All Law & regulation articles – Page 28
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NewsKwarteng out as LDI derivative losses set to hit £149bn
Market moves: Liz Truss sacks Kwasi Kwarteng, with Jeremy Hunt installed as chancellor; JPMorgan estimates market-to-market losses from liability-driven investment derivatives could hit $167bn (£149bn); and schemes rush to prepare as the Bank of England ends its bond-buying programme.
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NewsColumbus’s egg and leverage in LDI
Eversheds Sutherland partner Simon Daniel considers how schemes may now use leveraged liability-driven investments.
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NewsTPR’s Counsell: DB schemes are not at risk of collapse
Defined benefit pension schemes were not on the verge of collapse before the Bank of England’s gilt market intervention, the Pensions Regulator’s chief executive Charles Counsell has said.
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NewsClara-Pensions expects consolidator competition ‘within a year’
On the go: The commercial consolidator Clara-Pensions expects to see other offerings providing competition in the market “in a year’s time”, according to chief executive Simon True, despite the “unhelpful economic environment”.
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NewsBoE demands ‘appropriate levels’ of market resilience
On the go: The Bank of England has called on market participants to learn lessons from the current volatility in gilt markets and has said that it is monitoring the behaviour of liability-driven investment managers, with its gilt-purchasing programme set to end on October 14.
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News‘Let’s rethink all’ member options before dashboards introduction
Legislative and policy assumptions about member behaviour as they approach retirement are completely out of sync with reality, and now is the time to “rethink all of it” before dashboards are introduced, according to Philip Brown, group director of policy and external affairs at B&CE, provider of The People’s Pension.
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NewsSmall pots problem is ‘only going to get worse’
The number of small pension pots — and the costs of administering them — will continue to increase, despite efforts from the government and industry, a Pensions and Lifetime Savings Association panel has warned.
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NewsTPR reached out to BoE for gilt market intervention
The Pensions Regulator has told MPs that it contacted the Bank of England and other regulators before the launch of its gilt-purchasing programme, to establish what actions they could take in response to volatility in the gilt market.
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NewsTPR moots LDI power of attorney as Bailey rules out more support
The Pensions Regulator has called on defined benefit pension schemes to review their liquidity, liability hedging and governance processes, suggesting that managers of their liability-driven investments could be granted power of attorney over some assets to quicken trading.
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NewsBurghart announced as minister for pensions and growth
On the go: Alex Burghart MP has been confirmed as minister for pensions and growth at the Department for Work and Pensions
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NewsYields ‘can’t spike again’: Schemes respond to liquidity pressures
Analysis: On September 23, chancellor Kwasi Kwarteng rose to his feet in the House of Commons to deliver a “mini” Budget that would have profound consequences for pension schemes.
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NewsPLSA pension reforms ‘could add £4,000 to retirement income’
The Pensions and Lifetime Savings Association has warned that without reform of the pensions system, more than half of savers will fail to meet the retirement income targets set by the Pensions Commission in 2005.
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NewsLDI: Pension funds appeal for more BoE support
Market moves: Some pension funds think the Bank of England’s gilt market intervention should go further, while schemes pull capital out of multi-asset credit funds.
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NewsRetirement risks make UK drop to 10th in global pensions index
The UK slipped from ninth to 10th in Mercer’s latest retirement income survey, as the long-term shift from defined benefit to defined contribution leaves members facing greater retirement risks.
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NewsProcess non-red-flagged transfers ‘as speedily as possible’
On the go: The Pensions Administration Standards Association has encouraged schemes and administrators to process transfers that do not raise red flags as quickly as possible.
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NewsBoE expands measures to protect schemes from market turmoil
The Bank of England has announced additional measures to support pension funds through the current market turmoil, including an increase in the size of its gilt daily auctions and a temporary initiative to ease liquidity pressure on schemes holding liability-driven investments.
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NewsLDI: Could trustees be sued?
Market moves: A law firm speculates that trustees could be subject to legal action as a result of gilt market instability, the Association of Consulting Actuaries urges defined benefit schemes to review their hedging strategies, and a former pensions minister asks if liquidity pressures will undermine the government’s push for scheme infrastructure investment.
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NewsGovernment prolongs relaxation of NHS pension rules
The government will extend amendments to the NHS Pension Scheme designed at boosting health worker numbers, prolonging measures that were introduced in response to the coronavirus pandemic.
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NewsFRC publishes ‘consistent and reliable’ standards for dashboards
On the go: The Financial Reporting Council has confirmed the changes being made to Actuarial Standard Technical Memorandum 1 in preparation for the launch of the dashboards, striving for “consistent and reliable” pensions illustrations.
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PodcastsPodcast: TPR should not regulate LDI despite pensions crisis
Dalriada Trustees director David Fogarty and Cartwright director of investment consulting Sam Roberts discuss the causes to the recent market turmoil that precipitated the intervention by the Bank of England, what was done to stall it, and what the future holds.