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# First Actuarial

First Actuarial is a leading provider of pension services for defined benefit and defined contribution pension schemes – including auto-enrolment. We help trustees, employers and scheme members get the most out of their pensions. We are fair on fees and build long-term relationships with our clients.

## Sitemaps

- [XML Sitemap](https://firstactuarial.co.uk/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [News and comment](https://firstactuarial.co.uk/news/)
- [Winning the buy-out game: Investment tactics for pension schemes](https://firstactuarial.co.uk/winning-the-buy-out-game-investment-tactics-for-pension-schemes/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Dear Prime Minister... Pensions need stability](https://firstactuarial.co.uk/dear_prime_minister-_pensions_need_stability/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Revised superfund regulations – Good news for your new funding code valuation?](https://firstactuarial.co.uk/revised-super-fundregulations-good-news-for-your-new-funding-code-valuation/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [The Pensions Regulator delivers 'underarm bowl' to administration with helpful data quality guidance](https://firstactuarial.co.uk/the-pensions-regulator-delivers-underarm-bowl-to-administration-with-helpful-data-quality-guidance/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [First Actuarial acquired by A J Gallagher, global insurance broker](https://firstactuarial.co.uk/first-actuarial-acquired-by-a-j-gallagher-global-insurance-broker/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Streamlined scheme valuations under the new funding code](https://firstactuarial.co.uk/streamlined-valuations-under-the-new-funding-code-leading-the-way/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Pensions dashboards – The gateway to digital pensions administration](https://firstactuarial.co.uk/pensions-dashboards-the-gateway-to-digital-pensions-administration/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [First Actuarial appoints Co-Heads of Administration to drive digital transformation](https://firstactuarial.co.uk/first-actuarial-appoints-co-heads-of-administration-2025/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Co-op appoints First Actuarial to administer the Somerfield Pension Scheme](https://firstactuarial.co.uk/co-op-appoints-first-actuarial-25/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [First Actuarial adds healthcare to its employee benefit services for employers](https://firstactuarial.co.uk/first-actuarial-adds-healthcare-to-its-employee-benefit-services-for-employers/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [The general code one year on – a pivotal moment for trustees](https://firstactuarial.co.uk/the-general-code-one-yea-on-a-pivotal-moment-for-trustees/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Mansion House Accord – What’s the impact?](https://firstactuarial.co.uk/mansion-house-accord-whats-the-impact/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Unintended consequences of inheritance tax changes for Defined Contribution pensions](https://firstactuarial.co.uk/the-unintended-consequences-of-the-inheritance-tax-changes-for-defined-contribution-pensions/) - David Parfett, Head of Employee Benefits, discusses the proposed changes to inheritance tax announced in the autumn Budget. He asks whether we’re likely to see two unintended consequences – excessive drawdown of Defined Contribution pension pots and a resurgence in the annuity market.
- [First Actuarial and Legal & General launch affordable employee benefits for SMEs](https://firstactuarial.co.uk/first-actuarial-and-legal-general-launch-affordable-employee-benefits-for-smes/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [First Actuarial opens Birmingham office – its seventh in the UK](https://firstactuarial.co.uk/first-actuarial-opens-birmingham-office/) - First Actuarial is opening its seventh office amid ongoing growth and demand for its pensions and employee benefits services.
- [The Charities Pensions Club appoints First Actuarial as actuarial partner](https://firstactuarial.co.uk/the-charities-pensions-club-appoints-first-actuarial-as-actuarial-partner/) - The Charities Pensions Club (CPC) – a member-based organisation which partners with specialist organisations to help not-for-profit organisations provide high-quality pensions – has appointed First Actuarial as its actuarial partner.
- [How will Trump’s tariffs affect Defined Benefit pension schemes?](https://firstactuarial.co.uk/how-will-trumps-tariffs-affect-defined-benefit-pension-schemes/) - It’s hard to work out, at this early stage, how the US’s new enthusiasm for tariffs might affect UK DB scheme investments...
- [10 predictions for the risk transfer market in 2025](https://firstactuarial.co.uk/10-predictions-for-the-risk-transfer-market-in-2025/) - Risk Transfer Consultant Oliver Nicholls looks back on a successful 2024 and predicts what lies ahead for the risk transfer market in 2025.
- [Why data scoring is the key to a new era of scheme administration](https://firstactuarial.co.uk/why-data-scoring-is-the-key-to-a-new-era-of-scheme-administration/) - PASA’s recent report on data scoring lands at a key moment for UK pension schemes. First Actuarial’s Claire Fuller, an active member of PASA’s Data Working Group, looks ahead at the opportunities that consistent and accurate data scoring opens up.
- [Defined Benefit scheme run-on – For the few or the many?](https://firstactuarial.co.uk/defined-benefit-scheme-run-on/) - The Pensions Regulator has boldly gone where no pensions regulator has gone before – acknowledging Defined Benefit scheme-run as a viable long-term objective. But will run-on be the preserve of the privileged few?
- [The long read | The autumn Budget and Defined Contribution pensions – Rumours and reality checks](https://firstactuarial.co.uk/autumn-budget-and-defined-contribution-pensions/) - Andrew Overend, Partner and Head of Investment Consultancy, provides a reality check on the potential impact of the autumn Budget on retirement savings in Defined Contribution (DC) arrangements.
- [The new Defined Benefit funding code and scheme investments – Reasons to be cheerful](https://firstactuarial.co.uk/the-new-defined-benefit-funding-code-and-scheme-investments/) - Having examined the investment requirements in the new Defined Benefit funding code of practice, Andrew Overend’s glass is half full. He’s uncovered no unpleasant surprises and even sees some positive refinements.
- [Putting members first in the ‘new world’ of Defined Benefit pensions](https://firstactuarial.co.uk/putting-members-first-in-the-new-world-of-defined-benefit-pensions/) - Defined Benefit scheme trustees and sponsors are being asked to review their strategies to ensure they remain fit for the ‘new world’ - we ask whether ‘the best interests of members’ lie beyond the ‘end game’.
- [The future of pensioner payroll – and why it really matters](https://firstactuarial.co.uk/the-future-of-pensioner-payroll/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Putting the spotlight on mental health and financial wellbeing at work](https://firstactuarial.co.uk/mental-health-and-financial-wellbeing-at-work/) - Organisations can play a vital role in supporting their employees' financial and mental wellbeing. Here are some steps employers can take...
- [Defined Benefit funding code of practice – What does it mean for employers?](https://firstactuarial.co.uk/defined-benefit-funding-code-of-practice/) - After what seemed like months of waiting… on Monday 29 July 2024, The Pensions Regulator (TPR) laid the Defined Benefit funding code of practice before parliament, where it will be required to sit for at least 40 days. Happy summer everyone! While much of the document will remain familiar to those of us who have
- [What's on the new Labour Government's pensions to-do list](https://firstactuarial.co.uk/whats-on-the-new-labour-governments-pensions-to-do-list/) - 1. What next for the Defined Benefit (DB) funding code? New legislative requirements apply to scheme valuations with dates on or after 22 September. But there’s a problem. Before Rishi Sunak called the general election, The Pensions Regulator (TPR) was due to provide clarity on how to comply with these new regulations via an update
- [Pension scheme run-on – Gimmick or game changer?](https://firstactuarial.co.uk/pension-scheme-run-on/) - I’ve been in the pensions industry for nearly 15 years and for much of that time the focus has been on managing deficits. That all changed with the 2022 mini-Budget. What ensued, from a pensions perspective, can only politely be described as chaos, but in its aftermath a ‘new world’ of scheme surpluses emerged. That’s
- ['DB or not DB’ – That really is the question!](https://firstactuarial.co.uk/db-or-not-db/) - At the start of 2021, government bond yields were hovering below 1%. According to The Purple Book 2020, around one million members were still building up some form of new Defined Benefit (DB) accrual. And the average cost of providing future benefits was between 30% and 50% of salaries, depending on benefit design. Fast forward to
- [Are Defined Contribution pensions failing to deliver good retirement incomes?](https://firstactuarial.co.uk/are-defined-contribution-pensions-failing-to-deliver-good-retirement-incomes/) - Analysis by the Pensions Policy Institute has found that a staggering 89% of pensioner households are set to fall short of the “moderate” retirement living standards set by the Pensions and Lifetime Savings Association. The retirement living standards comprise three levels of annual retirement expenditure – minimum, moderate and comfortable: Level Single Person Couple Comfortable
- [Is your scheme buy-out ready? 10 questions to ask](https://firstactuarial.co.uk/is-your-scheme-buy-out-ready-10-questions-to-ask/) - Higher funding levels will improve your scheme's prospects of a buy-out, but is that enough? Here are 10 questions to ask: Is buy-out affordable? Ask your Scheme Actuary for an estimate of the buy-out position. Some insurers will provide indicative pricing. If you have a buy-out deficit, can your sponsor plug the gap? Is buy-out
- [Take two apprentices – Amy Atherton and Katie Mosley discuss their apprenticeships at First Actuarial](https://firstactuarial.co.uk/take-two-apprentices/) - Meet Amy Atherton, Level 3 HR Support Apprentice Amy, why did you choose to do an apprenticeship? I’ve always been interested in HR. But it’s hard for young people like me to get a job without a relevant qualification or industry experience. Choosing an apprenticeship seemed like the best way to kick-start my
- [The new general code – How to lighten the burden of compliance while improving member outcomes](https://firstactuarial.co.uk/new-general-code-compliance-and-member-outcomes/) - The long-awaited and much-delayed general code of practice has now been laid before Parliament and is expected to come into force at the end of March. The Pensions Regulator’s (TPR) new code consolidates 10 of the existing codes into a single modular code of practice. On the surface then, the general code shouldn’t merit much
- [Meet Robert Wakefield – the newly elected President of the PMI](https://firstactuarial.co.uk/meet-robert-wakefield-the-newly-elected-president-of-the-pmi/) - I’m absolutely honoured to be President of the PMI. In fact, I have to pinch myself that one of the industry’s leading organisations – responsible for training and education across the pensions profession – has elected me as its President. I’m struggling to point to anything else in my career that could ever top this.
- [Hybrid working – Are we losing touch with each other?](https://firstactuarial.co.uk/hybrid-working-are-we-losing-touch-with-each-other/) - In the ‘bad old days’ before we all discovered home-working, we turned up at the office on Monday mornings, and that’s where we worked, every day of the working week. Every now and then, someone might escape from the distractions and disturbances of office life by spending a day working at home. Maybe a deadline
- [Implications of the FCA’s 'polluter pays' proposals for firms that have advised on pension transfer](https://firstactuarial.co.uk/polluter-pays/) - The FCA’s consultation paper CP 23/24: Capital deduction for redress: personal investment firms, issued in November 2023, could have significant implications for personal investment firms. What is the FCA proposing? £760m in redress was paid by the Financial Services Compensation Scheme (FSCS) due to unsuitable advice given by personal investment firms (PIF) between 2016 and
- [The future of pensions in the social housing sector](https://firstactuarial.co.uk/the-future-of-pensions-in-the-social-housing-sector/) - In 2019, membership of Defined Benefit pension schemes fell below one million for the first time. How did we get to this point? After all, the tradition of paying a guaranteed pension for life goes right back to the 1880s, when Joseph Rowntree founded one of the first workplace pension schemes. As the costs and
- [What design technology classes can teach us about investment strategy](https://firstactuarial.co.uk/what-design-technology-classes-can-teach-us-about-investment-strategy/) - Investment strategy for pension schemes should be as simple as possible and only as complex as necessary, argues Rob Skelton.
- [Keep Calm and Carillion – The Company’s Pension Schemes Are More Secure than They Look](https://firstactuarial.co.uk/keep-calm-and-carillion-the-companys-pension-schemes-are-more-secure-than-they-look/) - The recent collapse of the construction and public services contractor, Carillion plc, sent shockwavesthrough the British economy. When the news broke in January, the future looked uncertain for the company’s 20,000 UK employees. And as industrialists took the measure of the consequences for the country, other questions quickly emerged. How would the Government deal with
- [CDC Pensions and Spotify - More in Common than You Might Think](https://firstactuarial.co.uk/cdc-pensions-and-spotify-more-in-common-than-you-might-think/) - Services like Spotify have revolutionised the way we consume music, by giving music fans what is effectively a radio station with a difference – they, not the DJ, get to choose the music they listen to. To understand what on earth Spotify might have to do with the distinctly un-musical world of pensions, we need
- [In Defence of Small Pension Schemes – Big Isn’t Always Better](https://firstactuarial.co.uk/in-defence-of-small-pension-schemes-big-isnt-always-better/) - No sooner than the Government announces plans to “encourage consolidation of UK defined benefit schemes” than Disruptive Capital’s Ed Truell, as reported in the FT argues that: A lot of employers are fed up with their pensions and want to see the back of them. They want to see their pension fund going to a
- [Auto-enrolment is here to stay – So what happens next?](https://firstactuarial.co.uk/auto-enrolment-is-here-to-stay-so-what-happens-next/) - The introduction of pension auto-enrolment (AE) in 2012 marked a recognition that as a nation we are failing to save enough for retirement. The harsh reality is that without raising taxes, the state is unable to provide us with the income needed to pay for the lifestyle choices we aspire to in our retirement. The
- [GMP equalisation and your pension scheme – What trustees need to know and how they can prepare](https://firstactuarial.co.uk/gmp-equalisation-and-your-pension-scheme-what-trustees-need-to-know-and-how-they-can-prepare/) - The whole issue of GMP equalisation came to a head in the recent Lloyds Banking Group ruling, in a case brought by three women. They claimed that the lower rate of GMP increases for female pension scheme members amounted to sex discrimination. On 26 October 2018, Justice Morgan ruled that the trustees’ duty to pay
- [Royal Mail, CWU and First Actuarial – History in the making with CDC pensions](https://firstactuarial.co.uk/royal-mail-cwu-and-first-actuarial-history-in-the-making-with-cdc-pensions/) - The Communication Workers Union (CWU) has been a client of First Actuarial for many years, and we were keen to support them when pension issues arose following the privatisation of Royal Mail. Without the backing of the Government, Trustees of the Royal Mail Pension Plan became understandably nervous about funding and sought to charge extremely
- [CDC pension schemes are go! UK Government gives green light to life-changing pension innovation](https://firstactuarial.co.uk/cdc-pension-schemes-are-go-uk-government-gives-green-light-to-life-changing-pension-innovation/) - CDC pensions – Hilary Salt welcomes the Government’s consultation response and looks forward to the introduction of a CDC pension scheme at Royal Mail.
- [Sorting out GMP equalisation – How hard can it be?](https://firstactuarial.co.uk/sorting-out-gmp-equalisation-how-hard-can-it-be/) - GMP equalisation explained. A step-by-step guide to GMP equalisation calculations for pension schemes and their administrators.
- [Intergenerational fairness – Why solidarity beats conflict every time](https://firstactuarial.co.uk/intergenerational-fairness-why-solidarity-beats-conflict-every-time/) - As intergenerational fairness climbs up the political agenda, First Actuarial’s Hilary Salt previews a fringe meeting at TUC Congress, Brighton.
- [Pension freedoms – How to help your employees manage their retirement income](https://firstactuarial.co.uk/pension-freedoms/) - Pension freedoms – are your employees making the right choices, or are they paying more tax than necessary? Improve financial wellbeing in the workplace by giving your staff timely and accurate guidance.
- [What do NHS employees say about their pensions?](https://firstactuarial.co.uk/what-do-nhs-employees-say-about-their-pensions/)
- [The latest life expectancy figures are out –What do they mean for pensions?](https://firstactuarial.co.uk/the-latest-life-expectancy-figures-are-out-what-do-they-mean-for-pensions/) - This week the CMI (Continuous Mortality Investigation of the Institute and Faculty of Actuaries) released the latest version of its Mortality Projections Model, also known as CMI_2019. What are the key findings, and what does it all mean for trustees and employers with pension schemes? Mortality Projections – The headline findings Improvements in mortality over
- [How much will your employees need in retirement?](https://firstactuarial.co.uk/how-much-will-your-employees-need-in-retirement/)
- [Dolce Ltd Retirement Benefits Scheme Trustees appoint First Actuarial](https://firstactuarial.co.uk/dolce-ltd-retirement-benefits-scheme-trustees-appoint-first-actuarial/) - A key factor in the Trustees’ decision was First Actuarial’s expertise in Government Actuary’s Department (GAD) broadly comparable pension schemes for transferring ex public sector employees from outsourced council contracts. Their research was led by Janet Heath, Independent Pensions Consultant and Secretary to the Trustees. “We are delighted to be working with First Actuarial,” says Janet.
- [Covid-19 and financial wellbeing – A webinar for UK employers](https://firstactuarial.co.uk/covid-19-and-financial-wellbeing-a-webinar-for-uk-employers/) - First Actuarial has produced a webinar to help the UK workforce take control of its finances during this challenging time. It’s freely available to all UK employers, who can then distribute it to their staff as they see fit.
- [Improving scheme administration transfers – First Actuarial’s Robert Wakefield chairs industry working group](https://firstactuarial.co.uk/improving-scheme-administration-transfers-first-actuarials-robert-wakefield-chairs-industry-working-group/) - Transferring from one scheme administrator to another is a known problem in the pensions industry. Unexpected exit fees can undermine some of the benefits of switching providers. And delays, which are common, make it hard for trustees to plan and can damage relations with scheme members. I’m proud to be chairing a new working group,
- [The future of RPI – First Actuarial responds to Government consultation](https://firstactuarial.co.uk/the-future-of-rpi/) - First Actuarial has made a formal response to a Government consultation on possible reform of the Retail Prices Index (RPI). Prompted by a 2019 recommendation from the UK Statistics Authority, the consultation identifies shortcomings in RPI, the UK’s oldest measure of inflation, and proposes to modify it. In our response, we raise a number of
- [First Actuarial gives pension schemes more say over shareholder voting](https://firstactuarial.co.uk/first-actuarial-gives-pension-schemes-more-say-over-shareholder-voting/) - Lack of control over shareholder voting is a longstanding source of frustration for many schemes, as First Actuarial was keenly aware. “It affects our smaller clients in particular,” says Rob Skelton, Head of Investment Research at First Actuarial. “Larger schemes are more likely to run their own stewardship function.” First Actuarial discussed the issue with
- [Record growth for First Actuarial’s asset transitions team](https://firstactuarial.co.uk/record-growth-for-first-actuarials-asset-transitions-team/) - First Actuarial’s asset transitions team has been involved in more than 50 asset transitions so far this year, despite having to put a significant number of planned transitions on hold due to Covid-19. A further 35 transitions are in progress which, when complete, will bring total assets moved so far in 2020 to over £700m.
