Archive for July 2013

Kevin Burge

Avid readers (assuming there might be at least two of you) may recall how I wrote about the Beatles song and when you reach the ripe old age of 64.

Two more statistics have jumped out at me over the past couple of weeks both of which emphasise that pensions more than ever need to hold a much more prominent position in our thoughts.

Firstly the Department for Work and Pensions published a raft of statistics relating to the State Pension Age. I am not sure whether they are trying to hide bad news or jumping on the Royal baby bandwagon but nevertheless have stated that over a third of children born in 2013 will live to be at least 100. This is then compared to when the Queen was born (1926) life expectancy was 70, when Prince Charles was born (1948) it was 77 and when Prince William was born (1982) it was 85. Read more »

Will Davison

Spence & Partners, the UK pensions actuaries and administration specialists, today commented that the recent news surrounding the availability of real-time valuations is a welcome step towards the delivery of a more pro-active service to pension scheme trustees and sponsoring employers, but that progress will be hindered if the link with scheme data and an audited benefit specification isn’t strengthened.

Marian Elliott, Head of Trustee Advisory Services at Spence, commented: “The facility to undertake daily valuations and become more responsive around the scheme’s funding position will certainly benefit trustees and sponsors in the management of legacy defined benefit schemes. It is absolutely right that trustees should expect to receive real time liability information. This is something we have been doing with our clients for a few months now and they have responded very positively to the streamlining of the process. We are therefore pleased to see the development of other such services being announced in the industry. Read more »

John Griffin

Anyone who is still paying attention to the Scottish independence “debate” may have noticed that it hit a new nadir a few weeks ago, when the UK government suggested that Scottish independence would result in higher mobile phone bills north of the border.

Maybe they had visions of a still-United Kingdom a few decades into the future, when a politically-conscious young Nigel from Auchtermuchty asks his father why his grandad Angus and granny Morag had voted against independence, and is told “Well son, it was a chance that only comes up every few centuries and may never come up again, for the people to change the destiny of this historic land, this land of legends, almost mythical in its haunting beauty, this land of Wallace, of Burns, of The Krankies, but the prospect of paying a few extra pence for mobile phone roaming charges in England was just too much to bear, so we stuck with the Union.  Now, eat up your jellied eels”.

More seriously (but not much more), there are reports of impending doom for UK pensions, should Scotland choose independence, following an ICAS report in April, which was measured and balanced but which appears to have provoked mild hysteria in some quarters. Read more »

Kevin Burge

When I’m 64…

Spence & Partners latest blog for Pension Funds Online –

“Will you still need me, will you still feed me, when I’m 64?”

That famous Beatles line maybe summed up how twenty-somethings viewed 60-year-olds back when the song was written. Their take was that by the time you got to 64 you would need to be looked after and cared for as you probably had one foot in the grave.

In the 1960s private pensions were relatively new, equalisation was still to rear its head (men retired at 65 and women 60 – can we all remember those days?) and people generally died within five years of retiring if they actually managed to make it that far!

Now if we fast forward to the 2013, Read more »

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