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Back issues » 2008 » November
No more Mr Nice Guy: FSA will rule with a heavy hand

Something happened last week that I didn’t think ever possibly could. Hector Sants, chief executive of the Financial Services Authority (FSA), said sorry. Sorry? Sorry for what, you’re asking. Sorry for the FSA’s role in the economic meltdown and for making a mess of regulating the banking sector.

Hitchen: financial services face falling into ‘catastrophic conservatism’

Shorting stance is not consensus

NAPF chair Chris Hitchen draws criticism from industry experts after rallying for an end to the ban on short-selling and stock lending

Life offices risk losing billions in protected rights change

The change in regulation allowing protected rights to be used in trust-based self-invested personal pensions (Sipps) will seriously harm life offices, experts have predicted.

Reshuffles spread awareness of the pensions industry

James Purnell has defended the government’s conveyor-belt approach to pensions personnel, following a month of key departures.

PPF to introduce fairer risk-based levy formula

The Pension Protection Fund (PPF) is proposing changes to its risk-based levy to make it fairer and more stable.

Wood: ‘Trustees deferring insurer transfers until chaos dies down’

Buyout boom to fizzle in 2009

Buyout firms face a year-long slowdown in business as trustees and sponsors defer decisions amid the unprecedented market turmoil.

Bhabra: ‘Companies want to avoid being named and shamed’

Big firms shun ETVs in scandal fears

Large employers are steering clear of enticing members to leave schemes with enhanced transfer exercises, fearing being embroiled in mis-selling scandals.

UN PRI looks further afield

The United Nations’ Principles for Responsible Investment (UN PRI) is to concentrate its efforts on asset classes other than just equities.

Dexia riding on strength of SRI

Dexia Asset Management is looking to tap into the UK institutional market with its alternatives and socially responsible investment (SRI) offering.

Volatility highlights the strongest firms

The uk has failed to escape the widespread market volatility that has characterised 2008 so far.

Norgrove: paying pensions should be seen as natural as paying VAT

‘Be careful what you wish for’

David Norgrove, chairman of the Pensions Regulator, has defended the UK’s levels of regulation, telling critics to be careful what they wish for.

Hitchen: scheme will be governed by an independent board

Quality mark test unveiled for DC

Employers must pump at least 6% into their defined contribution (DC) schemes, with employees paying 4%, to pass a new quality mark test launched by the National Association of Pension Funds (NAPF).

Davies: education is not working

Davies: 401k ‘a waste of money’

Despite often being hailed as the cradle of defined contribution (DC) pension planning, the 401k has failed American retirees, according to a senior managing director for institutional DC services at AllianceBernstein.

Dickson: models abroad show auto-enrolment is a powerful tool

Auto-enrolment can work

Auto-enrolment should not be seen as a necessary evil, but as a powerful tool in driving increased pension provision, according to Andy Dickson, sen­ior business development manager at Standard Life.

Askins: many small schemes are struggling to manage deficits

Lifeline for small schemes

North-east based CPRM Actuaries and Consultants is offering a lifeline to small defined benefit (DB) schemes.

Diversify and derisk earlier, says survey

Providers are answering the industry’s calls for improved defined contribution (DC) provision, according to new research conducted by PensionDCisions and Pensions Management.

Robinson: the firm’s resources put it in a favourable position

Five-star Sipp joins market

Administration provider Xafinity has become the latest entrant to the self-invested personal pension (Sipp) market, following its acquisition of Hazell Carr earlier this year.

The ban on employer inducements is flawed

If the government hadn’t already got enough on its plate, it now finds itself boxed in over personal accounts.

Reaping a good harvest

As the at-retirement market and its needs change, so too must the architecture and technology behind the products offered in order to provide retirees with greater flexibility

Pensions boring? We’ll see about that

Well I don’t know what you do all day, but a big part of my time is taken up with reading Hansard; not all of it, just the pension bits, but that’s usually quite a lot of reading. Hansard is the official report of the proceedings of the British parliament and is named after TC Hansard and his son, who compiled the reports until 1889. I know all that because I looked it up in my dictionary.

Selling a guaranteed idea

Gary Finkelstein is no stranger to stock market crashes and has built his business on managing risk. Here, he explains to Owen Walker the real value of guarantees and third way annuities

Robinson: the slowing of investor distributions will have a big impact

Full of Eastern promise

Sam Robinson, fund manager of the SVG Asia fund-of-funds, speaks to Owen Walker about the disparate elements that make up the Asian markets and his passion for collecting wines

Know where you stand

Some recent rulings have seen trustees being found liable, but the circumstantial details of such cases can lead to disparate consequences, as demonstrated in these examples

Future secured

Pending legislative changes and a year of economic chaos, among other things, have turned this market into a different beast to what it was 12 months ago. PM ’s annual survey asks where it might go from here

Next generation retirement

Despite several worthy alternatives, annuities remain the best choice for most retirees, with many variations and options on offer

The new wave of annuities

Recent tremors in the stock market have emphasised the need to protect pension pots from the effects of inflation and equity downturns

Choice, choice and more choice

Although more choice generates more work for advisers, the customer will ultimately benefit

Danger ahead?

The TPA arena has continued to successfully evolve in the face of legislation and competition, but value-for-money and market positioning are issues that will determine the future windfalls of firms

Danger ahead?

The TPA arena has continued to successfully evolve in the face of legislation and competition, but value-for-money and market positioning are issues that will determine the future windfalls of firms

The £100bn question…

Alan Smith: Whether it is £18bn or £100bn, there is quite a lot of money tied up in these funds. I am not necessarily convinced that, if there is £100bn, all of it is standing by waiting to get rolled into self-invested personal pensions (Sipps). Probably no more than 20% of the entire fund is standing by, ready to get rolled into Sipps at the moment.

Look and leap

A combination of current economic factors has seen a rise in the number of companies looking to offload their DB pension liabilities, but is there a limited window of opportunity?

An honest broker

Getting what you pay for may sound comforting to most consumers but when it comes to financial advice a client’s best interests are better kept when commission is an after-thought

Stepping around the transfer trap

Last month’s rule changes have forced trustees to scrutinise their transfer practices and to set out how monitoring procedures should be carried out in the future

TAS Awards 2008

This year’s Technology, Administration & Service Awards rewarded the creativity and dynamism of the industry. Here, Pádraig Floyd reveals who won what and why

Fighting the fire of conflict

Financial woes have the potential to ignite smouldering conflicts of interest within trustee boards as trustees are placed under increasing pressure

Scott: the former marketing director moves up to CEO

Scott made Santander CEO

Santander Asset Management UK has named Jeff Scott as its new chief executive officer, taking over from Ignacio Izquierdo.

Moore: leaves CFO post at HMRC to join Pension Corporation

Pension Corporation acquires Moore talent

Pension Corporation has snapped up former Friends Provident chief executive and group finance director Philip Moore as group finance partner.

First non-execs hired for Club Vita board

Hymans Robertson’s longevity research offshoot, Club Vita, has drafted in its first two non-executive directors.

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