There is massive unrest in the marketplace around this specific regulation, with a lot of uncertainty and a good deal of hesitancy from schemes to be pro-active in preparing for GMP Equalisation. Although this is no excuse for firms to continue postponing the problem – they must start assessing their data and getting on with the corrections that they will inevitably have to carry out.
Bringing together the "4 pillars" (administrator, actuary, lawyer, trustee) to discuss the challenges of GMP Equalisation we will cover;
- Data issues
- On-going admin
- Pragmatic versus pedantic consideration (combined with actuarial)
- Complexities of the calculations/methodologies
- Pragmatic versus pedantic considerations
- Liability impact
- Approach on the calculation of equalisation, i.e. from first principles or forms approach
- Historic look back to PPF
- Perspective from a custodian position
- Consideration of members and effect on the scheme
- Employer considerations around decision making
- The tax implications
- The legal debate
- Where we are, what’s current and what is to be expected/predicted
- Joined up advisory approach to resolve the issue
- Strap in for the long journey, it ain’t gonna be a short one
By attending this webinar you will achieve 90-minutes towards your CPD requirements.
RecordedMay 21 202090 mins
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Gareth Tancred, PMI | Jonathan Watts-Lay, WEALTH at work
The PMI is delighted to announce the launch of a new retirement focused financial education service to help employees and pension scheme members understand how to make the most of their lifetime savings and benefits. This unique educational programme is supported by WEALTH at work, a specialist provider of financial education and guidance in the workplace.
Join Gareth Tancred, Chief Executive, PMI and Jonathan Watts-Lay, Director, WEALTH at work to find out how RetirementMatters can help you strengthen your financial future.
Lesley Alexander, PMI | Richard E Farr, Managing Director, Lincoln Pensions | Judith Anunda, Director, Lincoln Pensions
Pensions managers and trustees are facing a difficult situation: although employer affordability is starting to benefit from lockdown restrictions easing, many employers have been left financially vulnerable and at risk of a second wave. Some have sought to defer pension contributions. This situation is difficult to balance with increasing pressure on trustees to act prudently from TPR’s new code of funding consultation and the Pension Schemes Bill.
In this panel discussion, we will explore how a constructive employer-trustee relationship centred around information sharing and journey planning can be used to align a sponsor’s strategic needs with successful outcomes for members.
Rob Mechem, Just, Director of DB Business Development
The bulk annuity market seems to have withstood the impact of COVID, but what’s changed? Is the market still supply driven after COVID? How should trustees prepare assets for a bulk annuity? Will there be a return to the end of year sale? What data must be supplied to secure pricing and what can wait until after the transaction? This session will provide practical advice for trustees considering a bulk annuity.
Daniel Gerring, Sebastian Reger & Charlotte Feld from Travers Smith
Planning for the endgame has become a priority for DB trustees as insurers, asset managers, and consultants, as well as third party consolidators and capital-backed structures, bring to market different solutions to manage pension liabilities to maturity. How do trustees determine which path is right for their scheme? What are the trustees’ legal responsibilities?
James Butcher, Senior Solution Designer, Insight Investment
This session considers how pension funds have adapted over time in response to evolving strategic challenges, learning from experiences presented by the recent market volatility resulting from COVID-19 and looking forward, further adaptations that may be required to limit uncertainty around meeting long term funding objectives.
Howard Kearns, Longevity Pricing Director, Insight Investment
Despite the ongoing impact of the COVID-19 pandemic, longevity remains a key risk for many pension schemes. In this webinar Insight Investment will provide an introduction to longevity risk and the techniques that pension schemes can use to mitigate it. They’ll also discuss how the reinsurers, the institutions who take on longevity risk, determine their longevity risk pricing and how the unfolding COVID-19 crisis might affect their approach.
This webinar is open to all members, but will be of specific interest to professional trustees and those looking to get a greater understanding of longevity and its impact on schemes.
Attending this webinar will contribute 45 minutes towards your CPD requirements.
Tim Middleton, PMI | Ajeet Manjrekar, River & Mercantile | April LaRusse, Insight Investment
Aimed at helping trustees/pension managers to evaluate their approach to managing cashflow risks given the impact of Covid-19. The session will introduce key developments in the cashflow driven investment space. This will support the trustees to better manage their liquidity needs as schemes emerge from the current environment. Through a case-study trustees will learn how to building a more robust cashflow matching portfolio. The session will end with a live Q&A.
In this session we will cover:
- Managing cashflow risks in an uncertain world
- Liquidity challenges facing pension trustees today
o Liability driven investment
o Cashflow matching
- Innovation in cashflow driven investing
o Pooled solutions to meet your income needs
o Outlook for credit markets
- Delivering a more robust portfolio
Attending this webinar will contribute 60-minutes towards your CPD requirements.
Tim Middleton, PMI - Vicki Bakhshi and David Page, BMO Global Asset Management
How should pension schemes assess, manage and report on climate-related risks? Hear from BMO specialists on existing practice within the industry and what trustees should consider ahead of the DWP’s “Aligning your pension scheme with TCFD recommendations” consultation deadline on 2 July 2020.
Join BMO Global Asset Management as they look at how climate change has been brought into focus for many pension funds – be it through macroeconomic events or increasingly prominent regulations. Vicki Bakhshi, Director, Responsible Investment, BMO will share her specialist insight into the climate change engagement landscape; look at the range of tools available to investors; and address the question of whether engagement can really make a difference. David Page, Director, Client Relations, will also provide unique insight into the Pensions Climate Risk Industry Group Guide for Trustees on Aligning your Pension Scheme with the TCFD Recommendations consultation and look at what questions trustees should be asking of their investment managers.
Attending the webinar will contribute 60-minutes to your CPD accreditation.
Lesley Alexander, PMI - Ian Baines, Nationwide - Jonathan Watts-Lay, WEALTH at work
We are pleased to invite you to a webinar on ‘Pension Change: a case study in creating positive member engagement during a Defined Benefit pension scheme closure’.
DB schemes are under increasing pressure to manage their costs and liabilities and the number of schemes considering their options are growing. A major challenge many will face is communicating changes to members who already have little contact with their pension scheme and limited understanding of how their benefits are provided. This timely case study shows how one DB scheme successfully achieved their goals, which should appeal to professional trustees, advisers and employers alike.
Ian Baines, Head of Pensions at Nationwide Building Society, will provide the background and an overview of the decision making process from an employer’s perspective. This will cover the successes and challenges in maintaining positive engagement and relations during a highly emotive process affecting 5,000 active scheme members.
Jonathan Watts-Lay, Director, WEALTH at work, will look at the employee experience including the support employees were offered and the lessons learned from this and other similar projects.
The session will then be opened to the audience for a live Q&A session.
Attending the webinar will contribute 60 minutes to your CPD accreditation.
GMP Equalisation: grasping the nettleStewart Winter, Equiniti - John Wilson, Spence and Partners - Donna Dickie, Hymans Robertson - Simon Borhan, Linklaters LLP[[ webcastStartDate * 1000 | amDateFormat: 'MMM D YYYY h:mm a' ]]90 mins