Atkin trustees, actuaries, consultants & administrators

Current issues - December 2018

GMP Equalisation – High Court clarifies approach to GMP conversion:  A further judgement in the Lloyds case means that pension schemes converting GMP by using the existing legislation may equalise benefits in respect of future payments in one step.  Given that GMP equalisation is likely to be onerous and expensive on an ongoing basis, GMP conversion is seen by some as a method of dealing with the issue ‘once and for all’.  

Whatever method Trustees elect to adopt in order to address GMP equalisation, the costs involved in amending member’s benefits are likely to be significant and not covered by any fixed fee arrangements.  It would, therefore, be sensible to obtain alternative quotes for carrying out the work before pressing ahead. 

DB Consolidators – DWP and TPR set out their requirements:  The DWP intends to introduce an authorization regime for DB consolidators and are running a consultation.  The consultation covers a new legislative framework for authorising and regulating DB 'superfund' consolidation schemes.  We intend to take part in the consultation and would be happy to include any comments you might have. 

CMA report on fiduciary management:  The Competition and Markets Authority has published its final report on investment consultants and markets which can be found here.  Scheme’s intending to appoint a fiduciary manager for 20% or more of assets will have to carry out a competitive tender and all schemes with a fiduciary management mandate already in place must put the service out to tender within 5 years of the original appointment.  

PPF Levy for 2019/2020: The PPF has issued its final levy rules for 2019/20 which uses the same parameters as those used for 2018/19.   Schemes with Type A or B contingent assets containing a fixed cap will need to be re-execute those agreements by 29 March 2019.  

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I have just received our cheque.…and write to express our most sincere thanks to Chris Atkin and his staff for this amazing result! Please would you pass on our appreciation for his help and advice, and also the speedy result. I am now off to bank the cheque before anything happens! Brilliant!!!

Sue, Administration and Actuarial client