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2001 News

Equitable Compromise Scheme - Changes from Proposal Document
December 2001
On 6 December 2001, Equitable Life published the final version of the compromise scheme to be voted on by members. The final version of the scheme mostly mirrors the scheme consulted on at the proposa...
Compliance Review of the work of Appointed Actuaries for UK life Companies
December 2001
The Actuarial Profession is currently consulting on introducing compliance/peer review for actuarial work carried out in a statutory capacity. For Appointed Actuaries in particular, changes in the reg...
Historic SSAS Seminars
December 2001
For historial purposes we have left details of past Barnett Waddingham LLP seminars on the website. Once again in 2001, Barnett Waddingham hosted a series of seminars on the subject of small self admi...
SSAS or SIPP
December 2001
Self Invested Personal Pensions (SIPPs) are very much the flavour of the month at present when it comes to considering pension provision for controlling directors of privately owned limited companies,...
Historical Small Schemes Seminars
December 2001
Every Autumn, an intrepid team of Barnett Waddingham Small Schemes Consultants hosts a series of seminars for clients and their advisors on the theme of Small Self Administered Schemes (SSAS) and Self...
Equitable Compromise Proposal
November 2001
Summary of the proposal On 20 September 2001, Equitable Life started consultation on its compromise proposal. A proposal was made necessary due to the instability of the Equitable with profit fund fol...
Jeans for Genes Day
November 2001
This year's Jeans for Genes Day was on Friday 5 October and once again Mark Underwood in the Leeds office of Barnett Waddingham encouraged his office to support this campaign, with the other UK office...
Historic Introductory Trustee Training Seminars
November 2001
The need for proper trustee training was more important in 2002 than ever before. The Pensions Act 1995 and subsequent legislation placed significant responsibilities on trustees and imposed penalties...
Historic Investment Seminars for Trustees 2002
November 2001
Probably the most important duty of a pension scheme trustee is managing the scheme's investments. The Myners review of UK institutional investment controversially stated that trustees often lacked th...
BW Football Tournament 2001
October 2001
Ed Spencer from Barnett Waddingham's Leeds office reports on the 2001 showing in the annual Barnett Waddingham 6-a-side Football Tournament. The annual Barnett Waddingham 6-a-side tournament took plac...
The brighter points of the UK pension scheme tax regime
October 2001
Rachel Evans from Barnett Waddingham's Amersham office reports on the hoped-for simplification of Inland Revenue rules. The tax regime for UK defined benefit pension schemes is being subjected to an o...
Historic SSAS Seminars
October 2001
For over ten years, Barnett Waddingham have hosted a series of seminars on the subject of small self-administered pension schemes each autumn. The seminars are designed to give both our clients and th...
Accounting for Pension Costs FRS17 - first year disclosure
September 2001
Nigel Hacking looks at the way the new accounting standard has impacted on what companies have to show in their annual reports and accounts. One of the features of the new accounting standard for Reti...
Data Protection Act 1998 - a reminder
September 2001
Adam Walker from Barnett Waddingham's London office reports. The principal deadline for the implementation of regulations governed by the Data Protection Act 1998 is approaching. From 23 October 2001,...
Minimum Funding Requirement - Proposed Interim Changes
September 2001
In March the Government announced its intention to abolish MFR. No specific timescale for this was announced and in the interim we have been concerned that pension scheme sponsors and trustees were be...
Hedge funds
September 2001
For further information, please contact Danny Wilding at the London office. It is increasingly common currently for investment strategy discussions to include hedge funds. However, the nature of these...
Numbers man sums it up
September 2001
The following article appeared in the Western Mail on 1 September 2001. NEW HORIZONS: Huw Wynne-Griffith explains how he came to spend his professional life as an actuary, and his plan for a more arti...
A Grand Day Out - BW Picnic Tour 2001
September 2001
The annual picnic has become a tradition within Barnett Waddingham. This year our offices selected very different venues to relax with their families and friends. This was not without a degree of comp...
Exam successes - July 2001
August 2001
The Pensions Management Institute associateship examination results announced in July 2001 were cause for much celebration, with 18 passes being gained by members of our SSAS and pensions administrati...
Actuarial work for charities
August 2001
Pete McGurk from Barnett Waddingham's Life insurance consultancy team in our London office writes: Most people associate actuaries with number-crunching work for pension schemes and insurance companie...
Equitable Life - Update 18 July 2001
July 2001
Following Equitable Life's recent announcement of a reduction in the fund values of with-profit investments, this note sets out our understanding of the current situation. Reduction in fund value of w...
Exam successes - June 2001
July 2001
The latest round of actuarial examination results (in June 2001) provided several reasons for celebration. The greatest excitement came in the London office, where two qualifications as Fellow of the ...
SSAS to SIPP Conversions - A New Opportunity
July 2001
Since 6 April 2001 members of Small Self Administered Pension Schemes (SSASs) have been able to "convert" their scheme into a Self Invested Personal Pension (SIPP). Of course "transfers" from SSAS to ...
Barnett Waddingham Cocktail Party 2001
July 2001
Continuing the theme of the beaux arts following last year's visit to the Guildhall Art Gallery , Barnett Waddingham's twelfth annual cocktail party took place on Monday 18 June 2001 at the National P...
Obituary - Henry Arthur Rodney Barnett
June 2001
Rodney Barnett died on 29 May 2001, aged 86. He was born on 9 December 1914, the second son of a commercial traveller and of a mother who had trained as a professional pianist. Rodney was educated at ...
