Your Quarterly Pensions Update Quarter 1 2021

by Andrew Kerrin   •  

In a recent, company-wide virtual meeting, we were reminded by a director of their prediction a year ago – at the first such virtual meeting – that we may not return to the office (or “normality”) for six months, or even a year.  By their own admission, the suggestion of this lasting one year seemed pessimistic, if not close to far-fetched, at the time.  However, here we are. Over a year later. With a return to offices still ethereal.

This got me thinking about that word, “normality”, and what it is that we think we will be returning to?  Is there even such a thing as normality?

Vincent van Gogh once said,  “Normality is a paved road: It’s comfortable to walk, but no flowers grow on it.”

If we are to define our pre-pandemic lives as being that paved road called “normality”, then I think we will be ultimately disappointed if we are aiming to re-join that same road at the point we veered off.  Indeed, we should be setting our ambitions higher.  We should embrace Van Gogh’s idea.  Accept his challenge, and the challenge that nature has laid in our path.  Resolve to make our normality better than it was before, bringing with us those flowers that we have collected in this year’s wilderness.  Resilience.  Consideration for each other.  Challenges bested.  Technology harnessed.

We are now, slowly but surely, tiptoeing towards that junction with normality.  So, to help prepare for re-joining that highway, we have collected some “flowers” of information in this review of the last quarter, for you to take forward, to our new road of normality, which is hopefully not far away.

In this edition, we examine the key provisions of the Pension Schemes Act 2021, which has been maturing for some two years.  Discussions on the new GMPE guidance from PASA and on the IFOA’s report on target end states for DB schemes have also been planted in the report.  Not to forget our regular, perennial, articles looking at the how the investment market performed and what’s coming up next in 2021.

From everyone at Spence, we hope you continue to stay safe and enjoy the read.

Click here to read or click on the image to the right.

Further reading

Diversified Growth Funds: look for robust risk management

by Brendan McLean   •  

RPI to CPIH - pension schemes provide challenge to government

by John Wilson   •  

Our journey to PASA accreditation

by Dawn Watson   •  

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