- [Seven ways to improve Defined Benefit funding](https://firstactuarial.co.uk/seven-ways-to-improve-defined-benefit-funding/) - What do we want the new funding code to achieve? That’s the question we asked when we sat down to respond to TPR’s recent consultation, which closed on 2 September 2020. The answer was clear. We want to help employers flourish, with a DB funding code that does nothing to hold back business growth. We
- [NHS Employers launches First Actuarial’s NHS Pension Scheme Annual Allowance and tax ready reckoner](https://firstactuarial.co.uk/nhs-employers-launches-first-actuarials-nhs-pension-scheme-annual-allowance-and-tax-ready-reckoner/) - Commissioned by NHS Employers, First Actuarial has developed an NHS Pension Scheme Annual Allowance and tax ready reckoner. As independent advisers to the Scheme Advisory Board of the NHS Pension Scheme, we were uniquely positioned to develop the tool. The ready reckoner is designed to provide an Annual Allowance risk indicator – in the form
- [Your Implementation Statement – How to go beyond the tick box and get real value](https://firstactuarial.co.uk/your-implementation-statement-how-to-go-beyond-the-tick-box-and-get-real-value/) - The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019, which establishes new levels of transparency and stewardship in pension scheme investment, is now upon us. Trustees should have already updated their Statement of Investment Principles (SIP) with details of their voting arrangements with asset managers, and will need to include an Implementation Statement in
- [Covid-19 and financial wellbeing – Looking back on 2020 and what it means for ‘the new normal’](https://firstactuarial.co.uk/covid-19-and-financial-wellbeing-looking-back-on-2020-and-what-it-means-for-the-new-normal/) - At the start of the pandemic, we recorded a webinar, which offered six top tips for managing personal finances during these challenging times. We made this available to all UK employers, and the take-up was considerable, with a number of HR and wellbeing teams asking us to record a bespoke version for their staff. Our
- [Running pensioner payroll in the pandemic – The best of times and the worst of times](https://firstactuarial.co.uk/running-pensioner-payroll-in-the-pandemic-the-best-of-times-and-the-worst-of-times/) - At the start of 2020, we were managing 162 pensioner payrolls on an office-by-office basis. Two months later, Gary Potts was appointed as First Actuarial’s National Payroll Manager, and payroll operations merged into a national team. And then the world went crazy. As lockdown approached, the big question for First Actuarial’s payroll team was –
- [First Actuarial’s pledge to combat pension scams](https://firstactuarial.co.uk/first-actuarials-pledge-to-combat-pension-scams/) - In the world of pensions, we’ve seen an increase in the number of scammers looking to take advantage of scheme members and their hard-earned pension savings. As scheme administrators, First Actuarial is in the front line of the fight against pension scams. We can give trustees every reassurance that we’re taking this problem very seriously.
- [10 ways to improve communications with pension scheme members](https://firstactuarial.co.uk/10-ways-to-improve-communications-with-pension-scheme-members/) - Member experience is a huge talking point in the pensions industry right now. Of course it’s always been critical to what we do; a pension scheme exists primarily for its members, after all. But since 2015 – when new pension freedoms had the unintended consequence of making pensions more complex and confusing – it’s never
- [The RSA launches its CDC Pensions Forum to industry acclaim](https://firstactuarial.co.uk/the-rsa-launches-its-cdc-pensions-forum-to-industry-acclaim/) - The CDC Pensions Forum, which aims to coordinate stakeholders and promote CDC pensions through rigour, research and debate, is the brainchild of the RSA. The online launch of the RSA CDC forum on 7th July 2021 was led by introductions from RSA’s David Pitt-Watson and three leading politicians each with a pensions portfolio – Pensions
- [The end of Defined Benefit accrual for housing employees in SHPS?](https://firstactuarial.co.uk/the-end-of-defined-benefit-accrual-for-housing-employees-in-shps/) - When I first started working with housing associations over a decade ago, the majority of employees were earning a good Defined Benefit (DB) pension. In 2009, around 25,000 employees in the sector were earning valuable DB benefits in the Social Housing Pension Scheme (SHPS). That number is now less than 5,000, and is expected to
- [No guilt about avoiding green gilts](https://firstactuarial.co.uk/no-guilt-about-avoiding-green-gilts/) - My wife is a radiographer for the NHS, meaning her salary is paid from all of our taxes – and for your contribution to the Overend family income, I thank you. Yet my feelings of gratitude would fade fast if you were to stipulate that HMRC could only use your tax to fund green projects.
- [What next for Collective Defined Contribution pensions?](https://firstactuarial.co.uk/what-next-for-collective-defined-contribution-pensions/) - Introduced in the Pension Schemes Act 2021, CDC pensions are set to become a reality for millions of people in the UK. The Government continues to work towards a ‘go-live’ date of August 2022 for CDC schemes supported by a single employer or a group of connected employers. It’s taken a while to get the
- [New pension transfer regulations: The power to say ‘no’](https://firstactuarial.co.uk/new-pension-transfer-regulations/) - For many years, the response of government and regulators to pensions scams has been weak, to say the least, given the scale of the problem and the suffering caused. Pension scam victims lose an average of £51,000 of their life savings, according to Action Fraud, and some individuals have lost seven-figure sums. Between January and
- [Webinar on demand – How to make your scheme dashboard ready](https://firstactuarial.co.uk/how-to-make-your-scheme-dashboard-ready/) - First proposed in 2016, dashboards have been a subject of lively debate across the industry. And they are fast becoming a reality. On 16 June 2022, Pensions Age reported that The Pensions Dashboard Programme (PDP) has successfully tested an end-to-end version of the dashboard ecosystem. With the development of the pensions dashboard ecosystem proceeding at
- [First Actuarial calls for DWP to pause new DB funding rules](https://firstactuarial.co.uk/first-actuarial-calls-for-dwp-to-pause-new-db-funding-rules/) - The draft regulations are designed to enshrine in law a new approach to the funding and investment strategies of DB schemes, particularly maturing ones. In its previous assessment of existing scheme-specific funding requirements, Government emphasised that maturing schemes needed to think more clearly about their ultimate objective and take a joined-up approach to funding and
- [State of the nation – Capital market conditions and LDI](https://firstactuarial.co.uk/state-of-the-nation-capital-market-conditions-and-ldi/) - Rather than plunging straight into the run on gilts and its impact on Liability-Driven Investment (LDI) and scheme funding, Richard started by building a broad picture of global and UK markets. He went on to explain what happened during the crisis and then considered key questions, such as what individual schemes should be doing and

## Pages

- [Home](https://firstactuarial.co.uk/) - Learn about First Actuarial’s pension services for scheme trustees and sponsors. We’re fair on fees and we put people first.
- [First Actuarial Annual Conference – Thursday 25 June 2026](https://firstactuarial.co.uk/insights/first-actuarial-annual-conference-thursday-25-june-2026-2/) - Explore First Actuarial's 2022 Client Conference, with videos from sessions on the DB funding code, investment issues for pension schemes and the risk transfer market.
- [Scoreboard](https://firstactuarial.co.uk/insights/monkey-league-world-cup/scoreboard/)
- [Monkey League - World Cup](https://firstactuarial.co.uk/insights/monkey-league-world-cup/) - First Actuarial's Monkey League is our football prediction competition, popular with employees and clients alike. We then compare your performance against the random predictions of a panel of monkeys.
- [Pension redress services](https://firstactuarial.co.uk/pension-transfer-redress-services/) - If you’re struggling to calculate pension transfer redress, our specialist service is designed to help IFAs, wealth managers and compliance consultants.
- [Insights](https://firstactuarial.co.uk/insights/) - Stay informed and up to date with pension issues. Access First Actuarial’s full range of resources – including videos, articles, briefings and case studies.
- [Contact us](https://firstactuarial.co.uk/contact-us/) - Get in touch with First Actuarial to find out how our pension services help trustees and employers make the most of their schemes.
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- [First Actuarial Annual Conference – Thursday 19 June 2025](https://firstactuarial.co.uk/insights/first-actuarial-annual-conference-thursday-19-june-2025-2/) - Explore First Actuarial's 2022 Client Conference, with videos from sessions on the DB funding code, investment issues for pension schemes and the risk transfer market.
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- [First Actuarial Annual Conference – Thursday 13 June 2024](https://firstactuarial.co.uk/insights/first-actuarial-annual-conference-2024/) - Explore First Actuarial's 2022 Client Conference, with videos from sessions on the DB funding code, investment issues for pension schemes and the risk transfer market.
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- [Independent schools briefings](https://firstactuarial.co.uk/insights/independent-schools-briefings/) - Read First Actuarial's pension briefings for independent schools. We give school leaders regular updates on the sector's latest pension issues.
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- [First Actuarial Client Conference – Thursday 9th May 2019](https://firstactuarial.co.uk/insights/first-actuarial-client-conference-2019/) - Explore First Actuarial's 2019 Client Conference, with sessions on regulatory changes, GMP equalisation and risk.
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- [First Actuarial Client Conference – Thursday 6th October 2022](https://firstactuarial.co.uk/insights/first-actuarial-client-conference-2022/) - Explore First Actuarial's 2022 Client Conference, with videos from sessions on the DB funding code, investment issues for pension schemes and the risk transfer market.
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- [Working in First Actuarial’s investment services team](https://firstactuarial.co.uk/careers/working-in-first-actuarials-investment-services-team/) - Read about a real person at First Actuarial. Mitesh Dayalji works in our investment consultancy team. He explains what he does, and how the company supports his career.
- [How does First Actuarial produce the FAB Index?](https://firstactuarial.co.uk/insights/fab-index/how-does-first-actuarial-produce-the-fab-index/)
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- [Meet Mitesh Dayalji](https://firstactuarial.co.uk/careers/meet-mitesh-dayalji/) - Read about a real person at First Actuarial. Mitesh Dayalji works in our investment consultancy team. He explains what he does, and how the company supports his career.
- [Career opportunities for experienced professionals](https://firstactuarial.co.uk/careers/professionals/) - First Actuarial is hiring experienced pensions professionals. Discover the opportunities we offer in actuarial, investment and pensions administration.
- [Meet Gary Potts](https://firstactuarial.co.uk/careers/meet-gary-potts/)
- [Special investment briefings](https://firstactuarial.co.uk/insights/special-investment-briefings/) - First Actuarial's quarterly pension investment briefings provide information on asset class performance and current investment issues.
- [How does First Actuarial produce the FAB Index?](https://firstactuarial.co.uk/insights/fab-index-old/how-does-first-actuarial-produce-the-fab-index/)

## Briefings

- [First Briefing, August 2026 – Normal Minimum Pension Age](https://firstactuarial.co.uk/briefing/first-briefing-june-2026-normal-minimum-pension-age/) - The Normal Minimum Pension Age (NMPA) is set to increase from 55 to 57 from 6 April 2028. The increase has been brought about by the Finance Act 2022, which also provides the framework for a 2028 Protected Pension Age. In this briefing, we outline the changes and highlight key actions for trustees.
- [Employer briefing, Quarter 3 2026](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-3-2026/) - In this briefing, we take a look at recent market movements and how they’re shaping pension accounting positions and upcoming funding valuations. We also discuss updates to the Retirement Living Standards, potential changes to flexible apportionment arrangements, and the future direction of DC pensions.
- [Housing Briefing, July 2026](https://firstactuarial.co.uk/briefing/housing-briefing-july-2026/) - With TPT's planned entry into the pensions superfund market, housing associations may soon have access to more options for managing pension risk and securing members' benefits. In this briefing, we explain what superfunds are and how they compare with insurance solutions.
- [Independent schools briefing, July 2026](https://firstactuarial.co.uk/briefing/independent-schools-briefing-july-2026/) - Some measure of financial relief is on its way for independent schools participating in the Teachers’ Pension Scheme (TPS). The latest TPS valuation results, published on 1 July 2026, confirm that the new TPS employer rate from April 2027 will fall to 17.68% of pay.
- [First Briefing, June 2026 – Surplus flexibilities](https://firstactuarial.co.uk/briefing/first-briefing-june-2026-surplus-flexibilities/) - The Pension Schemes Act 2026 opens the door to greater flexibility for well-funded Defined Benefit schemes by allowing surplus to be shared with sponsoring employers and members. And because the Act gives trustees the power to modify rules, schemes can act even where existing rules do not expressly permit it. This briefing outlines the key
- [Group protection briefing, Q2 2026](https://firstactuarial.co.uk/briefing/group-protection-briefing-q2-2026/) - In December 2025, the Employment Rights Act 2025 received royal assent and is due to be implemented in 2026 and 2027. In this briefing – the first of three discussing various areas of the Act – we explain the changes to statutory sick pay which came into effect in April 2026.
- [First Briefing, June 2026 – Inheritance tax on pensions](https://firstactuarial.co.uk/briefing/first-briefing-may-2026-inheritance-tax-on-pensions/) - From April 2027, unused pension and death benefits will be subject to inheritance tax. In this briefing, we explain the changes, describe the impact, and provide key takeaways for employers and pension scheme trustees.
- [First Briefing, May 2026 – Data (Use and Access Act)](https://firstactuarial.co.uk/briefing/first-briefing-may-2026-data-use-and-access-act/) - We outline new requirements around data protection complaint-handling, arising from the Data (Use and Access) Act. We highlight what trustees need to know and how First Actuarial is enhancing its own complaint-handling process to support schemes.
- [Investment Briefing, May 2026 - Equity market update](https://firstactuarial.co.uk/briefing/investment-briefing-may-2026-equity-market-update/) - Recent events in global equity markets have served as a reminder of the inherent volatility of growth assets. While short-term market movements provide limited insight into future returns, they can act as a useful stress test of existing assumptions around risk, return and governance. This briefing outlines the key issues trustees may wish to consider.
- [Risk transfer briefing, Q2 2026](https://firstactuarial.co.uk/briefing/risk-transfer-briefing-q2-2026/) - This briefing explores activity in the bulk annuity market over 2025 and what we expect to see over the rest of 2026. We also take a look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [Employer briefing, Quarter 2 2026](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-2-2026/) - In this briefing, we outline key pension developments relevant to employers. We take a look at recent market movements and how they’re shaping pension accounting positions and upcoming funding valuations. We also provide an update on changes to the pensions landscape since the Pensions Schemes Act 2026 came into force.
- [Independent schools briefing, Q2 2026](https://firstactuarial.co.uk/briefing/independent-schools-briefing-q2-2026/) - On 19 May 2026, the Minister for Pensions confirmed the new SCAPE discount rate for the 2024 Teachers’ Pension Scheme (TPS) valuation. As a result, new TPS employer contribution rates will fall from April 2027 – according to documents published on GOV.UK.
- [First Briefing, May 2026 – Virgin Media remedy goes live](https://firstactuarial.co.uk/briefing/first-briefing-may-2026-virgin-media-remedy-goes-live/) - This briefing covers the long-awaited legislative response to the Virgin Media judgment, now in force and how it impacts trustees. Trustees finally have a statutory route to address the uncertainty created by the High Court decision – although it comes with conditions and requires judgement from scheme actuaries.
- [First Briefing, May 2026 – Annual Funding Statement](https://firstactuarial.co.uk/briefing/first-briefing-may-2026-annual-funding-statement-2026/) - The Pensions Regulator (TPR) has published its Annual Funding Statement 2026, setting out expectations for schemes with valuation dates between 22 September 2025 and 21 September 2026. The Statement also provides information about the new funding code of practice.
- [Housing Briefing, April 2026](https://firstactuarial.co.uk/briefing/housing-briefing-april-2026/) - Life expectancy figures affect the amount of money that Defined Benefit (DB) schemes have to hold now in order to make future payments. In this briefing, we discuss the latest mortality data, how this could impact life expectancies, and why this is important for employers with DB schemes.
- [Trade union briefing, Q2 2026](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2026/) - In this briefing we review the progress of the Pension Schemes Bill through parliament. We also discuss the issue of worker representation on trustee boards, and the pension shock in store for some Generation X individuals as they turn their attention to retirement.
- [Independent schools briefing, Q1 2026](https://firstactuarial.co.uk/briefing/independent-schools-briefing-august-2025-2/) - The cost of the Teachers’ Pension Scheme (TPS) is under review, with the next scheduled employer contribution change due in April 2027. Early signs are emerging of a possible fall in the employer rate. This briefing explores why a reduction is possible and what independent schools can do to prepare.
- [Housing Briefing, February 2026](https://firstactuarial.co.uk/briefing/housing-briefing-february-2026/) - In the run-up to the new financial year, employers and employees have a lot to think about. Scheduled changes to the employer contribution rates of the Local Government Pension Scheme (LGPS) in April 2026, will have a particularly big impact. In this briefing, we identify key planning points for both employers and employees.
- [Employee briefing, February 2026](https://firstactuarial.co.uk/briefing/employee-briefing-february-2026/) - In this briefing, our specialists explain how it’s possible to extend your employee benefit package and potentially reduce your premiums at the same time.
- [Housing Briefing, January 2026](https://firstactuarial.co.uk/briefing/housing-briefing-january-2026/) - Our pensions calendar brings together the main milestones for 2026, followed by some commentary on the sector’s main schemes – the Local Government Pension Scheme (LGPS) and the Social Housing Pension Scheme (SHPS).
- [Employer briefing, Quarter 1 2026](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-4-2026/) - In this briefing, we take a look at recent market movements and how they’re shaping pension accounting positions and influencing upcoming funding valuations. We also cover the key pension-related implications of the 2025 Autumn Budget, risks associated with concentrated equity holdings, and the potential impact of AI.
- [Risk transfer briefing, Q4 2025](https://firstactuarial.co.uk/briefing/risk-transfer-briefing-q4-2025/) - In this briefing, we discuss pension superfunds and their future in the risk transfer market. We also look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to low-dependency liabilities.
- [Trade union briefing, Q4 2025](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2025/) - In this briefing we review the pensions content of the Chancellor’s Autumn Budget and discuss the latest CDC news.
- [Employer briefing, Quarter 4 2025](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-4-2025/) - In this briefing, we outline key pension developments relevant to employers. We discuss recent legislative updates, including a potential fix for the Virgin Media judgment and an exciting development for CDC schemes. We also consider developments in the risk transfer market and look ahead to the November Budget.
- [Housing Briefing, October 2025](https://firstactuarial.co.uk/briefing/housing-briefing-october-2025/) - This briefing provides early sight of the headline results of our sixth annual survey, the biggest Defined Benefit (DB) survey of the UK social housing sector. It looks at FRS 102 results and assumptions as at 31 March 2025.
- [First Briefing, June 2025: Surplus flexibilities](https://firstactuarial.co.uk/briefing/first-briefing-june-2025-surplus-flexibilities/) - The Government has responded to its 2024 consultation Options for Defined Benefit schemes. Its response sets out proposals to make it easier for Defined Benefit (DB) schemes to distribute surplus, subject to stringent safeguards to protect members’ pensions. In this briefing, we discuss the proposals, the legislative timetable and interim guidance provided by The Pensions Regulator
- [DC briefing, Q4 2025 – Salary exchange and the Budget](https://firstactuarial.co.uk/briefing/dc-briefing-q4-2025-salary-exchange-and-the-budget/) - As the autumn Budget approaches, there remains speculation that salary exchange (or salary sacrifice) may be on the chopping block. This briefing shines a spotlight on salary exchange and the impact any potential changes could have.
- [Employer briefing, Quarter 3 2025](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-3-2025/) - In this briefing, we highlight key pension issues for employers. It’s a bumper edition as we look at the impact of a turbulent quarter in financial markets, the Pension Schemes Bill and several government proposals on the future of pensions, two pieces of guidance from The Pensions Regulator (TPR), and the latest development in the
- [Housing Briefing, September 2025](https://firstactuarial.co.uk/briefing/housing-briefing-sept-2025/) - The 31 March 2025 Local Government Pension Scheme (LGPS) valuation, now underway, is generating headlines and prompting big questions. In this briefing, our specialists discuss why the LGPS valuation is so important for the housing sector and how housing associations can prepare.
