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    • Upcoming events
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      Defined Benefit Consolidation Conference

      Professional Pensions is hosting this concise digital event on the 25th March to provide a crucial update on where the current regulation stands on DB Consolidators, assess the different models available, what the expected funding levels are and the governance requirements. This event will be a combination of short presentations followed by live Q&A’s with our expert speakers allowing plenty of time to answer your questions.

      • Date: 25 Mar 2021
      • Digital Conference
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      Defined Contribution Conference

      Professional Pensions Defined Contribution virtual event, hopes to take stock of the last year, and ask the important questions; are members saving enough and have we improved the member journey at retirement? This two part digital event will provide you with the latest thinking and innovation in the DC market during our snappy 15 minute presentations, with plenty of time to ask questions during our live speaker Q&A.

      • Date: 20 Apr 2021
      • Virtual Conference, Virtual Conference
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      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
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      UK Pensions Awards 2021

      The UK Pensions Awards – now in their 24th year – remain the industry's most prestigious accolades. They shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members, and have done the most to improve this over the past year.

      • Date: 14 Sep 2021
      • London
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  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

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Michael Klimes

Former correspondent

Michael Klimes was a reporter at Professional Pensions between 2014 and 2017.

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Articles by Michael Klimes

Five local authority funds to invest £100m in residential property
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).

  • Investment
  • 11 December 2017
Jeremy Corbyn backs parliamentary pension divestment campaign
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.

  • Investment
  • 11 December 2017
How Hymans's DC scheme improved member outcomes
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

  • Defined Contribution
  • 11 December 2017
Industry rejects changing law on climate change risks
Industry rejects changing law on climate change risks

PP research finds little support for amending pensions law to force consideration of climate risks.

  • Law and Regulation
  • 07 December 2017
PLSA: Climate change poses short-term risks to pension investments
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.

  • Industry
  • 06 December 2017
UK worst OECD nation for mandatory retirement provision
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.

  • Industry
  • 05 December 2017
Have your say: Is the way DB schemes invest neglecting UK businesses?
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.

  • Defined Benefit
  • 05 December 2017
Pensions Ombudsman and Financial Ombudsman Service sign updated MoU
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.

  • Law and Regulation
  • 04 December 2017
Could advisers face legal action over climate change risks?
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

  • Law and Regulation
  • 04 December 2017
Brexit poses greatest investment risk in 2018
Brexit poses greatest investment risk in 2018

PP research provides experts' verdicts on the Budget and investment risk

  • Industry
  • 30 November 2017
Warwick vice-chancellor attacks DB closure plans for USS
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.

  • Defined Benefit
  • 29 November 2017
The pros and cons of pension freedoms
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

  • Industry
  • 29 November 2017
FCA: Four asset managers 'may have broken competition law'
FCA: Four asset managers 'may have broken competition law'

Artemis IM, Hargreave Hale, Newton IM, River & Mercantile AM

  • Regulation
  • 29 November 2017
Fidelity reveals further details of 'fulcrum fee'
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.

  • Industry
  • 29 November 2017
Advisers could face legal action over climate risk advice gap
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.

  • Defined Benefit
  • 28 November 2017
Have your say: What will be the biggest investment risk in 2018?
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.

  • Industry
  • 28 November 2017
Are UUK reform proposals for USS workable?
Are UUK reform proposals for USS workable?

Michael Klimes asks if the proposal to close USS to future accrual is realistic

  • Defined Benefit
  • 27 November 2017
PIP to acquire stakes in 10 UK projects worth £400m
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.

  • Industry
  • 27 November 2017
MPs launch inquiry into shelved CDC pension schemes
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.

  • Defined Contribution
  • 27 November 2017
Avon Pension Fund appoints Loomis Sayles to run credit mandate
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.

  • Investment
  • 24 November 2017
Quiet Budget for pensions gets mixed industry reaction
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.

  • Industry
  • 23 November 2017
UK faces crisis in retirement income provision
UK faces crisis in retirement income provision

PP research finds concern over direction of travel for pensions after rapid market changes.

  • Industry
  • 23 November 2017
Govt to exempt schemes from tax on gains made by non-residents on immovable property
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.

  • Law and Regulation
  • 22 November 2017
Now Pensions invests £65m in green bonds
Now Pensions invests £65m in green bonds

Now Pensions has invested approximately £65m worth of green bonds through its diversified growth fund (DGF).

  • Defined Contribution
  • 21 November 2017
Have your say: Are we facing a crisis in retirement income?
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.

  • Industry
  • 21 November 2017
Are more transfers a blessing or curse for schemes?
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.

  • Industry
  • 21 November 2017
KPMG makes seven key promotions in pensions team
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.

  • Appointments
  • 20 November 2017
Hymans Robertson launches buy-in readiness tool for schemes
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.

  • Industry
  • 20 November 2017
UUK proposes axing future accrual in USS
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.

  • Defined Benefit
  • 17 November 2017
ABI publishes guide to help firms support vulnerable customers
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.

  • Industry
  • 17 November 2017
Should there be a 'later life commission'?
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

  • Law and Regulation
  • 17 November 2017
Use of independent advisers to choose fiduciary managers nearly doubles
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.

  • Industry
  • 16 November 2017
Next UK rate rise will be in 2018, says industry
Next UK rate rise will be in 2018, says industry

Respondents believe another rate rise is question of when, not if.

  • Industry
  • 15 November 2017
NEST consults on changes to scheme rules
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.

  • Industry
  • 14 November 2017
Have your say: When will the next interest rate rise be?
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.

  • Industry
  • 13 November 2017
Consultants urged to take the lead in driving 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.

  • Industry
  • 13 November 2017
How HMRC's guidance on money laundering rules helps trustees
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.

  • Law and Regulation
  • 13 November 2017
Five stories you may have missed this week
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.

  • Industry
  • 10 November 2017
TPR: Expect us to become clearer on 'good' valuation methodology
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.

  • Law and Regulation
  • 08 November 2017
Aviva's master trust awarded PQM Ready
Aviva's master trust awarded PQM Ready

Aviva is the thirteenth master trust provider to receive the Pension Quality Mark (PQM) Ready accreditation.

  • Industry
  • 07 November 2017
Have your say: How likely is it the Chancellor will reform tax relief in the Budget?
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.

  • Industry
  • 06 November 2017
RPMI continues restructure with key admin hire
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.

  • Appointments
  • 06 November 2017
How master trusts define risk in default funds
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.

  • Defined Contribution
  • 06 November 2017
'Career MOT' gets big thumbs up
'Career MOT' gets big thumbs up

PP research shows huge support for helping workers plan for retirement.

  • Industry
  • 03 November 2017
DC pensions policy on right track but progress slow
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.

  • Defined Contribution
  • 01 November 2017
HMRC repays £37m for overtaxed flexible pension payments in Q3
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.

  • Defined Contribution
  • 01 November 2017
How biometrics can improve scheme administration
How biometrics can improve scheme administration

Michael Klimes explores the challenges to the rollout of biometrics in schemes and the benefits it could bring.

  • Admin / Technology
  • 01 November 2017
Ombudsman: Better communication could help resolve disputes quicker
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.

  • Law and Regulation
  • 31 October 2017
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