2003 News

Exam Successes - December 2003
December 2003
A report on recent achievements by Barnett Waddingham staff in the actuarial profession examinations. This summer's actuarial profession examination results provided several reasons for celebration. L...

Pension Taxation Simplification - Second Consultation Paper
December 2003
One year ago HM Treasury and the Inland Revenue published the first consultation document on the simplification of the taxation of pension arrangements. On 10 December 2003 they issued a further subst...

Barnett Waddingham Policy Statement on compliance with the 1998 Data Protection Act
November 2003
In relation to its responsibility as a Data Processor, Barnett Waddingham conforms to the Data Principles contained in the Data Protection Act 1998 ("the Act"), and obliges all Barnett Waddingham staf...

Historic Introductory Trustee Training and Investment Seminars 2004
November 2003
Introductory trustee training The need for proper trustee training is more important today than ever before. The Pensions Act 1995 and subsequent legislation places significant responsibilities on tru...

2003 Solvency Levels FRS17/Funding
November 2003
Chris Chadwick, a partner in the Cheltenham office, looks at the recent history of local government pension scheme FRS17 and funding solvency levels. These are difficult times for all pension schemes,...

Taking forward local government pensions - simplication or spin?
October 2003
Chris Chadwick, a partner in the Cheltenham office, comments on the government's outlined strategic changes to the local government pension scheme. On 23 July the Local Government Minister, Phil Hope,...

Useful Local Government Pension Scheme links
October 2003
Office of the Deputy Prime Minister - Local Government Pension Division (ODPM LGPU) Home Page of the National LGPS Web site Scottish Public Pensions Agency (SPPA)

Raymond Hayward 1928-2003
October 2003
It is with great sadness that we record the passing of Raymond Hayward, our first senior partner. He died peacefully on 6 September 2003 and his funeral was held on 19 September at St Peter's Catholic...

Bond investment a case for non-gilt bonds
October 2003
Chris Watts, an actuary in London's pensions actuarial team looks at the case for non-gilts for investors trying to reduce their exposure to equities. This article first appeared in September's editio...

Determining an asset allocation with cashflow modelling
October 2003
Chris Watts, an actuary in London's pensions actuarial team looks at the critical asset allocation decision. This article first appeared in September's edition of Pensions World. Introduction Pension ...

Precipice bonds renamed as investors take the plunge
September 2003
Pete McGurk, a partner with the Life team discusses the newly renamed precipice bonds. Many investors are regretting their decision to invest in so-called "precipice bonds" in the wake of the recent s...

The Annual London vs Amersham Cricket Match
September 2003
Nicky Cresser reports back from the annual Barnett Waddingham Amersham vs London cricket match. A thrilling end to an epic contest The hottest day of the year and we all decided that it would be a goo...

With-profits governance and the role of actuaries
August 2003
Pete McGurk, a partner with the Insurance Consultancy team, discusses the latest FSA proposals for the with-profits sector of the insurance industry and the role of actuaries. In June 2003 the FSA pub...

New Master of the Worshipful Company of Actuaries
August 2003
Barnett Waddingham's senior partner Huw Wynne-Griffith has been installed as Master of the actuaries' livery company. In July 2003 Barnett Waddingham's senior partner Huw Wynne-Griffith was installed ...

Corporate governance - The Duties of Trustees
August 2003
What are the duties of pension scheme trustees as far as corporate governance is concerned? Introduction There has been much debate in recent years about how best to ensure good corporate governance, ...

Historic Current Pensions Issues Seminars
August 2003
Barnett Waddingham runs a series of free seminars on current pension topics for its clients and friends. This document sets out the topics that were covered in our 2003/4 seminar programme. Summaries ...

Exam successes - July 2003
July 2003
A report on recent achievements by Barnett Waddingham staff in professional examinations. This summer's professional examination results provided several reasons for celebration. Amersham office enjoy...

Simplicity, security and choice
July 2003
Barnett Waddingham's response to the recent White Paper. Working and saving for retirement Action on occupational pensions Summary On 11 June 2003 the Secretary of State for Work and Pensions, Andrew ...

Pensions Actuarial Technical Committee PATC
June 2003
Danny Wilding and Paul Hamilton introduce Barnett Waddingham's Pensions Actuarial Technical Committee. Barnett Waddingham's Pensions Actuarial Technical Committee - known internally as PATC (pronounce...

New Government Policy
June 2003
Barnett Waddingham considers the Government's future pensions policy initiatives. The Government today published a number of documents setting out its future pensions policy. The main document, called...

Happy 4th birthday, Barnett Waddingham website
June 2003
Adam Walker takes a brief look back at the last four years for the firm on the web. It is now four years since the Barnett Waddingham website led the firm from "meatspace" (i.e. the real world) into t...

