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Tag Archives: DB pensions
The mess we’re in (pt.1) and how we got here.
Iain Clacher and Con Keating Since their heyday in the 1990s, UK occupational DB schemes have been winding up at a rate of about one every two days. Their replacement, DC schemes, are a poor substitute; they are tax-advantaged savings … Continue reading
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Posted in accountants, actuaries, advice gap, pensions, trustee
Tagged Con Keating, DB, DB pensions, Iain Clacher, regulation, Roy Gopode, Sharon Bowles, TPR
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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
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The nations wealth is in pensions but not in DC pots
Private pension wealth is the largest component of household wealth, marginally bigger than total property wealth, and its value has increased by more than that of property wealth too. This reflects a slight cooling in the housing market, while the … Continue reading
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Posted in advice gap, age wage, pensions
Tagged assets, DB pensions, ONS, pensions, Resolution foundation, state pension, Wealth
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So what’s this “tough new regulatory environment” for DB pensions?
Next week I’m on holiday – but I’m not – because I’m doing loads of meetings and moderating a session at the DG DB pensions conference. What you have to do when you moderate these things is get all … Continue reading
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Posted in de-risking, flood, Henry Tapper blog, pensions
Tagged DB, DB pensions, pensions, Waldorf
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Why do DB transfer values make me sick?
One of the things ordinary people find hardest to work out is why their share of a defined benefit scheme can go up when stock markets go down. This happened last month where the stock market fell. But in August, … Continue reading
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Posted in actuaries, advice gap, BSPS, FCA, pensions
Tagged actuaries, DB pensions, equities, gilts, pensions, shares, Transfer values, XPS
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Convince or collapse – the options for small DB schemes in the next decade.
We stand on the cusp of the third decade of the 21st century. That decade is likely to see small DB schemes collapse into consolidators or stand firm with renewed conviction. I wonder if I will still be … Continue reading
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Posted in CDC, dc pensions, de-risking, defined ambition, defined aspiration, pensions
Tagged actuaries, Clara, DB pensions, Pension Superfund, pensions, Superfund
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The trouble with conformity – USS latest
The dissenting voice has long been upheld in British Universities. Minority opinions are valued as an antidote to received wisdom which all too often degenerates into herd-like conformity. So I worry when I read the justification that the USS … Continue reading
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Posted in pensions, USS
Tagged Conformity, DB pensions, Jane Hutton, pensions, Sam Marsh, USS
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Discount Rates and DB Pension Scheme Valuation: A history lesson from Con Keating
The question most frequently asked – “what discount rate should be used for valuing the liabilities of pension schemes?” – is problematic. Surprisingly, academics and practitioners have spilled gallons of ink, and exchanged more than a few uncivil words debating … Continue reading
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Posted in pensions
Tagged Con Keating, DB pensions, Discount rates, liabilities, pensions
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First Actuarial on CDC (submission to W&P Select).
First Actuarial is a partnership of consulting actuaries and administrators that offers the full range of pension services to both trustees and employers. Our clients’ pension schemes range in size from £0.5 million to nearly £2 billion in assets. However, … Continue reading
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Posted in CDC, pensions
Tagged CDC, DB, DB pensions, dc, Feedback, first actuarial, pensions, Technology
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“NO!” to the PLSA’s self-serving proposals
I write as Henry Tapper , not First Actuarial, First Actuarial is a member of the PLSA and will have its own response to its DB’s Taskforce’s Opportunities for Change. A timely response now can lead to a more considered response … Continue reading
