Michael Klimes
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Articles by Michael Klimes
Five local authority funds to invest £100m in residential property
Five local government pension schemes have committed £100m collectively as cornerstone investors to a ten-year closed-end vehicle called Hearthstone Residential Fund 1 (HRF1).
Jeremy Corbyn backs parliamentary pension divestment campaign
Labour leader Jeremy Corbyn has become the hundredth MP to call for the £621m parliamentary pension scheme to divest from fossil fuels.
How Hymans's DC scheme improved member outcomes
The Hymans Robertson Staff Pension Plan's governance committee has taken various steps this year to improve member experience, writes Michael Klimes
Industry rejects changing law on climate change risks
PP research finds little support for amending pensions law to force consideration of climate risks.
PLSA: Climate change poses short-term risks to pension investments
Pension funds should incorporate climate change expertise onto trustee boards as it poses severe short-term risks to investments, the Pensions and Lifetime Savings Association (PLSA) has warned.
UK worst OECD nation for mandatory retirement provision
The UK pensions system remains relatively ungenerous and unequal compared to other countries, the Organisation for Economic Co-operation and Development (OECD) has said.
Have your say: Is the way DB schemes invest neglecting UK businesses?
This week we want to know if the way defined benefit (DB) schemes invest neglects UK enterprise and what you think the most important pensions story this year has been.
Pensions Ombudsman and Financial Ombudsman Service sign updated MoU
The Pensions Ombudsman (TPO) and the Financial Ombudsman Service (FOS) have signed an updated version of their Memorandum of Understanding (MoU) to improve co-operation and exchange of complaints information.
Could advisers face legal action over climate change risks?
Michael Klimes explores whether consultants and actuaries could end up in court if they fail to give proper advice on financial risks related to climate change
Brexit poses greatest investment risk in 2018
PP research provides experts' verdicts on the Budget and investment risk
Warwick vice-chancellor attacks DB closure plans for USS
Closing the Universities Superannuation Scheme (USS) to future accrual would have "serious consequences" and alternative approaches should be explored, the University of Warwick's vice-chancellor has said.
The pros and cons of pension freedoms
Malcolm McLean says we must look hard at the delivery of the pension freedoms and ensure consumer protection is as good as it can be
FCA: Four asset managers 'may have broken competition law'
Artemis IM, Hargreave Hale, Newton IM, River & Mercantile AM
Fidelity reveals further details of 'fulcrum fee'
Fidelity International has unveiled further details of its new variable management fee model, which will launch on 1 March next year across the clean share classes of ten active equity funds.
Advisers could face legal action over climate risk advice gap
Actuaries and investment consultants that fail to take account of climate risk in their work and advice face increasing risks of legal liability and regulatory action, according to ClientEarth.
Have your say: What will be the biggest investment risk in 2018?
This week we want to know what will be the greatest risk to pension scheme investment in 2018, and whether the quiet Autumn Budget was good news for pensions.
Are UUK reform proposals for USS workable?
Michael Klimes asks if the proposal to close USS to future accrual is realistic
PIP to acquire stakes in 10 UK projects worth £400m
The Pensions Infrastructure Platform (PIP) will acquire a portfolio of interests in ten UK public-private projects for just over £400m after reaching an agreement with Aberdeen UK Infrastructure Partners.
MPs launch inquiry into shelved CDC pension schemes
The Work and Pensions Select Committee has launched an inquiry into the merits of collective defined contribution (CDC) pension schemes, and the potential role they could play in saving for retirement.
Avon Pension Fund appoints Loomis Sayles to run credit mandate
The Avon Pension Fund has appointed Loomis Sayles to run its first multi-asset credit mandate worth £485m after an open tender.
Quiet Budget for pensions gets mixed industry reaction
The pension industry's reaction to the lack of policy in the Autumn Budget has been a mixture of relief and disappointment.
UK faces crisis in retirement income provision
PP research finds concern over direction of travel for pensions after rapid market changes.
Govt to exempt schemes from tax on gains made by non-residents on immovable property
The government plans to exempt pension funds from changes announced today that will apply UK tax to gains made by non-residents on immovable property.
