The Weekly Wrap: November 17 edition

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A round-up of the pensions industry stories published across the FT Group – from a Californian fund dropping private prison companies, to drawdown savers at risk of running out of money.

No-deal Brexit a possibility as McVey and others quit

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Esther McVey has resigned as secretary of state for work and pensions amid a raft of cabinet resignations, raising speculation about the impact of a no-deal Brexit on the pensions sector.

DB health improves but covenant strength ignored

Defined benefit pension schemes are not paying enough attention to the likelihood of their employer going bust when setting investment strategy, according to a new study assessing funding levels in the context of sponsor health.

Timpson first to take plunge on Nest sidecar trial

Shoe repair and key-cutting retailer Timpson is the first named participant in Nest’s two-year trial of sidecar accounts, with the master trust saying it expects to announce other companies joining soon.

Poor scheme data threatens to undermine GMP equalisation

More than 60 per cent of pension schemes are not expected to have sufficient data to carry out equalisation of guaranteed minimum pensions, recent research has shown.

Comment & Analysis

For emergencies only

Editorial: It seems that the key to enabling people to save for a pension could lie in boosting their financial resilience.

How to take a proactive approach to decision-making

Brian Kilpatrick

Brian Kilpatrick, a trustee director at Law Debenture, explains how trustees can put together proactive decision-making frameworks to ensure good governance.

Better guidance means better retirement decisions

Jamie Jenkins

The doomsayers have largely been proven wrong about freedom and choice, writes Standard Life's Jamie Jenkins, but the weight of responsibility on today's retirees means warnings about scams and inflation risks, alongside a long-term focus on education, are needed.

Videos & Podcasts

What can we learn from the Barnardo's outcome?

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Podcast: Earlier this month, the Supreme Court ruled that Barnardo’s cannot change the inflation protection it provides to members of its defined benefit scheme from the retail price index to the consumer price index. So, what does the result mean for other DB pension funds and their sponsors? Matthew de Ferrars, pensions partner at law firm Pinsent Masons, and Faye Jarvis, pensions partner at law firm Hogan Lovells, discuss what trustees can learn from the recent Barnardo's outcome.

Autumn Budget 2018: Reaction

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Podcast: Chancellor of the Exchequer Philip Hammond has delivered his Autumn Budget. To mull over patient capital and what might have been, Alex Janiaud is joined by James Riley, council member at the Society of Pension Professionals, and Steven Cameron, pensions director at Aegon.

What does the future hold for LDI?

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Podcast: The popularity of liability-driven investment strategies among defined benefit pension funds has increased over the years. In 2017, the total notional value of liabilities hedged by LDI strategies continued to grow, rising to £965bn from £904bn, according to XPS Pensions research. In this episode, Nick Harvey, principal at XPS Pensions, discusses how scheme exposure to LDI has changed over time, and what the future holds for this type of investment strategy.