UK - The next 12 months will be crucial in determining the longtermsuccess of the UK pension system, the Society of Pension Consultants warns.
It says that companies have “deep concerns” about the rising cost and risk of pension schemes and elements of the government’s new fiscal andregulatory framework for pensions which need addressing.
SPC president Robert Birmingham said: “It’s no good wringing our hands and waiting until next year before addressing the problems facing individual firms that sponsor company pension schemes.
“Employers will have to take difficult decisions now affecting the solvency of their pensions schemes, the submission of their accounts,their ratings and their share prices.”
To match these concerns the SPC is to devote its annual conferenceon November 25 to a discussion of these issues, under the heading The business of pensions.
The conference keynote speaker will be Pension Protection Fund chairman Lawrence Churchill.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.