2012 News

Insuring benefits outside the PPF
December 2012
The PPF provides protection for members of defined benefit pension schemes. If the scheme sponsor suffers insolvency then the scheme is assessed for entry to the PPF, including an assessment of the fu...

How simple is the new simplified state pension going to be?
December 2012
Following Steve Webb’s recent assurance that past rights to SERPS/S2P will be honoured in the new state pension arrangements, Malcolm McLean , consultant, Barnett Waddingham comments: “The Pension Min...

Contingent assets offer way forward for pension scheme deficits, says Barnett Waddingham
December 2012
Barnett Waddingham, the UK’s leading independent provider of actuarial, administration and consultancy services, has urged company pension schemes to explore the use of contingent assets as an effecti...

Barnett Waddingham ready for capital adequacy rules
December 2012
Barnett Waddingham, one of the UK’s leading SIPP providers, says it is ready for the proposed new capital adequacy requirements for SIPP operators from the Financial Services Authority (FSA). The comp...

Middle England final salary pensions raid is the sting in the tail of the Autumn Statement
December 2012
Many working people saving into final salary pensions schemes are waking up to a nasty pensions shock today as the impact of the Chancellor’s Autumn Statement reveals a big tax hit for many working pe...

Pensions changes are a short-term tax raid which will discourage long-term savings, says Barnett Waddingham
December 2012
Commenting on today’s Autumn Statement, Barnett Waddingham consultant Malcolm McLean said: “The decision to make further cuts to the lifetime allowance and, in particular, the annual allowance is disa...

Barnett Waddingham launches free online SSAS analysis tool
December 2012
Barnett Waddingham, one of the largest providers of Small Self-Administered Schemes (SSASs), has launched a free online SSAS analysis tool for SSAS members and their advisers worried about compliance ...

Barnett Waddingham comment on DWP’s Attitudes to Pensions survey 2012
November 2012
The DWP’s Attitudes to Pension survey 2012, which canvassed the views of 1,949 adults in the UK, shows that pensions are too complex with the majority of the public unconfident about saving for retire...

More flexibility on pension contributions needed if annual allowance cuts go ahead
November 2012
Commenting on the rumoured cut in the pension tax free annual allowance from the present £50,000 to £40,000, or even £30,000, in the Chancellor of the Exchequer’s forthcoming autumn statement, Barnett...

Warning for pensions over potential Euro zone break up at Barnett Waddingham’s Annual Pensions Conference
November 2012
A leading pensions lawyer speaking at Thursday’s Barnett Waddingham Annual Pensions Conference has warned the industry to pre-plan for a potential euro zone break up if financial troubles escalate for...

Pensions valuations - more pain on the horizon
November 2012
With more funding challenges on the horizon for pension schemes this year there is a need to ensure that deficits are being assessed realistically and that any strategic and tactical opportunities are...

High Earners, act now to reduce your tax
November 2012
Commenting on a potential cut in pension allowances, Bhargaw Buddhdev , partner at Barnett Waddingham, said: “Currently high earners on annual salaries of £150,000 or more pay income tax at the top ra...

Barnett Waddingham’s administration expertise provides foundation for Killik & Co’s expanded SIPP commercial property offer
November 2012
Specialist SIPP provider Barnett Waddingham, part of the UK’s largest independent provider of actuarial, administration and consultancy services, announces that it is has been appointed to provide thi...

Barnett Waddingham launches exciting Defined Ambition competition
November 2012
Barnett Waddingham has teamed up with Professional Pensions to launch a competition to find the most pragmatic approach to introducing Defined Ambition pension schemes to the market. The competition i...

Malcolm McLean comments on a Trade Union Congress (TUC) report
November 2012
Commenting on a Trade Union Congress (TUC) report published today entitled, ‘Pensions scorecard 2012: Assessing defined contribution workplace pensions provision’, which assesses the health of pension...

Clive Grimley, Barnett Waddingham, comments on news that the Government is considering creating a levy-financed lifeboat fund to provide a form of guarantee for members of defined-contribution pension schemes
October 2012
Commenting on news that the Government is considering creating a levy-financed lifeboat fund to provide a form of guarantee for members of defined-contribution pension schemes, Clive Grimley , Partner...

