Category Archives: Pensions

The Pensions Regulator’s statement – taking things too far

Towards the end of April the Pensions Regulator (tPR) released its first annual statement on the funding of pension schemes. Despite its reporting in the press, I can’t see how this gives any additional slack to employers. However, it does provide perhaps the clearest steer yet on how the Pensions Regulator expects The Occupational Pension […]

First Briefing – New IAS19, January 2012

Summary The International Accounting Standards Board (“IASB”) has made a number of changes to IAS19: Employee Benefits. The new version will be effective for accounting periods beginning on or after 1 January 2013 and the key changes are: all companies will be required to immediately recognise all gains and losses on the balance sheet (now referred to […]

Cross Keys Homes awarded Pension Quality Mark Plus

Cross Keys Homes, Peterborough’s largest housing association, has become the first employer offering its staff membership of the Defined Contribution section of the Social Housing Pension Scheme (SHPS) to obtain the Pension Quality Mark. Lisa Glendye, head of HR at Cross Keys Homes, said: “We are delighted to have been awarded the Pension Quality Mark […]

First Actuarial Strengthens Investment Consulting Practice

Mike Smaje has joined First Actuarial LLP as Director of Investment Services. Formerly a senior investment consultant and actuary with Towers Watson, Mike has 19 years’ industry experience. He will be based in First Actuarial’s Leeds office. First Actuarial Founder, Michael Hulme-Vickerstaff commented: “We are delighted to welcome Mike on board. His experience will be […]

Fair and Sustainable Public Sector Pensions

Ahead of the planned strikes on Wednesday I thought I’d post a few thoughts on public sector pensions. I think of myself as being one of the few people that aren’t firmly on one side of the argument on this. I’m a taxpayer on one hand but defender of defined benefit pensions on the other. […]

First Briefing – Resticting Pension Tax Relief

Introduction In the “Restricting Pensions Tax Relief, Oct 2010” Briefing we covered the Government’s proposals for changes to the pension tax regime insofar as they were known at that stage. Legislation has now been enacted to effect those changes and this Briefing provides an update on the position and focuses on some of the finer […]

First Briefing – Identifying the statutory employer

Introduction The Pensions Regulator (“the Regulator”) has issued a statement on the importance of knowing who legally stands behind a pension scheme with defined benefits, the ‘statutory employer’, and actions that trustees may need to take to establish who meets the definition of statutory employer. From November this year, the Regulator will require trustees to […]

Employee Benefits Magazine 2011 Award

First Actuarial were part of a team of advisers to the Institution of Civil Engineers who won the Employee Benefits Magazine 2011 Award for most effective pensions strategy. During 2009 and 2010 the Institution reviewed its options for providing pension benefits to its employees and through a programme of communication with scheme members and negotiation […]

First Briefing – Green Paper: A state pension for the 21st century

Introduction The Government has launched a Green Paper to consult on possible reforms to state pensions. The Government is looking at options for delivering “a simpler and fairer state pension which rewards those who do the right thing and save for their retirement and is sustainable for future generations”. In particular, the Government is consulting […]

Guaranteed Minimum Price-tags (GMPs)

We’ve recently had the 21st anniversary of one of the most profound judgements in pensions, the Barber ruling. This was the judgement that meant that from 17 May 1990 pension benefits accruing for men and women had to be equal; the main impact being on retirement ages. Up until this point most schemes operated on […]