Now Pensions invests £65m in green bonds
Now Pensions has invested approximately £65m worth of green bonds through its diversified growth fund (DGF).
Have your say: Are we facing a crisis in retirement income?
This week we want to know if the UK is facing a crisis in the retirement income market and whether government concern about a rushed cold calling ban is valid.
Are more transfers a blessing or curse for schemes?
There has been a huge rise in the number of DB to DC transfers since 2015. Stephanie Hawthorne looks at how demand is changing and what these changes mean for schemes.
KPMG makes seven key promotions in pensions team
KPMG has promoted James Riley and David O'Hara from director to partner within its pension team as part of its annual review.
Hymans Robertson launches buy-in readiness tool for schemes
Hymans Robertson has launched a tool to help schemes more easily assess their readiness to complete a buy-in and the benefits this could bring.
UUK proposes axing future accrual in USS
Universities UK (UUK) has proposed ending future accrual of defined benefit (DB) promises and transferring members to the existing defined contribution (DC) plan.
ABI publishes guide to help firms support vulnerable customers
The Association of British Insurers (ABI) has published guidance to help firms spot and support vulnerable people in the long-term savings market.
Should there be a 'later life commission'?
Michael Klimes asks if a permanent, independent body staffed by technocrats can find answers to funding retirement and social care
Use of independent advisers to choose fiduciary managers nearly doubles
The proportion of schemes using independent advisers to appoint a fiduciary manager has risen to 60%, according to KPMG's 2017 survey.
Next UK rate rise will be in 2018, says industry
Respondents believe another rate rise is question of when, not if.
NEST consults on changes to scheme rules
The National Employment Savings Trust (NEST) has launched a consultation on proposed amendments to its scheme rules such as how employers and members can join and leave the scheme.
Have your say: When will the next interest rate rise be?
This week we want to know when you think the next UK base interest rise will occur and if investment consultants should take the lead on driving up cost disclosure.
Consultants urged to take the lead in driving cost disclosure
Chris Sier has called on investment consultants to take the lead on disclosure of costs and charges as for too long asset managers have not put pension clients first.
How HMRC's guidance on money laundering rules helps trustees
Michael Klimes examines whether clarification on new money laundering rules will ease additional obligations on schemes.
Five stories you may have missed this week
This week's top stories were Broadstone Group's acquisition of Mitchell Consulting and 2020 Trustees, and TPR launching a probe into trustees' assessments of DC costs.
TPR: Expect us to become clearer on 'good' valuation methodology
The industry can expect The Pensions Regulator (TPR) to become "increasingly clear" as to which methods are "good" to use for valuations, according to Andrew Young.
Aviva's master trust awarded PQM Ready
Aviva is the thirteenth master trust provider to receive the Pension Quality Mark (PQM) Ready accreditation.
Have your say: How likely is it the Chancellor will reform tax relief in the Budget?
This week we want to know if the Chancellor will reform tax relief in the Budget and if the government should amend rules around salary exchange arrangements to help lower-paid workers.
RPMI continues restructure with key admin hire
RPMI has continued the restructure of its senior team - appointing two managing directors as part of a move to focus on "core areas" of expertise.
How master trusts define risk in default funds
Some master trusts have been criticised for exposing members to too much risk one year prior to retirement. Michael Klimes explores the difficulty of balancing risk exposure.
'Career MOT' gets big thumbs up
PP research shows huge support for helping workers plan for retirement.
DC pensions policy on right track but progress slow
The industry holds mixed views on government policy in defined contribution provision, Professional Pensions research has found.
HMRC repays £37m for overtaxed flexible pension payments in Q3
HM Revenue and Customs (HMRC) paid out £37m in overpaid tax to pension freedoms users in the third quarter of the year, its quarterly figures have revealed.
How biometrics can improve scheme administration
Michael Klimes explores the challenges to the rollout of biometrics in schemes and the benefits it could bring.
Ombudsman: Better communication could help resolve disputes quicker
Schemes should consider more modern ways of engaging with complaining members as this could solve conflicts more quickly, Anthony Arter says.