Malcolm McLean, Barnett Waddingham, comments on MPs' pension reform
October 2012
The Independent Parliamentary Standards Committee has today issued a consultation setting out its principles for reform of the MPs' scheme. It said the new scheme must balance costs and risks between ...

Barnett Waddingham hires Andy Leggett to boost SIPP business development activities
October 2012
Andy Leggett, formerly of Defaqto and Suffolk Life, has joined Barnett Waddingham as Head of Business Development for SIPPs. Andy brings with him 13 years of financial services experience concentrated...

Malcolm McLean, consultant, Barnett Waddingham, comments on latest annuity figures from MGM Advantage
October 2012
Malcolm McLean , consultant, Barnett Waddingham, comments on latest annuity figures from MGM Advantage “The latest reported escalating falls in annuity rates are extremely worrying. “According to figu...

Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on the UK utilities sector
October 2012
Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on the UK utilities sector Barnett Waddingham, the UK’s largest independent provider of actuarial, a...

Barnett Waddingham FTSE 350 survey shows industrial companies most impacted by pensions deficits
October 2012
Barnett Waddingham FTSE 350 survey shows industrial companies most impacted by pensions deficits Industrial companies in the FTSE 350 are most heavily affected by pension scheme deficits, according to...

Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on the UK Energy sector
October 2012
Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on the UK Energy sector Barnett Waddingham, the UK’s largest independent provider of actuarial, admi...

Barnett Waddingham research shows the heavy impact defined benefit pension schemes are having on the UK Consumer Discretionary sector
October 2012
Barnett Waddingham research shows the heavy impact defined benefit pension schemes are having on the UK Consumer Discretionary sector Barnett Waddingham, the UK’s largest independent provider of actua...

Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on the UK Financial sector
October 2012
Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on the UK Financial sector Barnett Waddingham, the UK’s largest independent provider of actuarial, a...

State Pension reform: Where do we go from here?
September 2012
According to reports, the Prime Minister has put the brakes on the plans for the new state pension just at the point where we were expecting full details to emerge in a now further delayed White Paper...

Nick Griggs comments on today’s news that the pension protection levy is to be set at £630 million
September 2012
Commenting on today’s news that the pension protection levy is to be set at £630 million, Nick Griggs , partner, Barnett Waddingham says: “We welcome the news that the PPF will be adjusting the levy c...

Adrian Cooper bolsters Barnett Waddingham’s Trustee Consulting
September 2012
Adrian Cooper has joined Barnett Waddingham, the UK’s largest independent provider of actuarial, administration and consultancy services, as Head of Business Development (Trustee Clients), a new role ...

Barnett Waddingham makes new associate appointment
September 2012
Barnett Waddingham LLP, the UK’s largest independent provider of actuaries, administrators and consultants, has appointed Gavin Markham as an associate in its corporate consulting team to further boos...

Barnett Waddingham running life planning seminars
August 2012
The Chartered Institute of Personnel and Development (CIPD) issued a press release earlier this month about financial education in the workplace. The CIPD conducted a survey of more than 2,000 employe...

Barnett Waddingham shortlisted for Financial News Pure Consulting Investment Consultant of the Year Award
August 2012
Barnett Waddingham LLP, the UK's largest independent provider of actuarial, administration and consultancy services has been shortlisted in the category of Pure Consulting Investment Consultant in the...

Malcolm McLean comments on a paper The Bank of England has today issued on the distributional effects of asset purchases (QE)
August 2012
The Bank of England has today issued a paper on the distributional effects of asset purchases (QE), commenting on the paper, Malcolm McLean , consultant, Barnett Waddingham, said: “It appears disingen...

Malcolm McLean comments on DWP statement on the proposal to simplify the state pension
August 2012
Commenting on DWP’s latest statement issued yesterday on the proposal to simplify the state pension, Barnett Waddingham consultant Malcolm McLean said: "We are all excited about the concept of a new s...

