The Pension Protection Fund has expressed concern that the poor quality of data is causing around 40% of schemes entering the PPF to experience delays. We have a selection of blogs on the subject of data issues; “Pension scheme data after scheme closure“, “Good record keeping is key to a well run scheme” and “Pensions administration - the devil is in the data”
Posted in: Blog
Tags: Data, Pension Protection Fund
In relation to our “Brussels sprouts a pension regulator” blog it has now been reported that the European Commission has drafted legislation to set up a supervisory body whose remit will include occupational pension schemes.
The proposed European System of Financial Supervisors will have powers to develop proposals for technical standards; resolve cases of disagreements between national supervisors where legislation requires them to cooperate or agree and ensure consistent application of technical rules.
These powers will be in addition to taking over the functions of the existing committee – Committee of European Insurance and Occupational Pensions Supervisors’ occupational pensions committee.
The Pensions Regulator is said to be working with the government throughout this restructuring, commenting that they are committed to ensuring any changes made are “fair and appropriate for the UK pensions market”.
Posted in: Blog
Tags: Legislation, Pensions Regulator
Independent Trustee Dalriada Trustees Limited, sister company to Spence & Partners, are pleased to announce that from 1st October Claire McGruer will join Brian Spence and Connie Johnstone on the Board of Directors of Dalriada Trustees Limited.
Claire joined Dalriada Trustees in 2007 and acts as a trustee to a number of schemes who benefit from her wide ranging experience providing technical support and advice to both corporate and trustee clients.
Brian Spence commented that “Connie and I are delighted that Claire will be joining us and we are confident that this is a positive development that will strengthen our business in terms of both shaping the strategic direction and our decision making processes as a trustee.”
For further information please contact David Davison at consulting actuaries Spence & Partners on 0141 331 1004.
Issued on behalf of Spence & Partners by Karen Milne at Blueprint Media tel 0141 353 1515
Date: January 2010
Posted in: Media, Media Releases
Tags: Corporate, Professional Trustees
The Pension Protection Fund has launched a new and improved website. New colour scheme and bigger, brighter design aside, the main changes include Read more »
Posted in: Blog
Tags: Pension Protection Fund, PPF
The Accounting Standards Board is seeking opinion on proposed changes to accounting standards for companies in the UK and Ireland.
The ASB has proposed a three-tier approach where;
1) listed companies apply the standard IFRS
2) most other companies adopt the new IFRS version for smaller companies
3) small companies will continue to use the financial reporting standard for smaller entities.
Some initial reactions have highlighted the similarities between the IFRS for SMEs and IAS19. It has also been suggested that the proposal will mean that many companies currently accounting for pensions under FRS17, from 2012, could use IAS19.
For UK companies a move from FRS17 to IFRS for smaller entities will result in a change to how surpluses can be recognised on the balance sheet although I can’t see this being much of an issue in the current environment!!
Following the publication of the IFRS standard for SMEs in July, the ASB have now opened a consultation process and will be accepting responses until 1st February 2010.
Posted in: Blog
Tags: Accounting, FRS17
Eleven colleagues from Spence & Partners triumphantly completed the Co-Operative 5K challenge raising money for various charities by walking, jogging or running around Glasgow Green. The park was filled with enthusiastic athletes ready to take on the challenge. The group warm-up got everyone loose and raring to go as the start line filled up. Team Spence, dressed in matching t-shirts tackled the course past The People’s Palace, along the river, around the Green and across the finish line to jubilant applause.
Each team member had their own special cause that they were running for including Alzheimer Scotland, Children 1st, Cancer Research, Yorkhill Children’s Hospital and the British Heart Foundation.
Posted in: Blog
Tags:
MacMillan Cancer Support receive £750 from Liz Fergusson
Spence & Partners are pleased to support Macmillan Cancer Support with a donation of £750. The money was raised by donating the funds that would have been used to buy Christmas Cards. Instead, Spence & Partners’ clients received a festive and environmentally friendly e-greeting and staff were asked to select a charity they wished to support.
Liz Fergusson (pictured) presented the cheque to Emma Rae from the charity at the Spence & Partners Belfast office commenting that “Sending an electronic Christmas greeting gave us a great opportunity to demonstrate how a small change can make a significant difference to a charity we are delighted to support”.
Posted in: Media Releases
Tags: Charities
Spence & Partners Limited is a company registered in Northern Ireland with registered number NI 37760 whose registered office is at 22 Great Victoria Street, Belfast, BT2 7BA.
Spence & Partners Limited is authorised and regulated by the Financial Services Authority in the conduct of investment business. VAT number 752 3781 22.
