Tag Archives: defined benefit

Actuaries! Talk with us – don’t argue with each other.


  There’s a  silly letter in the FT this week which I print in full.  Sir, Jo Cumbo’s report “Mortality update bodes well for pension deficits” (May 4) refers to an assertion by PwC that slowing mortality improvements could reduce UK … Continue reading

Posted in actuaries, pensions | Tagged , , , , , , , , | 4 Comments

A note on transfer values and “reverse transfer risk”.


James Greer of Old Mutual is reminding financial advisors that there’s a risk of advising clients to stay put and not take a DB Transfer Value. Our data suggests that only about 15% of transfer values applied for are taken … Continue reading

Posted in pensions | Tagged , , , , , , , , | 4 Comments

The CWU pension proposals – your questions answered.


Yesterday’s article got a lot of interest and a number of people have asked for the technical details behind the CWU’s headlines; but first the headlines! All 130,000 Royal Mail staff could have access to DB accrual going forward Members … Continue reading

Posted in pensions | Tagged , , , , , | 1 Comment

More FAKE NEWS on pension deficits #FABI


The Government’s just published its green paper ‘Security and Sustainability in Defined Benefit Pension Schemes’. It’s already generated knee-jerk headlines claiming 11m employees could see their pensions cut. The green paper refers to “under-funded schemes” and “stressed employers”, but can’t … Continue reading

Posted in pensions | Tagged , , , , , , , , | 5 Comments

Elements of Truth – and Complete Misunderstandings (Con Keating and the DB Green Paper).


    This is an era of fake news, half-truths and outright lies. Spin and distortion have become the fabric of a false DB pension narrative; their unjustified ruination. Some “fact checking” is appropriate. We hear again and again that … Continue reading

Posted in pensions | Tagged , , , , | Leave a comment

Diversity, Narratives* and Pensions (Con Keating)


This blog first appeared in Professional Pensions, if you’ve read it before, read it again. “What we observe is not nature itself, but nature exposed to our method of questioning.”    W. Heisenberg, Physics and Philosophy: The Revolution in Modern … Continue reading

Posted in actuaries, advice gap, Bankers, pensions | Tagged , , , , | 3 Comments

A suffocating man craves the foulest stench.


Such is the pressure on trustees and sponsors of our defined benefit schemes to appear solvent, that they welcome the transfer of their potential pensioners to “cash” as a suffocating man breathes fetid gas. It is within the capacity of … Continue reading

Posted in advice gap, pensions | Tagged , , , , , | 6 Comments

Let’s put an end to pension transfer privilege.


“Sexy cash” legitimised? A few years ago , Sir Steve Webb, then our pension minister, stood in front of the PLSA and berated Boots and its pension scheme for tempting members out of the pension scheme with cash incentives. He … Continue reading

Posted in annuity, auto-enrolment, pensions | Tagged , , , , , , , , , | 1 Comment

Good and bad news for Tata’s pension scheme


BSPS members down but not out The deal facing members of the British Steel Pension Schemes(BSPS)  isn’t great , but it’s a whole lot better than that predicted. What’s clear is that there won’t be much future accrual of defined … Continue reading

Posted in pensions | Tagged , , , , , , , , , , | Leave a comment

Is the USA the model to recover our DB deficits?


This article was published on October3.com and reports how American pension finances are recovering through perseverance in growth assets and from an uptick in interest rate projections. Just how relevant it is for the UK- I’ll leave for you to … Continue reading

Posted in pensions | Tagged , , , , , | Leave a comment