use of personal data to manage pension scheme risks. The first is a gentle and sympathetic article by Michelle … Continue reading
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Posted in dc pensions, de-risking, digital, pensions
Tagged BA, digital, Fraser Smart, Karen Quinn, Michelle Cracknell, pensions, Quietroom
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