The document provides an overview of how regulations in the UK pension industry have become more stringent and risk-averse since the Robert Maxwell scandal in the early 1990s. Key points:
- Maxwell's fraudulent appropriation of £460m from the Mirror Group's pension fund to prop up his companies led to major increases in regulation of UK pension funds.
- Over time, rules reduced pension funds' exposure to stocks and early-stage companies, instead pushing more investments into lower-return government and corporate bonds.
- Critics argue this overly cautious approach has hurt the UK economy by limiting investment in growth areas and contributing to the decline of UK stock ownership.
- Industry leaders are now calling for reforms that provide
1. This report analyzes what it sees as a parallel crisis in the UK: first, a crisis in future pensions provision driven by structural problems in the UK pensions industry; and second, a separate but related crisis in UK capital markets, particularly the collapse in long-term domestic investment in productive assets. These combined challenges are of critical importance to the long-term prosperity of the UK.
2. The structure and regulation of the UK pension system has undermined the risk profile of pensions and is storing up trouble for millions of individuals over the next few decades who will face an inadequate income in retirement, despite the success of auto-enrollment.
3. The structural decline in UK capital markets over the past few decades
This document discusses government schemes in the UK, Ireland, Spain, and Italy that aim to help homeowners struggling to meet their mortgage payments due to the financial crisis.
In the UK, repossessions were up 68% in 2008, and new schemes like the Homeowner Mortgage Support Scheme have been introduced but criticized for high costs and uncertainty around lender participation. Ireland has seen relatively few repossessions and relies on existing industry guidelines and income support. Spain allows unemployed borrowers to delay half of monthly payments for two years but adds more debt, while Italy enables renegotiating loan terms to lower payments. Private insurers like Genworth could play a role in advising on schemes and assisting those who don't qualify for government support
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.
The document discusses the need to create a balanced and sustainable economy in the UK that is not overly reliant on any one sector or region. It argues that a "new economy" is required that spreads growth throughout the UK by harnessing entrepreneurship and supporting the mid-market sector. The mid-market, consisting of companies with turnover between £10-300 million, is highlighted as an important driver of the UK economy, employing millions of people. However, these companies are sometimes overlooked by policymakers.
The document discusses how the new Conservative government in the UK will impact mortgages in 2015. Key points include:
1) The Conservative government aims to build more homes to address the supply and demand imbalance in the housing market. Plans include building 200,000 starter homes and extending "Help to Buy" and "Right to Buy" schemes.
2) "Help to Buy" offers government contributions of up to £3,000 for first-time buyers saving for a deposit through an ISA. "Right to Buy" will be extended to allow social housing tenants to purchase homes at a discount.
3) Mortgage rates remain very low due to low inflation and Bank of England interest rates staying at 0
IPA DGov - Ireland, Finance and Social Justice - 10 Jan 2015Conor McCabe
This document summarizes key points from a talk given by Dr. Conor McCabe of UCD School of Social Justice on changes in capitalism over the last 25 years and the role of finance. Specifically, it discusses how finance has become a driving force for growth as productive investment has weakened, and how speculative finance emerged as a secondary engine of growth. It also quotes commentary on how economic recoveries may primarily benefit elites and increase inequality.
This document discusses the 2008 financial crisis and its impact on the UK. It begins by defining a financial crisis and explaining the housing bubble and subprime lending practices in the US that triggered the crisis. It then discusses the effects in the UK, including falling retail sales, rising unemployment, and GDP declining by 1.5% in the fourth quarter of 2008, officially pushing the country into recession. The document also outlines some measures taken by the UK government to stimulate the economy through recapitalizing banks, loan guarantees, and an asset protection scheme.
1. This report analyzes what it sees as a parallel crisis in the UK: first, a crisis in future pensions provision driven by structural problems in the UK pensions industry; and second, a separate but related crisis in UK capital markets, particularly the collapse in long-term domestic investment in productive assets. These combined challenges are of critical importance to the long-term prosperity of the UK.
