Scots will go to the polls in 2014 on the question of independence. I confess I am not neutral in the debate being a Scot living in London (but don’t however have a vote!) but it did get me thinking about what a “yes” would mean for UK pension schemes, and in particular those defined benefit schemes using asset-backed contribution structures as part of their funding arrangements. (more…)
Archive for the ‘Political change’ Category
It’s happy hour again* at the Office for National Statistics, with a four for two deal on inflation measures. It’s no longer just RPI and CPI: will the new choices reopen debate on how to revalue pension benefits and index pensions in payment? (more…)
As a pensions lawyer I find myself reasonably often explaining a legal requirement which my client feels is ridiculous. It is often a fair response. The law is an ass, so the quote goes. Frankly that’s what many people feel. The law only has credibility if it reflects the intentions of the majority of people using it and isn’t just of interest to an ever growing number of lawyers. Pensions law is at risk of losing its credibility, and the National Association of Pension Funds (NAPF) is currently working to redress the balance. Do you want to help?
Back in May I posted some cynical comments on this blog about NEST’s Golden Rules for talking to workers about pensions (and, in particular, about the frankly bizarre comparison drawn between those rules and a group of ageing rockers – see ‘Nest, Pensions and the Traveling Wilburys‘). Apologies everyone: it seems that those rules will be with us for some time to come.
Today’s Daily Express headline was alarmingly topical for delegates passing the news stands on the way to the NAPF Europe conference this morning. It gave the speakers pause for thought – and scope for humour, with Fritz von Nordheim of the European Commission commenting that tomorrow’s headline could well be ‘Europe will steal your lunch money’. (more…)