- [Investment Briefing, September 2025 - Gilt market update](https://firstactuarial.co.uk/briefing/investment-briefing-sept-2025-gilt-market-update/) - In this long-read briefing, we provide an update of developments in UK gilt markets, and ask the question – are gilts really ‘risk-free’? We provide a summary of our arguments, followed by a detailed analysis for those who want to dig deeper.
- [Risk transfer briefing, Q3 2025](https://firstactuarial.co.uk/briefing/risk-transfer-briefing-q3-2025/) - In this briefing, we discuss member experience considerations for risk transfer projects. We also take a look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to low-dependency liabilities.
- [Trade union briefing, Q2 2025](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2025/) - We were very happy to see many of our trade union friends at TUC Pensions Conference 2025. In this briefing, we provide highlights of the conference, including a speech from Torsten Bell, pensions minister, and discussions around the National Wealth Fund, CDC pensions, use of DB surplus, and member representation on trustee boards.
- [Trade union briefing, Q3 2025](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2025/) - In this briefing, we consider the Government’s response to its 2024 consultation, Options for Defined Benefit schemes. We also highlight the launch of a call for evidence to support the Government’s third State Pension age review, and share our exciting plans for TUC Congress 2025.
- [Group protection briefing, Q3 2025](https://firstactuarial.co.uk/briefing/group-protection-briefing-q3-2025/) - From April 2027, unused pension and death benefits will be subject to inheritance tax (IHT). In this briefing, we explain the oncoming tax rules and provide key takeaways for pension scheme trustees and employers.
- [Independent schools briefing, August 2025](https://firstactuarial.co.uk/briefing/independent-schools-briefing-august-2025/) - One major contributor to soaring costs for independent schools has been the Teachers’ Pension Scheme (TPS), which has increased in cost by nearly 75% since 2019. This briefing explores what the 31 March 2024 TPS valuation may indicate, and whether employer TPS costs may rise or fall in April 2027.
- [Housing Briefing, August 2025](https://firstactuarial.co.uk/briefing/housing-briefing-august-2025/) - In this briefing we discuss the results of the 30 September 2024 valuation of the Scottish Housing Associations’ Pension Scheme (SHAPS), highlighting the headline outcomes.
- [Housing Briefing, June 2025: Virgin Media case](https://firstactuarial.co.uk/briefing/housing-briefing-june-2025-virgin-media-case/) - The Government is to introduce legislation addressing issues arising from the recent Virgin Media v NTL Pension Trustees II Ltd appeal ruling. In this briefing, we discuss the impact with Martin McFall from Trowers & Hamlins and Kirsty Thompson from Devonshires.
- [Risk transfer briefing, Q2 2025](https://firstactuarial.co.uk/briefing/risk-transfer-briefing-q2-2025/) - In this briefing, we discuss activity in the bulk annuity market over the past 18 months, and what we expect to see in the second half of 2025. We also take a look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [First Briefing, June 2025: DC megafunds](https://firstactuarial.co.uk/briefing/first-briefing-june-2025-dc-megafunds/) - The Government is proposing a change that will require multi-employer Defined Contribution schemes to hold at least £25bn of assets in a megafund by 2030. The aim is to use pension savings to invest in the UK economy. In this briefing, we discuss this significant shift in pension policy
- [Housing Briefing, May 2025: CDC pensions](https://firstactuarial.co.uk/briefing/housing-briefing-may-2025-cdc-pensions/) - Collective Defined Contribution (CDC) schemes are back in the news. TPT Retirement Solutions has announced its intention to set up a multi-employer CDC scheme. This follows the Government’s plans to legislate for multi-employer CDC schemes later this year. In this briefing, we discuss what this may mean for housing associations.
- [Group protection briefing, Q2 2025](https://firstactuarial.co.uk/briefing/group-protection-briefing-q1-2025-2/) - In this briefing, we outline the disability benefit cuts and freezes proposed in the Spring Budget, and explain how group income protection can help employers mitigate at least some of the impact.
- [First Briefing, May 2025: Annual Funding Statement 2025](https://firstactuarial.co.uk/briefing/first-briefing-may-2025-annual-funding-statement-2025/) - The Pensions Regulator (TPR) has published its Annual Funding Statement 2025. It contains some broad considerations for schemes with a valuation effective date between 22 September 2024 and 21 September 2025. It also contains information for schemes carrying out their first valuation under the new regime and clarification around TPR’s covenant guidance.
- [First Briefing, February 2025: PPF levy cut by over 50%](https://firstactuarial.co.uk/briefing/first-briefing-february-2025-ppf-update/) - The Pension Protection Fund (PPF) plans to cut its levy by over 50%, as confirmed in its final rules for the 2025/26 levy year. It may even be the case that the PPF will collect no levy at all in 2025/26. In this briefing, we summarise key changes to the levy rules.
- [Employer briefing, Quarter 2 2025](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-2-2025/) - In this briefing, we highlight key pension issues for employers. We focus on the impact of market movements on Defined Benefit pension cost accounting positions and upcoming funding valuations. We also look at the latest on the Virgin Media v NTL case, changes to the PPF levy, and the advantages of using salary exchange.
- [Housing Briefing, March 2025: Salary exchange](https://firstactuarial.co.uk/briefing/housing-briefing-march-2025-salary-exchange/) - From April 2025, employer National Insurance contributions (NIC) will increase to 15%, and the salary threshold for NICs will decrease to £5,000. To mitigate the impact of these changes, salary exchange (or salary sacrifice) can be applied to pension contributions. This will reduce NICs for both employers and employees
- [Risk transfer briefing, Q1 2025](https://firstactuarial.co.uk/briefing/risk-transfer-briefing-q1-2025/) - In this briefing, we provide an update on the current market and explore the various risk transfer options available to schemes. We also discuss the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to low dependency liabilities.
- [Risk transfer briefing, Q3 2024](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q3-2024/) - In this briefing, we provide an update on the current market and explore the various risk transfer options available to schemes. We also discuss the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to low dependency liabilities.
- [Risk transfer briefing, Q3 2020](https://firstactuarial.co.uk/briefing/buy-out-briefing-q3-2020/) - In this briefing, we look at the First Actuarial Bulk Annuity Index, which monitors the general trend in the pricing of bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q4 2020](https://firstactuarial.co.uk/briefing/buy-out-briefing-q4-2020/) - In this briefing, we review activity in the bulk annuity market during 2020 and discuss how the market might develop over the next 12 months. We also take another look at the First Actuarial Bulk Annuity Index, which monitors general trends in the pricing of bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q1 2021](https://firstactuarial.co.uk/briefing/buy-out-briefing-q1-2021/) - In this briefing, we consider how a bulk annuity can help manage the risk of members living longer than expected. We also look at the latest update to the First Actuarial Bulk Annuity Index, which monitors general trends in the pricing of bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q2 2021](https://firstactuarial.co.uk/briefing/buy-out-briefing-q2-2021/) - In this briefing, we look at the latest update to the First Actuarial Bulk Annuity Index, which monitors the general trend in the pricing of bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q3 2021](https://firstactuarial.co.uk/briefing/buy-out-briefing-q3-2021/) - In this briefing, we review activity in the bulk annuity market during 2021. We discuss how smaller schemes can make themselves more attractive to insurers in a competitive market, and provide an update on how insurers are approaching GMP equalisation. We also look at the First Actuarial Bulk Annuity Index.
- [Risk transfer briefing, Q4 2021](https://firstactuarial.co.uk/briefing/buy-out-briefing-q4-2021/) - In this briefing, we take a look at Defined Benefit superfunds, focusing on Clara-Pensions, which has successfully completed the assessment process of The Pensions Regulator. We also discuss the latest update to the First Actuarial Bulk Annuity Index.
- [Risk transfer briefing, Q1 2022](https://firstactuarial.co.uk/briefing/buy-out-briefing-q1-2022/) - In this briefing, we discuss the importance of high quality and accurate membership data, and why schemes should collect marital data before approaching the insurance market. We also look at the latest update to the First Actuarial Bulk Annuity Index.
- [Risk transfer briefing, Q2 2022](https://firstactuarial.co.uk/briefing/buy-out-briefing-q2-2022/) - In this briefing, we look at our recently updated First Actuarial Bulk Annuity Index, which monitors trends in the pricing of bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q3 2022](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q3-2022/) - In this briefing, we discuss how schemes can make themselves more attractive to insurers in a crowded market. We also take a look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q4 2022](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q4-2022/) - In this briefing, we look at the latest update to the First Actuarial Bulk Annuity Index. We also explore the benefits of assured payment policies (APP). These allow pension schemes that cannot yet afford buy-out to begin their de-risking journey with an insurer.
- [Risk transfer briefing, Q1 2023](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q1-2023/) - In this briefing, we review activity in the bulk annuity market during 2022 and discuss how the market may develop over the coming years. We also take a look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q2 2023](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q2-2023/) - In this briefing, we look at our recently updated First Actuarial Bulk Annuity Index, which monitors trends in the pricing of bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q3 2023](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q3-2023-2/) - In this briefing, we consider activity in the bulk annuity market during the year so far and discuss how the market may develop over the coming years. We also take a look at the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q1 2024](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q1-2024/) - In this briefing, we review the transaction volumes in 2024 and consider developments in the bulk annuity market in the year so far. We also discuss the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [Risk transfer briefing, Q2 2024](https://firstactuarial.co.uk/briefing/bulk-annuity-briefing-q2-2024/) - In this briefing, we look back on a busy year so far for First Actuarial’s risk transfer team, and provide three recent mini-case studies. We also discuss the latest update to the First Actuarial Bulk Annuity Index, which monitors pricing trends in bulk annuity transactions relative to self-sufficiency liabilities.
- [Housing Briefing, February 2025: Annual FRS 102 survey](https://firstactuarial.co.uk/briefing/housing-briefing-february-2025/) - This briefing sets out the headline results of our fifth annual survey – the biggest DB survey of the UK social housing sector – which looks at FRS 102 results and assumptions as at 31 March 2024 and provides a useful reminder of the position at the last year end.
- [Group protection briefing, Q1 2025](https://firstactuarial.co.uk/briefing/group-protection-briefing-q1-2025/) - This briefing provides an overview of complimentary wellbeing services included with group protection policies such as life assurance, income protection and critical illness cover.
- [First Briefing, January 2025: TPR covenant guidance](https://firstactuarial.co.uk/briefing/first-briefing-january-2025-tpr-covenant-guidance/) - The Pensions Regulator (TPR) has published updated covenant guidance for trustees of Defined Benefit (DB) schemes. Consistent with the new DB funding code, the guidance discusses various areas in more detail. This briefing brings together the key messages.
- [Employer briefing, Quarter 1 2025](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-1-2025/) - In this briefing, we highlight key pension issues for employers. We focus on the impact of market movements on pension cost accounting positions and upcoming funding valuations, and what employers can do to ensure a smooth year-end process.
- [Housing Briefing, January 2025: 10 challenges and opportunities for 2025](https://firstactuarial.co.uk/briefing/housing-briefing-january-2025/) - 2025 promises to be a busy year for the sector’s schemes. And with reforms, legislation and targets coming on stream, housing associations will face challenges old and new. In this briefing we identify 10 key challenges and opportunities for the sector’s pension schemes.
- [Independent schools briefing, January 2025](https://firstactuarial.co.uk/briefing/independent-schools-briefing-january-2025/) - In light of the Department for Education (DfE) current consultation on proposed TPS member contribution increases, we discuss how the pension contributions paid by teachers have changed over time, why changes have been put forward, and what schools should do next.
- [First Briefing, November 2024: Virgin Media v NTL](https://firstactuarial.co.uk/briefing/first-briefing-november-2024-virgin-media-v-ntl-2/) - The Court of Appeal has dismissed the appeal made by the employer in the case of Virgin Media v NTL. In this briefing we look at the background to the case and consider the implications of the Court of Appeal ruling. We also discuss the possibility of new DWP regulations and of a further High Court
- [First Briefing, December 2024: PPF levy delay](https://firstactuarial.co.uk/briefing/first-briefing-november-2024-virgin-media-v-ntl/) - The Pension Protection Fund (PPF) has delayed its decision on the rules for the 2025/26 levy year until January 2025 to allow more time to consider legislative change and reform. In this briefing, we explain the reasons behind this and discuss what is at stake.
- [DC briefing, Q4 2024 – Value for money framework](https://firstactuarial.co.uk/briefing/dc-briefing-q4-2024-value-for-money-framework/) - On 7 August 2024, the Financial Conduct Authority published a consultation paper, asking for views on its proposals to improve the value for money individuals receive across the workplace DC pensions market. In this briefing, we discuss the details of the proposal and what employers should be doing now.
- [First Briefing, November 2024: Salary exchange](https://firstactuarial.co.uk/briefing/first-briefing-november-2024-salary-exchange/) - Following the autumn Budget, introducing salary exchange for pension contributions has never been more of a win-win. It offers NI savings for both the employer and its employees.
- [Employer briefing, Quarter 4 2024](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-4-2024/) - In this briefing, we highlight key pension issues for employers. We look at the impact of market movements on pension cost accounting positions and upcoming funding valuations. We also discuss broader developments in the pensions industry and how employers should be planning.
- [First Briefing, October 2024: Autumn Budget](https://firstactuarial.co.uk/briefing/first-briefing-october-2024-autumn-budget/) - The speculation is over. In the event, the impact of the autumn Budget on pensions is more subdued than most people expected. But a number of changes are worthy of attention. In this briefing, we lift out the key points of the autumn Budget.
- [Employer briefing, October 2024](https://firstactuarial.co.uk/briefing/employer-briefing-october-2024/) - The Court of Appeal has upheld the High Court’s ruling in the Virgin Media v NTL Pension Trustees court case relating to section 37 and contracted-out Defined Benefit (DB) scheme amendments. In this briefing, we outline the key points that employers need to understand.
- [Independent schools briefing, October 2024](https://firstactuarial.co.uk/briefing/independent-schools-briefing-october-2024/) - Schools that are either planning or already offering alternative pension arrangements to the TPS are expected to put in place death and ill health early retirement insurance benefits, which the TPS previously gave to their staff. This briefing provides an overview of group protection – life assurance, income protection and critical illness cover.
- [Group protection briefing, Q3 2024](https://firstactuarial.co.uk/briefing/group-protection-briefing-q3-2024/) - In our first group protection briefing, we discuss employee benefits such as life assurance, income protection and critical illness cover. And we outline why it makes sense to review these benefits on a regular basis and work with a specialist consultant.
- [Financial wellbeing briefing, September 2024](https://firstactuarial.co.uk/briefing/financial-wellbeing-briefing-september-2024/) - Monday 9 September sees the start of Pension Awareness Week and the launch of the 2024 Pension Awareness campaign.
- [Housing Briefing, August 2024: SHPS 2023 valuation results](https://firstactuarial.co.uk/briefing/housing-briefing-august-2024-shps-2023-valuation-results/) - In this briefing we discuss the results of the 30 September 2023 SHPS actuarial valuation. We outline the headline results, provide a potential timetable and recommend a number of actions for employers.
- [Independent schools briefing, August 2024](https://firstactuarial.co.uk/briefing/independent-schools-briefing-august-2024/) - The indicative results of the 2023 valuation of the Independent Schools' Pension Scheme (ISPS) are out. The headline results are described as "extremely concerning" by the ISPS Employer Committee. In this briefing we discuss the indicative results.
- [DC briefing, Q3 2024 – DC schemes warned about AE errors](https://firstactuarial.co.uk/briefing/dc-briefing-q3-2024-dc-schemes-warned-about-ae-errors/) - Over a decade after the introduction of auto-enrolment, The Pensions Regulator (TPR) is now tightening up its enforcement regime. In this briefing, we discuss the measures that employers should be taking to run compliant AE schemes and make the most of their investment in pensions.
- [Employer briefing, Quarter 3 2024](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-3-2024/) - In this briefing, we highlight key pension issues for employers. We focus on the impact of market movements on pension cost accounting positions and upcoming funding valuations. We also discuss broader developments in the pensions industry and how employers should be planning.
- [First Briefing, August 2024: DB funding code](https://firstactuarial.co.uk/briefing/first-briefing-august-2024-db-funding-code/) - After years of waiting, The Pensions Regulator has published the new DB funding code of practice. In our latest First Briefing, we outline the principles behind the code, and discuss key changes since the last draft code, specific guidance for open schemes and small schemes, and information we're still waiting for.
- [Trade union briefing, Q2 2024](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2024/) - In this briefing, we look at the manifestos of the main political parties and discuss their pension-related promises ahead of the 4 July general election. We also highlight the impact of the election (and dissolving of parliament) on several pieces of pension legislation.
- [Trade union briefing, Q1 2024](https://firstactuarial.co.uk/briefing/trade-union-briefing-q1-2024/) - In this briefing, we discuss measures introduced in the Spring Budget, and revisit CDC pensions with a new explainer video. We also highlight several important ongoing consultations.
- [Housing Briefing, June 2024: SHPS and life assurance](https://firstactuarial.co.uk/briefing/housing-briefing-june-2024-shps-and-life-assurance/) - Employers that participate in the Defined Contribution (DC) section of the Social Housing Pension Scheme (SHPS) can choose whether to provide life assurance to active scheme members who are still in service. In this briefing, we look at the options available to housing employers wishing to put life assurance in place.
- [First Briefing, June 2024: Election manifestos](https://firstactuarial.co.uk/briefing/first-briefing-june-2024-election-manifestos/) - On 22 May, Rishi Sunak surprised many people by calling a general election for 4 July. In this briefing, we look at what pledges relating to pensions have been made in the manifestos.
- [First Briefing, June 2024: Scheme run-on](https://firstactuarial.co.uk/briefing/first-briefing-june-2024-scheme-run-on/) - The mini-Budget in September 2022 had a dramatic impact on the Defined Benefit scheme landscape. Within months, the focus of many trustee boards switched from strategic discussions on deficit management to deciding what to do with a healthy surplus. Buy-out seemed to be the default and obvious short-term option for many schemes at this point.
- [Housing Briefing, June 2024: SHPS employer debts](https://firstactuarial.co.uk/briefing/housing-briefing-june-2024-shps-employer-debts/) - n this briefing, we look at the options available for employers that have closed to future pension build-up (or are considering closure) and are looking to manage their historical liabilities in the Defined Benefit section of the Social Housing Pension Scheme (SHPS DB).
- [Housing Briefing, May 2024: TPT DC Changes Delayed](https://firstactuarial.co.uk/briefing/housing-briefing-may-2024-tpt-dc-changes-delayed/) - TPT Retirement Solutions (TPT) has recently sent an updated communication to employers about the planned developments to their Defined Contribution (DC) schemes, including the DC section in the Social Housing Pension Scheme (SHPS). The main message in this communication was that these developments will now be delayed. In this briefing, we outline the changes announced
- [Housing briefing, May 2024: FRS 102](https://firstactuarial.co.uk/briefing/housing-briefing-may-2024-frs-102/) - In this briefing, we look at the factors that will drive the changes to employers’ pension cost accounting positions as at 31 March 2024.
- [Housing briefing, April 2024: TPT changes to DC schemes](https://firstactuarial.co.uk/briefing/housing-briefing-april-2024-pensions-calendar/) - TPT Retirement Solutions announced changes to the Defined Contribution (DC) schemes they run in a recent communication to employers. In this briefing, we outline the developments proposed and what they mean for employers and members.