Barnett Waddingham research shows ever increasing impact defined benefit pension schemes are having on UK businesses
August 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, administrators and consultants, has conducted research which shows that for 29 FTSE 350 companies, it would take over one year to re...

Barnett Waddingham announces DC Scheme Seminars
August 2012
Barnett Waddingham, one of the UK’s leading independent firm of actuaries, administrators and consultants, has announced a series of free seminars to outline how employers and employees can get the mo...

Malcolm McLean comments on implications of final salary schemes for shrinking employers in wake of Dawson International’s impending administration
August 2012
Dawson International, one of the UK’s last cashmere manufacturers, is being forced into administration due to its large final salary pension liabilities. The workforce has fallen over time from 1,200 ...

Barnett Waddingham lobbies for auto-enrolment tax trap to be removed
August 2012
Barnett Waddingham has set up an e-petition to amend auto-enrolment legislation to exclude those with Enhanced Protection and Fixed Protection, so that unwarranted tax charges are avoided. Responding ...

Is it now time to ditch annuities?
August 2012
Hidden away under the euphoria of the Olympics is the sobering fact that the latest figures on annuity rates make for grim reading. Annuity rates continue to tumble and have now reached an all-time lo...

Barnett Waddingham appointed to the PPF’s Specialist Administration Services Panel
August 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, pension administrators and consultants, has been appointed by the Pensions Protection Fund (PPF) to join its Specialist Administrati...

Malcolm McLean comments on the glossary of 61 pension terms included in the government’s evaluation report on workplace pension reforms
August 2012
Commenting on the glossary of 61 pension terms included in the government’s evaluation report on workplace pension reforms published yesterday, Malcolm McLean , consultant, Barnett Waddingham said: “T...

European study fails to consider true impact of pension proposals
August 2012
European study fails to consider true impact of pension proposals Barnett Waddingham has urged the European Commission (EC) to go back to the drawing board on new solvency rules for pension schemes. I...

Malcolm McLean comments on ONS study which reveals that pensioners and teenagers are the age groups most satisfied with their lives
July 2012
The results of an ONS Study published today reveal that pensioners and teenagers are the age groups most satisfied with their lives. The lowest rating for life satisfaction and well-being was found in...

Revaluation for Early Leavers
July 2012
Introduction When a member of a final salary pension scheme leaves having completed at least 2 years’ service, they become entitled to a preserved pension in respect of the benefits that have accrued ...

What is a GMP?
July 2012
What is a GMP? Guaranteed Minimum Pensions (GMPs) apply to members of contracted out salary related pension schemes (COSRs) who were contracted out of the State Earnings Related Pension Scheme (SERPS)...

What is Commutation?
July 2012
Commutation The ability to take a tax free lump sum on retirement has long been a popular feature of pension arrangements. How the lump sum is generated depends on the type of pension arrangement. For...

Labour’s new pensions policy fails to convince
July 2012
Published in Financial News on 23 July 2012. Labour’s new pensions policy fails to convince Malcolm McLean Last week, the Labour Party was once again ruffling the feathers of the pensions industry wit...

Nick Griggs Comment's on The Pension Regulator’s statement released today on incentive exercises
July 2012
Commenting on The Pension Regulator’s (TPR) statement released today on incentive exercises, Nick Griggs , partner at Barnett Waddingham, said: “This statement replaces TPR’s December 2010 statement o...

David Clare Appointed Partner at Barnett Waddingham
July 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, pension administrators and consultants, has appointed David Clare as a partner in its Investment Practice. David, founder of the awa...

Malcolm McLean comments on Labour Party’s statements about impact of pension fees and charges
July 2012
Commenting on today’s statements from the Labour Party about the impact of pension fees and charges Barnett Waddingham consultant Malcolm McLean said: “The question of large fees and charges on pensio...

Malcolm McLean comments on the just-published results from the 2011 Census
July 2012
Malcolm McLean , consultant, Barnett Waddingham comments on the just-published results from the 2011 Census – Population and Household Estimates for England and Wales which show that the percentage of...

