The Prudential Regulation Authority has released a much-awaited consultation, following a Government decision that insurers will need to apply to use the volatility adjustment. We summarise the main points, but suggest further clarifications are needed.
After many years of rapid mortality improvements in the UK population, 2012 and 2013 saw significantly lower gains.
The Chancellor of the Exchequer delivered his 2015 Budget speech yesterday. The speech included a few pensions-related points, some of which were expected as they had been previously announced or reported in last weekend’s national press.
Campaigning for the general election is due to begin in earnest following the dissolution of Parliament on 30 March. The parties are yet to publish their manifestos, but it’s clear that the major parties already have visions for the future of pensions.
The latter half of 2014 undoubtedly saw a lot of attention being focused on the PPF and their new Experian-based insolvency risk model. Much of the focus fell on the Second Triennium and the unprecedented number of consultation responses.
Under the proposed Senior Insurance Manager’s Regime the PRA envisages five Controlled Function Holders running an insurance company but no CIO. In this blog we explore the appropriateness of the CIO within a company’s governance structure.
Several new documents have been released that give some further information for those still weighing up the benefits of Volatility Adjustment vs Matching Adjustment for annuity business. This blog summarises the key new information.
The judge has handed down her ruling in the High Court case of the Merchant Navy Ratings Pension Fund v Stena Line Ltd and Others. This ruling could have implications for trustees and sponsoring employers of multi-employer schemes previously believed to be closed.
With the PPF‘s deadline for contingent asset certification fast approaching employers and trustees will be eager to ensure that any certification is suitably rigorous to avoid the PPF rejecting the certificate.