- [Employer briefing, Quarter 2 2024](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-1-2024-2/) - In this briefing, we highlight key pension issues for employers. We focus on the impact of market movements on pension cost accounting positions and upcoming funding valuations. We also discuss broader developments in the pensions industry and how employers should be planning.
- [Mortality briefing, April 2024](https://firstactuarial.co.uk/briefing/mortality-briefing-april-2024/) - The Continuous Mortality Investigation (CMI) has released the latest version of its mortality improvement model, CMI_2023. The default model results in slightly lower life expectancies when compared to the previous version, CMI_2022.
- [Housing briefing, January 2024: Pensions calendar](https://firstactuarial.co.uk/briefing/housing-briefing-january-2024-pensions-calendar/) - In this briefing we provide our housing pensions calendar for 2024, with key dates and deadlines to be aware of.
- [First Briefing, April 2024: Pensions dashboards](https://firstactuarial.co.uk/briefing/first-briefing-april-2024-pdp/) - The Pensions Dashboards Programme (PDP) is making pension information available on personal dashboards. Following the decision to pause and reset the programme in 2023, revised regulations have been relaunched and need to be complied with. This briefing covers next steps for trustees.
- [First Briefing, March 2024: Changes to the Lifetime Allowance](https://firstactuarial.co.uk/briefing/first-briefing-march-2024-changes-to-the-lifetime-allowance/) - In this briefing, we discuss Jeremy Hunt’s March 2023 Budget, which put in motion significant changes to the taxation of pension benefits with the proposed abolition of the Lifetime Allowance (LTA).
- [Mortality briefing, February 2024](https://firstactuarial.co.uk/briefing/mortality-briefing-february-2024/) - The Continuous Mortality Investigation (CMI) has released a new set of mortality tables, the S4 tables. For the first time, the CMI includes postcode data in new S4 tables. The tables also point to a slight reduction in life expectancy, although the impact on individual schemes will differ.
- [Employer briefing, Quarter 1 2024](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-1-2024/) - Around two-thirds of employers have a year-end at 31 December. In this briefing we explore what your Defined Benefit (DB) accounting disclosures as at 31 December 2023 might look like. We also discuss key developments in the pensions industry and how employers should be planning.
- [First Briefing, January 2024: TPR's new general code of practice](https://firstactuarial.co.uk/briefing/first-briefing-january-2024-tprs-new-general-code-of-practice/) - TPR's general code of practice is expected to come into force on 27 March 2024. In this briefing, we give a summary of the new general code and outline what trustees need to do once the general code is in force and how they should prepare for that.
- [First Briefing, January 2024: PPF update](https://firstactuarial.co.uk/briefing/first-briefing-january-2024-ppf-update/) - The Pension Protection Fund (PPF) has confirmed its final rules for the 2024/25 levy year. In this briefing, we summarise key changes to the levy rules and discuss the future of the PPF levy.
- [Trade union briefing, Q4 2023](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2023/) - In this briefing we review the pension content of the Chancellor’s Autumn Statement, we examine a proposed new role for the PPF, and we review upcoming auto-enrolment reform. We also discuss the impact of the cost of living crisis on pension savings and retirement
- [Housing briefing, November 2023: Autumn Statement](https://firstactuarial.co.uk/briefing/housing-briefing-november-2023-autumn-statement/) - The Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement on 22 November 2023. In this briefing, we discuss several key announcements, including the 'pot for life', and changes to the Lifetime Allowance, National Insurance and the State Pension.
- [DC briefing, November 2023 – Autumn Statement](https://firstactuarial.co.uk/briefing/dc-briefing-november-2023-autumn-statement/) - The Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement on 22 November 2023. This briefing contains several key announcements, including a 'pot for life' and Lifetime Allowance changes. We discuss these changes in detail and consider their impact on DC pension provision.
- [Special independent schools briefing, November 2023](https://firstactuarial.co.uk/briefing/special-independent-schools-briefing-november-2023/) - The anticipated and feared 2020 Teachers’ Pension Scheme (TPS) valuation results are now confirmed; the Government Actuary’s Department (GAD) has published the valuation report. In this briefing, we take a deep dive into the results and what they mean for independent schools.
- [Employer briefing, Quarter 4 2023](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-4-2023/) - In this briefing, we highlight key pension issues for employers. We focus on the impact of market movements on pension cost accounting positions and upcoming funding valuations. And we also highlight key developments in the pensions industry.
- [Housing briefing, November 2023: LGPS cessation](https://firstactuarial.co.uk/briefing/housing-briefing-november-2023-lgps-cessation/) - We’re looking forward to talking all things pensions with SFHA members at SFHA’s Finance Conference on 14 and 15 November 2023.
- [Special independent schools briefing, October 2023](https://firstactuarial.co.uk/briefing/independent-schools-briefing-october-2023/) - In this briefing we answer the key questions independent schools may have about the recently released results of the 31 March 2020 TPS valuation.
- [First Briefing, October 2023: Client Hub security update](https://firstactuarial.co.uk/briefing/first-briefing-october-2023-mfa/) - Multi-factor authentication (MFA) has been available on our Client Hub for some time, but only as an optional feature. To make the data of all our clients as secure as possible, MFA will become mandatory on our Client Hub from 31 March 2024.
- [Trade union briefing, Q3 2023](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2023-2/) - In this issue we review the proposed pension reforms set out in the Chancellor’s Mansion House speech, we examine upcoming changes to the PPF levy, and we review a further case of historical mismanagement of the State Pension. We also report back on the CDC fringe meeting which took place at the TUC Congress in
- [Employer briefing, Quarter 3 2023](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-3-2023-2/) - In this briefing, we highlight key pension issues for employers. We focus on the impact of market movements on pension cost accounting positions and upcoming funding valuations. And we also highlight key developments in the pensions industry.
- [First Briefing, August 2023: Contracted-out schemes](https://firstactuarial.co.uk/briefing/first-briefing-august-2023/) - In this briefing, we set out the background and facts of the case of Virgin Media Ltd v NTL Pension Trustees II Ltd & Others. We also discuss what might happen next.
- [Housing briefing, August 2023: LGPS cessation](https://firstactuarial.co.uk/briefing/housing-briefing-august-2023-2/) - In this briefing, we explore what is happening with cessation valuations, why employers in the LGPS might reasonably be concerned, and what you can do about it.
- [Investment briefing, Q2 2017](https://firstactuarial.co.uk/briefing/investment-briefing-q2-2017-2/) - Ryan Templeton from our investment team discusses annuities as a potential investment, with Rob Skelton, who leads our investment research, and Phil Kelly from our buy-out team.
- [Special investment briefing, November 2017](https://firstactuarial.co.uk/briefing/investment-briefing-november-2017/) - In the wake of the FCA investigation into Newton Investment Management, we give our own analysis of the situation and provide information for those who may be affected.
- [Investment briefing, Q1 2018](https://firstactuarial.co.uk/briefing/investment-briefing-q1-2018/) - The Financial Conduct Authority (FCA) recently investigated whether fund ratings, provided by investment consultants, provide value to clients. In this quarter’s Investment Briefing, we discuss the CMA’s main findings.
- [Housing association briefing, March 2018](https://firstactuarial.co.uk/briefing/march-2018/) - Hot off the press from the SHPS employer forums taking place this month, this bulletin alerts housing associations to the alarming message that future service rates could increase by as much as 30% to 50% after the 2017 valuation.
- [Housing briefing, March 2019 - SHPS: Take control of your accounts](https://firstactuarial.co.uk/briefing/housing-briefing-march-2019-shps/) - This bulletin tells you how TPT will help (including the provision of an online modeller that is expected to be launched on 13 May 2019) and what you can do yourself to take control of your SHPS accounting.
- [FAB Index, 31 October 2019](https://firstactuarial.co.uk/briefing/fab-index-31-october-2019/) - First Actuarial’s Best estimate (FAB) Index remained broadly stable over the month to 31 October 2019, with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes decreasing slightly from £415bn to £414bn.
- [Housing briefing, December 2019 – Pension calendar 2020](https://firstactuarial.co.uk/briefing/housing-briefing-december-2019-pension-calendar/) - Our 2020 pension calendar gives key dates and deadlines for housing association staff with pension responsibilities.
- [FAB Index, 31 December 2019](https://firstactuarial.co.uk/briefing/fab-index-31-december-2019/) - First Actuarial’s Best estimate (FAB) Index fell slightly over the month to 31 December 2019, with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes decreasing slightly from £401bn to £395bn.
- [Housing briefing, January 2020 – LGPS funding agreements](https://firstactuarial.co.uk/briefing/housing-briefing-january-2020-lgps/) - The LGPS 2019 valuation marks an important decision point for housing organisations. As negotiations over future contributions continue, we highlight key issues to be aware of, and report on a number of funding agreements we've already helped put in place.
- [First briefing, February 2020 – Changes to RPI](https://firstactuarial.co.uk/briefing/first-briefing-february-2020-rpi/) - The UK Statistics Authority (UKSA) is planning to amend the calculation of RPI to align it with CPIH. The Chancellor will issue a consultation as part of the 2020 Budget to gauge the impact and identify the RPI changes required. How will this affect pension schemes?
- [FAB Index, 31 January 2020](https://firstactuarial.co.uk/briefing/fab-index-31-january-2020/) - First Actuarial’s Best estimate (FAB) Index improved over the month to 31 January 2020, with the surplus in the UK’s 5,436 Defined Benefit (DB) pension schemes increasing from £395bn to £400bn.
- [First briefing, March 2020 – Defined Benefit funding consultation](https://firstactuarial.co.uk/briefing/first-briefing-march-2020-db-funding/) - The Pensions Regulator (TPR) has published the first of two consultations on DB funding, in preparation for a revised Code of Practice. The consultation discusses how TPR proposes to regulate funding and the principles that should underpin the new framework. Read our March briefing for the key points.
- [First briefing, March 2020 – D&B and PPF levy 2021/22 consultation](https://firstactuarial.co.uk/briefing/first-briefing-march-2020-dandb/) - The Pension Protection Fund (PPF) is changing its provider of insolvency risk information from Experan to Dun & Bradstreet. In this briefing, we discuss the background and the impact of the change, and set out actions that employers and schemes will need to take in preparation for the takeover.
- [First briefing, March 2020 – PPF levy 2020/21](https://firstactuarial.co.uk/briefing/first-briefing-march-2020-ppf-levy/) - The Pension Protection Fund (PPF) has published the final determination and policy for the 2020/21 levy year. This briefing provides a reminder of the changes since the 2019/20 levy year, what actions you should take to help make sure your levy is correct, and the key submission deadline dates.
- [FAB Index, 29 February 2020](https://firstactuarial.co.uk/briefing/fab-index-29-february-2020/) - First Actuarial’s Best estimate (FAB) Index fell slightly over the month to 29 February 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes decreasing slightly from £400bn to £397bn.
- [Housing briefing, February 2020 – Pensions cost accounting assumptions](https://firstactuarial.co.uk/briefing/housing-briefing-february-2020-pca/) - For many housing associations, 31 March means the accounting year-end and the preparation of annual accounts. Whether you have LGPS liabilities, SHPS liabilities, or any other Defined Benefit pension scheme liabilities, you can control what assumptions are used.
- [Housing briefing, March 2020 – Covid-19: 7 key actions](https://firstactuarial.co.uk/briefing/housing-briefing-march-2020-covid/) - The Covid-19 pandemic is hitting countries around the world and causing widespread disruption. We consider how this unprecedented crisis is impacting on pension schemes and sponsoring employers, and identify actions housing associations should consider taking.
- [Independent schools briefing, Q1 2020](https://firstactuarial.co.uk/briefing/independent-schools-q1-2020/) - The pensions issues facing independent schools are not going away and may become more urgent as schools experience significant pressure on fee income. When is the right time to address your pension concerns? To help you decide what is best for your school, we’ve put together a traffic light framework...
- [First briefing, March 2020 – Covid-19: Three months to take stock for DB trustees](https://firstactuarial.co.uk/briefing/first-briefing-march-2020-covid/) - The Pensions Regulator (TPR) has published further guidance on the impact of Covid-19 on DB pension schemes and their sponsoring employers. Read our briefing to find out what has changed, what has stayed the same, and how trustees should consider their options.
- [Trade union briefing, Q1 2020](https://firstactuarial.co.uk/briefing/trade-union-briefing-q1-2020/) - In the latest issue of our briefing for trade unions, we discuss the impact of Covid-19 on pension schemes as global markets tumble. We also outline the issues that Budget 2020 raises for trade unionists.
- [Housing briefing, April 2020 – Pension cost accounting as at 31 March 2020](https://firstactuarial.co.uk/briefing/housing-briefing-april-2020-pca/) - The past month has seen unparalleled volatility in financial markets due to Covid-19. For housing associations with a 31 March accounting year end, this means assumptions and disclosures are likely to be materially different from last year. In this briefing, we explore the impact of financial markets on your FRS102 disclosures.
- [Investment market update – 31  March 2020](https://firstactuarial.co.uk/briefing/investment-briefing-31-march-2020/) - Over the month of March, it was hard to avoid the financial consequences of coronavirus with all but the most secure asset classes (government bonds and gold) falling in value. However, conditions improved significantly over the final days of the month and further information is provided in this briefing.
- [FAB Index, 31 March 2020](https://firstactuarial.co.uk/briefing/fab-index-31-march-2020/) - First Actuarial’s Best estimate (FAB) Index improved over the month to 31 March 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes increasing from £397bn to £427bn.
- [Housing briefing, May 2020 – Webinar: Covid-19 and your employees](https://firstactuarial.co.uk/briefing/housing-briefing-may-2020-covid/) - First Actuarial is offering a Covid-19 wellbeing webinar, available on-demand to all UK employers and their staff, free of charge.
- [DC briefing, April 2020 – Covid-19: 9 key pension considerations](https://firstactuarial.co.uk/briefing/dc-briefing-april-2020-covid-19/) - In our DC briefings, we will be monitoring how the Covid-19 pandemic is impacting sponsoring employers, trustees and DC scheme members. In this briefing, we identify nine actions you may want to consider taking.
- [DC briefing, April 2020 – Coronavirus Job Retention Scheme](https://firstactuarial.co.uk/briefing/dc-briefing-april-2020-covid-job-retention/) - On 26 March 2020, Government published guidance on the Coronavirus Job Retention Scheme. This is designed to support employers whose businesses have been severely affected by Covid-19. It is a grant from the Government that does not need to be repaid.
- [Employer briefing, Quarter 1 2020](https://firstactuarial.co.uk/briefing/employer-briefing-q1-2020/) - The past month has seen unparalleled volatility in financial markets due to Coronavirus. In this briefing we explore the impact this may have had on your pension scheme’s balance sheet position, as well as some other recent developments to be considered ahead of your next year-end.
- [First briefing, May 2020 – Annual Funding Statement](https://firstactuarial.co.uk/briefing/first-briefing-may-2020-afs/) - The Pensions Regulator (TPR) has published its 2020 Annual Funding Statement. It looks at how the impact of Covid-19 can be allowed for in the valuation, recognising that valuations may be at different points in the process.
- [Independent schools briefing, Q2 2020](https://firstactuarial.co.uk/briefing/independent-schools-q2-2020/) - The effective date of the Teachers’ Pension Scheme (TPS) valuation is 31 March 2020, with implementation planned for 2023. The valuation could result in higher costs for schools if changes are made to the SCAPE discount rate – the most important actuarial assumption behind the valuation. This briefing provides a technical view of the outlook
- [FAB Index, 30 April 2020](https://firstactuarial.co.uk/briefing/fab-index-30-april-2020/) - First Actuarial’s Best estimate (FAB) Index remained stable over the month to 30 April 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes decreasing slightly from £427bn to £426bn.
- [First briefing, June 2020 – Covid-19 update](https://firstactuarial.co.uk/briefing/first-briefing-june-2020-covid/) - In this briefing, we discuss the ongoing impact of Covid-19 on UK pension schemes, with focus on the economy, markets and investments, and the impact of excess deaths. We also summarise the most recent guidance issued by The Pensions Regulator.
- [Housing briefing, June 2020 – FRS 102 survey results](https://firstactuarial.co.uk/briefing/housing-briefing-june-2020-frs-102/) - In this briefing, we publish the full reslts of our inaugural annual survey of FRS 102 assumptions and results across the social housing sector. The survey’s 202 responses cover over £7bn of pension accounting liabilities, making it the biggest ever Defined Benefit (DB) pension survey of the sector.
- [Trade union briefing, Q2 2020](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2020/) - In the latest issue, we discuss the ongoing impact of COVID-19 on individuals and pension schemes as the economy remains on hold, looking in particular at the Regulator’s Annual Funding Statement. We share a link to First Actuarial’s free webinar aimed at helping your members manage their personal finances in a pandemic. And, taking a
- [First briefing, July 2020 – PPF levy 2020/21 and Covid-19 easement](https://firstactuarial.co.uk/briefing/first-briefing-july-2020-ppf-levy/) - The Pension Protection Fund (PPF) has published the latest updates for the 2020/21 levy year and a Covid-19 easement plan to help employers who are struggling to pay. This briefing sets out what actions you can take to make sure your levy is correct and spread your levy payments.
- [Housing briefing, July 2020 – SHPS Day webinar](https://firstactuarial.co.uk/briefing/housing-briefing-july-2020-shps/) - The next funding valuation of the Social Housing Pension Scheme (SHPS) has an effective date of 30 September 2020 and contributions are, once again, subject to review. First Actuarial is holding a webinar at 11am on 'SHPS Day', to guide you through the valuation process and how to be , and discuss possible results.
- [FAB Index, 31 May 2020](https://firstactuarial.co.uk/briefing/fab-index-31-may-2020/) - First Actuarial’s Best estimate (FAB) Index fell over the month to 31 May 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes decreasing from £426bn to £408bn.
- [FAB Index, 30 June 2020](https://firstactuarial.co.uk/briefing/fab-index-30-june-2020/) - First Actuarial’s Best estimate (FAB) Index fell slightly over the month to 30 June 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes decreasing slightly from £408bn to £375bn.
- [Employer briefing, Quarter 2 2020](https://firstactuarial.co.uk/briefing/employer-briefing-q2-2020/) - What were the key pension issues for employers in the second quarter of 2020? In this briefing, we look at funding level improvements in Defined Benefit (DB) schemes, the new interim regime for DB superfunds, The Pension Regulator’s annual DB funding statement, and a ban on independent financial advisers charging for pensions transfer advice on
- [FAB Index, 31 July 2020](https://firstactuarial.co.uk/briefing/fab-index-31-july-2020/) - First Actuarial’s Best estimate (FAB) Index fell slightly over the month to 31 July 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes decreasing from £375bn to £328bn.
