Archive for July 2019

Andrew Kerrin

So the 55th Prime Minister of the UK is now in office. Love him or loathe him, one thing is for sure, the next quarter of 2019 will certainly be interesting. Who knows, our new PM might even survive long enough to be around for our third Quarterly Update of 2019!

Sticking with the here and now though, just like Prime Minister Johnson, we at Spence have gone through our own selection process for our own “Cabinet” of topical pension articles from the last quarter.

Our cabinet of topics certainly meets the diversity criteria, with articles ranging from investments, to mortality improvements and employer insolvency planning. There is a strong focus on planning for the long-term, with discussions on the recent corporate and strategic plans issued by TPR and the PPF respectively. The equality criteria is top of the list for our cabinet… well, our GMP equalisation article is first in the running order anyway. And while our cabinet may be a little short of DUDEs, it does have its own four-letter favourite from the recent past – an update on GDPR!

Hopefully you will find our selections worthy of inclusion in our latest report and representative of the issues that matter to you.

Click on image above or this link to download.

David Davison

In a previous LGPS Bulletin I highlighted the consultation issued on the 8th May entitled “Local Government Pension Scheme: Changes to the Local Valuation Cycle and the Management of Employer Risk.” The consultation closes on the 31 July 2019 and a copy of our detailed response to the specific questions can be found here or click on the image below.

Our response highlights concerns over the quality of information provided by schemes, deficiencies with the proposals and existing Regulation, the calculation of cessation debts, the drive for security, legacy liabilities and the status of public bodies in the schemes, and makes proposals for a more equitable future framework.

Over the coming Bulletins I will be examining many of these issues in more detail.

PLEASE NOTE: Our response was updated on 12th August 2019 to include additional information.

Angela Burns

This guide is intended to be a useful reference for companies preparing their 30 June 2019 pensions accounting disclosures, whether under FRS 102 or IAS 19.

In this guide, we will review the changes in the investment markets over the last 12 months and consider the impact these will have had on a typical pension scheme. We will also review recent developments in the area of pensions accounting, highlighting issues that you should be aware of.

With the wealth of corporate advisory experience available at Spence, we are well placed to provide you with guidance in how to best manage your pension scheme liabilities.

The implications of the recent developments should be considered to help you avoid any surprises. Spence can help guide companies through these complexities and have a proven track record in navigating to the best outcomes for our clients.

We would be happy to discuss the options available to you in reaction to the market trends discussed above, including:

  • How to lock in asset gains;
  • Decrease future risk;
  • Reduce funding level volatility.

To discuss these topics further, please contact Spence through your usual contact or connect with our Corporate Advisory practice associate, Angela Burns, at angela_burns@spenceandpartners.co.uk  or by telephone on 0141 331 9984.

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