There has understandably been a great deal of focus recently on the implications of the new flexibilities that will be available to members of defined contribution (DC) arrangements come Flexiday – 6 April 2015. What perhaps hasn’t received so much attention is how defined benefit (DB) schemes might be faring. Employers have been putting billions of pounds into UK schemes over recent years – has it made a difference?
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At the beginning of January 2015, the UK Statistics Authority published an independent review of UK consumer price statistics. Amongst other things, the review recommends that government and regulators work towards ending the use of RPI as soon as practicable.
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It is now over nine months since the Chancellor announced his Flexiday proposals to allow members of defined contribution (DC) schemes more flexible access to their benefits. This briefing note reviews where we are now in the process of implementing Flexiday in law – and what we are still waiting for (with three months to go).
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Welcome to the 2014 year-end edition of our quarterly bulletin aimed at defined benefit (DB) sponsors. We provide an overview of market conditions and the range of accounting assumptions sponsors may wish to use for their annual disclosures at 31 December 2014 alongside market news regarding pension buy-outs and de-risking, and an update on PPF issues.
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Amidst continued media excitement about the new flexibilities, trustees of defined contribution (DC) schemes and sections now need to decide exactly how they will implement the new flexibilities.
Trustees of defined contribution schemes and sections have never been so busy! 6 April 2015 is fast approaching, when the new legal governance requirements and default fund charge cap come into force.