Accounting for Pension Costs under FRS17 - 2002 Survey
June 2003
Barnett Waddingham's report on the financial assumptions used by the FTSE100 companies under FRS17. Introduction This is our second annual survey of the assumptions adopted by FTSE100 companies for de...

New Partners and Associates 2003
June 2003
The Partners of Barnett Waddingham are pleased to announce the following promotions with effect from 1 June 2003. New Partners Caroline Harrington graduated in 1990 with a degree in Mathematics and jo...

Update on the new solvency requirements for insurers
June 2003
Simon Spencer, from the Insurance Consultancy team in the London office, reports on recent developments on EU solvency requirements for insurers. Almost exactly one year ago to the day, I reported on ...

Winding-up pension schemes
June 2003
How Barnett Waddingham can help in the often long and difficult job of winding up occupational pension schemes. Areas of concern Winding-up a pension scheme is a complex and potentially time-consuming...

Pension taxation simplification proposals issues for senior executives
May 2003
Marcus Whitehead, a member of Barnett Waddingham Investments Ltd's (BWIL) team in the Amersham office, summarises the key issues of the Government's proposed pension tax simplifications. Summary What ...

Lifestyle for retirement
May 2003
Chris Potts from the pensions administration department in Barnett Waddingham's Amersham office addresses the issues surrounding inclusion of lifestyle investment facilities. Lifestyle strategy With t...

There's nothing ordinary about ordinary members (MPMI)
May 2003
There were several reasons to be cheerful earlier this year when the Pensions Management Institute (PMI) introduced its new Ordinary Member status. First, those who have worked their way through the P...

Wind-up Priorities
April 2003
Julian Mainwood from the pensions administration department in Barnett Waddingham's Amersham office reports on the current inequalities that exist when a pension fund in deficit winds up. Just recentl...

Falling Equity Markets
April 2003
Paul Hamilton, a member of the pensions actuarial team in Barnett Waddingham's Amersham office, looks at the recent trends in equity markets. In 2002, equity markets fell for the third year in a row. ...

Budgeting for a transformation of the inflation calculation
April 2003
Will Bennett, a member of the pensions actuarial team in Barnett Waddingham's London office and a graduate in economics and mathematics, looks at comments made in this year's Budget regarding inflatio...

Reforming polarisation
April 2003
John Jeffery, a member of the insurance consultancy team in Barnett Waddingham's London office examines the FSA's proposed new regulations for packaged investment products. January 2003 saw the public...

An Indian experience
March 2003
Rajeev Shah from the Life team reports back from the 5th Global Conference of Actuaries The life insurance industry in India was deregulated in 1998 following nationalisation in the 1950s. Prior to de...

Realistic reporting for insurers
March 2003
Simon Spencer, from the Life Insurance Consultancy team in the London office, reports on FSA proposals for the realistic reporting of insurance companies' liabilities. A fundamental change to the way ...

Corporate Governance - The Duties of Trustees
March 2003
Mark Da Silva outlines the duties of trustees as regards corporate governance 1. Introduction There has been much debate in recent years about how best to ensure good corporate governance, especially ...

Statutory Money Purchase Illustrations
February 2003
Chris Potts from the Amersham office describes the new Statutory Money Purchase Illustrations that come into force this April From 6 April 2003, annual illustrations of the prospective pension must be...

Tightening the reins on with-profits
February 2003
Pete McGurk, a partner with the Life team discusses the FSA's proposals for the With-profits sector of the insurance industry. There were no major shocks as the FSA published its proposals arising fro...

The future role of the life office actuary
February 2003
Pete McGurk, a partner with the Life team discusses the FSA's proposals for the abolition of the Appointed Actuary Some of the FSA's key proposals arising from its With-Profits review were published i...

Investment strategy for charities
February 2003
Chris Watts from the London office talks about a recent investment review he completed for a charity. A new client recently asked us to review their investment strategy. Nothing unusual there. However...

Barnett Waddingham Liverpool office opening party
January 2003
Louise Witts, the partner who moved from Leeds to head Barnett Waddingham's Liverpool office, reports on the grand opening party. On 22 January we held a party to officially open our new Liverpool off...

Historic Seminars on the Simplification Review
January 2003
On the 17th December 2002 H M Treasury issued proposals from the Inland Revenue for "Simplifying the Taxation of Pensions". This Consultation document was published on the same day as the Green Paper ...

Inflation contemplation
January 2003
Colin Mayger, a partner in Barnett Waddingham's London office, looks at the various inflation measures in use. You will be used to hearing regularly on the news about the latest "headline" inflation f...

Christmas Party 2002
January 2003
Joanne Meusz from our London office reports on our Christmas Party. Ignoring superstition, this year's Barnett Waddingham Christmas Party was held on Friday 13 December, and brought together partners ...

Historic Seminars on the Simplification Review
January 2003
Following on from our SSAS, SIPP and FURBS seminars, we received a large amount of interest on SIPP specific issues from our clients and contacts. We therefore held further Seminars in each of our off...