Posts by Andrew

Andrew Kerrin

Over the past weeks, living in the UK, you’d have been forgiven for thinking that there was nothing else going on in the world apart from Bre… well, you know what I was going to say – I’ll spare you from hearing the word for once.

Before ‘that-which-shall-not-be-named’ took over our lives, there were other news stories, other events, other happenings in the world that equally shocked us and exercised our opinions.  One of those other sources managed to do his best in the past weeks to grab back the news agenda – the 45th President of the United States.

January has been a tough month across the pond – particularly for the 800,000 federal employees who went without pay checks.  However the story that caught my eye was the initial refusal by the Speaker of the House, Nancy Pelosi, to formally invite the President to give the annual State of the Union address to Congress.  Like the size of a recent loss by the UK Government in a House of Commons vote on ‘that-which-shall-not-be-named’, this action by the Speaker was unprecedented.

“What has this got to do with this Quarterly Update?”, I hear you ask. Well, what this reminded me of was the wording of the clause in the US Constitution that the State of the Union Address stems from, namely that the President:

“shall from time to time give to the Congress Information of the State of the Union, and recommend to their Consideration such measures as he shall judge necessary and expedient.”

In that spirit (assuming that unlike Nancy Pelosi you have invited Spence to address you!) let us give to you this quarter’s Information on the State of the Pensions Union, along with our recommendations, for your consideration, of all the necessary and expedient measures you may wish to take.

We hope you find this useful and look forward to addressing you again in three month’s time… if ‘that-which-shall-not-be-named’ allows us!

Topics included in this quarter’s address include:

• The PPF’s 2019/20 Levy Rules determination
• Investment Market Update
• HMRC and The Pensions Regulator Warning over Member Tax Relief
• Master Trust triggering events
• The Supreme Court judgment in the Barnardo’s case
• GMP Equalisation
• PPF Purple Book
• And of course… an update on ‘that-which-shall-not-be-named’

Download the Quarterly Pensions Update Q4 2018

Andrew Kerrin

In my down time – between working in the Spence actuarial department, studying for actuarial exams, chasing after my four and two year olds – I am partial to spending some time managing… my fantasy football team.

Having witnessed another terrible weekend of results for my team, my mind turned back to reality and to the third Quarterly Update of 2018.  Thankfully the topics we have selected for this report carry far more promise and relevance than my football selections:

  • The first name on the Quarterly Update team sheet is a mainstay of recent selections. An unpredictable, volatile, yet entirely unavoidable choice for the Q3 team – Brexit.  No update would be complete without it!
  • On the wing, we have a summary of the British Airways judgement – a case that keeps running and running, with no sign of tiring out, until it reaches the final (at the Supreme Court).
  • Bringing older, wiser and more experienced traits to the report, we have an article on the recent trends in Longevity.
  • Providing a cool head in defence, an article summarising the G4S case that brought clarity on what is a “frozen” scheme.
  • In midfield, we have the European leader, organising all members of the team, with great communication skills – a summary of the member communication requirements from the IORP II European Directive.
  • Whilst up front, we have the most honest of finishers, who won’t try to win a penalty by scamming the referee – an update on the ScamSmart
  • STOP PRESS: The imminent Lloyds judgement mentioned in this edition of our Quarterly Update has been published today and confirms the requirement to equalise Guaranteed Minimum
    Pensions (GMPs).   See more inside our report.

So, although I couldn’t deliver a winning fantasy football selection this week (again), I am happy to be able to deliver the Quarterly Update for the third quarter of 2018.

To download this report, click here .

As always we love to get feedback from you. If you like what we do please tell us – it’s nice to get great feedback. If you would like things included, excluded or done differently please drop us a line too. The report is to help you, so help us tailor it to your needs.

And … if you find that you do have time to keep up with things, why not follow us on Twitter @SpencePartners and keep up to date as you go along.

Andrew Kerrin

“Time flies like an arrow – but fruit flies like a banana.” Just a personal favourite line (often attributed to Groucho Marx) that popped into my mind when sitting down to introduce Spence & Partners latest Quarterly Update. It seems like only last week that I was searching for words to introduce our first report of 2018!

Having taken aim at the topics that hit the headlines over the last quarter, marking with an arrow those of most interest, we have fired them into a neat summary for your consideration. We hope you enjoy reading this compilation, that it helps you pass the time, and who knows, might help you avoid a banana skin or two.

This quarter we have a wide variety of tasty morsels for you to digest, including a summary of the potentially far-reaching opinion from the Advocate General in Hampshire v PPF, a discussion of the main cyber security issues for trustees coming from the Regulator’s recent practice note, to a bite-sized rundown of the key legislative changes that hit the pensions industry back in April.

Enjoy your latest Quarterly Update – I hope you agree that our selection has hit the bullseye and our efforts have been fruitful!

To download this report click here or on the image above.

As always we love to get feedback from you. If you like what we do please tell us – it’s nice to get great feedback. If you would like things included, excluded or done differently please drop us a line too. The report is to help you, so help us tailor it to your needs.

And … if you find that you do have time to keep up with things, why not follow us on Twitter @SpencePartners and keep up to date as you go along.