- [Housing briefing, August 2020 – New flexibility to leave the LGPS](https://firstactuarial.co.uk/briefing/housing-briefing-august-2020-lgps/) - Government is to amend LGPS regulations to give employers more flexibility to end benefit accrual without paying a huge exit payment upfront. This briefing will cover this development in detail, and will take a look at the NHF’s draft Code of Governance and how pensions fit in. Finally, don’t forget our webinar at 11am on
- [Trade union briefing, Q3 2020](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2020/) - In the latest issue of our briefing for trade unions, we discuss the latest in pensions from Government, from the confirmed minimum pension age increase and the underpayment of some state pensions, to the latest pensions legislation proposals. We also introduce the new Enhanced Governance Fund that First Actuarial played a key role in developing
- [Housing briefing, September 2020 - It's time to talk tax...pensions tax](https://firstactuarial.co.uk/briefing/housing-briefing-september-2020-pensions-tax/) - It’s that time of the year again when Annual Allowance statements are issued to members of executive teams and senior management who have saved too much in their pension scheme over the last tax year (2019/20). But what do these statements mean? What action can staff take? And is there anything else about pensions
- [FAB Index, 31 August 2020](https://firstactuarial.co.uk/briefing/fab-index-31-august-2020/) - First Actuarial’s Best estimate (FAB) Index decreased slightly over the month to 31 August 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes reducing from £328bn to £313bn.
- [FAB Index, 30 September 2020](https://firstactuarial.co.uk/briefing/fab-index-30-september-2020/) - First Actuarial’s Best estimate (FAB) Index improved slightly over the month to 30 September 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes increasing from £313bn to £317bn.
- [Employer briefing, Quarter 3 2020](https://firstactuarial.co.uk/briefing/employer-briefing-q3-2020/) - In this briefing we highlight some of the key pension issues for employers from the third quarter of 2020, including an update on financial markets, pension scheme accounting positions, Diversified Growth Fund performance, Implementation Statements and PPF levies.
- [Independent schools briefing, Q3 2020](https://firstactuarial.co.uk/briefing/independent-schools-q3-2020/) - For independent schools that have decided to leave the TPS, the choice of a new Defined Contribution (DC) scheme is a key decision. This briefing looks at the process and some of the key considerations involved in selecting a new DC pension provider.
- [Housing briefing, October 2020 - LGPS - Do you have to exit through the gift shop?](https://firstactuarial.co.uk/briefing/housing-briefing-october-2020-lgps/) - In our August briefing, we outlined new flexibilities offering housing associations an alternative exit route out of the LGPS. With new legislation in place, this briefing considers the potential options available when planning to end benefit accrual. Is this a chance to exit via a conveniently open side-door rather than through the expensive gift shop?
- [Independent schools briefing, Q4 2020](https://firstactuarial.co.uk/briefing/independent-schools-q4-2020/) - In its response to consultaton over the introduction of a phased withdrawal option in the Teachers' Pensions Scheme (TPS) for independent schools, the Government has expressed its intention to insert phased withdrawal into TPS regulations in spring 2021. This briefing outlines options for independent schools.
- [FAB Index, 31 October 2020](https://firstactuarial.co.uk/briefing/fab-index-31-october-2020/) - First Actuarial’s Best estimate (FAB) Index improved slightly over the month to 31 October 2020, with the surplus in the UK’s 5,422 Defined Benefit (DB) pension schemes reducing from £317bn to £307bn.
- [First briefing, November 2020 - GMP equalisation judgement](https://firstactuarial.co.uk/briefing/first-briefing-november-2020-gmp/) - Justice Morgan has given his final judgment in the Lloyds Banking Group case, which relates to GMP equalisation. The outcome of the judgment is that trustees will need to revisit some past transfers out and consider whether a top-up payment is required to address GMP equalisation. This briefing summarises the key points from the judgment
- [Housing briefing, November 2020 - The calm waters before SHPS arrive.](https://firstactuarial.co.uk/briefing/housing-briefing-november-2020-shps/) - Our themes this month are strategy and governance, words that get thrown around all the time…and rightly so. We are currently sitting in the sweet spot between LGPS and SHPS valuations; LGPS contributions are set now until 2023 and the SHPS valuation results are almost upon us. However, there are ‘choppy waters’ approaching for both
- [Employer briefing, Quarter 4 2020](https://firstactuarial.co.uk/briefing/employer-briefing-q4-2020/) - In this briefing we highlight some of the key pension issues for employers for the final quarter of 2020, including analysis of the impact of Covid-19 and other tumultuous events on investment markets. The briefing focuses on key pension cost accounting issues to consider for 31 December 2020 year end.
- [First briefing, December 2020 - RPI Reform](https://firstactuarial.co.uk/briefing/first-briefing-december-2020-rpi/) - Following the Spending Review speech last week, the Government released the response to the RPI reform consultation. This briefing provides a summary of the position and its implications. What was announced: • The chancellor will not consent to RPI being reformed before 2030 • The UK Statistics Authority confirmed that its preference for
- [First briefing, December 2020: Post-Brexit considerations for pension scheme trustees](https://firstactuarial.co.uk/briefing/first-briefing-december-2020-post-brexit/) - The UK’s membership of the EU has ended, with the transitional period due to end on 31 December 2020. At the time of writing, we are still uncertain whether or not a deal will be agreed between the UK and the EU. Whatever the result, trustees should be taking stock and making sure they are
- [Trade union briefing, Q4 2020](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2020/) - In the latest issue of our briefing for trade unions, we discuss the future of the RPI and the latest update on GMP equalisation requirements. We also look at the latest developments in the Pension Schemes Bill and the new withdrawal option available to independent schools in the Teachers' Pension Scheme, as well as signposting
- [FAB Index, 30 November 2020](https://firstactuarial.co.uk/briefing/fab-index-30-november-2020/) - Since the previous update, the Pension Protection Fund (PPF) has published its latest report on key information about UK pension schemes - The Purple Book. After taking the changes in the Purple Book on board, over the month to 30 November 2020, First Actuarial’s Best estimate (FAB) Index fell, with the surplus in the
- [FAB Index, 31 December 2020](https://firstactuarial.co.uk/briefing/fab-index-31-december-2020/) - Over the month to 31 December 2020, First Actuarial’s Best estimate (FAB) Index remained broadly stable, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes increasing slightly from £310bn to £318bn. The deficit on the PPF 7800 Index worsened slightly during December 2020, increasing from £78.8bn to £86.4bn, with the funding ratio
- [Housing briefing, December 2020 - The Good, the Bad and the Ugly](https://firstactuarial.co.uk/briefing/housing-briefing-december-2020/) - 2020 has been a year like no other…but for all the wrong reasons. In this briefing, we take a look back at some of the key developments over the last 12 months for pension scheme trustees and sponsors.
- [First Briefing, January 2021: PPF Levy 2021/22](https://firstactuarial.co.uk/briefing/first-briefing-january-2021-ppf-levy/) - The Pension Protection Fund (PPF) has confirmed its key decisions on what’s changing in the levy rules for the 2021/22 levy year. This briefing summarises the changes and provides a reminder of key deadlines.
- [Housing briefing, January 2021 - 2021 Pension Calendar](https://firstactuarial.co.uk/briefing/housing-briefing-january-2021-calendar/) - 2021 promises to be another busy year in pensions, and our 2021 Pension Calendar will help you plan for the year ahead.
- [First Briefing, February 2021: Record-keeping and scheme-specific data](https://firstactuarial.co.uk/briefing/first-briefing-february-2021-record-keeping/) - Towards the end of 2019, The Pensions Regulator (TPR) issued a press release outlining its plan to crack down on poor record-keeping. Our February briefing goes through the key points.
- [FAB Index, 31 January 2021](https://firstactuarial.co.uk/briefing/fab-index-31-january-2021/) - Over the month to 31 January 2021, First Actuarial’s Best estimate (FAB) Index fell slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes decreasing from £318bn to £309bn. The deficit on the PPF 7800 Index improved during January 2021, decreasing from £86.4bn to £65.0bn, with the funding ratio increasing from 96%
- [Housing briefing, February 2021 - Salary Sacrifice](https://firstactuarial.co.uk/briefing/housing-briefing-february-2021-salary-sacrifice/) - Introducing salary sacrifice for the payment of pension contributions can result in a win-win outcome, with National Insurance savings for both you and your employees.
- [DC briefing, March 2021 – The end of small DC trust-based schemes?](https://firstactuarial.co.uk/briefing/dc-briefing-march-2021-trust-based-schemes/) - Recent proposed changes to small DC trust-based schemes (or sections) with less than £100m in assets may have a significant impact. This briefing explores the background and the decisions that will need to be made – which could result in modifications or wind-up for these schemes and sections.
- [Housing briefing, Budget 2021](https://firstactuarial.co.uk/briefing/housing-briefing-budget-2021/) - Government is providing significant support to businesses and individuals in this unprecedented period. But will this new debt need to be repaid? And will we need to balance the books at some point? This briefing focuses on the pensions highlights from Budget 2021.
- [Independent schools briefing, Q1 2021](https://firstactuarial.co.uk/briefing/independent-schools-q1-2021/) - We discuss the McCloud judgment, which stems from 2015 changes to public service pensions. This changed final salary to career-averaged revalued earnings benefits in the TPS. Government efforts to protect members close to retirement were later judged age-discriminatory. We also consider the outlook for the 2020 valuation.
- [FAB Index, 28 February 2021](https://firstactuarial.co.uk/briefing/fab-index-28-february-2021-2/) - Over the month to 28 February 2021, First Actuarial’s Best estimate (FAB) Index fell slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes decreasing from £309bn to £305bn. The aggregate surplus on the PPF 7800 Index improved during February 2021, increasing from a deficit of £65.0bn to a surplus of
- [Housing briefing, March 2021 - First for pensions in the housing sector](https://firstactuarial.co.uk/briefing/housing-briefing-march-2021/) - In this briefing, we outline how First Actuarial's services can make a positive difference to your housing association and why we’re a bit different.
- [Trade union briefing, Q1 2021](https://firstactuarial.co.uk/briefing/trade-union-briefing-q1-2021/) - We look at the remedy for age discrimination in public service schemes. We examine the removal of the exit payments cap. We explore the new Pension Schemes Act and proposed changes to the age from which individuals can draw benefits. And we discuss Government’s response to underpaid State Pensions.
- [DC briefing, April 2021 – ESG](https://firstactuarial.co.uk/briefing/dc-briefing-april-2021-esg/) - Since October 2019, trustees of DC schemes and those with DC AVC sections have faced new regulatory ESG requirements. Larger pension providers are now putting ESG at the forefront of their investment propositions. This briefing explains why ESG will continue to have a material impact on all pension arrangements.
- [First Briefing, March 2021: Going concern assessments for DB scheme accounts](https://firstactuarial.co.uk/briefing/first-briefing-march-2021-going-concern/) - As a result of recent high-profile corporate failures, scheme auditors have an additional professional responsibility to be robustly sceptical when signing off accounts. There is likely to be extra work involved in preparing scheme financial statements.
- [FAB Index, 28 February 2021](https://firstactuarial.co.uk/briefing/fab-index-28-february-2021/) - Over the month to 28 February 2021, First Actuarial’s Best estimate (FAB) Index fell slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes decreasing from £309bn to £305bn. The aggregate surplus on the PPF 7800 Index improved during February 2021, increasing from a deficit of £65.0bn to a surplus of
- [FAB Index, 31 March 2021](https://firstactuarial.co.uk/briefing/fab-index-31-march-2021/) - Over the month to 31 March 2021, First Actuarial’s Best estimate (FAB) Index improved slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes increasing from £305bn to £315bn. The aggregate surplus on the PPF 7800 Index also improved during March 2021, increasing from £14.6bn to £34.2bn, with the funding ratio
- [Employer briefing, Quarter 1 2021](https://firstactuarial.co.uk/briefing/employer-briefing-q1-2021/) - In this briefing we highlight key pension issues for employers from the first quarter of 2021, with a focus on pension cost accounting issues to consider for 31 March 2021 year end, particularly in the context of market changes.
- [Housing briefing, April 2021 - Pension Cost Accounting as at 31 March 2021](https://firstactuarial.co.uk/briefing/housing-briefing-april-2021-pca/) - We discuss pension cost accounting disclosures under FRS 102 as at 31 March 2021. Many associations will see an increase in their FRS 102 balance sheet deficits this year. However, default FRS 102 assumptions provided by TPT, LGPS funds or scheme actuaries should simply be a starting point for consideration.
- [First Briefing, May 2021: Scheme funding in the legal sector](https://firstactuarial.co.uk/briefing/first-briefing-may-2021-scheme-funding/) - Many legal firms prepare their statutory accounts as at 30 April. This briefing looks at issues these firms face when preparing this year’s FRS 102 pension disclosures. It includes analysis of the majority of legal firms with a Defined Benefit pension scheme (33 schemes across 30 firms).
- [DC briefing, May 2021 – Salary sacrifice](https://firstactuarial.co.uk/briefing/dc-briefing-may-2021-salary-sacrifice/) - Introducing salary sacrifice for the payment of pension contributions can result in a win-win outcome, with National Insurance savings for employers and employees alike.
- [Housing briefing, May 2021 – Financial wellbeing case study](https://firstactuarial.co.uk/briefing/housing-briefing-may-2021-fw/) - In this special housing briefing, we provide a case study of a housing association which extended its financial wellbeing programme and brought in First Actuarial to deliver a bespoke Retirement Planner with supporting webinars and one-to-one sessions.
- [FAB Index, 30 April 2021](https://firstactuarial.co.uk/briefing/fab-index-30-april-2021/) - Over the month to 30 April 2021, First Actuarial’s Best estimate (FAB) Index improved, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes increasing from £315bn to £323bn. The aggregate surplus on the PPF 7800 Index also improved during April 2021, increasing from £34.2bn to £53.7bn, with the funding ratio improving
- [FAB Index, 31 May 2021](https://firstactuarial.co.uk/briefing/fab-index-31-may-2021/) - Over the month to 31 May 2021, First Actuarial’s Best estimate (FAB) Index fell slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes decreasing from £323bn to £312bn. Since the last update, the Pension Protection Fund (PPF) has changed the methodology behind its assumptions it uses to calculate the PPF 7800
- [Housing briefing, June 2021](https://firstactuarial.co.uk/briefing/housing-briefing-june-2021/) - The 2020 valuation results for the Social Housing Pension Scheme (SHPS) were expected by May, but have yet to be published. In this briefing, we discuss its likely impact on pension provision in the housing sector.
- [Independent schools briefing, Q2 2021](https://firstactuarial.co.uk/briefing/independent-schools-q2-2021/) - Independent schools offer a diverse range of Defined Benefit pensions to teaching and non-teaching staff. In this briefing, we summarise those various DB arrangements and provide more information for those who require further details.
- [DC briefing, July 2021 – New responsibilities for trustees of small DC schemes](https://firstactuarial.co.uk/briefing/dc-briefing-july-2021-small-schemes/) - The DWP has issued an update on planned changes around small DC trust-based schemes and DC sections of hybrid schemes. This briefing focuses on those areas requiring immediate attention – the annual value for money assessment and chair statement that trustees are required to prepare.
- [Housing briefing, July 2021 – Latest results from the 2021 FRS 102 survey](https://firstactuarial.co.uk/briefing/housing-briefing-july-2021-frs-102/) - This briefing highlights initial findings from our second annual survey of FRS 102 assumptions and results across the social housing sector. So far, our survey has covered 216 separate accounting disclosures, with more than £11bn in pension accounting liabilities in total.
- [FAB Index, 30 June 2021](https://firstactuarial.co.uk/briefing/fab-index-30-june-2021/) - Over the month to 30 June 2021, First Actuarial’s Best estimate (FAB) Index improved, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes increasing from £312bn to £355bn. Since the last update, the Pension Protection Fund (PPF) has changed the methodology behind its assumptions it uses to calculate the PPF 7800 liabilities,
- [Employer briefing, Quarter 2 2021](https://firstactuarial.co.uk/briefing/employer-briefing-q2-2021/) - In this briefing we highlight some of the key pension issues for employers from the second quarter of 2021, with a focus on key pension cost accounting issues to consider for 30 June year-ends.
- [FAB Index, 31 July 2021](https://firstactuarial.co.uk/briefing/fab-index-31-july-2021/) - Over the month to 31 July 2021, First Actuarial’s Best estimate (FAB) Index fell slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes decreasing from £355bn to £342bn. The aggregate surplus on the PPF 7800 Index also worsened during July 2021, decreasing from £99.0bn to £62.4bn, with the funding ratio falling
- [ESG update – August 2021](https://firstactuarial.co.uk/briefing/investment-briefing-august-2021-esg/) - In this ESG update, we discuss whether scheme trustees can justify taking action on climate change, and if so, how they might achieve this.
- [Housing briefing, August 2021 – SHPS valuation results](https://firstactuarial.co.uk/briefing/housing-briefing-august-2021-shps/) - In this briefing, we provide a full analysis of the 2020 SHPS valuation results and what they mean for housing associations. There has been an improvement in funding level, to 77% at 30 September 2020. However, the funding deficit has also increased, to £1.56bn.
- [Housing briefing, September 2021 - Social housing FRS 102 survey 2021](https://firstactuarial.co.uk/briefing/housing-briefing-september-2021-frs-102/) - We set out the final results from our second annual survey of FRS 102 results and assumptions across the social housing sector. Representing over £11bn in pension accounting liabilities, it's the biggest DB pension survey of the sector, providing powerful insights into the funding of its DB liabilities.
- [FAB Index, 31 August 2021](https://firstactuarial.co.uk/briefing/fab-index-31-august-2021/) - Over the month to 31 August 2021, First Actuarial’s Best estimate (FAB) Index improved slightly, with the surplus in the UK’s 5,318 Defined Benefit (DB) pension schemes increasing from £342bn to £347bn. The aggregate surplus on the PPF 7800 Index also improved during August 2021, increasing from £62.4bn to £83.2bn, with the funding ratio improving
- [Trade union briefing, Q3 2021](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2021/) - This quarter, we discuss the suspension of the triple lock, the increase in NI contributions and new guidance for schemes on GMP equalisation. We also provide a Covid-19 mortality update and a summary of charges of maladministration regarding the DWP’s announcement of the women’s State Pension age changes.
- [Independent schools briefing, Q3 2021](https://firstactuarial.co.uk/briefing/independent-schools-q3-2021/) - In this briefing, we provide an overview of the main types of Defined Contribution schemes available, and discuss how suitable each type is for independent schools.
- [First Briefing, October 2021: The Pensions Regulator's new criminal powers](https://firstactuarial.co.uk/briefing/first-briefing-october-2021-tpr-powers/) - The Pensions Regulator (TPR) has published a policy on how it will use its new criminal powers to prosecute those risking savers’ Defined Benefit pensions. In this briefing, we outline those new powers.
- [Employer briefing, Quarter 3 2021](https://firstactuarial.co.uk/briefing/employer-briefing-q3-2021/) - In this briefing we highlight key pension issues for employers from Quarter 3 2021, with a focus on key pension cost accounting issues to consider for 30 September year-ends.
- [First Briefing, November 2021: Cyber security](https://firstactuarial.co.uk/briefing/first-briefing-november-2021-cybersecurity/) - Schemes deal with large volumes of data held on numerous computer systems. Cyber security is a big risk to both the personal data of members and the overall ability of the scheme to function. Find out how trustees can protect their scheme from cyber security in this briefing.
- [First Briefing, November 2021: New transfer regulations](https://firstactuarial.co.uk/briefing/first-briefing-november-2021-new-transfer-regulations/) - The DWP has published regulations that set out when statutory pension transfers can and cannot take place. These regulations give trustees the power to refuse a transfer where there is a risk that it’s part of a pension scam.