2. The structure and regulation of the UK pension system has undermined the risk profile of pensions and is storing up trouble for millions of individuals over the next few decades who will face an inadequate income in retirement, despite the success of auto-enrollment.
3. The structural decline in UK capital markets over the past few decades
This document discusses government schemes in the UK, Ireland, Spain, and Italy that aim to help homeowners struggling to meet their mortgage payments due to the financial crisis.
In the UK, repossessions were up 68% in 2008, and new schemes like the Homeowner Mortgage Support Scheme have been introduced but criticized for high costs and uncertainty around lender participation. Ireland has seen relatively few repossessions and relies on existing industry guidelines and income support. Spain allows unemployed borrowers to delay half of monthly payments for two years but adds more debt, while Italy enables renegotiating loan terms to lower payments. Private insurers like Genworth could play a role in advising on schemes and assisting those who don't qualify for government support
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.
The document discusses the need to create a balanced and sustainable economy in the UK that is not overly reliant on any one sector or region. It argues that a "new economy" is required that spreads growth throughout the UK by harnessing entrepreneurship and supporting the mid-market sector. The mid-market, consisting of companies with turnover between £10-300 million, is highlighted as an important driver of the UK economy, employing millions of people. However, these companies are sometimes overlooked by policymakers.
The document discusses how the new Conservative government in the UK will impact mortgages in 2015. Key points include:
1) The Conservative government aims to build more homes to address the supply and demand imbalance in the housing market. Plans include building 200,000 starter homes and extending "Help to Buy" and "Right to Buy" schemes.
2) "Help to Buy" offers government contributions of up to £3,000 for first-time buyers saving for a deposit through an ISA. "Right to Buy" will be extended to allow social housing tenants to purchase homes at a discount.
3) Mortgage rates remain very low due to low inflation and Bank of England interest rates staying at 0
IPA DGov - Ireland, Finance and Social Justice - 10 Jan 2015Conor McCabe
This document summarizes key points from a talk given by Dr. Conor McCabe of UCD School of Social Justice on changes in capitalism over the last 25 years and the role of finance. Specifically, it discusses how finance has become a driving force for growth as productive investment has weakened, and how speculative finance emerged as a secondary engine of growth. It also quotes commentary on how economic recoveries may primarily benefit elites and increase inequality.
This document discusses the 2008 financial crisis and its impact on the UK. It begins by defining a financial crisis and explaining the housing bubble and subprime lending practices in the US that triggered the crisis. It then discusses the effects in the UK, including falling retail sales, rising unemployment, and GDP declining by 1.5% in the fourth quarter of 2008, officially pushing the country into recession. The document also outlines some measures taken by the UK government to stimulate the economy through recapitalizing banks, loan guarantees, and an asset protection scheme.
Red views inflation-linked-bonds-issuance-and-pensions-liabilities-january-2013Redington
This document discusses the growth of the UK inflation-linked bond market and pensions' inflation-linked liabilities. While the inflation-linked bond market has quadrupled since 2005, it remains much smaller than pension schemes' inflation-linked liabilities. This mismatch is pushing real yields lower and limiting pension schemes' ability to match inflation risk. The document examines alternative sources of inflation-linked assets that pension schemes should consider to better match liabilities, such as infrastructure investments.
The Financial Crisis, Lecture Three: The Crisis UnfoldsConor McCabe
Over the last 25 years, capitalism has become more globally mobile. This document discusses Ireland guaranteeing €400 billion to insure deposits, debt, and interbank funding of six Irish banks in 2008 during the global credit crunch. The guarantee aimed to allow the banks to borrow more freely and cheaply. While intended to benefit banks, it increased deposit insurance from €20,000 to €100,000, covering 97% of customer deposits. Bank executives expected it to enable cheaper borrowing while the guarantee was described as restoring the oxygen supply to Irish banks.
