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Barnett Waddingham
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Blog: December 2014 Archive

Reversible Jump Markov Chain Monte Carlo (RJMCMC) Method

Continuing our series of blogs on methods of GI reserving that have caught our interest, we turn our attention to the Reversible Jump Markov Chain Monte Carlo (RJMCMC) stochastic reserving method.

VAT: RIP the trustee. Long live the trustee company…?

HMRC has recently issued two briefing notes in relation to reclaiming VAT on invoices for pension scheme services. Whilst on the face of it, the note for DC schemes seems to be gifting an early Christmas present, the tax-man may be playing scrooge in relation to DB schemes.

Taxation of Pensions Act 2014

The new pension freedoms are now part of UK legislation, with the Taxation of Pensions Act 2014 receiving Royal Assent on 17 December 2014. Here’s a quick helicopter view of the 78 pages of legislation.

A light-hearted application of utility theory to Christmas

Do you leave your Christmas shopping until the last minute and greet your family on Christmas day with a bouquet of petrol station flowers? Chances are you are failing to maximise the utility to yourself, and those you love. But don’t worry; my handy guide is here to help you prosper!

5 reasons why your pension fund is not like your bank account

The pension freedoms announced by George Osborne come with the option to draw money straight out of your pension savings. This has led to commentators (and Government?) likening pensions to a bank account, with some going so far as comparing them to withdrawals from a cash machine.

Lies, damned lies and statistics*

With the regularity of the Gregorian calendar, Michael Johnson has issued yet again his preposterous ideas to radically change the essence and structure of the LGPS.

EIOPA has updated their website (and published 37 new papers!)

EIOPA has been busy updating its website and releasing a multitude of papers on Solvency II Implementing Technical Standards and Guidelines. What aspects of Solvency II are covered by these papers and what are the next steps in respect of them?

Temptation for early withdrawal of pension savings could lead to higher taxes

While the new flexibilities are welcome, senior staff may benefit from expert advice to help in managing their income needs and taxation affairs.

Holiday pay ruling is no vacation for pension schemes

Employers should also consider the impact of a recent judgement on pensionable salary

Medical underwriting for bulk annuities – the market gathers pace

A record £206m bulk annuity which included medical underwriting has been completed recently. How was this deal put together and what should employers and trustees consider when considering one of these deals?

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