- [Housing briefing, November 2021](https://firstactuarial.co.uk/briefing/housing-briefing-november-2021/) - First Actuarial will be attending this year's Social Housing Annual Conference in London on 25th November 2021. This briefing covers the sector's many pensions hot topics we'll be discussing with housing professionals.
- [Independent schools briefing, Q4 2021](https://firstactuarial.co.uk/briefing/independent-schools-q4-2021/) - In this briefing, we discuss phased withdrawal from the TPS. In July 2021, Government published its response to the consultation on proposed amendments to the TPS rules. These aim to introduce phased withdrawal. The first schools to use the resulting regulations closed TPS to new teachers from 1 September 2021.
- [Housing briefing, January 2022](https://firstactuarial.co.uk/briefing/housing-briefing-january-2022/) - 2022 promises to be another busy year in pensions, and our 2022 Pension Calendar will help you plan for the year ahead.
- [Employer briefing, Quarter 1 2022](https://firstactuarial.co.uk/briefing/employer-briefing-q1-2022/) - In this briefing, we highlight some of the key pension issues for employers from the final quarter of 2021, with a focus on key pension cost accounting issues to consider for 31 December year-ends.
- [First Briefing, February 2022: PPF levy 2022/23](https://firstactuarial.co.uk/briefing/first-briefing-february-2022-ppf-levy/) - The Pension Protection Fund (PPF) has confirmed its key decisions on levy rules for the 2022/23 levy year. This briefing summarises the changes and provides a round-up of key deadlines.
- [Housing briefing, February 2022](https://firstactuarial.co.uk/briefing/housing-briefing-february-2022/) - First Actuarial’s housing team is holding a webinar at 11am on 31 March 2022 (LGPS Day) to discuss a number of topical pension areas, focusing on year-end accounting and the Local Government Pension Scheme (LGPS).
- [Impact of the Ukraine invasion on pension scheme assets – 8 March 2022](https://firstactuarial.co.uk/briefing/investment-briefing-march-2022/) - In this document, First Actuarial investment specialists assess the impact of the ongoing Ukraine conflict on pension scheme assets.
- [Trade union briefing, Q1 2022](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2022-2/) - In this briefing, we look at proposals from TPR on regulating CDC pension schemes. We report on the DWP State Pension shortcomings, and discuss changes in your annual scheme return submission. We also provide an update on changes to the calculation of PPF levies for 2022/23.
- [First Briefing, April 2022: Single code of practice](https://firstactuarial.co.uk/briefing/first-briefing-april-2022-single-code-of-practice/) - The Pensions Regulator (TPR) has issued a draft single code of practice, expected to come into force in summer 2022. It has 51 modules and will consolidate 10 of the 15 codes of practice. It will also introduce new governance responsibilities for trustees of DB and DC schemes.
- [Housing briefing, April 2022](https://firstactuarial.co.uk/briefing/housing-briefing-april-2022/) - For most housing associations, 31 March means year-end and the preparation of annual accounts. Participation in any Defined Benefit scheme gives flexibility in choosing the assumptions used to calculate pension accounting costs. This briefing reviews FRS 102 requirements and outlines how market conditions have changed over the last 12 months.
- [Employer briefing, Quarter 2 2022](https://firstactuarial.co.uk/briefing/employer-briefing-q2-2022/) - In this briefing, we highlight key pension issues for employers from the first quarter of 2022, with a focus on important pension cost accounting issues to consider for 31 March year-ends.
- [Independent schools briefing, Q1 2022](https://firstactuarial.co.uk/briefing/independent-schools-q1-2022/) - The ISPS is a pension scheme originally set up for support staff and run by TPT Retirement Solutions. It has Defined Benefit (DB) and Defined Contribution (DC) sections. This briefing considers the latest valuation results of the DB section.
- [Housing briefing, May 2022](https://firstactuarial.co.uk/briefing/housing-briefing-may-2022/) - In this briefing, we highlight some of the key pension issues from the start of 2022, with a focus on important pension cost accounting issues to consider for 31 March year-ends.
- [First Briefing, May 2022: Annual Funding Statement](https://firstactuarial.co.uk/briefing/first-briefing-may-2022-annual-funding-statement/) - The Pensions Regulator (TPR) has published its 2022 Annual Funding Statement. This will be particularly relevant to schemes with valuation dates between 22 September 2021 and 21 September 2022 (known as Tranche 17 valuations), and schemes undergoing significant changes that require a review of their funding and risk strategies.
- [First Briefing, May 2022: Stronger nudge](https://firstactuarial.co.uk/briefing/first-briefing-may-2022-nudge/) - The Department for Work and Pensions has published regulations that set out stronger nudge requirements. From 1 June 2022, trustees will be required to nudge individuals who want to access their flexible benefits to seek guidance from Pension Wise. However, individuals can choose to opt out of receiving this guidance.
- [Housing briefing, June 2022](https://firstactuarial.co.uk/briefing/housing-briefing-june-2022/) - The Trustee of the Social Housing Pension Scheme (SHPS) is going to court for a ruling on whether they have been paying the correct benefits to members. This means uncertainty for members and potential additional liabilities for employers to fund. We explain the key issues and why they matter.
- [First Briefing, May 2022: Pensions dashboard](https://firstactuarial.co.uk/briefing/first-briefing-may-2022-pensions-dashboard/) - This briefing gives an update of the pensions dashboard programme, responsible for developing the technology to pull together an individual's pensions information on a personal dashboard. Eventually all UK-based pensions must connect to the pensions dashboard, including state pensions, Defined Benefit pensions (including cash balance schemes) and Defined Contribution pensions.
- [First Briefing, June 2022: Change to normal minimum pension age](https://firstactuarial.co.uk/briefing/first-briefing-june-2022-minimum-pension-age/) - The Finance Act 2022, which received royal assent on 24 February 2022, increased the normal minimum pension age and introduced a new 2028 protection framework. This briefing provides an overview of the normal minimum pension age and outlines key actions for trustees.
- [Trade union briefing, Q2 2022](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2022/) - In this issue we discuss the impact of the rising cost of living on pensioners and the short-term government support in place. We also cover PASA's new good practice guidance on Defined Benefit transfers and Government's recent efforts to encourage better retirement outcomes in Defined Contribution schemes.
- [Housing briefing, July 2022](https://firstactuarial.co.uk/briefing/housing-briefing-july-2022/) - Uncertainties around member benefits and employer liabilities following the SHPS benefit review are causing widespread concern. This is another pensions headache for housing employers, and we have every sympathy. In this briefing, we answer questions that many of our clients have asked us in recent weeks.
- [DC briefing, July 2022 – Easing the cost-of-living crisis for employees](https://firstactuarial.co.uk/briefing/dc-briefing-july-2022/) - With inflation hitting a new high in May 2022, many people are suffering from a marked deterioration in their standard of living. This briefing outlines information and services that First Actuarial provides to help employers ease the impact of the cost-of-living crisis across their workforce.
- [Employer briefing, Quarter 3 2022](https://firstactuarial.co.uk/briefing/employer-briefing-q3-2022/) - In this briefing, we highlight key pension issues for employers from the second quarter of 2022, with a focus on important pension cost accounting issues to consider for 30 June year-ends.
- [Independent schools briefing, Q3 2022](https://firstactuarial.co.uk/briefing/independent-schools-q3-2022/) - The effective date of the Teachers’ Pension Scheme (TPS) valuation is 31 March 2020. The main purpose of this valuation is to determine the contribution rate payable by schools from April 2024. In this briefing we take stock, discussing recent developments and their possible impact on the valuation. We also provide guidance on how to
- [Housing briefing, August 2022](https://firstactuarial.co.uk/briefing/housing-briefing-august-2023/) - This briefing covers three areas: the Scottish Housing Associations’ Pension Scheme (SHAPS) changes to National Insurance contributions from July 2022, and value for money in DC schemes.
- [Employer briefing, Quarter 2 2023](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-2-2023/) - In this briefing, we highlight key pension issues for employers from the first quarter of 2023. We focus on the impact of market movements on pension cost accounting positions and upcoming funding valuations. We also highlight key developments in the pensions industry.
- [Independent schools briefing, Q2 2023](https://firstactuarial.co.uk/briefing/independent-schools-briefing-q2-2023/) - In this briefing, we discuss the indicative results of the 2020 TPS valuation, what it means for independent schools, and what the options are.
- [Trade union briefing, Q2 2023](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2023/) - In this issue we review the proposed changes to the State Pension age and the secondary effects of last year’s market turmoil. We discuss the impact of the Capita cyber attack, TPR's new Liability Driven Investment (LDI) guidance, and fairness to members in times of changing market conditions.
- [Mortality briefing, June 2023](https://firstactuarial.co.uk/briefing/mortality-briefing-june-2023/) - In this briefing, we discuss the latest version of the Continuous Mortality Improvement’s (CMI) mortality improvements projection model. How will it impact your pension scheme?
- [Investment briefing, May 2023 – New TPR guidance on LDI](https://firstactuarial.co.uk/briefing/investment-briefing-may-2023-new-tpr-guidance-on-ldi/) - The Pensions Regulator (TPR) has published guidance on Liability-Driven Investment (LDI). In this briefing we explain what this means for LDI fund managers and trustees.
- [Investment market update, March 2023](https://firstactuarial.co.uk/briefing/investment-market-update-march-2023/) - Over recent days, banking crises in the US and Switzerland have captured headlines and shaken markets. In this briefing, we discuss the impact on UK pension schemes and on a range of asset classes.
- [First Briefing, May 2023: DC AVC review](https://firstactuarial.co.uk/briefing/first-briefing-may-2023-dc-avc-review/) - Some regulations can either cap or prohibit early exit charges for members of certain occupational Defined Contribution (DC) schemes. TPR seems keen to ensure that DC additional voluntary contribution (AVC) arrangements comply with these restrictions, as demonstrated by a new question in the 2023 scheme returns.
- [First Briefing, May 2023: Annual Funding Statement](https://firstactuarial.co.uk/briefing/first-briefing-may-2023-annual-funding-statement/) - The Pensions Regulator (TPR) has published its 2023 Annual Funding Statement. In particular, it gives guidelines for schemes that have seen improved funding levels since late 2022, and schemes whose funding levels have deteriorated.
- [Independent schools briefing, Q1 2023](https://firstactuarial.co.uk/briefing/independent-schools-briefing-q1-2023/) - It’s taken a long time, but we finally have some news on the direction of travel for Teachers’ Pension Scheme (TPS) costs from 2024. It's not good news. In this briefing we discuss what recent TPS developments mean for independent schools, and what the options are.
- [Financial wellbeing briefing, April 2023](https://firstactuarial.co.uk/briefing/financial-wellbeing-briefing-april-2023/) - On Wednesday 15 March 2023, the Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget. As ever, there was a lot in the statement that will have a direct impact on the finances of working people. In this briefing, we summarise key details that you may want to cascade to your workforce as part
- [DC briefing, March 2023 – Spring Budget](https://firstactuarial.co.uk/briefing/dc-briefing-march-2023-spring-budget/) - In the Spring Budget of 15 March 2023, the Chancellor announced some of the most significant changes to pensions tax legislation in a decade. This briefing sets out the changes to pensions tax relief and suggests a number of actions to consider.
- [Trade union briefing, Q1 2023](https://firstactuarial.co.uk/briefing/trade-union-briefing-q1-2023/) - In this issue we review the pensions tax reforms introduced in the Chancellor’s Spring Budget, along with the proposed widening of the auto-enrolment criteria. We also examine new research on whether we are saving enough for retirement and provide an update on the Pensions Dashboards Programme.
- [First Briefing, March 2023: Spring Budget 2023](https://firstactuarial.co.uk/briefing/first-briefing-march-2023-spring-budget-2023/) - On Wednesday 15 March 2023, the Chancellor, Jeremy Hunt, delivered the Spring Budget 2023. It had been widely reported in the press before the Budget that he would announce increases to the maximum amount of tax-relieved pension savings that an individual may make. However, the actual announcements made were more dramatic, with the lifetime allowance
- [Housing briefing, March 2023: Special finance edition](https://firstactuarial.co.uk/briefing/housing-briefing-march-2023-special-finance-edition/) - Once again, First Actuarial’s specialist housing team will attend the Housing Finance Conference and Exhibition. This briefing focuses on some of the key pension issues for finance directors and managers, including FRS 102, the 2022 LGPS valuation, the 2023 SHPS valuation and changes to auto-enrolment contributions.
- [First Briefing, February 2023: TPR’s draft DB funding code](https://firstactuarial.co.uk/briefing/first-briefing-february-2023-tprs-draft-db-funding-code/) - Shortly before Christmas, The Pensions Regulator (TPR) launched its second consultation on the draft Defined Benefit (DB) scheme funding code of practice and new ‘twin track’ regulatory approach. This briefing looks at the draft code of practice in detail.
- [First Briefing, December 2022: An early Christmas present: TPR’s draft DB funding code](https://firstactuarial.co.uk/briefing/first-briefing-december-2022-an-early-christmas-present-tprs-draft-db-funding-code/) - On 16 December 2022, the Pensions Regulator (TPR) launched its long-awaited second consultation on its draft defined benefit (DB) scheme funding code of practice. As well as the draft revised code, TPR is also consulting on its proposed new ‘twin track’ regulatory approach.
- [Employer briefing, Quarter 1 2023](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-1-2023/) - In this briefing, we highlight key pension issues for employers from the final quarter of 2022. We focus on areas of pension cost accounting to consider for 31 December year-ends, including the impact of gilt market volatility.
- [First Briefing, January 2023: PPF update](https://firstactuarial.co.uk/briefing/first-briefing-january-2023-ppf-update/) - The Pension Protection Fund (PPF) has confirmed its final rules for the 2023/24 levy year. This briefing summarises the key changes to levy rules and the PPF’s longer-term plans.
- [Housing briefing, January 2023: Housing pensions calendar](https://firstactuarial.co.uk/briefing/housing-briefing-january-2023-housing-pensions-calendar/) - In this briefing we provide our housing pensions calendar for 2023, with key dates and deadlines to be aware of. We also offer a quick run-down of all the pension services we offer to housing associations.
- [Housing briefing, January 2023: High inflation and the Annual Allowance](https://firstactuarial.co.uk/briefing/housing-briefing-january-2023-high-inflation-and-the-annual-allowance/) - In this briefing we examine the relationship between high inflation and the Annual Allowance. We discuss what it means for housing associations, particularly those employers in the LGPS and SHPS schemes.
- [Investment briefing, Q2 2017](https://firstactuarial.co.uk/briefing/investment-briefing-q2-2017/) - Ryan Templeton from our Investment team speaks with Rob Skelton, who leads our investment research, and Phil Kelly from our buy-out team about annuities as a potential investment.
- [Trade union briefing, Q4 2017](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2017/) - We brief trade unions on the next three years of the PPF levy and forthcoming changes in the state pension age. We also assess progress on auto-enrolment to date, and provide a quick-read guide to defined contribution pension schemes.
- [Housing briefing, September 2022](https://firstactuarial.co.uk/briefing/housing-briefing-september-2022/) - In this briefing, we examine the 31 March 2022 LGPS valuation results in light of subsequent market volatility. We discuss the impact of market changes on housing employers and recommend actions.
- [Trade union briefing, Q3 2022](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2022/) - In this briefing we discuss how trade unions can influence company policies through their investments. We look at The Pensions Regulator’s latest efforts to stop pension scams. And we explain how all lower-earning members will benefit from tax relief from 2024.
- [Employer briefing, Quarter 4 2022](https://firstactuarial.co.uk/briefing/employer-briefing-quarter-4-2022/) - If you are the sponsor of a Defined Benefit (DB) scheme, you should be engaging with your trustees to understand how the recent extraordinary gilt market movements have impacted funding and strategy. This employer briefing explains why Liability Driven Investment (LDI) funds made the news, and recommends actions for sponsoring employers.
- [First Briefing, October 2022: PPF 2023/24 levy](https://firstactuarial.co.uk/briefing/first-briefing-october-2022-ppf-2023-24-levy/) - The Pension Protection Fund (PPF) has published its long-term funding strategy review, alongside draft levy rules for the 2023/24 levy year. This briefing summarises the proposed changes to levy rules and the PPF’s longer-term plans.
- [Mortality briefing, November 2022](https://firstactuarial.co.uk/briefing/mortality-briefing-november-2022/) - In this briefing we look at the latest trends in mortality, discussing key issues for trustees and employers, and how First Actuarial can help.
- [Housing briefing, November 2022](https://firstactuarial.co.uk/briefing/housing-briefing-november-2022/) - There remains some uncertainty around the validity of historical SHPS changes, interpretation of those changes, and the administering of benefits. This briefing provides an update on the SHPS benefit review and the views of the specialist housing team at First Actuarial.
- [DC briefing, December 2022 – A decade of auto-enrolment](https://firstactuarial.co.uk/briefing/dc-briefing-december-2022-a-decade-of-auto-enrolment/) - We have just passed the 10-year anniversary of auto-enrolment (AE), arguably one of the most significant changes to the UK’s pensions landscape in recent times. In this briefing, we reflect on the successes of AE, while considering what more could be done.
- [Trade union briefing, Q4 2022](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2022/) - In this briefing, we review upcoming changes following the recent Autumn Statement. We also discuss how schemes have been affected by recent market turmoil and the proposed reductions to next year’s PPF levy.
- [Housing briefing, December 2022](https://firstactuarial.co.uk/briefing/housing-briefing-december-2022/) - This briefing sets out the findings from our third annual survey, which looks at FRS 102 results and assumptions as at 31 March 2022 for the social housing sector. Our survey covers 234 results, representing over £11bn in pension accounting liabilities.
- [First Briefing, October 2022: High inflation](https://firstactuarial.co.uk/briefing/first-briefing-october-2022-high-inflation/) - The Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August. The September inflation figures are of particular relevance to Defined Benefit schemes as they are typically used to increase a number of benefits. In this briefing, we examine considerations for trustees around member benefits and
- [Monkey League 2017/18 – Final positions](https://firstactuarial.co.uk/briefing/monkey-league-2017-18-final-positions/)
- [Trade union briefing, Q4 2021](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2021/) - We take a look at the next round of pensions-related legislation passing through Parliament and provide an update on the British Steel Pension Scheme’s FCA investigation. We also look at management fees charged to new and small DC pension pots and the newly imposed requirements for trustees when considering transfer out requests.
- [Trade union briefing, Q2 2021](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2021/) - We look at proposed new anti-scam powers for trustees. We cover Government proposals to make benefit statements more user-friendly, and renewed calls to review pensions tax relief. We discuss the Regulator’s Annual Funding Statement, And we examine opposition to RPI reforms from trustees of three of the UK’s biggest schemes.
- [Investment market update – 17 March 2020](https://firstactuarial.co.uk/briefing/investment-briefing-17-march-2020/) - Volatility has hit financial markets as coronavirus spreads across the globe. In this update, we present some statistics to help you put recent financial developments into context.
- [FAB Index, 30 November 2019](https://firstactuarial.co.uk/briefing/fab-index-30-november-2019/) - First Actuarial’s Best estimate (FAB) Index fell slightly over the month to 30 November 2019, with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes decreasing slightly from £414bn to £401bn.
