With all the talk about pension freedoms, it's easy to forget that when most people tell you what they need in retirement - they describe a "wage for life"
The document outlines guidance for connecting pension schemes to the UK's new pensions dashboards programme, including a connection deadline of 31 October 2026 and staging timetable for large and medium schemes to connect between 2025-2026. It discusses establishing connection standards and user testing for 2024 launches. Several industry groups are collaborating on the programme to ensure individuals can access their pension information securely online through the dashboards. Providers are encouraged to prepare for legal obligations, data, and their method of connection.
The document summarizes a report from Aon on the state of UK defined contribution pensions. It notes that:
1) Retirement living standards set by the Pensions and Lifetime Savings Association increased significantly, requiring higher expenditures in retirement.
2) As a result, Aon's UK DC Pension Tracker, which measures expected retirement incomes, fell sharply over the quarter with savers further from a comfortable standard of living.
3) The Pension Tracker has now returned to levels from 2020, suggesting retirement savings have not improved in the last three years for most savers.
Con Keating's coffee morning presentation.pptxHenry Tapper
The document compares asset and liability estimates from different sources including TPR, ONS, and PPF over time. Key findings include:
- ONS estimates of total assets are consistently lower than TPR and PPF estimates
- TPR estimates funding ratios are higher than ONS estimates, implying fewer schemes in deficit
- Discrepancies could be due to differences in discount rates and methodology between sources
- The accuracy of estimates has implications for assessing the costs of new pension regulations to sponsors
JD ED Strategy Policy and Analysis. TPrpdfHenry Tapper
The Executive Director of Strategy, Policy & Analysis at the Pensions Regulator is responsible for developing the regulatory framework to enable market innovation while protecting savers. The role involves leading strategy, policy, economics, risk management, and data analysis functions. As a member of the Executive Committee and Board, the Director also provides leadership across the organization and engagement with external stakeholders. Key responsibilities include developing strategic plans, policies, and regulatory solutions; overseeing research, risk analysis, and market insights; and driving organizational change and performance.
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdfHenry Tapper
A group of retirees from Standard Oil of Ohio (Sohio) filed a lawsuit against BP in 2016 alleging that BP had misled them about changes made to their pension benefits in 1989. After an eight year legal battle, a federal judge recently ruled in favor of the retirees, finding that BP had committed fraud and violated federal law regarding employee retirement benefits. The ruling could potentially impact around 7,000 former BP employees. The judge ordered BP to provide equitable relief to remedy the situation, and the case will now move to a next phase to determine what actions BP must take. The retirees and their attorneys view this as an important victory that upholds protections for workers' retirement benefits.
Press release from the BP Pensioner Group on the WPC DB reportHenry Tapper
The Work and Pensions Committee report calls for changes to the proposed regulatory approach for defined benefit pension schemes in order to ensure their long-term viability. While their numbers have declined in recent years, defined benefit schemes remain important for savers and the economy. However, two decades of cautious regulation have led to low-risk investment approaches that threaten the sustainability of remaining open schemes. The report recommends allowing more flexibility in investments and funding to take advantage of improved funding levels and prevent premature closure of open schemes. It also calls for improved governance standards and legislation to support pension consolidation to strengthen defined benefit pensions for the future.
Work and Pensions report into UK corporate DB fundingHenry Tapper
The document summarizes the findings of the Work and Pensions Committee on defined benefit pension schemes in the UK. Key points include: concerns that the new funding regime may require some open schemes to de-risk inappropriately; replacing the Pensions Regulator's objective to protect the Pension Protection Fund with a new objective to protect both past and future benefits; ensuring scheme members' reasonable expectations for benefit enhancements are met from any surplus; and addressing ongoing concerns about governance standards in some schemes.
Advice Guidance Boundary Review Evidence Final Feb 24.pdfHenry Tapper
This document provides evidence from Ferret Information Systems in response to the FCA's Advice Guidance Boundary Review. It summarizes the key points made in the document, including that: 1) the review should consider sources of advice beyond regulated financial advice, as many seek non-regulated advice; 2) the advice gap is larger than implied since only 8% seek regulated advice; and 3) personalized advice is still possible without product recommendations by assessing different decumulation choices based on individual circumstances. The submission argues the review could better address advice needs for those on low incomes interacting with the benefits system.
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdfHenry Tapper
This submission provides comments on supporting members to navigate retirement income. It notes that retirement planning is complex, with retirees needing to navigate government systems, legislation, and income sources. The submission outlines the multiple potential sources of retirement income for Australians, including the Age Pension, superannuation, non-super investments, home equity, and part-time work. It emphasizes that superannuation is not necessarily the dominant income source for many retirees in APRA-regulated funds. The submission stresses the need to consider all pillars of the retirement system and how different income streams may change over time when supporting retirees.
