Tag Archives: defined benefit

CETVs; the flight from quality

Posted on June 23, 2017 by

Both the Times and the Financial Times report today on the anticipated voluntary withdrawals from Britain’s DB pensions through cash equivalent transfer values (CETVs). The FT, relying on Mercer as a source, estimate the withdrawals to be as much as … Continue reading →

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

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

Posted on May 13, 2017 by

  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”.

Posted on March 30, 2017 by

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.

Posted on March 17, 2017 by

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

Posted on February 22, 2017 by

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).

Posted on February 20, 2017 by

    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 →

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Diversity, Narratives* and Pensions (Con Keating)

Posted on January 20, 2017 by

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.

Posted on January 20, 2017 by

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.

Posted on January 2, 2017 by

“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

Posted on December 10, 2016 by

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 →

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