All articles by Benjamin Mercer – Page 38
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News
Pandemics, climate change pose ‘systemic risks’ to actuarial work
On the go: Global pandemics and the threat of a climate catastrophe present dire risks to the quality of actuarial work, according to a new report by the Joint Forum on Actuarial Regulation.
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Fiduciary managers outperform during coronavirus crisis
Analysis: A year after emerging from the scrutiny of the Competition and Markets Authority, fiduciary managers are now embracing transparency to advertise outperformance of traditional advised defined benefit schemes.
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Regulator to issue rules for consolidators ‘in the coming weeks’
The Pensions Regulator is shortly to issue interim regulation covering commercial consolidators, Pensions Expert can reveal.
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Charities suffer under the strain of DB scheme deficits
On the go: Three-quarters of charities have defined benefit schemes in deficit, adding extra strain to a sector already hit hard by coronavirus, according to a new report by Hymans Robertson.
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Sponsors facing perfect storm as furlough nears its end
Pension schemes and their sponsors face a potential perfect storm of costs as the furlough scheme reaches its endgame, with sponsors in some sectors of the economy facing acute pressure as government support dries up.
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PodcastsPodcast: 'Crystal ball-gazing' makes ethical investment tough for trustees
Trustees aiming to make ethical investment decisions can find it tough to justify them without recourse to a crystal ball, as the legal requirements are ill-defined, says Irwin Mitchell’s pensions partner Penny Cogher. In this episode she’s joined by independent consultant and long-time pensions expert Malcolm McLean for a discussion covering capital-backed endgame deals, the complications of new insolvency laws, and some morally dubious LGPS investments.
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Regulator repeats anti-scam warning after £5m lost to fraudsters
On the go: The Pensions Regulator has repeated its warning about scammers after a report revealed more than £5m has been lost to fraud since February.
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Brunel achieves carbon intensity reduction target
Brunel Pension Partnership has achieved its target of reducing the carbon intensity of its active portfolio by 7 per cent a year in time for the UN’s World Environment Day, but smaller schemes saddled with pooled products may lack the clout required to emulate them.
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NewsNissan proposes DB scheme closure as sponsor pressure mounts
Workers at Nissan’s manufacturing plant in Sunderland could be facing a cut to their benefits, with the carmaker proposing to close its defined benefit scheme, while experts said the Covid-19 pandemic could push more sponsors to follow suit.
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Suffolk holds firm through equity volatility storm
Suffolk Pension Fund has reported a bounceback in its asset values after taking a £327m hit in the first quarter of the year, as experts said it is still legitimate for immature defined benefit schemes to lean on the equity risk premium.
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NewsUSS divests from coal, tobacco and weapons manufacturers
The UK’s largest pension scheme has announced it is to divest from selected coal, tobacco and weapons manufacturers, following years of campaigning by members and activist groups.
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Small scheme bulk annuity deals set for surge in demand
On the go: The number of small scheme buy-ins and buyouts could increase by 25 per cent in 2020, according to research from LCP.
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LGPS has £2bn invested in alleged ‘illegal Israeli settlement’ companies
Thirty-three Local Government Pension Scheme funds retain investments worth more than £2bn in arms manufacturers and in companies accused of supporting illegal Israeli settlements, as some of these schemes opt for engagement instead of divestment.
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Regulator to issue new guidance on capital-backed endgame deals
The Pensions Regulator is to issue new guidance on defined benefit employers seeking to use third-party investors to back the cost of buyout, following the completion of a first-of-a-kind deal without the need for regulatory clearance last week.
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High Court delivers another CPI setback
Employers seeking to switch their defined benefit pension schemes from the retail price index to the consumer price index have been dealt another blow, as the High Court yet again refused to establish a precedent.
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PodcastsPodcast: The days of ‘amateurish’ trusteeship are over
Podcast: The challenges posed by Covid-19 will accelerate the move toward professional trusteeship, according to Mercer’s chief actuary Charles Cowling, who argues that the responsibilities in this area post-coronavirus will be too much for lay trustees to handle alone. He and Catherine McFadyen, head of public sector actuarial, benefits and governance at Hymans Robertson, discuss LGPS funding, the impact of mortality rates, and give their predictions about the post-crisis world.
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NewsBritish Airways resumes pension transfer activities
British Airways is to resume its pension transfer activities following a short suspension due to the impact of the coronavirus crisis, Pensions Expert can reveal.
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BT Openreach sell-off leaves key questions for trustees
On the go: Trustees of BT’s colossal £50bn defined benefit pension scheme faced a number of important questions after rumours emerged that the telecoms giant was looking to sell its most profitable division.
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Implementation hurdles in opportunistic strategies
On the go: The coronavirus crisis presents a number of opportunities for savvy investors, but schemes should be wary of inflated estimates of return, according to a new report from Bfinance.
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Local government pension schemes invest in bank guilty of tax evasion
A number of local government pension schemes have come under fire over their investments in a troubled Israeli bank, according to research seen by Pensions Expert.