This document analyzes the potential benefits of transitioning the UK's large unfunded public sector pension schemes to a funded model. Such a move could enable them to become global investment powerhouses, provide cheaper financing for the government, and deliver better outcomes for taxpayers and public sector workers. However, it would also face significant political opposition and require bold leadership. The document argues that while challenging, transitioning these schemes now could generate substantial long-term economic and fiscal benefits for the UK.
letter to the EF and Premiership about pension liabilitiesHenry Tapper
1. Pension SuperFund Capital proposes taking on the pension obligations and liabilities of the Football League Pension Scheme to relieve the clubs of future funding risks and costs.
2. Under the proposal, Pension SuperFund Capital would provide a new company to join the pension scheme and assume full risk of the pension obligations on a "last man standing" basis, providing certainty for members and clubs. It would also provide a 10% capital buffer to improve funding and allow for benefit enhancements.
3. The proposal would benefit football by supporting struggling non-league clubs in the scheme, providing upside sharing with members, and dedicating 5% of upside to grassroots football programs in the UK. Pension SuperFund
BP action group letter to the Work and Pensions committeeHenry Tapper
1. The BP Pension Fund is a large UK defined benefit pension scheme with over £20 billion in assets and 60,000 members. It currently has a surplus of around £6 billion.
2. BP recently rejected the trustees' recommendation to increase pensions in line with inflation, raising questions about conflicts of interest as mature defined benefit schemes reach surplus.
3. If the BP scheme were to be wound up as some indications suggest, the process sets members up to be victims as they have little involvement in deciding the fate of their pensions, while commercial interests will influence the financial outcome. Stronger protections for members are needed governing the transfer of schemes to insurers.
tpr ldi response to the work and pensions commiteeHenry Tapper
The document provides an analysis of the impact of the 2022 LDI episode on UK defined benefit pension schemes. It finds that the majority of schemes saw improved funding levels over 2022, with 87% of schemes having higher funding levels on a technical provisions basis. Only 5% saw deteriorations in their funding level. By the end of 2022, around 80% of schemes were estimated to be in surplus on a technical provisions and buyout basis. The primary driver for improved funding was a larger fall in liability values compared to asset values. The regulator is taking steps to improve data collection and oversight of LDI strategies to enhance resilience against future shocks.
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The document outlines guidance for connecting pension schemes to the UK's new pensions dashboards programme, including a connection deadline of 31 October 2026 and staging timetable for large and medium schemes to connect between 2025-2026. It discusses establishing connection standards and user testing for 2024 launches. Several industry groups are collaborating on the programme to ensure individuals can access their pension information securely online through the dashboards. Providers are encouraged to prepare for legal obligations, data, and their method of connection.
The document summarizes a report from Aon on the state of UK defined contribution pensions. It notes that:
1) Retirement living standards set by the Pensions and Lifetime Savings Association increased significantly, requiring higher expenditures in retirement.
2) As a result, Aon's UK DC Pension Tracker, which measures expected retirement incomes, fell sharply over the quarter with savers further from a comfortable standard of living.
3) The Pension Tracker has now returned to levels from 2020, suggesting retirement savings have not improved in the last three years for most savers.
Con Keating's coffee morning presentation.pptxHenry Tapper
The document compares asset and liability estimates from different sources including TPR, ONS, and PPF over time. Key findings include:
- ONS estimates of total assets are consistently lower than TPR and PPF estimates
- TPR estimates funding ratios are higher than ONS estimates, implying fewer schemes in deficit
- Discrepancies could be due to differences in discount rates and methodology between sources
- The accuracy of estimates has implications for assessing the costs of new pension regulations to sponsors
JD ED Strategy Policy and Analysis. TPrpdfHenry Tapper
The Executive Director of Strategy, Policy & Analysis at the Pensions Regulator is responsible for developing the regulatory framework to enable market innovation while protecting savers. The role involves leading strategy, policy, economics, risk management, and data analysis functions. As a member of the Executive Committee and Board, the Director also provides leadership across the organization and engagement with external stakeholders. Key responsibilities include developing strategic plans, policies, and regulatory solutions; overseeing research, risk analysis, and market insights; and driving organizational change and performance.
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdfHenry Tapper
A group of retirees from Standard Oil of Ohio (Sohio) filed a lawsuit against BP in 2016 alleging that BP had misled them about changes made to their pension benefits in 1989. After an eight year legal battle, a federal judge recently ruled in favor of the retirees, finding that BP had committed fraud and violated federal law regarding employee retirement benefits. The ruling could potentially impact around 7,000 former BP employees. The judge ordered BP to provide equitable relief to remedy the situation, and the case will now move to a next phase to determine what actions BP must take. The retirees and their attorneys view this as an important victory that upholds protections for workers' retirement benefits.
Press release from the BP Pensioner Group on the WPC DB reportHenry Tapper
The Work and Pensions Committee report calls for changes to the proposed regulatory approach for defined benefit pension schemes in order to ensure their long-term viability. While their numbers have declined in recent years, defined benefit schemes remain important for savers and the economy. However, two decades of cautious regulation have led to low-risk investment approaches that threaten the sustainability of remaining open schemes. The report recommends allowing more flexibility in investments and funding to take advantage of improved funding levels and prevent premature closure of open schemes. It also calls for improved governance standards and legislation to support pension consolidation to strengthen defined benefit pensions for the future.
