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Regulator explains quicker, clearer, tougher

Nicola Parish 15.06.18 Button

Video: The Pensions Regulator has promised to be quicker, clearer and tougher in its new approach to regulating DB schemes, but what does it actually mean? Nicola Parish, executive director of frontline regulation, talks DB criminal sanctions, corporate activity and superfunds in this interview with Pensions Expert.

Insurance longevity swaps: Illuminating exits

Jane Childs

Trustees appear comfortable with buy-ins as part of a scheme's derisking journey, as buy-in contracts readily provide for future conversion into buyout.

This 'exit' route releases the trustees from their obligations to the insurer and members, and enables them to proceed with winding up.

Less commonly understood is that longevity swaps can also be structured flexibly to enable the trustees to exit when desired in the future. The key is to set clear exit objectives at the outset and incorporate them into the design of the swap. 

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The Weekly Wrap – June 15 edition

The Weekly Wrap

A round-up of the pensions news stories published across the FT Group this week – from tens of thousands of pensioners facing a reduction in their state pension, to Japan's government pension fund criticising active managers on ESG. 

Guy Opperman talks AE, the self-employed and superfunds

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Podcast: From the government's review of auto-enrolment, to the publication of its defined benefit white paper, the past 12 months have been a busy time regarding retirement saving. While a significant amount of progress has been made, plenty more is needed. In this podcast, Guy Opperman, minister for pensions and financial inclusion, discusses auto-enrolment, pensions for the self-employed and superfunds.

Mistakes of annuity regime are being repeated

Tim Sharp

From the blog: Evidence is mounting that savers are at risk of getting a poor deal at retirement.

The combination of product complexity and consumer inertia that led to so many people getting a poor deal from the annuity market has been replicated under pensions freedom.

It is therefore time for government and regulators to push ahead with ambitious reforms that will help lower-earning members navigate the decumulation market without rolling back on pensions freedoms.

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The Weekly Wrap: June 8 edition

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A round-up of the pensions news stories published across the FT Group this week – from an investigation into the impact of IT blunders, to a demand for renminbi assets among institutional investors. 

Unwinding of QE still threatens Eurozone markets

Tom Rivers

From the blog: The shifting landscape of Italian politics over the past few weeks is just the latest chapter in a longstanding narrative of political risk and uncertainty that appears to threaten both the eurozone’s economic recovery and the European Central Bank’s monetary policy framework perpetually.

History teaches us that European financial markets respond negatively to any perceived threat to the cohesiveness and evolution of the European project: the EU, European Economic Area or the euro currency itself.

While the very latest developments, at the time of writing, are looking to instil a modicum of calm, thoughts should now be turning to the likelihood of much needed additional reforms within the European financial infrastructure and the next steps regarding the ECB’s policy stance.

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DC should stand for decent contributions

Mark Futcher

From the blog: In recent years, regulators have put so much emphasis on the minutiae of defined contribution pensions that we seem to have forgotten about the bigger picture.

It seems absurd to focus on the detail when the infrastructure that supports DC is fundamentally outdated and no longer appropriate for the post freedom and choice world in which we now find ourselves.

I am all for improving the quality of DC pensions – a more robust and insightful governance framework is needed. However, current thinking ignores the big ticket fundamentals that have most impact on member outcomes.

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