Andrew Kerrin

The first quarter of 2018 has flown by and has proved to be an eventful three months. We have had no problem finding topics worthy of inclusion in this Quarterly Update – it’s been more of a problem deciding what NOT to include. We have been ruthless however and pulled together the topics that we believe you need to know about from January to March 2018. Enjoy!

The topics of note this quarter include:

  • GDPR Compliance
  • Government White Paper on DB Schemes
  • The Pensions Regulator and recent Corporate Failures
  • DC Consolidation
  • Reviewing your Currency Hedge
  • EIOPA Market Development Report
  • New CMI mortality improvements

To download this report click here or on the image above.

As always we love to get feedback from you. If you like what we do please tell us – it’s nice to get great feedback. If you would like things included, excluded or done differently please drop us a line too. The report is to help you, so help us tailor it to your needs.

And … if you find that you do have time to keep up with things, why not follow us on Twitter @SpencePartners and keep up to date as you go along.

Andrew Kerrin

Another year, another mixed bag for the pensions industry.  Looking back, with its final quarter now closed, 2017 was a year that threatened change (the Work and Pension Committee’s review and subsequent Green Paper on DB schemes, and the much-anticipated ban on cold-calling) but that ultimately saw pensions taking a back-seat to the political beast that has become the Brexit negotiations.

That’s not to say that pensions weren’t firmly in the headlines, with the collapse of schemes adorning household names, and some significant decisions coming from the courts (not least the Walker v Innospec decision on same-sex spousal benefits).  However, the final quarter of 2017 brought some significant announcements and stories that promise to keep trustees and sponsoring employers busy during the next 12 months.

So, we have collated all of the most important topics from the 3 months to 31 December 2017 into a bite size report, to let you sign off on 2017 and get ready for 2018. Enjoy your Quarterly Update!

The seasonal topics of this quarter include:

  • Anti-Money Laundering Regulations
  • Latest news from the PPF
  • VAT on DB scheme management costs
  • MIFID II and the regulation of investment firms
  • Bank of England interest rates
  • Transfer value redress
  • 21st Century Trusteeship

To download this report click here.

As always we love to get feedback from you. If you like what we do please tell us – it’s nice to get great feedback. If you would like things included, excluded or done differently please drop us a line too. The report is to help you, so help us tailor it to your needs.

And … if you find that you do have time to keep up with things, why not follow us on Twitter @SpencePartners and keep up to date as you go along.

Andrew Kerrin

The first three quarters of 2017 truly flew by, with only two thirds of 2017’s last quarter left to go too.  We never do things by halves, and we have kept a close eye throughout the whole of the last quarter, to bring you the hottest topics in the pensions industry, divided up into bite size pieces.

Read more »

Andrew Kerrin

On this summer lunchtime in July, as blue skies backdrop the birds flying by the Spence office windows, and tourists bustle by on the streets below, I’ve found myself looking for inspiration for an introduction for this quarter’s pension update. Yet, I needn’t have looked far. Classic lyrics from The Byrds, that have been stuck in my head for a few days now, might just do the trick. Read more »

Andrew Kerrin

“If Mr Walker was married to a woman, or, indeed, if he married a woman in the future, she would be entitled on his death to the pension provided by the scheme to a surviving spouse.  When the claim was issued, the value of that “spouse’s pension” was about £45,700 per annum.  As things stand at present, Mr Walker’s husband will be entitled to a pension of about £1,000 per annum (the statutory guaranteed minimum).”

This is how the Supreme Court judgement described the situation in which Mr Walker found himself, in relation to his membership of Innospec’s DB scheme.  How did this happen?  Ironically it was the anti discrimination provision in the Equal Treatment Framework Directive, coupled with scheme rules, that allowed this disparity to occur in respect of same sex survivors’ pensions. Read more »

Andrew Kerrin

Well, the wait is finally over. Horton v Henry has been decided. After hearing arguments in April and deliberating over this important decision for 6 months, the Court of Appeal released their much anticipated judgment on 7th October 2016. Unfortunately for me, this came a week after my summary of the case history was published in PMI News with a “wait and see” conclusion on the Horton decision. The Lord Justices clearly forgot to give me a heads-up… so rude!

Anyway, as mentioned in my article and earlier blog this decision has been a long time coming. A controversial and potentially devastating judgment for bankrupts (Raithatha in 2012) has been put to bed, meaning bankrupts can now breathe a sigh of relief that their entire pension pots post Pension Freedoms are not at risk of an Income Payment Order.  Read more »

Andrew Kerrin

One thing you can be sure of is that there is no shortage of pension updates hitting your inbox on an almost daily basis – updates we don’t always get round to reading.  Here at Spence we like to be helpful so to save you time, the team have scoured the news and developments which have impacted the pensions world in the last quarter and produced an update of the most topical, newsworthy and essential matters that you need to see to keep you updated and informed.

This quarters highlights include

  • 5 investment questions to ask post Brexit.
  • We are still  in Europe so how does this affect risk assessment frameworks?
  • Gilt yields have been detrimentally effected by Brexit but what does this mean for transfer values and funding?
  • We explain HMRC’s latest announcement on VAT and pension schemes.
  • What’s been happening with the Pensions Ombudsman and in the Court?
  • Governance has been tightened up for DC Schemes.  We explain how.

Read more »

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