The Government recently published a consultation seeking views on policy proposals to amend the rules of the Local Government Pension Scheme 2013 in England and Wales. Barry McKay responds to a wide ranging consultation which could have a major impact on a range of stakeholders, covering the following areas: moving local fund valuations from the current three year (triennial) to a four-year (quadrennial) cycle, including a number of measures to mitigate the risks of this move; proposals for flexibility on exit payments and changes relating to exit credits, and proposals for policy changes to education employers offering LGPS membership.
Our latest research reveals, by diverting an extra 6% of profits into companies’ pension schemes would allow 70% of FTSE 100 DB pension schemes to buyout in the next decade. On present trends, one in five companies will be in a position to buy out their DB obligations in the next five years, the ultimate objective for most companies to eliminate their pension scheme risk. 55% will be able to do so in the next decade. This is a result of strong investment returns over recent years and the deficit contributions paid by companies.
We are pleased to announce the appointment of experienced actuary, Barry McKay, as a new associate in the public sector team. He has significant experience in the industry and was previously fund actuary to a number of LGPS funds, including Greater Manchester, the largest LGPS fund in the UK.
A raffle held at the Barnett Waddingham staff Christmas party has helped to raise additional financial support for Crisis at Christmas – the charity that aims to end homelessness and help change people’s lives for the better.
In the last set of exam results we are delighted to have two new qualified actuaries and an excellent set of results for our hardworking actuarial students.
The firm has announced today that six of its staff are newly qualified following the latest round of exam results from The Institute and Faculty of Actuaries.