Barnett Waddingham Comments On Takeover Panel Pension Consultation
July 2012
Andrew Vaughan , partner at Barnett Waddingham, the UK’s largest independent firm of actuaries, pension administrators and consultants, commenting on the launch of the Takeover Panel’s consultation on...

Malcolm McLean comments on reports that the Pensions Minister would like to see an insurance scheme provided for DC Schemes
July 2012
Commenting on reports over the weekend that the Pensions Minister has said that he would like to see an insurance scheme provided with a view to giving members of defined contribution (DC) pension sch...

Malcolm McLean calls again for the Bank of England to urgently rethink its policy of Quantitative Easing
July 2012
Barnett Waddingham consultant Malcolm McLean calls again for the Bank of England to urgently rethink its policy of Quantitative Easing (QE) following today’s announcement to inject another £50bn into ...

IFS research 'disguises' the true nature of UK pension problems
June 2012
Commenting on research published today from the Institute of Fiscal Studies that shows that pensioners have enjoyed the fastest-rising incomes of the last decade, Malcolm McLean , Barnett Waddingham c...

Clive Grimley, Barnett Waddingham, comments on TPR's guidance to employers on compliance and enforcement of auto-enrolment
June 2012
Commenting on The Pension Regulator’s guidance to employers on compliance and enforcement of auto-enrolment, Clive Grimley, partner at Barnett Waddingham, said: “The Pensions Act 2008 introduced the r...

Barnett Waddingham strengthens Solvency II team
June 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries and consultants, has appointed Cameron Heath to lead the expansion of its Solvency II offering within its Insurance Consulting Practi...

Adrian Waddingham awarded CBE in Queen’s Birthday Honours
June 2012
Adrian Waddingham , founding partner and former senior partner of Barnett Waddingham, the UK’s largest independent firm of actuaries, pension administrators and consultants , has been made a CBE in th...

Barnett Waddingham comments on The Pensions Regulator’s six principles.
June 2012
Commenting on the six principles The Pensions Regulator (TPR) has outlined for good design and governance of workplace DC pension provision, Mark Futcher , partner at Barnett Waddingham, said: “The pr...

Malcolm McLean comments on the latest ONS statistics
June 2012
Commenting on the latest ONS statistics released today which reveal that the number of people in the UK working beyond state pension age has almost doubled over the last 20 years, Malcolm McLean , con...

Barnett Waddingham’s Andrew Vaughan elected Chair of the International Association of Consulting Actuaries
June 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, pensions administrators and consultants, congratulates Andrew Vaughan , partner, on his election as Chair of the International Assoc...

Malcolm McLean, Barnett Waddingham, comments on OECD report
June 2012
Commenting on a report published today by the Organisation for Economic Cooperation and Development (OECD), Malcolm McLean, consultant at Barnett Waddingham, said: “The OECD Report makes for interesti...

Aggregate pension deficit for FTSE350 firms approached £120 billion at the end of May
June 2012
According to research conducted by Barnett Waddingham, the UK’s leading independent firm of actuaries, administrators and consultants, the aggregate IAS19 deficit of defined benefit pension schemes fo...

Barnett Waddingham announces partner and associate promotions
May 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries, administrators and consultants, has promoted four of its associates to the position of Partner, taking the firm’s total number of Pa...

Malcolm McLean comments on today’s news of Doctors taking industrial action over pensions changes
May 2012
Commenting on today’s news of Doctors taking industrial action over pensions changes, Malcolm McLean , consultant, Barnett Waddingham said: “The results of the ballot confirm that many doctors are ver...

Malcolm McLean warns of simmering resentment from pensioners about being excluded from new state pension arrangements
May 2012
Evidence is mounting that many of today’s pensioners are extremely unhappy about being excluded from the Government’s plans to bring in a new unified state pension. Although full details are not yet a...

TROIKA – UK’s first Insurance Sector Consortium launched to provide Independent model Validation Assurance for Solvency II
May 2012
Three specialist insurance sector consultants have joined forces to help (re)insurance companies prepare for Solvency II. The alliance known as TROIKA , comprises Barnett Waddingham, the UK’s leading ...

