Kristian Brunt-Seymour
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Articles by Kristian Brunt-Seymour
Will future demand for bulk annuities squeeze supply?
With demand for bulk annuities predicted to reach £350bn by 2026, supply may not be able to keep up, which could push up pricing. Kristian Brunt-Seymour looks at whether it is an issue and what it means for schemes.
PPF hires head of investment strategy
Ian Scott has joined the Pension Protection Fund (PPF) in a new role as head of investment strategy.
PTL hires client manager
Pitmans Trustees (PTL) has appointed Lesley Peek as client manager to oversee the day-to-day management and governance of defined benefit (DB) and defined contribution (DC) schemes.
Margaret Snowdon joins pensions dashboard steering group
Margaret Snowdon has been appointed by HM Treasury to join the steering group for the pensions dashboard prototype project.
What were the top pension stories last week?
The most popular stories were a potential RAA for British Steel Pension Scheme if the government shelves plans to change pension law, and Treasury plans to launch the pensions dashboard by next Spring.
PPF proposes changes to s143 and s179 valuation assumptions
The Pension Protection Fund (PPF) has launched a consultation on changes to actuarial assumptions in valuations used in sponsor insolvencies and to determine risk-based levies.
PPF 7800 deficit almost doubles in a year
The total funding level of the Pension Protection Fund (PPF) 7800 index has worsened for the fourth month in a row, after further gilt yield falls.
PMI to assess pensions apprenticeship qualification
The Pensions Management Institute (PMI) will assess the Workplace Pensions Trailblazer Apprenticeship.
Employees want monthly pension checks at work
Nearly three-quarters (73%) of staff would welcome monthly pension checks during work hours according to Aegon research.
Primark's owner falls into pension deficit
Associated British Foods (ABF) expects its defined benefit (DB) scheme to have a £200m deficit by the end of 2016 due to tumbling bond yields.
Savers stick by pensions despite post-Brexit confidence fall
People's optimism in their retirement saving plans has dropped since Brexit according to research by Scottish Widows.
Research shows generational gulf in spouse pension provision
Aegon has warned of a retirement shortfall for the bereaved as pre-retirees are increasingly not arranging for pension payments to go to their partners after death.
Conditional indexation would be 'thin end of the wedge'
Struggling sponsoring employers of defined benefit (DB) schemes should not be allowed to suspend annual pension increases according to PP research.
Four insurers set to enter bulk annuity market by 2021
The number of bulk annuity market participants is expected to rise by 57% over the next five years according to Barnett Waddingham.
DB deficit surges £100bn in August
The total deficit for defined benefit (DB) schemes reached £710bn on a funding basis by 29 August amid further falls in gilt yields.
Pirelli enters £600m longevity swap
Pirelli has completed a longevity swap transaction with Zurich for £600m of liabilities across its two main defined benefit (DB) pension schemes.
Just 5% of FTSE 250 firms still run large DB schemes
Only 11 companies in the FTSE 250 provide defined benefit (DB) pensions for a significant number of employees, according to JLT Employee Benefits.
Have deferred members been priced out of bulk annuities?
Deferred members dominate the DB universe but the high cost of insuring them makes bulk annuities out of reach for many schemes, even more so since the introduction of Solvency II. Kristian Brunt-Seymour explores what schemes can do.
PPF publishes guide on restructuring and insolvency
The Pension Protection Fund (PPF) has published its latest restructuring principles and guidance for insolvency professionals.
Nestlé agrees with unions to keep career average scheme
Nestlé has agreed a deal with trade unions to secure its £3.8bn career average defined benefit (DB) scheme after the company had tried to close it down.
Halcrow members embrace new scheme following restructure
Over 2500 members of Halcrow Pension Scheme have agreed to transfer into a new scheme that lowers benefits but keeps them out of the Pension Protection Fund (PPF).
What were the top pension stories this week?
This week's biggest stories included Lloyds' trade union taking legal action over GMP equalisation, a same sex partner benefits appeal case, and asset managers arguing hidden fees are the 'Loch Ness Monster of investments'.
Industry rejects advisers and providers 'cold calling'
The telephone is the least popular way to communicate with a prospective client, according to PP research.
Bulk annuity market slumps in H1 after bumper 2015
Buy-in and buyout deals slowed down in the first six months to £2.7bn, which is just over half of business written in H1 last year, according to LCP.
Scottish Power enters £1bn longevity swap
Scottish Power has completed a longevity swap with Abbey Life to hedge £1bn of liabilities, covering 4,000 pensioners in the Manweb section of the Electricity Supply Pension Scheme.
