News for week ending 25 May
The IMF’s proposed medicine for the British economy raised concerns for UK pension funds, whilst the Regulator promised to stand up to the European Commission (at least a little bit) on its proposed Solvency II approach for funding. Meanwhile, the BBC and Marks & Spencer faced challenges to their pension policies.
News for week ending 18 May
An anxious week all round, with the gloom even infecting Mervyn King, has one bright spot, the launch of Bath Actuarial Consulting!
Today sees the launch of a new and independent actuarial consulting firm.
Bath Actuarial Consulting (bac) brings a fresh approach to what is a traditional market place. It specialises in providing leading-edge pensions advice solely to companies.
The founders of this new firm are Leonard Bowman and Andrew Udale-Smith, two senior actuaries who between them have more than 40 years’ experience with the “big 3” global actuarial consultancies. They have advised FTSE 100 companies and other large multinationals with pension plan assets in excess of £30 billion.
Their starting point was to commission independent market research amongst finance and pension directors and it was this which provided the blueprint for the creation of the new firm.
As Leonard Bowman explains “The results of the market research helped clarify where and how we need to be different. We are aiming to fundamentally change the corporate experience of working with pension actuaries, through a different kind of relationship which puts our clients in control. That involves equipping our clients with the capability they need to a far greater extent than is currently available in the market, as well as operating a transparent, and wherever possible fixed, fee structure.”
16 May 2012
Pensions Arena May 2012
The centre-piece of Pensions Arena is our dashboard, which will keep you in touch with what market changes mean for defined benefit pension liabilities. Focussing on developments over the last four calendar quarters, it shows:
◊ key market statistics which drive the finances of your plan
◊ how they have changed the funding level of the bac model scheme on both
technical provisions and accounting measures
In addition, the dashboard looks at the attractiveness (or otherwise) of liability management exercises for the bac model scheme, based on market conditions at 31 March 2012.
Arena also contains a review of key legislative developments and company pensions news over the last quarter, as well as actions for you to consider over the next three months.
Taking the sting out of final salary closure
Strikes in the public and private sector have meant that pension change continues to hit the headlines in 2012 but the degree of dissent does not always seem to be proportional to the degree of change.
In this Pensions Perspective, Andrew Udale-Smith looks at the design and consultation stages of pension change projects and explains how to set about delivering even a potentially tough message, such as final salary closure, in a way that minimises the risk of damaging employee relations.
However, following best practice can actually turn pension change into a positive experience for all concerned.