Malcolm McLean comments on the new flat rate state pension included in the Queen’s Speech today
May 2012
Commenting on the new flat rate state pension included in the Queen’s Speech today, Malcolm McLean , consultant, Barnett Waddingham, says: “It is good news that the concept of a new flat rate state pe...

Barnett Waddingham survey reveals low confidence in Solvency II implementation date
May 2012
Over three quarters of insurance companies believe that the Solvency II implementation date will be delayed beyond its intended start date of 1 January 2014, according to research conducted by Barnett...

Malcolm McLean comments on the findings of Aviva's Working Lives report
May 2012
Commenting on the findings of Aviva’s Working Lives report, Barnett Waddingham consultant Malcolm McLean says: “I am not especially surprised at the lack of awareness amongst the working population at...

A burden for charity employers
April 2012
John Harrison , a partner in Barnett Waddingham LLP, comments on the financial burden of defined benefit pension schemes and why alternative defined contribution schemes are such a poor relation. Barn...

Barnett Waddingham comments on The Pensions Regulator updated funding valuation guidance
April 2012
P aul Jayson , a partner at Barnett Waddingham LLP, the UK’s leading independent firm of actuaries, pensions administrators and consultants, commenting on the updated funding valuation guidance issued...

Barnett Waddingham launches ‘Finance Directors Guide to Pensions'
April 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries, administrators and consultants has launched an ‘online guide to pensions’ aimed at Finance Directors. The guide has been developed t...

Malcolm McLean calls on the Bank of England to urgently review its policy of Quantitative Easing
April 2012
Barnett Waddingham consultant Malcolm McLean has called on the Bank of England to urgently review its policy of Quantitative Easing (QE) with a view to either ceasing or substantially curtailing its u...

Barnett Waddingham slams ‘expensive fees and poor transparency’ around administration switching fees
April 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, pension administrators and consultants has slammed high costs and a lack of transparency around switching pension administrators, fo...

Barnett Waddingham announces Corporate Consultancy Seminar
April 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, pension administrators and consultants, has announced that it will host a seminar that will examine the ongoing challenges to define...

Barnett Waddingham’s 3rd Annual Survey shows significant improvement to FRS17 funding level of university schemes
April 2012
The average funding level of university pension schemes on the UK standard accounting basis, FRS17, improved significantly over the year to 31 July 2011 according to the 3rd annual survey of Universit...

Barnett Waddingham appointed by Birmingham Airport
April 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries and consultants, has been appointed by Birmingham Airport to provide actuarial, administration and employee benefits services for the...

Barnett Waddingham announces Solvency II seminars
March 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries, pension administrators and consultants, has announced a series of free seminars to examine the potential impact of Solvency II regul...

BUDGET Barnett Waddingham, comments on a possible salary sacrifice option to counter the removal of child benefit in 2013
March 2012
Rob Thomas , Associate at Barnett Waddingham, comments on a possible salary sacrifice option to counter the removal of child benefit in 2013: “Removing child benefit in 2013 may have unintended conseq...

BUDGET Barnett Waddingham's Malcolm McLean comments
March 2012
Commenting on today’s Budget statement, Barnett Waddingham pensions consultant Malcolm McLean said: “After all the rumour and innuendo, it was a great relief that the Chancellor has seen fit to leave ...

Malcolm McLean comments on today’s news that the Unions CPI court appeal has been unanimously rejected
March 2012
Following today’s news that the Unions CPI court appeal has been unanimously rejected, Malcolm McLean , consultant, Barnett Waddingham comments: “The Government will have breathed a deep sigh of relie...

Gordon Pollock joins Barnett Waddingham to spearhead drive into expert witness work
March 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries, administrators and consultants has appointed Gordon Pollock to help lead the expansion of the firm's expert witness work. Gordon, wh...

Barnett Waddingham comments on NAPF auto-enrolment survey
March 2012
Commenting on this morning’s NAPF auto-enrolment survey, Rob Thomas , associate, Barnett Waddingham says: “The level of opt outs is likely to be of particular interest to NEST, for which currently non...

