Final salary scheme deficits soar again Press Release commenting latest figures showing rise in final salary scheme deficits for FTSE 100 companies caused by falling equity markets and disappointing corporate bond returns. Final chapter for final salary Article published in the Yorkshire Post explaining why the latest falls in asset prices have led to worrying deficits in UK final salary pension schemes, which will hasten the demise of such schemes.
Keynote speech 'Pension Reform and Reality' Ros delivered the keynote speech at Professional Adviser's Expert Investor Forum in London outlining her ideas on demography, pensions and the need for radical reform. Keynote speech 'Pension Reform and Reality' Ros comments on why she thinks the pension accounting changes proposed by the Accounting Standards Board, suggesting that companies should use a risk free discount rate and do not include forecast salary increases, are a sensible idea. Financial crisis and demographic dangers of current Government policy Presentation given to LSE conference on Financial Markets Crisis, explaining how savers will be affected and the need to restore savings incentives. Daily Mail article outlining injustices of Government policy Article published in Daily Mail on 24 September 2007 explaining why the lack of compensation for pension victims is indefensible after the hurried bail-out of Northern Rock depositors. Impact of recent market turbulence on pensions Ros' comments on how the recent turbulence in credit and equity markets is likely to affect pensions, both final salary and money purchase. Comment on Pension Regulator's issue of its first FSD Ros' comments on the new Pension Regulator's issue of its first Financial Support Direction against Sea Containers. Pensions crisis – past and future Presentation to the Pensions Trust trustee Awayday in Leeds, outlining the history of the problems in the UK pension system and some thoughts about the future. Release on Gordon Brown's removal of ACT relief Ros' initial reaction to revelations about the advice given to Gordon Brown in 1997 ahead of his decision to remove dividend tax relief from pension funds, explaining that the decision was irresponsible. Press release welcoming PPF levy announcement Press Release giving Ros’ reaction to the PPF levy announcement which seems prudent and responsible. Press Release on Pension Protection Fund investment principles Press Release giving Ros’ view on the Statement of Investment Principles announced by the Pension Protection Fund Board Concerns about USS pension fund Letter published in Financial Times following John Plender’s article about the decision by Universities Superannuation Scheme to leave employer contributions unchanged, despite large deficit and suggesting that asset allocation can help overcome deficits. FT Trustee summer school – Trustee investment duties Article published in FTfm for their Trustee Summer School examining the demands for Trustee Knowledge and Understanding (TKU) of investment issues and using modern techniques to replace the traditional hopeful ‘punt’ on equities and bonds. Financial Adviser comment – scandalous attempts by Government to deny occupational pension policy errors Article published in Financial Adviser giving criticising the Government’s attempts to squirm out of taking responsibility for occupational pensions policy errors, despite the Parliamentary Ombudsman’s report showing its guilt in this affair. Article in ‘Public Servant’ Journal ‘ New Thinking on Pensions’ Article published in ‘Public Servant’ Magazine, discussing the future for UK pensions, trends in occupational pension schemes and flexible retirement policies of the future. FTfm article on swaps and liability matching Article published in FTfm comment section explaining why pension funds may be able to better match their liabilities by using swaps and derivatives, rather than just switching to bonds. Explanation of possible new structured products to help pension funds overcome deficits Powerpoint description of a possible structured product approach to overcoming pension fund deficits and meeting liabilities over time. What is the case for employer compulsion? Additional comments from Ros on the Pensions Commission reform proposals, questioning the intellectual case for compelling employers to contribute to pensions and discussing some of Ros’s reservations about the proposals. BBC website published Ros’s views on reform of occupational pensions Article published on BBC website discussing the crisis in UK occupational pension provision, problems faced by employers and members and recommendations for radical reforms. DC pensions issues being overlooked as trustees focus on sorting out DB Article published in Financial Times FTfm November 2005 discussing concerns about a ‘governance gap’ in UK occupational pensions, as trustees and the industry seem to be focussing primarily on sorting out problems of defined benefit schemes, while not paying enough attention to the needs of new defined contribution arrangements. FT conference, should pension funds be switching to bonds? Speech delivered at FT Business Conference ‘Hidden Treasures in Bonds’ in London, discussing Ros’s thoughts about pension fund asset allocation and the investment considerations for pension funds when considering switching into bonds. FT letter final salary pensions confidence trick July 2005
Letter published in the Financial Times on 7th July 2005, outlining why UK Government pension policy is responsible for lulling members of final salary schemes into a false sense of security, which allowed employers to get away with making pension promises which they could not afford. This is the fault of Government failure to tell members the truth, rather than malicious employer actions.
Global Pensions article giving Ros’s on the risk-based PPF levy Article published in Global Pensions explaining that Ros considers having a PPF essential and the risk-based levy is a sensible proposal. Financial Adviser feature on future of UK occupational pensions
Feature published in Financial Adviser magazine, outlining Ros's views on the future for occupational pension provision in the UK, movement away from final salary schemes and role of financial advisers to help make defined contribution provision work better.
The Pensions Landscape - Actuarial Profession conference
Presentation given at Actuarial Profession Annual Pensions Convention, in Brighton on 7th June 2005, outlining the failure of the UK pension model, the outlook for occupational pensions and the role of actuaries in future.
Global Pensions article on PPF
Article published in Global Pensions, explaining the benefits of having the Pension Protection Fund. FTfm opinion piece on need for including Opinion piece published in Financial Times FTfm supplement, arguing that pension fund trustees need to consider diversified range of investments, not just equities and bonds and that switching from equities to bonds, if funds are in deficit, may be the least efficient way of reducing risk.