- [Trade union briefing, Q4 2019](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2019/) - We discuss the latest pension issues affecting trade unions. We report on action the NHS has taken in the face of the tax 'crisis'. In response to employer contribution increases, 62 independent schools now plan to leave the TPS (Teachers' Pension Scheme). And have a guess where the UK ranks in a global index of
- [Housing briefing, November 2019 – How competitive is your DC scheme?](https://firstactuarial.co.uk/briefing/housing-briefing-november-2019-how-competitive-is-your-dc-scheme/) - Employers are keen to offer DC contributions that are affordable yet attractive enough to help recruit and retain talented staff. To help you benchmark your DC scheme, our latest briefing discusses the range of DC contributions paid by more than 100 UK housing associations.
- [Housing briefing, October 2019 – SHPS bulk transfers](https://firstactuarial.co.uk/briefing/housing-briefing-october-2019-shps-bulk-transfers/) - Bulk transfers from the Social Housing Pension Scheme (SHPS) commonly occur at this time of year and 2019 has been no different, with three First Actuarial clients successfully moving their share of SHPS assets and liabilities to another pension arrangement. Find out more.
- [FAB Index, 30 September 2019](https://firstactuarial.co.uk/briefing/fab-index-30-september-2019/) - First Actuarial’s Best estimate (FAB) Index improved over the month to 30 September 2019, with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes increasing from £409bn to £415bn.
- [Trade union briefing, Q3 2019](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2019/) - In this issue, our update on public service pensions includes the ongoing impact of pension tax changes on some NHS employees, and recent law cases which have ruled transitional protections in both the Judicial and Firefighters' Schemes to be unlawful. We also look at the pain that pension scams are inflicting and what we can
- [Investment briefing, Q2 2019](https://firstactuarial.co.uk/briefing/investment-briefing-q2-2019/) - LDI funds offer an efficient way for pension schemes to gain exposure to the gilt market (to ‘match’ liabilities), without tying up too much money. In light of the continued falls in gilt yields, we review whether the LDI approach of borrowing cash to buy gilts remains an appropriate approach for trustees seeking a long-term
- [Housing briefing, September 2019 – The latest LGPS valuation](https://firstactuarial.co.uk/briefing/housing-briefing-september-2019-the-latest-lgps-valuation/) - The first results of the 2019 Local Government Pension Scheme (LGPS) valuation are being released over the next two months, and a picture is starting to emerge. Read our September 2019 briefing and sign up to our forthcoming webinar to find out more.
- [FAB Index, 31 August 2019](https://firstactuarial.co.uk/briefing/fab-index-31-august-2019/) - First Actuarial’s Best estimate (FAB) Index deteriorated slightly over the month to 31 August 2019, with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes decreasing from £416bn to £409bn.
- [Trade union briefing – TUC Congress special issue](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2019-tuc-congress-special-briefing/) - In this TUC Congress special briefing, we report back on findings from last year's pensions and financial wellbeing survey at the TUC Congress in Manchester. Over 40% of people are unconfident that they're saving enough for their retirement, for example. Read on for more findings and trade union news. If you're in Brighton, visit us
- [FAB Index, 31 July 2019](https://firstactuarial.co.uk/briefing/fab-index-31-july-2019/) - First Actuarial’s Best estimate (FAB) Index improved over the month to 31 July 2019, with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes increasing from £401bn to £416bn.
- [Housing briefing, August 2019 – Navigating the Annual Allowance](https://firstactuarial.co.uk/briefing/housing-briefing-august-2019-navigating-the-annual-allowance/) - Annual Allowance issues have been in the news recently in relation to NHS doctors. However, the Annual Allowance can have an impact in a wide range of schemes. This briefing gives an overview of the Annual Allowance regime, and discusses how employers can identify employees affected and support them.
- [First briefing, August 2019 – New duties for trustees](https://firstactuarial.co.uk/briefing/first-briefing-august-2019-new-duties-for-trustees/) - In our August First briefing, we look at the new stronger governance arrangements around investment duties which will apply to trustees and managers of occupational pension schemes from 10 December 2019.
- [Housing briefing, July 2019 – LGPS consultation summary](https://firstactuarial.co.uk/briefing/housing-briefing-july-2019-lgps-consultation-summary/) - This bulletin is a reminder of the key areas covered by the LGPS consultation and provides a link to First Actuarial’s response.
- [Consultation response, July 2019 - LGPS valuations and employer risk](https://firstactuarial.co.uk/briefing/consultation-response-july-2019-lgps-valuations-and-employer-risk/) - First Actuarial’s response to the Ministry of Housing, Communities & Local Government’s policy consultation “LGPS: Changes to the Local Valuation Cycle and Management of Employer Risk” (May 2019)
- [FAB Index, 30 June 2019](https://firstactuarial.co.uk/briefing/fab-index-30-june-2019/) - First Actuarial’s Best estimate (FAB) Index improved over the month to 30 June 2019, , with the surplus in the UK’s 5,450 Defined Benefit (DB) pension schemes increasing from £387bn to £401bn.
- [Trade union briefing, Q2 2019](https://firstactuarial.co.uk/briefing/trade-union-briefing-q2-2019/) - In our latest trade union briefing, we discuss intergenerational fairness and how this is affecting pensions and trade unions – with the triple-lock on the State Pension coming under scrutiny, and other developments. The Pension Protection Fund has recently published its three year plan for 2019-22, and we examine its five strategic priorities. We also take
- [Housing briefing, June 2019 – LGPS funding agreements](https://firstactuarial.co.uk/briefing/housing-briefing-june-2019-lgps-funding-agreements/) - Our June briefing covers cessation debts, which will form part of the latest triennial valuation of the Local Government Pension Scheme (LGPS). We also look at Funding Agreements, which set out the terms applicable when a cessation trigger occurs.
- [FAB Index, 31 May 2019](https://firstactuarial.co.uk/briefing/fab-index-31-may-2019/)
- [Housing briefing, May 2019 – FRS102 FAQs](https://firstactuarial.co.uk/briefing/housing-briefing-may-2019-frs102-faqs/) - The online tool for employers to download their FRS102 disclosures for the Social Housing Pension Scheme (SHPS) was released on 13 May 2019. This is the first time that full defined benefit (DB) accounting has been applied to SHPS and it will be a learning curve for some employers. Our May briefing covers some of
- [FAB Index, 30 April 2019](https://firstactuarial.co.uk/briefing/fab-index-30-april-2019/)
- [Monkey League 2018-2019 season - 26 April 2019](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-26-april-2019/) - In a first for the 18/19 season, one Monkey League player manages to beat all 1000 monkeys!
- [Monkey League 2018-2019 season - 12 April 2019](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-12-april-2019/) - Can Manchester City finally displace Liverpool at the top of the Monkey Premier League. After a season of many leaders, will anyone take charge in the Monkey League Championship?
- [Monkey League 2018-2019 season - 15 March 2019](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-15-march-2019/) - Liverpool hang onto top spot in the Monkey Premier League despite their a couple of slip ups. Plus a question that is bound to get you thinking.
- [Housing briefing, April 2019 - SHPS: double deadline day](https://firstactuarial.co.uk/briefing/housing-briefing-april-2019-shps-double-deadline-day/) - April's bulletin reminds you of two important deadlines for the 30th April, on both DB and DC sections and how First Actuarial can help.
- [FAB Index, 31 March 2019](https://firstactuarial.co.uk/briefing/fab-index-31-march-2019/)
- [Financial wellbeing briefing, March 2019](https://firstactuarial.co.uk/briefing/ife-bulletin-may-2016/) - Financial Wellbeing (FW) or Independent Financial Education (IFE) is a hot topic so you may well have heard about it, but what is FW exactly, and why might you and your employees need it?
- [First briefing, March 2019 - Annual funding statement](https://firstactuarial.co.uk/briefing/first-briefing-march-2019-annual-funding-statement/) - Each year the Pensions Regulator prepares an Annual Funding Statement and the 2019 edition has just been published. Our March briefing takes you through the important new developments covered in this year's statement.
- [Trade union briefing, Q1 2019](https://firstactuarial.co.uk/briefing/trade-union-briefing-q1-2019/) - In the latest issue, we take a look at how The Pensions Regulator (TPR) expects trustees to manage the risks of relating to their defined benefit pension scheme, including long-term funding targets and recovery plans. We also discuss the introduction of ‘Pension Freedoms’ and how they work as a member and pension provider.
- [FAB Index, 28 February 2019](https://firstactuarial.co.uk/briefing/fab-index-28-february-2019/)
- [Housing briefing, February 2019 – 7 hot LGPS topics](https://firstactuarial.co.uk/briefing/housing-briefing-february-2019-7-hot-lgps-topics/) - This month our focus is on the Local Government Pension Scheme (the “LGPS”). We take you through seven hot topics that are currently impacting the LGBS – from the reassessment of employer costs to the exit surplus.
- [Monkey League 2018-2019 season – 22 February 2019](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-22-february-2019/) - Despite a couple of recent draws, Liverpool remain top of the Monkey Premier League. Meanwhile Luton Town continue to thrill at the top of Monkey League One and Forest Green have claimed the top spot in Monkey League Two. Check out the latest football action.
- [First briefing, February 2019 – Superfunds](https://firstactuarial.co.uk/briefing/first-briefing-february-2019-superfunds/) - Superfunds are one of the more interesting DB consolidation solutions to emerge recently. Essentially they involve a third party providing additional capital to replace the covenant of the sponsoring employer. We take a detailed look at how superfunds work and whether you should be considering them for your scheme.
- [FAB Index, 31 January 2019](https://firstactuarial.co.uk/briefing/fab-index-31-january-2019/)
- [Monkey League 2018-2019 season – 28 January 2019](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-28-january-2019/) - While Manchester City remain top of the Monkey Premier League, Norwich hold on to their lead in the Monkey League Championship.
- [Monkey League 2018-2019 season – 21 December 2018](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-21-december-2018/) - In the week of Jose Mourinho's departure from Old Trafford, we take a look at the changing fortunes of the Monkey league.
- [Housing briefing, January 2019 – Pension calendar 2019](https://firstactuarial.co.uk/briefing/housing-briefing-january-2019-pension-calendar-2019/) - An at-a-glance calendar of events, milestones and alerts to help you stay ahead of pension changes. 2019 promises to be another busy year in housing pensions, with the LGPS valuation results, ongoing work to protect LGPS employers from immediate cessation debts, Growth Plan liability management and auto-enrolment changes.
- [First briefing, January 2019 – Auto-enrolment update](https://firstactuarial.co.uk/briefing/first-briefing-january-2019-auto-enrolment-update/) - April 2019 will bring two updates to auto-enrolment regulations – the last of the planned increases in contribution phasing, and changes in qualifying earnings and other limits. Read on for further details in our latest First Briefing.
- [First briefing, January 2019 – Salary sacrifice](https://firstactuarial.co.uk/briefing/first-briefing-january-2019-salary-sacrifice/) - If your business is under relentless pressure to make cost savings while keeping staff onside, salary sacrifice is worth considering. Implementing salary sacrifice on pension contributions is a potential win-win, offering National Insurance (NI) savings for both employer and employer. Find out how in our opening First Briefing of 2019.
- [Investment briefing, Q1 2019](https://firstactuarial.co.uk/briefing/investment-briefing-q1-2019/) - New legislation, issued by the DWP, requires trustees to update their Statement of Investment Principles by 1 October 2019. The SIP must explain how trustees take into account financially material matters over the appropriate, potentially long, time horizon of the scheme's investments.
- [FAB Index, 31 December 2018](https://firstactuarial.co.uk/briefing/fab-index-31-december-2018/)
- [Monkey League 2018-2019 season – 14 December 2018](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-14-december-2018/) - With Liverpool at the top of both the Premier League and Monkey Premier League, what does this mean for our players?
- [Housing briefing, December 2018 – SHPS DC section: life cover changes](https://firstactuarial.co.uk/briefing/housing-briefing-december-2018-shps-dc-section-life-cover-changes/) - SHPS have now announced details of how life cover will be paid for in future. They've also confirmed that the current 3 x multiple of salary life cover will no longer be compulsory. Employers now need to consider how they will fund life cover for their staff. This briefing goes through the changes underway and
- [Trade union briefing, Q4 2018](https://firstactuarial.co.uk/briefing/trade-union-briefing-q4-2018/) - Welcome to our Christmas 2018 briefing for trade unions. We highlight the pension issues coming out of the autumn budget, the latest on GMP equalisation, and we even throw in a pensions fun fact for good measure. Merry Christmas to everyone in the trade union movement.
- [Investment briefing, Q4 2018](https://firstactuarial.co.uk/briefing/investment-briefing-q4-2018/) - As Defined Benefit pension schemes become increasingly mature, more and more of them are moving into negative cashflow, i.e. paying more out in benefits than they receive in contributions. This quarter James Gardner and Russell Oades from our investment team discuss the impact of moving into negative cashflow.
- [FAB Index, 30 November 2018](https://firstactuarial.co.uk/briefing/fab-index-30-november-2018/)
- [Housing briefing, November 2018 - SHPS affordability deadline looming](https://firstactuarial.co.uk/briefing/housing-briefing-november-2018-shps-affordability-deadline-looming/) - Housing associations are facing punishing increases in their SHPS deficit contributions - over 500% in some cases - following the 2017 valuation. If your housing association is affected by this change and wishes to appeal, read our briefing for details of the appeal process and imminent deadlines.
- [First briefing, November 2018 – GMP equalisation](https://firstactuarial.co.uk/briefing/first-briefing-november-2018-gmp-equalisation/) - The judgment in the Lloyds Banking Group case has at last provided clarity on how to deal with Guaranteed Minimum Pension (GMP) equalisation, although it may not have given the answer many had hoped for. This briefing covers the recent judgment and considers where we go from here.
- [First briefing, October 2018 – Budget 2018](https://firstactuarial.co.uk/briefing/first-briefing-october-2018-budget-2018/) - The Chancellor of the Exchequer presented his Budget on 29 October 2018. This briefing sets out some of the key points around pensions and other employer-provided benefits.
- [Monkey League 2018-2019 season – 2 November 2018](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-2-november-2018/) - The latest briefing from the Monkey League 2018-2019 season.
- [FAB Index, 31 October 2018](https://firstactuarial.co.uk/briefing/fab-index-31-october-2018/)
- [First briefing, October 2018 – PPF levy 2019/20 consultation](https://firstactuarial.co.uk/briefing/first-briefing-october-2018-ppf-levy-2019-20-consultation/) - The PPF have recently published for consultation their draft rules for determining the PPF levy for 2019/20. This briefing looks at the key points, giving key deadlines and specific guidance on contingent assets,
- [Housing association briefing, October 2018 - SHPS results out and July extension agreed](https://firstactuarial.co.uk/briefing/housing-association-briefing-october-2018-shps-results-out-and-july-extension-agreed/) - SHPS results are out, and a July 2019 extension has been agreed, delaying increases to future service costs until that date.
- [Monkey League 2018-2019 season – 12 October 2018](https://firstactuarial.co.uk/briefing/monkey-league-2018-2019-season-12-october-2018/) - The wait is finally over. The most anticipated semi-regular football bulletin of the year is here. Welcome to the first bulletin of the Monkey League 2018/19 Season.
- [FAB Index, 30 September 2018](https://firstactuarial.co.uk/briefing/fab-index-30-september-2018/)
- [Investment briefing, Q3 2018](https://firstactuarial.co.uk/briefing/investment-briefing-q3-2018/) - What are the most interesting opportunities in climate-related investment right now? In this briefing we reproduce the contributions Rob Skelton, Head of Investment Research, made to a recent Climate Investing Roundtable. A full version of the panel discussions is also available within the briefing.
- [Housing association briefing, September 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-september-2018/) - In this issue, we help housing association senior managers and the executive teams understand the implications of the new limits on pension tax relief for both individuals and employers.
- [Trade union briefing, Q3 2018](https://firstactuarial.co.uk/briefing/trade-union-briefing-q3-2018/) - In this issue we brief trade unions on the Government's recent White Paper, Protecting Defined Benefit Pension Schemes, which sets out how it intends to increase protections and make improvements to the current pensions system. We also discuss two recent court cases involving the Pension Protection Fund (PPF).
- [FAB Index, 31 August 2018](https://firstactuarial.co.uk/briefing/fab-index-31-august-2018/)
- [Housing association briefing, August 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-august-2018/) - In advance of the results of the SHPS valuation, the August 2018 briefing outlines the actions employers will need to take in the face of anticipated deficit payment and contribution increases.
- [FAB Index, 31 July 2018](https://firstactuarial.co.uk/briefing/fab-index-31-july-2018/)
- [Housing association briefing, July 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-july-2018/) - Current proposals may mean that employers have to make a full disclosure of their SHPS liabilities in their accounts from 31 March 2019. We discuss what this means for your balance sheet, the likely costs and timescales, and how First Actuarial can help.
- [First briefing, July 2018 – Equitable Life](https://firstactuarial.co.uk/briefing/first-briefing-july-2018/) - The announcement that Equitable Life is to transfer all its policies to Reliance Life will have widespread ramifications across the pensions world. We look at what it will mean for Equitable Life policyholders, and recommend actions that trustees can take at this stage.
- [Housing association briefing, June 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-june-2018/) - Do pension schemes balance risk fairly between employers and their employers? We take a look at plans for Collective Defined Contribution (CDC) and how it could offer a viable alternative for housing associations in future.
- [Trade union briefing, Q2 2018](https://firstactuarial.co.uk/briefing/q2-2018/) - We report on recent COPE state pension changes, the BT court ruling and Port Talbot transfer value activities. We also brief trade unions on the latest mortality projections and key DC scheme issues.
- [Investment briefing, Q2 2018](https://firstactuarial.co.uk/briefing/investment-briefing-q2-2018/) - Guidance on how pension schemes can gain access to private market investments, along with our quarterly market performance analysis.
- [FAB Index, 31 May 2018](https://firstactuarial.co.uk/briefing/fab-index-31-may-2018/)
- [Housing association briefing, May 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-may-2018/) - SHPS employers received an email this week from the newly-formed Employer Committee (EC), providing its first update on the 2017 valuation. This month’s briefing provides some further background on the 2017 valuation, and explains the role of the EC.
- [First briefing, May 2018 – DC disclosure costs and charges regulations](https://firstactuarial.co.uk/briefing/first-briefing-may-2018/) - Following the DWP's 2017, the government has now issued regulations and guidance on the disclosure of cost and charge information relating to occupational money purchase benefits. This should make it easier to compare value for money between schemes. In this First Briefing, we take you through the key elements of the new regulations.
- [FAB Index, 30 April 2018](https://firstactuarial.co.uk/briefing/fab-index-30-april-2018/)
- [Housing association briefing, April 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-april-2018/) - Our mental, physical, social and financial wellbeing make up our overall wellbeing. This briefing focuses on financial wellbeing, and specifically, how financial education can form part of pension consultation and improve the financial wellbeing of your employees.
- [First briefing, March 2018 – White Paper on protecting DB pension schemes](https://firstactuarial.co.uk/briefing/first-briefing-march-2018/) - In March, Government published a policy paper on how it intends to increase the protections for DB scheme members and make improvements to the pensions system. This First Briefing gives a summary of the main themes of the proposals, with some comment and analysis from First Actuarial.
- [FAB Index, 28 February 2018](https://firstactuarial.co.uk/briefing/fab-index-28-february-2018/)
- [Monkey League World Cup 2018 – Final positions](https://firstactuarial.co.uk/briefing/monkey-league-world-cup-2018-final-positions/) - The last bulletin of the First Actuarial 2018 Monkey World Cup, with top-drawer punditry and final league rankings.
