Our tried and tested knowledge of pensions management has enabled to remain industry leaders throughout our forty-plus years of operation.
A pension is an investment in the future. We want to make that future the best it can be.
Our commitment to conducting and delivering unparalleled qualifications and insights into pensions management helps us equip every professional with the right tools and knowledge to help them achieve pensions excellence.
From thought leadership to technical pieces, knowledge hub keeps our members and pensions professionals up to date with recent developments in the industry.
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From thought leadership to technical pieces, knowledge hub keeps our members and pensions professionals up to date with the recent developments in the industry.
When pension de-risking is mentioned, our minds immediately think of defined benefit (DB) schemes. This, of course, is a big issue and needs significant attention. However, we shouldn’t forget about defined contribution (DC) when de-risking. In fact, undertaking a DC derisking review could provide substantial rewards for both Trustees and Employers, including freeing up valuable resource, and saving money.
To say defined benefit (DB) schemes have been on a journey over the last decade is an understatement. Most private sector schemes have closed and become a legacy liability, while falls in market-expected returns have caused many deficits to spiral.
One would be forgiven for not being up-to-date with all the pension changes that have occurred recently, or even over the last decade. State pension age has risen and is continuing to rise; people can now access pension savings freely from age 55 (rising to age 57 from 2028), with only their marginal tax rate to pay; automatic enrolment has brought over 10 million people into workplace pension saving; the Government is applying increasing pressure on schemes to take into account climate change in their investment decisions, and Defined Contribution (DC) schemes have overtaken Defined Benefit (DB) schemes as the main provider of workplace pensions (at least in the sense of active members, though not yet assets under management).
Administration – such a simple word. Trustees could be forgiven for thinking overseeing administration is the easy part of governance. But times have changed. Whether you’re a trustee of a Defined Benefit (DB) or Defined Contribution (DC) scheme – technology underpins how benefits are delivered to your members. Innovations in technology mean that many members can now interact with their schemes online. Even with DB schemes, enriched functionality is allowing people to transact and engage online with their schemes. Administration platforms are now largely cloud-based which helped enormously during lockdown when remote working was forced on the nation. Similarly, biometric identity verification (IDV) means people don’t have to post precious certificates in order to receive their benefits; they can prove conclusively who they are simply by using a mobile device.
It is one of the verities of the Covid-19 pandemic that it has accelerated existing trends – in technology, home-working, internet shopping and so on. We have all had to learn new skills, or hone existing ones, to master Zoom meetings etc.
My first stint with the pensions industry started in the year 1997, when music from Elton John, the Spice Girls and the Backstreet Boys were topping the charts!