In this month's News on Pensions we look at DC pensions flexibility, EIOPA: 2015-17 Work Programme, pensions research, and developments in scheme administration.
Our Pension Administration Technical Help highlights pensions news and legislation that has particular interest to what we do in Pension Administration.
As we continue on the journey toward 1 April 2015 and the commencement of the new LGPS governance regime, in this briefing note we take a look at Mark 2 of the governance regulations which has now left the engine shed for further consultation
The option to contract-out of the State Second Pension (S2P) will come to an end in 2016 when the Single State Pension is introduced. Currently it is only possible to contract-out of S2P (previously SERPS) for schemes providing ‘defined benefits’ above a certain minimum level.
When contracting-out ends in April 2016, HMRC will no longer track contracted-out rights and will issue closure schedules to schemes so they can compare these against GMP amounts held on scheme records. This is known as a GMP reconciliation.
445 days to go (as at 13/10/14)! Solvency II is looming and there is a lot going on. Over the summer there has been activity from the PRA, EIOPA and the Treasury. Meanwhile, firms have been working hard on a wide range of areas including and looking at what the Matching Adjustment means for them.
Our latest Current Issues in Pensions Financial Reporting newsletter details the key financial assumptions required for determining pension liabilities under the FRS17 (UK non-listed), IAS19 (EU listed) and FAS158 (US listed).
The Growth Plan (GP) is a multi-employer pension arrangement offered by The Pensions Trust (TPT), generally for the charitable and not-for-profit sectors. The GP has several sections or ‘Series’ that have been established over time, each offering a different type of pension benefit.
The ‘Hutton Report’ set in train a change of governance regime for public sector pension funds. The first destination date of 1 April 2015 is fast approaching just around the bend, but where is the train on its journey and when might it arrive?
Quarter 2 of 2014 saw several significant deals completed including the largest ever longevity swap completed by a UK pension scheme. Several schemes also insured further tranches of their defined benefit liabilities having previously carried out partial bulk annuity transactions.