Pensions Management - the magazine for pension & investment industry professionals
Back issues » 2008 » December
Subprime market is just like a Christmas dinner...

Christmas is traditionally the time of year when we get together with our families, catch up with friends and celebrate the birth of consumerism.

Dasgupta: insolvency risk should be measured over longer periods to develop a more appropriate charging structure for pension schemes

‘Fairness’ forms core of PPF plans

The formal consultation period for the PPF’s levy charging structure has begun, with a better reflection of risks posed by each scheme at its heart

Buyout market preparing to offer same-day transactions

The UK buyout market is set to follow the lead of the US market through the use of speedier transactions, according to MetLife Assurance.

‘Risk of union fury’ if section 75 debt rules hit employees

The government’s proposals to change section 75 rules could encourage employers to dump their final salary schemes, thereby upsetting unions, according to a senior lawyer.

PADA adds finishing touches before going live

The Personal Accounts Delivery Authority (PADA) is gearing up to assume full executive powers with the royal assent of the pensions bill.

Callaghan: ‘expect rate falls’

Locking in while sun’s shining

The prospect of plummeting annuity rates has seen a surge of investors locking into currently favourable rates, while also investing in drawdown.

Curry: ‘early access might boost pensions savings by 30%’

‘Early access could promote saving’

UK workers would be more likely to save if they were able to access their savings earlier than current regulations allow.

Emerging markets offer value and security

With the extension of swap lines to major emerging economies, and following the recent G20 meeting, a coordinated stabilisation and decline of the dollar is now likely.

Long: there’s more to private equity than mega deals

US firm extols private equity

Despite the high levels of attrition in the markets, one American firm is on a quest to break into Europe and raise the profile of private equity among institutional and private clients.

Europe opens to private clients

PILinvests has launched Private Opportunities in Property, to allow Sipp and SSAS investors access to Valad Property Group’s European funds.

Little concern for ESG issues

Fund managers have come under increasing pressure to improve their environmental and social credentials following the latest investor responsibility league tables published by FairPensions.

Singling out those seaworthy vessels

Negative sentiment currently dominates the equity markets. Retail investors are exiting them throughout Europe (and the world) as the credit crunch continues to destabilise the financial system. Such investors have seen a ferocious bear pursuing them, and their running is an instinctive and understandable response. However, for those with the means and mettle to stick around, a new (but promising) landscape is taking shape.

Godson: hundreds of schemes in wind-up will find this relevant

Wind-up verdict aids trustees

Employer debts to schemes in wind-up could rise after a High Court judgment found that trustees can manipulate the process to maximise income.

McCourt: diversification trend

NAPF: funds more equities-averse

Pension funds are moving out of equities to aid diversification and minimise the impact of market volatility.

Sponsors’ breathing-space plea

Schemes seeking to reduce deficits should consider funding plans related to the performance of their sponsor, according to a consulting actuary.

FSA punishes AWD Chase de Vere

AWD Chase de Vere Wealth Management has been fined £1.12m for mis-selling pensions transfers, annuities and income withdrawal business.

Thompson: the product reflects the changing needs of clients

Brace of Sipps delivered for Xmas

Winterthur is the latest insurance company to deliver a new offering into the highly competitive self-invested personal pension (Sipp) market.

Banks must go back to basics to regain trust

With interest rates falling, there are many people hoping this will be reflected in the cost of their mortgages.

Sipps are back in the spotlight once again

This october will go down in history as memorable for the chaos caused by the collapse of global banking firms and the impact on world stock markets.

Be smart, stay informed

Gathering and interpreting appropriate management data is of great importance to Sipp providers, who cannot measure performance or identify risk without it

It’s good to talk, at the end of the day

According to an online survey I’ve just read on a BBC website, clichés like ‘at the end of the day’, ‘24/7’ and ‘literally’ are among the most reviled by respondents. Is that interesting or what? I picked a few examples of irritating clichés out of the survey for your information, so you can read them yourselves:

Protection for the people

The daily running of the PPF has been a gargantuan task for Partha Dasgupta, but as he tells Owen Walker, changing many people’s lives has been worth the hard work and criticism

Schmitt: ILBs are highly attractive at the moment

Safety in numbers

Jean-François Schmitt, CEO of Sinopia UK, HSBC Global Asset Management, speaks to Owen Walker about the joys of a cautious modus operandi and his love of all things statistical

Brace yourself for impact

The Pensions Regulator’s recent guidance on calculating transfer values could have wide-ranging consequences for schemes, placing yet more pressure on trustees

Does my SSAS look big in this?

As investors and their advisers continue to size up Sipps and SSASs, how are providers holding up after a year of financial turmoil and regulatory changes?

Join the SSAS

For family units and business owners, the SSAS is still the number one choice of pension scheme

Still in the game

SSASs appear to have been left in a trail of dust by Sipps, but several nuances mean they still offer valuable opportunities for many investors

The dark horse

Although the SSAS is often overlooked in favour of the more popular Sipp, it can offer companies greater efficiency and flexibility

A safe harbour

DC default plans may not be perfect, but for the majority they offer the best returns, and are a safer option than allowing members to actively manage their own investments

Educate, incentivise and change, say experts

Pensions Management was given exclusive access to the first global leaders forum to be hosted by a rejuvenated Friends Provident. Trevor Matthews, chief executive officer (CEO), delivered a speech on behalf of senator Nick Sherry, the equivalent of James Purnell in the Australian government, before chairing a discussion with senior employee benefit consultants on some of the issues the minister had raised. To receive a copy of the speech, email christine.o’grady@friendsprovident.co.uk.

Scheme Awards 2008

Pádraig Floyd reveals the winners at this year’s Pensions and Investment UK Awards and explains the reasons behind their success

Equities emerge from the East

Far from resting on its laurels, Global Investment House is taking full advantage of the market downturn to grow and develop a powerful private equity business in the Gulf region

Reams of regulation have left pensions complex and opaque

Pádraig Floyd: What is your view of the position of the self-invested personal pension (Sipp) market?

Reality check

While the winners beam with pride and the losers seek ways to pull up their collective socks, industry voices are calling for far better technology, admin and services

The proof is in the eating

New balanced funds offer investors access to a wider array of asset classes than ever before, but it’s their single-manager approach that will most appeal to trustees

Approach with caution

Trustees considering buyout as a way of reducing scheme investment need to ensure they are fully aware of the legal implications

Green: takes over from John Reeve

Green takes RSPA chair

Penny Green has been announced as the new chairman of the Raising Standards in Pensions Administration (RSPA) project.

Graves: stream of issues for AMPS

AMPS picks new committee

The Association of Member-directed Pension Schemes (AMPS) has elected its new committee, with Robert Graves of Rowanmoor Pensions taking over as chairman from Winterthur’s Mike Morrison.

Local government expert wins Club Vita post

Hymans Robertson has appointed Mike Taylor, chief executive of the London Pensions Fund Authority (LPFA), as a non-executive director of its longevity research firm, Club Vita.

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