One third of schemes have calculated transfer values for guaranteed minimum pension (GMP) equalisation, according to last week's Pensions Buzz respondents.
The 108 commentators also answered questions on the risks facing defined benefit (DB) schemes amid concerns over Brexit uncertainty, and whether government-led pension adverts on TV and radio make any difference to how savers view their pensions.
Around 45% of 108 respondents in this week's Pensions Buzz said their scheme or the scheme(s) they work with have not yet calculated transfer values to allow for the equalisation of guaranteed minimum pensions (GMPs).
Many said it was too early to do so, while one said: "What's the rush?" Others said they were in the process of doing it, and one said it "will follow and we are advising this to members".
Interestingly, one said they tried to do it but "their administrators said it was too hard to implement".
A third said they have done it, with most saying only some schemes have done it or very few, while one said they were in process of doing it.
One said: "Having taken legal advice and understood that if you ask five actuaries for a transfer value you will get six answers!"
Another said while no final decision on a method has yet been agreed, their legal advisers and actuary have confirmed "that we're using an acceptable basis in the interim".
A fifth were undecided.
The majority of respondents (65%) agreed with the regulator's decision to allow 11 master trusts an extra six weeks to apply for authorisation.
The deadline to apply was 31 March, but the regulator has granted extensions for reasons including where a provider has undergone changes to business or leadership.
Many pundits agreed it is in everyone's interests to get it right rather than rush in pursuit of an arbitrary deadline.
One said: "Authorisation is a challenging process for good reason. If sound master trusts need more time, why not give it to them?"
Another pointed out it avoids potential turmoil as investors leave unregistered trusts in large numbers with a percentage stopping further contributions.
However, 16% disagreed, arguing what is the point of having a deadline in the first place when it then does not apply in every case, and that it may indicate wider problems at those master trusts. One said this "should not have come as a surprise to these master trusts" and the lack of action thus far "could indicate that the management of these trusts is lacking somewhat".
A fifth were undecided.
Most respondents thought TV and radio adverts about pensions do impact how savers view them.
While 15% said they make a difference, a much larger proportion (53%) said adverts only make a bit of difference.
One said "current employees' parents never had to learn about defined contribution (DC), so this awareness and education has to come from somewhere else." Meanwhile another said "adverts make people talk about issues".
"The recent scams advert with the jet ski seemed to resonate with employees at my company," said one respondent.
Other respondents said they only go some way to help, with one saying "it might wake up a few which is good but other than that it feels like money wasted".
It raises awareness and some may start to save via auto-enrolment (i.e. Not opt out), but probably has a minimal effect.
Of the 28% who disagreed, some thought the adverts were poor and lacked engagement. One said people are "pension blind" while another said most people do not watch them.
Employer covenant and investment risk were chosen as the top risks for defined benefit (DB) schemes amid the Brexit uncertainty.
Of the 40% who said employer covenant was the most important, one said that falling gilt yields will impact on scheme funding and require greater contributions from employers.
Another said: "With diversified investment risks well covered by a range of experienced and trusteed fund managers, the polar risk in the covenant and the unknown impacts Brexit may have on UK sponsors has to be a significant risk, and few employers have prepared full no-deal contingency plans."
Out of the other 40% who chose investment risk, one said the uncertainty over Brexit "spooks the markets" and "everything else fades into insignificance".
"Balanced GBP and overseas currency investments are important to allow for GBP devaluation in case of a no-deal Brexit," said another.
Just 5% said GMP equalisation was the top risk for DB schemes, while 8% said a change in government.
Just over 80% said they would expect their professional/independent trustee to seek accreditation when it is formally launched later this year.
Some said they would "absolutely" expect it and questioned why any professional/independent trustees would not seek to achieve it anyway.
"If we used either then we would but we do not so it does not matter at this stage, however, if we were to at a later stage then it would be beneficial as a method of selection."
Another said: "Accreditation should be a simple affair to the professional trustees committed to their roles - if they are unwilling to apply what are they worried about?"
Although, one person said they "could also argue that if it is not legally binding, why bother?", while a different person said "it won't make them any better or worse but at least provides some benchmark".
Just nine in 10 said they would not expect professional/independent trustees to seek accreditation, with one arguing "it's an unnecessary additional layer driven by self-interest or PC".
One who was unsure said they were waiting for legal advice on how specific the requirements are.
The UK’s cumulative excess deaths figure for 2020 is higher now than at the previous peak of 64,600 recorded during the first wave of Covid-19, the Continuous Mortality Investigation (CMI) says.
Trustees must be “accountable for the security of data and assets” to protect schemes and members from the risk of cyber attacks, according to The Pensions Regulator (TPR).
In this week's Pensions Buzz, we want to know whether you support the ruling that defined benefit (DB) trustees must equalise GMPs in past transfers.
More than £130bn of company funds are tied up in pension schemes specifically due to lower than expected levels of life expectancy improvements over the last decade, according to PwC.
XPS Pensions Group has launched a scam protection checklist to assist trustees in meeting The Pensions Regulator’s (TPR) scam pledge initiative.