Brief summary of crisis facing UK employers running final salary
schemes Brief note outlining the situation facing UK employers running final salary pension schemes and why they are now facing huge deficits.
DC
Scheme Governance - trustee based or contract based. - NAPF Meeting Presentation given at NAPF meeting in London to discuss pension scheme governance for defined contribution pension funds, considering trustee based, versus contract based models.
Press Release welcoming NAPF support for improved FAS
Press release welcoming NAPF’s open letter to the Secretary of State for Work and Pensions, supporting Ros’s calculations of inadequacy of the Financial Assistance Scheme and fears for the future of the Pension Protection Fund. Governance of pension funds - is trustee model suitable for DC? Roundtable discussion at NAPF council meeting on the issue of the appropriateness of the trustee governance model for pension funds, contract-based schemes and governance issues for Defined Contribution funds.
FT personal view on failure of Stakeholder policy initiatives Personal View column published in Financial Times, explaining why the stakeholder savings initiatives have not worked and are unlikely to do so. The target market is not benefiting and providers are not keen to offer these products.
Letter commenting on pension burdens faced by UK employers Letter published in Employee Benefits Magazine explaining why employers have been asked to shoulder too much of the pensions burden and that the 'standard' two-thirds final salary pension has become unaffordable for most people. Proposals for Pension Protection Fund and New Pensions Regulator Note outlining Government proposals for new Pension Protection Fund and New Pensions Regulator. Financial
Adviser feature on structuring investment options for money purchase
pensions Feature article published in Financial Adviser, October 2004, outlining Ros's suggestions for structuring investment options for money purchase and stakeholder pensions, with sensible default options. Trustee
Responsibilities Article published in Financial News in June 2004, examining responsibilities of trustees in both defined benefit and defined contribution schemes. Presentation
on pension scheme governance to SPC roundtable, 22 June 2004 Presentation made to SPC roundtable on 22 June 2004. Topics addressed include aims of investment for DB and DC schemes, responsibilities of trustees and importance of improving trustee skills. How
to introduce a Financial Assistance Scheme Practical suggestions as to how to organise a compensation package for workers who lost their pensions on scheme wind-up. This could be a model for the Financial Assistance Scheme, if it has more money. Letter
to FT Supporting Protection for Pensions Response to letter in Financial Times from leading actuary who criticised proposals to compensate victims of pension wind-ups and questioned the need to protect pensions. Ros’ letter calls for more protection on future, rather than less. Research
Workshop on PPF and Pension Guarantees Panel presentation on Pension Protection Fund and providing guarantees for pension schemes, 19th January 2004, for Watson Wyatt. Why
We Must Have an Insurance Protection Scheme for Pensions - Financial
Adviser Article published in ‘Financial Adviser’ explaining why we need an insurance protection scheme for final salary company pensions in the UK. The
Future of UK Employer Pensions
Framework for a panel discussion held at Right Angle Partners ‘UK Pension Fund Investment Seminar’ held at Hartwell House on 18th September 2003. This presentation addresses the crisis in UK pension funds and the future for UK employer schemes. Compensation
- Won’t Cost A Penny For Years Article published in Pensions Week explaining why Government must compensate pension scheme members who have lost their pension rights on insolvency and how this compensation will not cost anything for many years. Letter Published in the Financial Times Letter published in the Financial Times outlining the failures of UK final salary pensions. Jumblies
Pensions A picture of how UK private sector company schemes are leaving people unprotected and unaware of the risks to their pensions, while public sector schemes are safe. We need to restore confidence! What
Has Happened To Our Pensions?
Article published in Parliamentary Monitor explaining the reasons for decline of UK final salary pension schemes. What's
Wrong with Our Company Pensions? Note explaining why we urgently need to change the UK final salary pension system. Some form of insurance is essential. Letter
Printed in Financial Times 4 April 2003 Letter regarding lack of security for members of UK final salary schemes. Why
Final Salary Pensions are in Crisis. A Solution? A description of why UK final salary pension promises are now financially unsustainable for most employers and a possible way forward for the future. Mutual
Insurance for Final Salary Schemes - or Risk Warnings Note outlining why wither member must be given a proper risk warning that their pension must be protected. UK
Final Salary Pension Crisis - Possible Solutions? Outline of reasons for the crisis in UK final salary schemes and some suggested solutions. Why
UK Final Salary Schemes Will Move to DC Note outlining reasons for employers to switch away from DB schemes towards DC. UK
Pensions in Crisis A brief note on why Ros believes UK pensions are in crisis. How
We Killed Final Salary Pensions in the UK Note describing how final salary pension schemes have become financially unsustainable in the UK. Final
Salary Pensions and UK Competitiveness Written for Pensions Week, this article reviews how UK final salary pension schemes are sapping UK competitiveness. Pooling
of DC Pensions This article, written for Pensions Week, reviews the benefits of Pooling of DC Pensions. Why
We Must Protect Final Salary Scheme Members Insuring
Pensions A note explaining why mutual insurance for pension schemes should be considered. Why
DB Pension Schemes Are Closing and Why This May Not Be So Terrible The move away from final salary schemes does not have to be a disaster at all. Dr. Altmann believes the demise of DB was always inevitable for private companies and final salary schemes are not always as good as they are currently thought to be. The
Trend Away From Defined Benefit Pension Provision In The UK This note discusses the reasons for closure of DB schemes, how the trend may be slowed and what we need to do to ensure DC works better in the UK. ‘Let’s
Get DC Right Before It’s Too Late’ This is an article published in the Journal Of Pensions Management in September 2001, discussing the trend towards DC pension provision in the UK and the need to ensure that DC is made to work much better, in order to provide decent pensions. |