Work and Pensions report into UK corporate DB fundingHenry Tapper
The document summarizes the findings of the Work and Pensions Committee on defined benefit pension schemes in the UK. Key points include: concerns that the new funding regime may require some open schemes to de-risk inappropriately; replacing the Pensions Regulator's objective to protect the Pension Protection Fund with a new objective to protect both past and future benefits; ensuring scheme members' reasonable expectations for benefit enhancements are met from any surplus; and addressing ongoing concerns about governance standards in some schemes.
Advice Guidance Boundary Review Evidence Final Feb 24.pdfHenry Tapper
This document provides evidence from Ferret Information Systems in response to the FCA's Advice Guidance Boundary Review. It summarizes the key points made in the document, including that: 1) the review should consider sources of advice beyond regulated financial advice, as many seek non-regulated advice; 2) the advice gap is larger than implied since only 8% seek regulated advice; and 3) personalized advice is still possible without product recommendations by assessing different decumulation choices based on individual circumstances. The submission argues the review could better address advice needs for those on low incomes interacting with the benefits system.
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdfHenry Tapper
This submission provides comments on supporting members to navigate retirement income. It notes that retirement planning is complex, with retirees needing to navigate government systems, legislation, and income sources. The submission outlines the multiple potential sources of retirement income for Australians, including the Age Pension, superannuation, non-super investments, home equity, and part-time work. It emphasizes that superannuation is not necessarily the dominant income source for many retirees in APRA-regulated funds. The submission stresses the need to consider all pillars of the retirement system and how different income streams may change over time when supporting retirees.
This document analyzes the potential benefits of transitioning the UK's large unfunded public sector pension schemes to a funded model. Such a move could enable them to become global investment powerhouses, provide cheaper financing for the government, and deliver better outcomes for taxpayers and public sector workers. However, it would also face significant political opposition and require bold leadership. The document argues that while challenging, transitioning these schemes now could generate substantial long-term economic and fiscal benefits for the UK.
letter to the EF and Premiership about pension liabilitiesHenry Tapper
1. Pension SuperFund Capital proposes taking on the pension obligations and liabilities of the Football League Pension Scheme to relieve the clubs of future funding risks and costs.
2. Under the proposal, Pension SuperFund Capital would provide a new company to join the pension scheme and assume full risk of the pension obligations on a "last man standing" basis, providing certainty for members and clubs. It would also provide a 10% capital buffer to improve funding and allow for benefit enhancements.
3. The proposal would benefit football by supporting struggling non-league clubs in the scheme, providing upside sharing with members, and dedicating 5% of upside to grassroots football programs in the UK. Pension SuperFund
BP action group letter to the Work and Pensions committeeHenry Tapper
1. The BP Pension Fund is a large UK defined benefit pension scheme with over £20 billion in assets and 60,000 members. It currently has a surplus of around £6 billion.
2. BP recently rejected the trustees' recommendation to increase pensions in line with inflation, raising questions about conflicts of interest as mature defined benefit schemes reach surplus.
3. If the BP scheme were to be wound up as some indications suggest, the process sets members up to be victims as they have little involvement in deciding the fate of their pensions, while commercial interests will influence the financial outcome. Stronger protections for members are needed governing the transfer of schemes to insurers.
tpr ldi response to the work and pensions commiteeHenry Tapper
The document provides an analysis of the impact of the 2022 LDI episode on UK defined benefit pension schemes. It finds that the majority of schemes saw improved funding levels over 2022, with 87% of schemes having higher funding levels on a technical provisions basis. Only 5% saw deteriorations in their funding level. By the end of 2022, around 80% of schemes were estimated to be in surplus on a technical provisions and buyout basis. The primary driver for improved funding was a larger fall in liability values compared to asset values. The regulator is taking steps to improve data collection and oversight of LDI strategies to enhance resilience against future shocks.
MISS RAIPUR 2024 - WINNER POONAM BHARTI.DK PAGEANT
Poonam Bharti, a guide of ability and diligence, has been chosen as the champ from Raipur for Mrs. India 2024, Pride of India, from the DK Show. Her journey to this prestigious title is a confirmation of her commitment, difficult work, and multifaceted gifts. At fair 23 a long time ago, Poonam has as of now made noteworthy strides in both her proficient and individual lives, encapsulating the soul of present-day Indian ladies who adjust different parts with beauty and competence. This article dives into Poonam Bharti’s foundation, achievements, and qualities that separated her as a meriting champion of this award.
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1. Another way of looking
at retirement income
Henry Tapper
TISA – October 24th
2. Themes for the next 20 minutes
• Many colours to the pension spectrum
• Pensions still considered as a “wage for life”
• Freedom and choice troubling FCA
• “Advised solutions” unfit for FAMR market
• “Contingent pricing” compromising independent advice
• Guided pathways a start but collective solutions are needed
12. Five ways to combat financial hooliganism
1.Restore work on CDC secondary regulations
2.Ban conditional pricing on transfer advice
3.Promote the value of the PPF
4.Encourage innovative solutions like WinRS
5.Promote pensions to those who have them