Barnett Waddingham's Malcolm Mclean comments on ONS Population Ageing Report
March 2012
Malcolm McLean, a consultant at Barnett Waddingham, the UK's largest independent firm of actuaries and administration consultants, commenting on the ONS report published today entitled ‘An overview of...

Commenting on the Financial Services Authority’s (FSA) announcement that pension transfer rules are to be tightened
February 2012
Commenting on the Financial Services Authority’s (FSA) announcement that pension transfer rules are to be tightened, John Harrison , partner at Barnett Waddingham, said: “For some time both the Pensio...

Barnett Waddingham comments on the FSA's Solvency II conference
February 2012
Barnett Waddingham comments on the Financial Services Authority's (FSA) Solvency II conference where the regulator made some key announcements and comments about Solvency II implementation dates and t...

Barnett Waddingham Investments LLP adds new member to its team
February 2012
Barnett Waddingham Investments LLP, the private client arm of Barnett Waddingham, the UK’s largest independent firm of actuaries, administrators and consultants, has appointed Neil Dainton as an inves...

Barnett Waddingham Launches Specialist Employee Benefit Service from Liverpool Office
February 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries and administration consultants, is launching a specialist employee benefits practice from its Liverpool office. The service will be l...

Barnett Waddingham comments on TPR auto-enrolment and salary sacrifice information
February 2012
The Pensions Regulator’s recently issued The Pensions Regulator recently issued information on how salary sacrifice and flexible benefit schemes will interact with employer’s requirements to meet mini...

Nick Salter appointed Senior Partner at Barnett Waddingham
February 2012
Nick Salter has been appointed Senior Partner at Barnett Waddingham, the UK’s largest independent firm of actuaries, administrators and consultants. Adrian Waddingham , who has held the position for t...

Barnett Waddingham SIPP achieves Defaqto 5 Star Rating
February 2012
Barnett Waddingham LLP, the leading independent provider of actuarial, administration and consultancy services, has received the prestigious 5 Star Rating from Defaqto, for its bespoke Barnett Wadding...

Barnett Waddingham comments on the ASB UK Accounting final exposure draft
January 2012
Commenting on the final exposure draft on the future of UK Accounting issued by the Accounting Standard Board yesterday, which states companies will no longer be able to set the expected return on a s...

Barnett Waddingham Recommends Early Action to Guarantee Pensions Fixed Protection
January 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries, administrators and consultants, is urging people with large pension savings to review their arrangements as soon as possible to avoi...

Clive Grimley comments on the DWP’s statement on the revised timetable for auto-enrolment staging dates
January 2012
Speaking regarding the DWP’s statement on the revised timetable for auto-enrolment staging dates, Clive Grimley, partner, Barnett Waddingham said: “Barnett Waddingham generally welcomes the revised ti...

Mind the Generation Gap
January 2012
Barnett Waddingham analysis shows likely much reduced pension income for the next generation. Figures produced by the actuarial firm Barnett Waddingham point to a big disparity between what a young pe...

Barnett Waddingham celebrates latest exam success
January 2012
Barnett Waddingham, the UK’s largest independent firm of actuaries and consultants is celebrating a 100% pass rate following the latest round of core applications (CA1) actuarial exams. The firm’s CA1...

Barnett Waddingham announces Pension Scheme Valuation seminars for February 2012
January 2012
Barnett Waddingham, the UK’s leading independent firm of actuaries and consultants, has announced a series of free nationwide seminars in February focusing on the challenges to valuing pension schemes...

Barnett Waddingham responds to EIOPA consultation paper on changes IORP
January 2012
Barnett Waddingham LLP has responded to the European Insurance and Occupational Pensions Authority (EIOPA) consultation paper on its draft advice to the European Commission on changes to the Instituti...

Barnett Waddingham comments on the £1bn Pilkington Longevity Swaps
January 2012
Commenting on the £1bn Pilkington longevity swaps that have ensured 2011 is a record year for the de-risking market, Nick Griggs , Head of Corporate Consulting at Barnett Waddingham, said: “The longev...