The FCA’s Consultation Paper of January 2019 sets out their second proposed package of ‘remedies’ arising from their Retirement Outcomes Review. To what extent have they made up their mind and why is the Paper virtually silent on seeking advice?
The FCA outlines the changes pension providers need to apply to literature and processes, aiming to improve consumer engagement with their pension income decisions, as well as making the cost of drawdown products clearer and product comparisons easier.
In the case of acronyms, logic suggests that as they're supposed to be derived from the title of the firm, product or what they represent they would be a secondary consideration not a starting point in the process. Malcolm isn't sure that always applies.
John Cormell focuses on our approach in considering the specifics of each scheme and to only implement GMP equalisation in transfer values where appropriate and agreed by the trustees.
The LGPS Online Data Checker provides an online, secure area for LGPS Funds to carry out valuation data checks at whole Fund and individual employer level.
Trustees of defined benefit (DB) pension schemes face a quandary. How can they best help members make good decisions when it comes to accessing their pension benefits, ask Barnett Waddingham’s Jane Ralph and Liam Mayne?
Large funding deficits and low yields have meant that, for many trustees, annuities haven’t been considered a suitable asset over the last decade. However, that picture is changing slowly.
Many schemes are addressing the short-term issues around GMP equalisation, but they must think how they adjust the benefits for members and operate with those adjustments in place.
Trustees of DB schemes must consider many factors when considering a superfund transaction; buy-outs offer more security but are not always affordable.
Managing the risks is just as important in DC as it is in DB. By using the right kind of risk measures, we can focus on investment strategies on the end goals that actually matter.