Atkin trustees, actuaries, consultants & administrators

Current Issues - October 2016

Overseas Transfers: The Government is considering making it easier for members to transfer their pension benefits overseas potentially putting more of an onus on Trustees to make sure that receiving arrangements are legitimate.

TPR warns Trustees on cyber-security: Trustees should review their cyber-security and include it on their risk registers.

TPR suggests triennial valuations may not be required: TPR has suggested that well-funded DB schemes should not be subject to actuarial valuations every 3 years whilst less well-funded schemes may need to carry them out more regularly. Hopefully TPR, will take into account the cost of more regular valuations and consider whether they will result in different outcomes (particularly for smaller schemes).

PPF 2017/18 levy consultation: Although the 2017/18 total levy estimate is unchanged declining gilt yields will increase the estimate of underfunding and therefore individual schemes may see their levies increase depending on what investment strategy they have adopted. Companies on the ‘large and complex’ or ‘not-for-profit’ scorecards may also be able to re-state figures from their final set of pre-FRS 102 accounts with a deadline of 31 March 2017.

Otherwise, the PPF is intending to adopt the long-service increases to the compensation cap from April 2017 which may increase the PPF liabilities for some schemes.and are also consulting on proposed changes to the assumptions used in ‘section 179’ valuations which they estimate will reduce the value placed on the liabilities.

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On a personal note, I would like to thank you for your professional yet friendly approach. Always astute and never stuffy, however busy you undoubtedly get. Your innovative nature is an added bonus; Scheme Hub is excellent. I enjoy working with you and when you consider our interaction concerns pensions, that is saying something!

Lee, Administration and Actuarial client