Global Pensions Wrap: April 19 edition

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A round-up of the pensions industry stories published across the FT Group – from a US pension's sustainable portfolio plans, to talks between foreign insurers and Chinese officials over the country's private pensions space.

Government releases guidance on GMP equalisation

On the go: The Department for Work and Pensions has set out a 10-stage process for UK pension schemes to equalise guaranteed minimum pensions.

Select committee turns focus to Railways Pension Scheme deficit

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The Work and Pensions Committee has written to the Pensions Regulator over what it called the “staggering, parlous state” of the £25.5bn Railways Pension Scheme.

South Yorkshire Pension Authority invests £80m in local region

South Yorkshire Pension Authority has announced plans to ramp up its local investing efforts, committing £80m to lending aimed at supporting property development in Sheffield and extending an existing allocation to another Yorkshire-based property fund.

LDI growth continues across UK schemes

UK pension fund exposure to liability-driven investments continues to increase, according to data collected by Pensions Expert’s sister title MandateWire, as an increasing number of smaller schemes enter the market.

Firefighters case demonstrates need for clarity over pensionable pay

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A recent High Court decision that overtime payments for firefighters in Wales are pensionable has highlighted the importance of clarity and collaboration regarding pensionable status when new types of pay are introduced, lawyers have said.

Comment & Analysis

Why schemes cannot rely on credit strategies alone for CDI

Mark Davies

Cash flow-driven investing is flavour of the month with managers and consultants, but River and Mercantile's Mark Davies says a credit-reliant implementation of this strategy does not mitigate as much risk as trustees might assume.

Pensions taper is bad medicine for the NHS and should be ditched

Jo Cumbo (teaser)

Financial Times pensions correspondent Josephine Cumbo says the tapered annual allowance has missed its intended target and is damaging key public services, in her monthly column for Pensions Expert.

Risk management should not just focus on assets

Jonathan Libre (teaser)

Data Crunch: Performance numbers alone do not give an accurate picture of the health of a scheme, as the impact of the Brexit vote shows. Broadridge’s Jonathan Libre demonstrates the value of integrated risk management.

Videos & Podcasts

Is LGPS governance up to scratch?

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Podcast: From asset pooling and actuarial valuations, to administration and data, local government pension schemes have a lot to think about this year – meaning good governance is more important than ever. In this podcast episode, Kirsty Bartlett, partner at law firm Squire Patton Boggs, and Ian Colvin, head of LGPS benefits and governance at Hymans Robertson, discuss potential conflicts of interest, pressure on fund resources and the importance of focusing on administration.

How to select the right master trust

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Podcast: Master trusts have until the end of March to complete their applications to the Pensions Regulator for authorisation. In this PE podcast episode, Ian McQuade, director at Muse Advisory, discusses master trust selection and how the watchdog's authorisation and supervision regime will change the market.

Improving the quality of professional trustees

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Podcast: Last month, the Professional Trustee Standards Working Group published a set of new standards, which all professional trustees will be expected to meet. The group is also due to launch an associated accreditation framework later this year. In this episode of the PE podcast, Rachel Croft, director at Independent Trustee Services, explains what these new standards mean for schemes, how they will improve professional trustee quality, and whether increasing professionalisation and rising workloads could lead to the extinction of the lay trustee.