Financing-Growth - take a step to the right.Henry Tapper
Labour's plan outlines a vision for the UK's financial services sector based on six priorities:
1. Deliver inclusive growth across UK regions by expanding regional financial centres and unlocking potential of mutuals.
2. Enhance international competitiveness through a more innovation-focused regulatory approach and collaboration with the EU.
3. Reinforce consumer protection and inclusion through initiatives like longer mortgages and financial education.
4. Lead in sustainable finance by making the UK a global hub for green finance and supporting decarbonization.
5. Embrace fintech innovation in areas like AI, open banking, and digital currencies.
6. Reinvigorate capital markets through pension reforms, increasing investment capital
The document discusses perceptions of and confidence in the UK financial services industry following the financial crisis. It finds that the most prominent feeling toward financial institutions is disappointment, followed by annoyance, skepticism, and powerlessness. Only 1 in 10 feel positive emotions. To restore faith, the industry must meet customer needs by addressing concerns through products and services, as well as change its behavior to be more understanding, transparent, and honest. Restoring trust will require understanding what drives customer relationships and the behaviors consumers want to see.
This document summarizes views from leaders in the UK hospitality industry who collectively oversee organizations with over £30 billion in sales and 850,000 employees. The key findings are:
1) Consumer confidence is more challenged than last year due to economic uncertainty, terrorist threats, and concerns over the upcoming EU referendum.
2) While the UK economic outlook remains neutral, leaders express more caution than last year due to these external factors. London is also seen to be performing differently than other regions.
3) The EU referendum and potential rise in interest rates or oil prices are seen as the biggest economic challenges for the coming year alongside attracting and retaining talent and adjusting to minimum wage increases.
This document summarizes views from leaders in the UK hospitality industry who are responsible for over £30 billion in annual sales and 850,000 employees. Key findings include:
1) Consumer confidence is more challenged than last year due to economic uncertainty, security threats, and the upcoming EU referendum. Leaders view the economic outlook as still fragile.
2) While current business performance is positive, leaders are cautiously optimistic due to external factors like terrorism and Brexit. Performance in London differs from other regions of the UK.
3) Top concerns for businesses are security threats, attracting and retaining talent, rising costs like minimum wage increases, and general economic uncertainty. Uncertainty keeps many CEOs awake at night.
Irish Political Economy, Class 3: the IFSCConor McCabe
This document contains information about the economic crisis in Europe following the 2008 financial crisis, including:
1) A letter from 2011 stating that the British government had run out of money after spending in good years.
2) Comments from 2010 and 2012 about the need to reform economies and banking systems to ensure recovery and sustainability.
3) Details about quantitative easing programs and long-term refinancing operations by the European Central Bank between 2009-2012 to provide over a trillion euros to banks.
4) Analysis that while this provided some temporary relief, it did not significantly stimulate lending to struggling economies.
This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
This document discusses the role of private debt and credit growth in economic stability. It argues that pre-crisis orthodoxy viewed low inflation as sufficient for stability, but private debt growth fueled asset price booms and recessions. Credit growth for real estate and existing assets does not directly stimulate GDP but can inflate prices. To promote stability, policy should constrain private leverage growth and the dominance of real estate lending through higher bank capital requirements and countercyclical policies.
Big crisis. Hard data. Here are some interesting stats on the financial crisis and beyond.
This was first published in Business Strategy Review: http://bsr.london.edu/blog/post-148/index.html
The document discusses how the aging population in the UK is driving increased demand for elderly care services, putting pressure on the country's health care system, and outlines an investment fund that aims to capitalize on this trend by purchasing and developing care facilities across the UK to generate stable income through long-term leases and management agreements with care operators. The fund is targeting a 7% annual return over a 5 year investment period by acquiring existing profitable facilities and development opportunities across the country.
The document discusses how the aging population in the UK is driving increased demand for elderly care services, putting pressure on the country's health care system, and outlines an investment fund that aims to capitalize on this trend by purchasing and developing care facilities throughout the UK to generate stable income through long-term leases and management agreements with care operators. The fund is targeting a 7% annual return over a 5 year investment period by acquiring existing profitable facilities and development opportunities across the country.
