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Comment on response to TPR Statement of Strategy consultation 15 Apr 2024

Commenting in response to TPR’s statement of strategy consultationLaura McLaren, Head of DB Actuarial Consulting, Hymans Robertson, said:

“We’re glad to see TPR publish detailed guidance for the statement of strategy, but we’re concerned that completing the template as proposed will create a lot of extra work. We estimate a typical scheme could add 20% to its valuation costs as a result...

‘Excellence in Endgames’ hub launched to empower DB schemes to find way through maze of endgame options 09 Apr 2024

Hymans Robertson has launched a new ‘Excellence in Endgames’ insights hub to help DB pension scheme trustees and sponsors find their way through the maze of emerging endgame options.

The newly launched hub includes a decision-making tree to help identify the optimal Plan A endgame in this new environment. It highlights that while buy-out will remain a Plan A for many DB schemes, for others alternatives such as managed run-off, alternative risk transfer and superfunds will be their Plan A.

The leading pensions and financial services consultancy also suggests that, while many schemes may have a Plan A in place for the endgame, few have a dynamic endgames strategy which considers an actionable Plan B. The decision-making tree is designed to cut through complexity, identify the right endgames strategy for a scheme, and help develop and execute a plan that puts member outcomes at its heart. 

Comment on the Lifetime Allowance (LTA) abolition 08 Apr 2024

Commenting on the abolition of the Lifetime Allowance (LTA), Susan Waites, Partner, Hymans Robertson, said:

“Employers and Trustees should review the position of any employees or members expecting to retire in the next few weeks and offer support where necessary. This support is particularly important for those impacted by HMRC’s last-minute advice that some members should delay payment of certain benefits because of errors in the legislation.  

Hymans Robertson lead transaction advice on PIC’s £870 million Buy-in for the De Beers UK Pensions Scheme 02 Apr 2024

Hymans Robertson has been the lead adviser on the De Beers UK Pension scheme £870m buy-in with Pension Insurance Corporation plc (‘PIC’).  The transaction secures the pensions of over 1,900 deferred and pensioner members of the Scheme.

Comment on FCA consultation on pensions dashboard service 28 Mar 2024

Commenting on the FCA’s consultation on the pensions dashboard service, Paul Waters, Head of DC Markets, Hymans Robertson, said:

“Pension dashboards are long overdue and a means to helping millions of people get a better picture of their retirement savings. To deliver the best customer outcomes we need to answer the ‘So what?’ for people when they see their data. The industry has all the tools to do this and create simple and compelling onward customer journeys to inform and guide people. We risk losing the benefit of this from an overly prescriptive and restrictive approach to managing customers through the dashboard journey and post view services. The Consumer Duty framework already protects customers and should be enforced robustly. Providers must be able to deliver the most comprehensive customer engagement and support model for dashboard customers if we are to leverage the full value from dashboards and help address the DC adequacy challenge.”

Comment on TPR General Code coming into effect 28 Mar 2024

Commenting on the TPR’s General Code which has come into effect, Laura Andrikopoulos, Head of Governance Consulting, Hymans Robertson, said:

“We are pleased to see the General Code finally over the line. The response from Trustees so far has been good, with plans for full compliance well advanced. The task for Trustees over the next few months will be filling any remaining ESOG gaps and commencing their ORA planning. As part of the ORA, Trustees will need to evaluate the effectiveness of their governance. This is a helpful prompt to reflecting on key decisions taken, in addition to a more technical approach to testing policies and processes.”

Corporates and their DB Schemes could save millions by updating for current views of future life expectancy 27 Mar 2024

Reflecting current views on future improvements in life expectancy could save Corporate Sponsors millions with their DB Pension Schemes, analysis by Hymans Robertson has found. The leading pensions and financial services consultancy says that updating the longevity assumptions to one of the more recent CMI models could see a significant improvement in a scheme’s funding position of nearly 3% of liabilities. Many schemes’ last review of their longevity assumptions will have been done before the many demographic changes of the last three years.

Hymans Robertson announces the appointment of a new Equity Member and eleven Partners 26 Mar 2024

Hymans Robertson, the leading independent pensions and financial services consultancy is pleased to announce 12 senior promotions in the firm – a new equity member and 11 partners.

Comment on pensions dashboard connection guidance 26 Mar 2024

Commenting on the DWP’s pensions dashboard connection guidance, Karl Lidgley, Client Manager, Third Party Administration, Hymans Robertson, said:  

“It’s great to see the final dashboard connection guidance has now been issued by DWP, allowing the industry to move forward with some certainty into a delivery phase. There are still a few pieces in the jigsaw puzzle, but schemes now know when they are required to connect. We also expect PDP to issue the final data standards shortly, which will allow finalisation of builds into the required systems.

Comment on Work and Pensions Committee’s DB schemes report 26 Mar 2024

Commenting on the Work and Pensions Committee’s DB schemes report, Leonard Bowman, Head of Corporate Consulting, Hymans Robertson, who appeared before the Committee in October, said:

“We’re grateful that the Committee has accepted Hymans Robertson’s recommendation that the TPR’s statutory objectives should be changed to secure future retirement provision, now that both the PPF and many DB schemes are well-funded. We called for a DB renaissance and so we’re also very glad that the Committee has endorsed proposals to allow still open schemes to thrive.

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Rowena Swatton
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Patrice Seaforth
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Anthony Ozimic
Anthony Ozimic
+442070826276 anthony.ozimic@hymans.co.uk