Latest articles from Benjamin Mercer

Members on lower incomes to pay more in NHS pensions overhaul

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The government has announced its intent to overhaul the way in which NHS Pension Scheme members pay contributions from April next year, following the implementation of the McCloud remedy.

Weekly Roundup: Not so simple statements

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This week – Guy Opperman pledges ‘simple annual benefits statements’, the Government Actuary’s Department agrees with HM Treasury’s cost-control mechanism reforms, most pension schemes falling short on ESG commitments, and BT Pension Scheme deficit improves on back of recovery plan.

Experts warn against major pension tax changes this autumn

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The government’s attempts to source billions of pounds in spending by altering pensions taxation are unlikely to be successful, although the Autumn Budget is unlikely to produce major announcements in this area, experts have said.

USS employers call for union co-operation ahead of strike ballot

UCU strike 2019 teaser

Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called on trade unions to co-operate with it as it bids to reform the embattled pension scheme.

Opperman lauds ‘transformational’ climate requirements

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Pensions minister Guy Opperman has lauded the government’s “utterly transformational” approach to climate reporting requirements, while promising legislation on “simpler statements” and the “statements season” in the near future.

PPF 7800 surplus jumps £25bn in September

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On the go: The latest update of the PPF 7800 Index shows the aggregate surplus of the 5,318 defined benefit schemes measured jumped by more than £25bn to £108.8bn at the end of September, up from £83.2bn at the end of August.

Public sector schemes told to conclude 2016 valuations

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The Government Actuary’s Department has agreed with HM Treasury that its amendments to the cost-control framework used in public sector schemes meet the government’s policy objectives, drawing a line under the troubled 2016 valuation process and allowing public sector schemes to complete these.

Calls for an inquiry over teachers’ 7-year contributions gap

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Councillors have called for an independent inquiry to determine how 14 members of the Teachers’ Pension Agency found they were missing seven years’ pension contributions from their employer.

‘Greenium’ concerns remain around second green gilts issuance

News on the go

On the go: The second issuance of the government’s green gilts is expected on October 18. While the first issuance was significantly oversubscribed, concerns about the “greenium” have deterred some pension schemes from investing.

BoE sets out illiquids ‘roadmap’ but doubts remain

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CPD: Despite a detailed report from the Bank of England suggesting a roadmap for DC schemes to invest in illiquid investments, industry professionals and members have doubts about the practical implications of these allocations, writes Benjamin Mercer.