What do members want from their pension scheme? At the most basic level they want what we all ideally want from an investment: security and certainty. Security both for their contributions and that the pension scheme itself is secure. And certainty that they will both receive a pension and have some idea on how much they will receive.
We discuss four areas where scheme trustees and the Pensions Regulator (“tPR”) are looking to bring increased security and certainty. These include examining the road map to buy-in or buy-out: the ultimate certainty for the benefits ‘insured’ through such arrangements.
We also look at the Government’s efforts to further protect defined benefit schemes following the shake up brought about by the collapse of BHS and Carillion.
One of the least regulated parts of the pensions market has been master trusts. Now, with the rapid increase in the number of members and their benefits held within these trusts, tPR has brought in further regulations that should increase the level of security and certainty for members affected.
Another certainty you can rely on is that accounting for pension schemes does not stand still and we have provided a guide to the changes brought about by the 2018 revision to the Statement of Recommended Practice for Pensions.
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