I've just come across this letter from Smithers, covering DB pensions in general and the USS in particular. https://smithers.co.uk/extending-the-liabilities-time-horizon-is-key-to-pensions-reform/
Great. A chance to nit-pick something from Steve Webb. The Married Woman’s Option finished in 1977, not 1978. SERPS was…
I was told by the Pensions Service, that if I divorced my husband before I retired, I would get a…
Success in applying the rules set out in law is not reliant on loopholes (I prefer educated projections of future…
Tag Archives: CETV
There’s no VFM measure for pensions; ordinary folk are baffled by “CETV”.
This blog is a reminder to me of the lack of understanding people had and have of pension value for their money. This is not a criticism of people, it is a comment on the failure of the organisations that … Continue reading
Transfer values fall out of bed (pt. 94)
Take one The fall of 7% over May was due to a further increase in gilt yields and a further fall in long-term inflation expectations, despite the continued current high inflation rates, it said. In April it was £232,000, … Continue reading
Former regulator slams transfer regulations.
LCP are promoting a blog by new partner David Fairs, until recently Executive Director of Regulatory Policy at the Pensions Regulator, calling for rule changes to allow more people to benefit from ‘freedom and choice’ in pensions. Fairs points out … Continue reading
CETV madness
I wrote yesterday about confusion about what a defined benefit promise is today. This surrounds the concept of the “DB pot”, a concept that is utter fiction. There is no DB pot. A defined benefit scheme, whether final salary, … Continue reading
The breach of trust the FCA has yet to address
The MP’s Nick Smith and Stephen Kinnock held a press conference yesterday to remind the FCA that 3 years after the hard closure of “Time To Choose” , steelworkers are still waiting for something to happen by way of compensation … Continue reading
DB transfers;- we understand the crime – but not the causes of crime.
The FCA has published the second of its analyses of the DB transfer market which shows how the trend to “de-risk” DB liabilities by buying out liabilities through CETVs has continued apace. This article argues that – blameworthy … Continue reading
Posted in pensions
Tagged actuaries, Bankers, BSPS, CETV, corporate advisers, de-risking, FCA
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Weathering the Storm
Iain Clacher & Con Keating As part of our Funding Code research, we searched for academic or practitioner papers covering long-term expected returns forecasts. We were particularly interested in the ex post accuracy of these forecasts. We found none which … Continue reading
Posted in actuaries, advice gap, age wage, pension genome, pensions, risk
Tagged #USS, CETV, DB transfers, ppf, Ralph nader, USS
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Why I don’t support LCP and Royal London’s calls to boost DB transfer advice
LCP and Royal London jointly presented to an audience of 300 industry professionals yesterday on the vexed topic of “helping members get transfer advice”. The webinar can be watched here and as you’d expect from these organisations, this was … Continue reading
Posted in advice gap, age wage
Tagged #pensions, CETV, DB transfers, Pension Freedoms, Pensions
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Shouldn’t pensions “stay at home”?
Should we stop transfers for the next 6 months? Yields are down, markets are down, has there ever been such a time to transfer your pension rights? That’s what many people may be thinking and if you were a … Continue reading
Posted in advice gap, age wage, FCA, Financial Conduct Authority, pensions, Pensions Regulator
Tagged CETV, FCA, Pensions, Ros Altmann, TPR, transfer-value
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Putting “transfer” in employer’s heads
Since 2012, the industry has self regulated pension transfer exercises where employers offer staff a financial incentive, to quit good quality schemes. Industry leaders are now calling for the Govt to intervene after saying self-regulation is failing https://t.co/sSwvLQG94A — Josephine … Continue reading
Extending time horizons can ease short-term funding pressure, but it shifts risk toward younger members. Reform should make those intergenerational…