Amec Foster Wheeler shuts DB schemes; merges into DC
Amec Foster Wheeler has merged its two main defined benefit (DB) schemes into a defined contribution (DC) arrangement after closing the biggest fund to future accrual.
AE reaches 200,000 employer milestone
More than 200,000 companies have completed their workplace pension automatic enrolment (AE) duties according the Pensions Regulator (TPR).
'Temporary bulk annuities' could help schemes meet cash flow needs
Defined benefit (DB) pension schemes could have access to much-needed cash flow through a short-term equivalent of a buy-in service, according to PwC.
FTSE350 deficits rise 50% in 5 years despite £75bn contributions
Defined benefit (DB) deficits at FTSE350 companies have swelled by £34bn since 2010 despite £15bn being paid into them annually.
RBS scheme hits surplus after cash injection
Royal Bank of Scotland's (RBS) defined benefit (DB) pension scheme has reached 120% funding after the bank made a big cash payment to plug its deficit hole.
Agathangelou leaves CIPP and Friends of Auto Enrolment
Andy Agathangelou has left the Friends of Auto Enrolment (FAE) two and half years after founding the association for the Chartered Institute of Payroll Professionals (CIPP).
The 15 ways companies can legally avoid pension deficits
Damning research by the Pensions Institute has uncovered a number of ways by which sponsoring employers can shed or avoid their defined benefit (DB) deficits.
RBS re-opens union talks over NI costs as strike action looms
Royal Bank of Scotland (RBS) has resumed talks with unions over national insurance (NI) contribution costs being passed onto its 27,000 defined benefit (DB) scheme members.
Action urged to tackle sponsors 'milking and dumping' DB schemes
The government should give the regulator more powers to prevent companies from avoiding defined benefit (DB) deficits, according to a Pensions Institute report.
Lady Barbara Judge: We should make AE compulsory
The former chairwoman of the Pension Protection Fund (PPF) has called for the removal of the choice for employees to opt out of auto-enrolment (AE).
Trinity Mirror's DB deficit rises 40% in H1
Trinity Mirror Group's defined benefit (DB) pension deficit has increased by £120.8m to £426m in the past six months, driven by a fall in long-term interest rates.
Schemes have just one month to apply for FAS
The Financial Assistance Scheme (FAS) service will close to new applications from pension funds on 1 September.
DB liabilities climb by £100bn over July
Total deficits of UK defined benefit (DB) schemes have reached an all-time high for the sixth month in a row, according to JLT Employee Benefits.
Industry rejects returning PPF surplus funds to levy payers
Any surplus funds the Pension Protection Fund (PPF) accumulates should not be returned to the levy payers who provided them, according to almost 60% of respondents.
Four ways to save DB
The industry has come up with various ways to solve the numerous challenges faced by DB schemes. Kristian Brunt-Seymour examines responses to the DB Taskforce's call for evidence.
Halcrow Pensioners' Association withdraws legal challenge over Halcrow Pension Scheme restructuring
The Halcrow Pensioners' Association (HPA) has withdrawn its Upper Tribunal challenge of the Halcrow Pension Scheme restructuring after facing the threat of spiralling legal costs.
Aegon agrees annuity referral deal with L&G
Aegon has agreed an annuity referral partnership with Legal & General (L&G) as part of the insurer's plans to stop writing all new annuities in the fourth quarter.
Club Vita and L&G launch automated longevity swap pricing
Club Vita has joined forces with Legal & General (L&G) to make longevity insurance solutions more accessible for smaller defined benefit (DB) pension schemes.
Inconsistency in DC default could lead to greater opt-outs
Lack of consistency across defined contribution (DC) default funds may result in larger numbers of members opting out, Punter Southall Aspire has warned.
TPR launches pension trusteeship paper
The Pensions Regulator (TPR) has published a discussion paper on how to drive up standards of pensions trusteeship and shape future regulatory policy.
PPF posts £4.1bn surplus as confidence rating soars to highest level
The likelihood of the Pension Protection Fund (PPF) meeting its 2030 self-sufficiency target has risen to 93% in its 2015/16 report.
Can sponsor covenants withstand further market volatility?
The Brexit vote has increased the strain on companies funding DB funds. Kristian Brunt-Seymour explores how schemes can contingency plan in the face of uncertainty.
Bulk annuity business slumps in first half of 2016
The volume of bulk annuity deals written in the first half of 2016 was 40% smaller compared to the previous year, according to Aon Hewitt.