Our Future Influencers discuss the Code of Practice 3

Michael Lallali

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This was our fourth Future Influencers event and not only did many of the attendees at this event also attend our first, people have helped the events grow and invited their colleagues along. As with earlier events we also continued to welcome new faces from other sources too. It is really pleasing to hear positive comments about these events, with many people commenting that there is nothing else targeted at this level of audience, where we can all come together and broaden our knowledge. This was also the first event following the Future Influencers becoming CPD accredited, recognising the quality of the subjects that have been presented.

The presentations kicked off at 9am with a presentation from Jennifer Chambers of Burness Paull. Jennifer presented a legal review on tPR’s Code of Practice to DB Schemes. This followed on nicely from the previous Future Influencer event where the new DC Regulatory Guidance was discussed by Chris Roberts of Dalriada Trustees. After giving a brief background on what’s changed, Jennifer discussed how the new guidance may affect the shift in balance between trustees and employers and the practical repercussions in future negotiations between employers and trustees. For more info, here is a link to Jennifer’s presentation.

Next up was Angela Burns, one of our actuaries, presenting an actuarial perspective on the new DB Code of Practice. She explained how the new code would affect actuarial advice in practice and the need for actuaries to provide bespoke advice going forward, removing previous practices among some actuaries to standardise their offering. For a full breakdown on what actuaries may be considering differently going forward following the new Code of Practice 3 download Angela’s presentation here.

Rik Lit, a Senior Analyst at Russell Investments then rounded of the days “festivities”, providing a presentation on Evolving Risk Management for DB Schemes. Rik started off with a history of risk management, and explained how this has evolved over time. Moving from focusing solely on asset management (excluding liabilities) for infant schemes, to a more collaborative risk management, looking at funding levels and volatility, to ways the market is moving in the future with Buy-outs or DIY Buy-outs. Rik provided a comparison of Buy-outs or DIY Buy-outs, highlighting the strengths and weaknesses of both. – download the full presentation here.

All three presentations prompted a lot of debate so all in all, another great event.

We look forward to welcoming everyone back to our next event scheduled in January 2015. If you or someone within your team would be interested in attending any upcoming Future Influencer events, please contact me (Michael: michael_lallali@spenceandpartners.co.uk) for more information.

Michael Lallali

Post by Michael Lallali

Michael currently works as a Pension Consultant at our London office. He has particular strengths in assisting with defined benefit pension arrangements, more noteably scheme amendments, data issues and the development of software tools. Michael joined Spence in 2013 as a Pensions consultant and part-qualified actuary with 7 years’ experience. Michael started his career as a valuation specialist, calculating the actuarial liabilities for some of the largest pension schemes in the UK. Michael then moved into the more traditional pension consulting environment, acting as the primary point of contact for clients and supporting the Scheme Actuary. Michael’s broad ranging background provides clients with a useful single point of contact that can assist with both actuarial and administrative needs.