Hot on the heels of the NAPF, the Association of Consulting Actuaries (ACA) has launched its own 6-point manifesto to save defined benefit pension schemes in the UK. There are some good points here, and I want to concentrate on two in particular:...
The NAPF's new investment council chairman Ray Martin has announced six changes he believes are needed to save private-sector defined benefit pensions. Reverse the Government’s decision to withdraw higher rate tax relief on pension contributions. Simplify...
I have just returned from a very interesting trip to Japan. I was invited to give a series of lectures on enterprise risk management at the University of Kyoto, and to talk to members of the Institute of Actuaries of Japan in Tokyo about the way in which...
I've been thinking about pension scheme valuations. Much of the discussion in this area is around what discount rate should be used to put a value on the liabilities. This means there is an implicit assumption that discounting the liabilities and comparing...
A new report has shown that annuity rates have halved over the last 15 years, not least because of falling gilt yields. This is clearly important for people retiring from defined contribution plans, but it is also important for defined benefit schemes and...
According to Professional Pensions, the Accounting Standards Board is standing by its plans to move to risk-free rates when valuing pensions for accounting purposes. Moving from the current approach (which uses AA-rated corporate bond yields) to a...