The document summarizes several news stories:
1) The UK Treasury plans to sell £1.5 billion of its stake in Royal Mail in chunks over several years to raise funds for privatization.
2) European courts ruled against the UK's reduced VAT rate for energy saving materials, putting the government's tax pledge in doubt.
3) Greek Prime Minister Tsipras faced pressure after Greece refused to pay €300 million owed to the IMF, planning to bundle payments at the end of the month.
4) Swiss prosecutors dropped a money laundering investigation against HSBC after the bank agreed to pay €28 million without admitting guilt.
July 2016 Toscafund Economic Update Issue 37savvas savouri
1. Purchasing managers have cut stock purchases due to fears over Brexit hurting demand, as they were repeatedly warned, even though final demand has held up better than expected. This has negatively affected supply chains and poor PMIs. However, like after 2008, the UK economy has had inventories drained, which will spur a rebuilding and boost activity, as lower inventories mean pricing power for those with stock. The current situation may not be as bad as feared and could help avoid deflation.
Who Owns Ireland? UCD Lecture 10 February 2014Conor McCabe
The document discusses the financial crisis in the UK and Europe from 2009-2012. It includes a letter stating there is no money left in the UK Treasury. It discusses quantitative easing measures taken by central banks to stimulate the economy. It discusses the ECB providing cheap loans to banks, some of which banks used to buy their own government bonds. However, many banks just deposited the money without increasing lending. The document discusses the increasing role of financial markets and motives in economies.
This document provides a market review and outlook from Walker Crips in October 2016 following the Brexit vote. It discusses the resilience of markets in the short-term despite uncertainty around Brexit. It notes the expansion of Walker Crips' assets under management and efforts to prevent fraud. Various economic indicators and sectors in the UK, Europe and US are also reviewed, with the FTSE 100 breaking 7,000 but uncertainties remaining around inflation, interest rates and European banks.
The document discusses the long-term savings challenge facing the UK population and investment management industry due to demographic shifts. By 2050, the UK population is projected to grow 19% to 77 million people, with those over 65 increasing from 12 million to 20 million. This will change the industry as more people enter savings decumulation versus accumulation. It will also increase demands on infrastructure, healthcare, and housing. The industry has an opportunity to help the growing population meet its long-term savings needs but must overcome hurdles to do so.
This document provides an analysis of how the ongoing civil war in Yemen represents a shift in modern warfare that changes the risks faced by war and political violence insurers in London. The conflict marks the first time that Saudi Arabia and its allies have independently intervened militarily in the region without Western support. This has created new challenges for underwriters as they must now account for unpredictable regional powers directly engaging in conflicts. The article uses comments from an underwriter to argue that events in Yemen reflect a paradigm shift that makes the risks faced by insurers more difficult than ever to model and foresee.
On 23 June the UK public will be given what could be a once in a generation opportunity to have its say on the UK’s relationship with Europe. Whatever the result, it will have far-reaching economic and political consequences. In our latest version of LCP Vista we have explored how this could impact pension schemes.
Of course, whilst Brexit is naturally dominating the news, pension schemes need to carry on thinking about the best long-term strategies to meet their liabilities. So in this edition of LCP Vista we take a look at the latest investment ideas to help them do so.
Red views inflation-linked-bonds-issuance-and-pensions-liabilities-january-2013Redington
This document discusses the growth of the UK inflation-linked bond market and pensions' inflation-linked liabilities. While the inflation-linked bond market has quadrupled since 2005, it remains much smaller than pension schemes' inflation-linked liabilities. This mismatch is pushing real yields lower and limiting pension schemes' ability to match inflation risk. The document examines alternative sources of inflation-linked assets that pension schemes should consider to better match liabilities, such as infrastructure investments.
