Atkin trustees, actuaries, consultants & administrators

Current issues - January 2019

Brexit – Uncertainty assured: Whilst, some commentators may have concluded that the heavy defeat of the Government’s Brexit Bill on 15th January might mean a ‘no-deal’ Brexit was more unlikely, it is still a possibility.  It would therefore be sensible for Trustees to ensure that they understand what risks this might entail. In particular, whether it might impact on the strength of their company covenant, how their investments might react and monitoring whether transfer values remain appropriate were market conditions to change significantly.

Professional Trustees – Will they become compulsory?: TPR will be consulting on a range of governance issues, including whether it would be appropriate for trustee boards to have a professional trustee and whether they (TPR) should have greater powers over administrators. We intend to take part in this consultation and will be happy to share your views.

Cold Calling – Ban now in force: Regulations banning pensions cold-calling came into force on 9th January. Trustees may want to make members aware of this ban, so they can take appropriate action should they receive a cold-call in the future.

Mortality – New tables released: All else being equal, a straight swap from the former S2 tables to S3 would lead to an increase in the pension liability valuation. However, the S3 data includes more public sector workers than was the case for S2, and this has increased the average life expectancy. When schemes carry out their next actuarial valuation, trustees should discuss the application of the S3 tables to their scheme with the actuary and determine whether adjustments may be appropriate to reflect their own membership. 

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Atkin & Co have acted as our Pension Scheme advisors and Actuaries for over 5 years. We consider them to be extremely experienced and knowledgeable in the field of pensions and in our view are one of very few pensions specialists in the UK that can understand the the intricate workings of the more complex pension schemes. They have done some excellent work for us in connection with our pension scheme over the years.

Andrew, Independent Trustee Client