The Pensions Regulator (TPR) has issued its annual defined benefit funding statement aimed at trustees and employers undertaking valuations with effective dates between 22 September 2014 and 21 September 2015. This group of schemes can be viewed as an unlucky cohort, in that their triennial valuation dates have tended to fall in particularly difficult economic circumstances in 2009, 2012 and now in 2015. (They were also the cohort who first had to get to grips with the new scheme funding regime in 2006.)
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Current employer debt legislation exposes employers in multi-employer defined benefit (DB) schemes to the risk of large debts falling due and can restrict the options available for managing pension risks. This note summarises the current position and a recent call for evidence published by the Department for Work and Pensions (DWP).
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The implications of the changes that came into effect from 6 April 2015 will be wide-ranging for all. In an environment where members are embracing choice, many employers are finding increased benefits to engaging with members as they reach retirement.
Market conditions remain challenging for pension schemes and their sponsors. We provide sponsors with a discussion of accounting assumptions at 31 March 2015.
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In the final note in our ‘Countdown to Flexiday’ series before Flexiday itself (6 April 2015), we look back over the developments of the last few weeks and forward to what the new pensions flexibility regime may mean in practice.
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The Consumer Prices Index (CPI) was unchanged in the year to February 2015 (i.e. the 12 month rate was exactly 0.0%), a record low. With further falls in inflation later this year seeming a distinct possibility, we consider the impact of deflation on occupational pension schemes.
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SHPS has recently written to participating employers to provide preliminary results of the 30 September 2014 valuation which, as expected, confirms a significant increase in contribution requirements. This note summarises these preliminary results and also provides details of the results of the employer consultation around future service defined benefit structures from 1 April 2016 and other considerations for SHPS employers.
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