New partners and associates
June 2001
Apart from the new logo (which incorporates the words "Actuaries and Consultants" instead of the previous "Consulting Actuaries"), Barnett Waddingham made some other changes on 1 June 2001, with four ...
Quo vadis, BW website?
May 2001
After two years of Barnett Waddingham on the internet, website managing editor Adam Walker from Barnett Waddingham's London office asks for your comments and suggestions as to how we can continue to p...
EURACS and NORACS Annual Conference
May 2001
Huw Wynne-Griffith and Nick Salter attended the Annual Conference of EURACS and NORACS firms in Washington at the beginning of April. This is a wonderful time to visit Washington with the cherry bloss...
Maximum transfer value regulations
May 2001
Caroline Harrington from Barnett Waddingham's Amersham office reviews the new transfer regulations which came into force on 6 April 2001. This article appeared in the March 2001 edition of Pensions Ma...
Setting up your own income drawdown arrangement
May 2001
Adam Walker from Barnett Waddingham's London office considers one way that money purchase schemes affected by the new maximum transfer value regulations can continue to offer useful choices to members...
BW visit the Lloyd's Building
May 2001
A large group of staff from Barnett Waddingham's London office enjoyed a recent guided tour of the Lloyd's building. On Tuesday 24 April 2001, 25 people left the relative dullness of the London and Am...
Cheltenham International Jazz Fesitval
April 2001
Barnett Waddingham are pleased to be sponsoring the Cheltenham International Jazz Festival during the first week in May. Special sponsorship is going to Bill Wyman and the Rhythm Kings who will be per...
National Grid case - Lords ruling
April 2001
For further information, please contact Danny Wilding at the London office . The House of Lords has reversed the decision by the Court of Appeal in the National Grid case, ruling that National Power a...
Cutting red tape for pension schemes
April 2001
There have been complaints for some years now about the many complicated requirements for Inland Revenue approved pension schemes. When I started dealing with pensions, back in the early 1970s, Inland...
Personal pension regulation changes with effect from 6 April 2001
April 2001
Level of contributions After 6 April 2001 you can pay contributions up to £3,600 each year (gross) even if you have no earnings. If you are a member of an "occupational" pension scheme you can still p...
Myners Review consultation
April 2001
Following the publication of the Myners Report in early March the UK Government has instigated a short period of consultation on proposals ending on 15 May 2001. The main impact on UK pension schemes ...
The UK Government's proposal to replace the MFR
March 2001
Danny Wilding considers the implications of UK Chancellor Gordon Brown's budget speech. The 2001 Budget and UK pension schemes In his Budget speech Gordon Brown announced that the Government will abol...
Stakeholder is almost with us
March 2001
Barnett Waddingham fills in the background to Stakeholder as the start date approaches. As 6 April 2001 approaches, pension providers and advisers alike are bracing themselves for the wealth of change...
Part-timers' pension rights - the Preston Case
March 2001
Nigel Hacking gives a summary of the situation for UK occupational pension scheme trustees in the light of the recent Lords ruling. On 8 February 2001, the House of Lords delivered its ruling that par...
The Williamson Case
March 2001
Janet Chiaro looks at the implications of the Williamson case for UK pension schemes. Marsh Maclennan vs The Pensions Ombudsman (Williamson vs Sedgwick) Pension benefits have to be equal as between th...
Individual Income Protection Experience 1995 - 98
March 2001
This article appeared in the March 2001 edition of The Actuary magazine. Pete McGurk, Secretary of the IP Sub-Committee of the Continuous Mortality Investigation Bureau and partner in our Life insuran...
Bond investment - a case for non-gilts?
March 2001
Mark Da Silva considers the arguments for UK occupational pension schemes investing in bonds other than those issued by the UK Government. Please contact your Barnett Waddingham consultant if you woul...
FRS17 - All aboard for a bumpy ride
February 2001
Jon Bridger from Barnett Waddingham's Cheltenham office considers the implications of the latest UK accounting standard which implements the principles of the international standard IAS19. Financial R...
FRS17 - Accounting for Retirement Benefits
February 2001
This page is now out of date. To find more up to date information on pensions accounting please click here . Barnett Waddingham's detailed commentary on the new UK accounting standard - FRS17. FRS17 -...
Actuaries on ice
February 2001
A Barnett Waddingham team recently took part in the Staple Inn Actuarial Society broomball competition. I always thought ice hockey was a fairly dangerous game, but it is a walk in the park compared t...
Barnett Waddingham Christmas Party 2000
January 2001
They may be in the lower half of the Premiership right now, but that doesn't stop Chelsea FC hosting a decent party. Stamford Bridge is changing so much these days, however, that Barnett Waddingham's ...
Not an Equitable Life
January 2001
Rajeev Shah from Barnett Waddingham's Life insurance consultancy team in the London office examines the background to the Equitable situation and looks at the options for policyholders. On 8 December ...
Equitable Life group policyholders
January 2001
Danny Wilding gives Barnett Waddingham's message to group money purchase, group personal pension or group AVC policyholders. For details of the circumstances surrounding the Equitable Life's recent cl...
Huw in Hungary
January 2001
Huw Wynne-Griffith was invited to speak on 13 December, at a seminar organised by the Institute of Bankers Training Centre in Budapest, Hungary. The invitation came through Agnes Matits who is closely...
Hacking into Barnett Waddingham
January 2001
Barnett Waddingham are delighted to welcome Nigel Hacking to the firm. Nigel graduated from Bristol University with a degree in Mathematics in 1978 and completed the actuarial examinations in 1985. He...