Atkin trustees, actuaries, consultants & administrators

Current issues - October 2018

Budget 2018 – Predictions: With Philip Hammond set to deliver his budget speech on 29th October, pundits are predicting what announcements will be made for pensions – although no bombshells are expected, there are suggestions that there maybe changes made to the Annual Allowances.


GMP Equalisation – The end of the beginning in sight?:  A High Court judgement is expected imminently on whether GMP benefits should be equalised and what methodology should be used to adjust members benefits.  Although there is a good chance that any decision will be appealed it will provide insights into what the final decision might be.  If GMP equalisation is necessary it will obviously increase a scheme’s liabilities, the amount of the increase, and the cost of the remedial work required to deal with the recalculations, would largely be determined by the prescribed method of achieving GMP equalisation.


Given that a decision is potentially imminent, it might make sense to delay making any adjustments to member’s benefits to allow for the results of the GMP reconciliation exercise. 


Pensions Dashboard – DWP still in favour: The Secretary of State for Work and Pensions stated that the Government still supports a pensions dashboard although how this will be implemented is still far from clear. The hope is that, if this is ever implemented, that the any additional costs that might fall onto actual schemes is taken into account.


PPF issues draft 2019/20 levy determination: It is proposed that the scaling factor and scheme-based multiplier are left unchanged and therefore the amount of the PPF levy should be broadly unchanged although this will depend on whether the insolvency score changes and how market conditions change over the period to March 2019 (although the impact is averaged).  It is interesting to note that the PPF is holding steady to its course despite the experience of ‘a record year for claims and significant expected claims in the near future.’ It cautions, however, that if claim levels remain high, it ‘may need to give careful thought to the position for next year’s rules.

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I have worked on a number of schemes with Atkin Trustees Limited and with Richard Bryant in particular. I found them to be a very organised team who focus on achieving practical and cost efficient solutions.

Michael M Jones, Partner, Charles Russell LLP