The Financial Crisis, Lecture Three: The Crisis UnfoldsConor McCabe
Over the last 25 years, capitalism has become more globally mobile. This document discusses Ireland guaranteeing €400 billion to insure deposits, debt, and interbank funding of six Irish banks in 2008 during the global credit crunch. The guarantee aimed to allow the banks to borrow more freely and cheaply. While intended to benefit banks, it increased deposit insurance from €20,000 to €100,000, covering 97% of customer deposits. Bank executives expected it to enable cheaper borrowing while the guarantee was described as restoring the oxygen supply to Irish banks.
Financing-Growth - take a step to the right.Henry Tapper
Labour's plan outlines a vision for the UK's financial services sector based on six priorities:
1. Deliver inclusive growth across UK regions by expanding regional financial centres and unlocking potential of mutuals.
2. Enhance international competitiveness through a more innovation-focused regulatory approach and collaboration with the EU.
3. Reinforce consumer protection and inclusion through initiatives like longer mortgages and financial education.
4. Lead in sustainable finance by making the UK a global hub for green finance and supporting decarbonization.
5. Embrace fintech innovation in areas like AI, open banking, and digital currencies.
6. Reinvigorate capital markets through pension reforms, increasing investment capital
The document discusses perceptions of and confidence in the UK financial services industry following the financial crisis. It finds that the most prominent feeling toward financial institutions is disappointment, followed by annoyance, skepticism, and powerlessness. Only 1 in 10 feel positive emotions. To restore faith, the industry must meet customer needs by addressing concerns through products and services, as well as change its behavior to be more understanding, transparent, and honest. Restoring trust will require understanding what drives customer relationships and the behaviors consumers want to see.
This document summarizes views from leaders in the UK hospitality industry who collectively oversee organizations with over £30 billion in sales and 850,000 employees. The key findings are:
1) Consumer confidence is more challenged than last year due to economic uncertainty, terrorist threats, and concerns over the upcoming EU referendum.
2) While the UK economic outlook remains neutral, leaders express more caution than last year due to these external factors. London is also seen to be performing differently than other regions.
3) The EU referendum and potential rise in interest rates or oil prices are seen as the biggest economic challenges for the coming year alongside attracting and retaining talent and adjusting to minimum wage increases.
This document summarizes views from leaders in the UK hospitality industry who are responsible for over £30 billion in annual sales and 850,000 employees. Key findings include:
1) Consumer confidence is more challenged than last year due to economic uncertainty, security threats, and the upcoming EU referendum. Leaders view the economic outlook as still fragile.
2) While current business performance is positive, leaders are cautiously optimistic due to external factors like terrorism and Brexit. Performance in London differs from other regions of the UK.
3) Top concerns for businesses are security threats, attracting and retaining talent, rising costs like minimum wage increases, and general economic uncertainty. Uncertainty keeps many CEOs awake at night.
Irish Political Economy, Class 3: the IFSCConor McCabe
This document contains information about the economic crisis in Europe following the 2008 financial crisis, including:
1) A letter from 2011 stating that the British government had run out of money after spending in good years.
2) Comments from 2010 and 2012 about the need to reform economies and banking systems to ensure recovery and sustainability.
3) Details about quantitative easing programs and long-term refinancing operations by the European Central Bank between 2009-2012 to provide over a trillion euros to banks.
4) Analysis that while this provided some temporary relief, it did not significantly stimulate lending to struggling economies.
This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
This document discusses the role of private debt and credit growth in economic stability. It argues that pre-crisis orthodoxy viewed low inflation as sufficient for stability, but private debt growth fueled asset price booms and recessions. Credit growth for real estate and existing assets does not directly stimulate GDP but can inflate prices. To promote stability, policy should constrain private leverage growth and the dominance of real estate lending through higher bank capital requirements and countercyclical policies.
Big crisis. Hard data. Here are some interesting stats on the financial crisis and beyond.
This was first published in Business Strategy Review: http://bsr.london.edu/blog/post-148/index.html
The document discusses how the aging population in the UK is driving increased demand for elderly care services, putting pressure on the country's health care system, and outlines an investment fund that aims to capitalize on this trend by purchasing and developing care facilities across the UK to generate stable income through long-term leases and management agreements with care operators. The fund is targeting a 7% annual return over a 5 year investment period by acquiring existing profitable facilities and development opportunities across the country.
The document discusses how the aging population in the UK is driving increased demand for elderly care services, putting pressure on the country's health care system, and outlines an investment fund that aims to capitalize on this trend by purchasing and developing care facilities throughout the UK to generate stable income through long-term leases and management agreements with care operators. The fund is targeting a 7% annual return over a 5 year investment period by acquiring existing profitable facilities and development opportunities across the country.
The document summarizes several news stories:
1) The UK Treasury plans to sell £1.5 billion of its stake in Royal Mail in chunks over several years to raise funds for privatization.
2) European courts ruled against the UK's reduced VAT rate for energy saving materials, putting the government's tax pledge in doubt.
3) Greek Prime Minister Tsipras faced pressure after Greece refused to pay €300 million owed to the IMF, planning to bundle payments at the end of the month.
4) Swiss prosecutors dropped a money laundering investigation against HSBC after the bank agreed to pay €28 million without admitting guilt.
July 2016 Toscafund Economic Update Issue 37savvas savouri
1. Purchasing managers have cut stock purchases due to fears over Brexit hurting demand, as they were repeatedly warned, even though final demand has held up better than expected. This has negatively affected supply chains and poor PMIs. However, like after 2008, the UK economy has had inventories drained, which will spur a rebuilding and boost activity, as lower inventories mean pricing power for those with stock. The current situation may not be as bad as feared and could help avoid deflation.
Who Owns Ireland? UCD Lecture 10 February 2014Conor McCabe
The document discusses the financial crisis in the UK and Europe from 2009-2012. It includes a letter stating there is no money left in the UK Treasury. It discusses quantitative easing measures taken by central banks to stimulate the economy. It discusses the ECB providing cheap loans to banks, some of which banks used to buy their own government bonds. However, many banks just deposited the money without increasing lending. The document discusses the increasing role of financial markets and motives in economies.
This document provides a market review and outlook from Walker Crips in October 2016 following the Brexit vote. It discusses the resilience of markets in the short-term despite uncertainty around Brexit. It notes the expansion of Walker Crips' assets under management and efforts to prevent fraud. Various economic indicators and sectors in the UK, Europe and US are also reviewed, with the FTSE 100 breaking 7,000 but uncertainties remaining around inflation, interest rates and European banks.
The document discusses the long-term savings challenge facing the UK population and investment management industry due to demographic shifts. By 2050, the UK population is projected to grow 19% to 77 million people, with those over 65 increasing from 12 million to 20 million. This will change the industry as more people enter savings decumulation versus accumulation. It will also increase demands on infrastructure, healthcare, and housing. The industry has an opportunity to help the growing population meet its long-term savings needs but must overcome hurdles to do so.
This document provides an analysis of how the ongoing civil war in Yemen represents a shift in modern warfare that changes the risks faced by war and political violence insurers in London. The conflict marks the first time that Saudi Arabia and its allies have independently intervened militarily in the region without Western support. This has created new challenges for underwriters as they must now account for unpredictable regional powers directly engaging in conflicts. The article uses comments from an underwriter to argue that events in Yemen reflect a paradigm shift that makes the risks faced by insurers more difficult than ever to model and foresee.
On 23 June the UK public will be given what could be a once in a generation opportunity to have its say on the UK’s relationship with Europe. Whatever the result, it will have far-reaching economic and political consequences. In our latest version of LCP Vista we have explored how this could impact pension schemes.
Of course, whilst Brexit is naturally dominating the news, pension schemes need to carry on thinking about the best long-term strategies to meet their liabilities. So in this edition of LCP Vista we take a look at the latest investment ideas to help them do so.
Similar to Britain is sitting on a £4.6 trillion industry - here's how to unlock it (1).pdf (20)
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.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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