- [First briefing, February 2018 – Auto-enrolment contribution phasing](https://firstactuarial.co.uk/briefing/first-briefing-february-2018-auto-enrolment-contribution-phasing/) - When the government introduced auto enrolment in 2012, it set minimum contribution levels that would increase over time. The first increase of this 'contribution phase' takes place on 6 April 2018. This briefing sets out the new rates and provides guidance on member communication and consultation, and the processing of partial payment periods reduced contribution
- [Housing association briefing, February 2018](https://firstactuarial.co.uk/briefing/housing-association-briefing-february-2018/) - Why are some housing associations leaving SHPS? In the wake of several high-profile departures, Sam Mullock, actuary, offers guidance for housing associations reviewing their pension strategy.
- [First briefing, January 2018 – Auto-enrolment review](https://firstactuarial.co.uk/briefing/first-briefing-january-2018/) - Although the automatic enrolment regime is not yet fully rolled out, the DWP has already carried out a review. The results of this review, which examined coverage of automatic enrolment, how engagement can be improved and future contributions have just been published. We provide a digest of the review's proposals and findings, assess the success of auto-enrolment to date,
- [First briefing, January 2018 – Record-keeping](https://firstactuarial.co.uk/briefing/january-2018-first-briefing-record-keeping/) - In November 2017, the Pensions Regulator published an update to its original guidance on record-keeping. The new guidance looks at measuring and improving the quality of pension scheme data. This briefing takes you through the new guidance and recommends a number of steps trustees should take.
- [Housing association briefing, January 2018](https://firstactuarial.co.uk/briefing/housing-briefing-january-2018/) - Make sure you're fully compliant with the next stages of auto-enrolment. Our January issue gives you a detailed summary of actions employers need to take.
- [Investment briefing, Q4 2017](https://firstactuarial.co.uk/briefing/investment-briefing-q4-2017/) - Dominic West, the latest graduate to join our investment team, speaks with Rob Skelton and Tiksha Kaul about issues of particular interest in fund management today and what it's like working in this area.
- [Investment briefing, Q3 2017](https://firstactuarial.co.uk/briefing/investment-briefing-q3-2017/) - In 2016 the Financial Stability Board set up a Task Force to assess climate change risk. In this briefings, we discuss the implications of the Task Force's recently-published recommendations. We also look at the investment case for funds focused on Environmental, Social and corporate Governance (ESG), highlighting investment options in this area.
- [Buy-out briefing 2017](https://firstactuarial.co.uk/briefing/buy-out-briefing-2017/) - In this briefing, we look back at the activity in the buy-in and buy-out market over 2016, and anticipate developments during 2017.
- [Investment briefing, Q1 2017](https://firstactuarial.co.uk/briefing/investment-briefing-q1-2017/) - In this briefing we ask – is now a good time to invest in property? January 2017 saw inflows of £434m into European property, the majority of which were to UK-centred property funds. Property has performed strongly over recent years, but does this mean that a crash is due?
- [Investment briefing, Q4 2016](https://firstactuarial.co.uk/briefing/investment-briefing-q4-2016/) - The decision to hedge, or not to hedge, currency exposure is an important one. Following significant change in the value of sterling, we take a timely look at the factors pension schemes should consider.
- [Investment briefing, Q3 2016](https://firstactuarial.co.uk/briefing/investment-briefing-q3-2016/) - UK Corporate bonds are an important investment component for many schemes. In view of the role of quantitative easing in pushing prices up, we ask: should trustees sell their UK corporate bonds and invest the profits elsewhere?
- [Buy-out briefing 2016](https://firstactuarial.co.uk/briefing/buy-out-briefing-2016/) - In this briefing, we look back at the activity in the buy-in and buy-out market over 2015, and anticipate developments during 2016.
- [Investment briefing, Q2 2016](https://firstactuarial.co.uk/briefing/investment-briefing-q2-2016/) - We look at the impact of the EU referendum result on financial markets at the time of writing, and discuss potential actions for trustees to consider.
- [Investment briefing, Q1 2016](https://firstactuarial.co.uk/briefing/investment-briefing-q1-2016/) - Uncertainty is the only certainty when it comes to the forthcoming EU referendum. However, that uncertainty may provide opportunities for pension schemes to lock into an improved funding position. We look back at the Scottish independence referendum of 2014 for lessons learned, and recommend 4 actions to consider.

## Brochures

- [Find out about money - A personal finance programme for your employees](https://firstactuarial.co.uk/brochure/find-out-about-money-a-personal-finance-programme-for-your-employees/) - Huge numbers of people suffer stress caused by money worries. As a result, they’re not happy at work, and they’re not fulfilling their potential. firstmoney is a financial wellbeing programme. It helps your employees understand more about budgeting, saving and borrowing, so they’re clearer about managing their money and their plans for the future.
- [Financial wellbeing services flyer](https://firstactuarial.co.uk/brochure/financial-wellbeing-services-flyer/)
- [Review your AVC arrangements](https://firstactuarial.co.uk/brochure/review-your-avc-arrangements/)
- [Employee Benefits Flyer](https://firstactuarial.co.uk/brochure/employee-benefits-flyer/)
- [DC Underpayment Flyer](https://firstactuarial.co.uk/brochure/dc-underpayment-flyer/)
- [Investment consultancy services](https://firstactuarial.co.uk/brochure/investment-consultancy-services/) - At First Actuarial, we work with trustees and sponsors on pension scheme investments. We specialise in advising small and medium pension schemes. We research funds and we design solutions that deliver practical outcomes for every scheme we work with.
- [Financial MOT tool](https://firstactuarial.co.uk/brochure/financial-mot-tool/)
- [Actuarial support for auditors](https://firstactuarial.co.uk/brochure/actuarial-support-for-auditors/)
- [How to deliver effective scheme governance and comply with general code](https://firstactuarial.co.uk/brochure/how-to-deliver-effective-scheme-governance-and-comply-with-general-code/)
- [Helping trade unions with pensions](https://firstactuarial.co.uk/brochure/helping-trade-unions-with-pensions/) - Helping Trade Unions - Services to trade unions - Services supporting trade union members - Services to trustees of trade union staff pension schemes - Why First Actuarial? We are the leading provider of pension services to the trade union movement – over the years we’ve advised more than half of today’s TUC affiliates
- [First Actuarial’s Implementation Statement service](https://firstactuarial.co.uk/brochure/first-actuarials-implementation-statement-service/) - Under new legislation, trustees must include an Implementation Statement in their scheme’s next annual report and accounts.
- [GMP Guide](https://firstactuarial.co.uk/brochure/gmp-guide/)
- [GMP Equalisation](https://firstactuarial.co.uk/brochure/gmp-equalisation/)
- [Flexible retirement options](https://firstactuarial.co.uk/brochure/flexible-retirement-options/) - Trustees and employers have a shared duty to provide members with good outcomes. The options they make available to members as they approach retirement are a key part of that responsibility
- [How to improve housing pension scheme governance](https://firstactuarial.co.uk/brochure/how-to-improve-housing-pension-scheme-governance/)
- [Pension scheme administration](https://firstactuarial.co.uk/brochure/pension-scheme-administration/) - From GMP equalisation to new regulations – change is always round the corner when you’re running a pension scheme. And at a time when members have unprecedented pension choices and high expectations as consumers, professional administration has never been more important.
- [Help with Defined Benefit pension schemes](https://firstactuarial.co.uk/brochure/help-with-defined-benefit-pension-schemes/) - Defined Benefit pensions have become more and more complex in recent years, with a dramatic increase in legislation. Over the same period, the cost to employers of providing pensions has grown, mainly as a result of longer life expectancy and changes to investment strategies that lock into lower expected returns.
- [Legal & General Group Protection](https://firstactuarial.co.uk/brochure/legal-general-group-protection/)
- [Health cash plans](https://firstactuarial.co.uk/brochure/health-cash-plans/)
- [Group dental assurance](https://firstactuarial.co.uk/brochure/group-dental-assurance/)
- [Group Critical Illness Protection](https://firstactuarial.co.uk/brochure/group-critical-illness-protection/)
- [Group Life Assurance](https://firstactuarial.co.uk/brochure/group-life-assurance/)
- [Group Income Protection](https://firstactuarial.co.uk/brochure/group-income-protection/)
- [FirstEngage](https://firstactuarial.co.uk/brochure/firstengage/)
- [DC health check](https://firstactuarial.co.uk/brochure/dc-health-check/) - Defined Benefit pensions have become more and more complex in recent years, with a dramatic increase in legislation. Over the same period, the cost to employers of providing pensions has grown, mainly as a result of longer life expectancy and changes to investment strategies that lock into lower expected returns.
- [Help with Defined Contribution pensions](https://firstactuarial.co.uk/brochure/help-with-defined-contribution-pensions/) - For many years, Defined Benefit workplace pension schemes were the norm, providing an income for life based on your salary. Today, Defined Contribution (DC) pension schemes have become the main way that UK employers help their employees to be better off in later life.
- [Group protection for smaller employers Legal & General](https://firstactuarial.co.uk/brochure/group-protection-for-smaller-employers-legal-general/)
- [Expert Witness Flyer](https://firstactuarial.co.uk/brochure/expert-witness-flyer/)
- [Pension Awareness](https://firstactuarial.co.uk/brochure/pension-awareness/)
- [Annual state of play 2023/2024](https://firstactuarial.co.uk/brochure/annual-state-of-play-2023-2024-2/)
- [Monitoring your fiduciary manager](https://firstactuarial.co.uk/brochure/monitoring-your-fiduciary-manager/)
- [Private medical insurance](https://firstactuarial.co.uk/brochure/private-medical-insurance/)
- [Improve financial wellbeing](https://firstactuarial.co.uk/brochure/improve-financial-wellbeing/) - Defined Benefit pensions have become more and more complex in recent years, with a dramatic increase in legislation. Over the same period, the cost to employers of providing pensions has grown, mainly as a result of longer life expectancy and changes to investment strategies that lock into lower expected returns.
- [Retirement one-to-ones](https://firstactuarial.co.uk/brochure/retirement-one-to-ones/)
- [Annual state of play 2022/2023](https://firstactuarial.co.uk/brochure/annual-state-of-play-2022-2023/)
- [How to win at buy-out](https://firstactuarial.co.uk/brochure/how-to-win-at-buy-out/) - When to buy-out - The buy-out shortfall may seem high but with careful planning this can turn around quickly. Start now and plan to succeed. How to prepare your scheme - Action plan To help you understand the timescale to buy-out and the steps needed. Data cleanse Insurance companies need clean data to give a
- [Annual state of play 2019/2020](https://firstactuarial.co.uk/brochure/annual-state-of-play-2019-2020/)
- [Annual state of play 2021/2022](https://firstactuarial.co.uk/brochure/annual-state-of-play-2021-2022/)
- [Annual state of play 2020/2021](https://firstactuarial.co.uk/brochure/annual-state-of-play-2020-2021/)
- [firstwatch - Helping housing associations navigate their pension arrangements](https://firstactuarial.co.uk/brochure/firstwatch-helping-housing-associations-navigate-their-pension-arrangements/) - Pension schemes are a key part of any staff benefit package. They help recruit, reward and retain valued staff. However, increasing costs and complexity are making it hard for housing associations to manage their pension arrangements.
- [Helping independent schools navigate their pension arrangements](https://firstactuarial.co.uk/brochure/helping-independent-schools-navigate-their-pension-arrangements/) - Pension schemes are a key part of any staff benefit package. They help recruit, reward and retain valued staff. However, increasing costs are making it hard for independent schools to manage their existing pension arrangements.
- [Client Hub Brochure](https://firstactuarial.co.uk/brochure/client-hub-brochure/) - The Hub helps trustees to run an efficient and compliant scheme by bringing together key documents and services in one central place.
- [Governance and Scheme Secretarial Services](https://firstactuarial.co.uk/brochure/governance-and-scheme-secretarial-services/)

## Bulletins

- [Monkey League World Cup 2026 - Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2026-bulletin-4/)
- [Monkey League World Cup 2026 - Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2026-bulletin-3/)
- [Monkey League World Cup 2026 - Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2026-bulletin-2/)
- [Monkey League World Cup 2026 - Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2026-bulletin-1/)
- [Monkey League 2025/26 - Bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-2025-26-bulletin-6/)
- [Monkey League 2025/26 - Bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-2025-26-bulletin-5/)
- [Monkey League 2025/26 - Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-2025-26-bulletin-4/)
- [Monkey League 2025/26 - Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-2025-26-bulletin-3/)
- [Monkey League 2025/26 - Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-2025-26-bulletin-2/)
- [Monkey League 2025/26 - Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-2025-26-bulletin-1/)
- [Monkey League 2024/25 - Bulletin 7](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-7/)
- [Monkey League 2024/25 - Bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-6/)
- [Monkey League 2024/25 - Bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-5/)
- [Monkey League 2024/25 - Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-4/)
- [Monkey League 2024/25 - Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-2/)
- [Monkey League 2024/25 - Bulletin](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-3/)
- [Monkey League 2024/25 - Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-2024-25-bulletin-1/)
- [Euros 24 - Bulletin 16](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-16/)
- [Euros 24 - Bulletin 15](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-15/)
- [Euros 24 - Bulletin 14](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-14/)
- [Euros 24 - Bulletin 13](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-13/)
- [Euros 24 - Bulletin 12](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-12/)
- [Euros 24 - Bulletin 11](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-11/)
- [Euros 24 - Bulletin 10](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-10/)
- [Euros 24 - Bulletin 9](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-9/)
- [Euros 24 - Bulletin 8](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-8/)
- [Euros 24 - Bulletin 7](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-7/)
- [Euros 24 - Bulletin 6](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-6/)
- [Euros 24 - Bulletin 5](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-5/)
- [Euros 24 - Bulletin 4](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-4/)
- [Euros 24 - Bulletin 3](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-3/)
- [Euros 24 - Bulletin 2](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-2/)
- [Euros 24 - Bulletin 1](https://firstactuarial.co.uk/bulletin/euros-24-bulletin-1/)
- [Monkey League 2023/24 - Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-2023-24-bulletin-4/)
- [Monkey League 2023/24 - Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-2023-24-bulletin-2/)
- [Monkey League 2023/24 - Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-2023-24-bulletin-3/)
- [Monkey League 2023/24 - Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-2023-24-bulletin-1/)
- [Monkey League 2022/23 – Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-2022-23-bulletin-4/)
- [Monkey League 2022/23 - Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-2022-23-bulletin-3/)
- [Monkey League 2022/23 – Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-2022-23-bulletin-2/)
- [Monkey League 2022/23 – Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-2022-23-bulletin-1/)
- [Monkey League World Cup 2022 - Bulletin 16](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-16/)
- [Monkey League World Cup 2022 – Bulletin 15](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-15/)
- [Monkey League World Cup 2022 – Bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-5/)
- [Monkey League World Cup 2022 – Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-4/)
- [Monkey League World Cup 2022 – Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-3/)
- [Monkey League World Cup 2022 – Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-2/)
- [Monkey League World Cup 2022 - Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-1/)
- [Monkey League World Cup 2022 – Bulletin 11](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-11/)
- [Monkey League World Cup 2022 – Bulletin 14](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-14/)
- [Monkey League World Cup 2022 - Bulletin 13](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-13/)
- [Monkey League World Cup 2022 – Bulletin 12](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-12/)
- [Monkey League World Cup 2022 - Bulletin 10](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-10/)
- [Monkey League World Cup 2022 – Bulletin 9](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-9/)
- [Monkey League World Cup 2022 - Bulletin 8](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-8/)
- [Monkey League World Cup 2022 - Bulletin 7](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-7/)
- [Monkey League World Cup 2022 - Bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-world-cup-2022-bulletin-6/)
- [Monkey League Euro 2020 Bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-6/)
- [Monkey League Euro 2020 Bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-4-2/)
- [Monkey League Euro 2020 Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-4/)
- [Monkey League Euro 2020 Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-3/)
- [Monkey League Euro 2020 Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-2/)
- [Monkey League Euro 2020 Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-1/)
- [Monkey League Euro 2020 – Bulletin 9](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-9/)
- [Monkey League Euro 2020 – Bulletin 8](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-8/)
- [Monkey League Euro 2020 – Bulletin 16](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-15-2/)
- [Monkey League Euro 2020 – Bulletin 15](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-15/)
- [Monkey League Euro 2020 – Bulletin 14](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-14/)
- [Monkey League Euro 2020 – Bulletin 13](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-13/)
- [Monkey League Euro 2020 – Bulletin 12](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-12/)
- [Monkey League Euro 2020 – Bulletin 11](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-11/)
- [Monkey League Euro 2020 – Bulletin 10](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-10/)
- [Monkey League Euro 2020 - Bulletin 7](https://firstactuarial.co.uk/bulletin/monkey-league-euro-2020-bulletin-7/)
- [Monkey League bulletin 7](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2/)
- [Monkey League bulletin 7](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2-2-2-2-2-2-2/)
- [Monkey League bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2/)
- [Monkey League bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2-2-2-2-2-2/)
- [Monkey League bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2/)
- [Monkey League bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2-2-2-2-2/)
- [Monkey League bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2-2-2-2/)
- [Monkey League bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2/)
- [Monkey League bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2/)
- [Monkey League bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2-2-2/)
- [Monkey League bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2-2/)
- [Monkey League bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2/)
- [Monkey League bulletin 15](https://firstactuarial.co.uk/bulletin/bulletin-15/)
- [Monkey League bulletin 13](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-13/)
- [Monkey League bulletin 11](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-11/)
- [Monkey League bulletin 10](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-10-2/)
- [Monkey League bulletin 10](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-10/)
- [Monkey League bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-2-2-2-2-2-2-2/)
- [Monkey League bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-bulletin-1/)
- [Monkey League 2021/22 – Bulletin 8](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-8/)
- [Monkey League 2021/22 – Bulletin 7](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-7/)
- [Monkey League 2021/22 – Bulletin 6](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-6/)
- [Monkey League 2021/22 – Bulletin 5](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-5/)
- [Monkey League 2021/22 – Bulletin 4](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-4/)
- [Monkey League 2021/22 – Bulletin 3](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-3/)
- [Monkey League 2021/22 – Bulletin 2](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-2/)
- [Monkey League 2021/22 - Bulletin 1](https://firstactuarial.co.uk/bulletin/monkey-league-2021-22-bulletin-1/)

## Case studies

- [Barnardo’s](https://firstactuarial.co.uk/case-studies/barnardos/)
- [BACB](https://firstactuarial.co.uk/case-studies/bacb/)
- [Standard Group](https://firstactuarial.co.uk/case-studies/standard_group/)
- [Bolton Cares](https://firstactuarial.co.uk/case-studies/bolton-cares/)
- [Aster Group](https://firstactuarial.co.uk/case-studies/aster-group/)
- [Amusement Equipment](https://firstactuarial.co.uk/case-studies/amusement-equipment/)
- [Watford Community Housing](https://firstactuarial.co.uk/case-studies/watford-community-housing/)
- [Usdaw](https://firstactuarial.co.uk/case-studies/12404/)
- [The Kennel Club](https://firstactuarial.co.uk/case-studies/the-kennel-club/)
- [Southern Co-op](https://firstactuarial.co.uk/case-studies/southern-co-op/)
- [SBAC](https://firstactuarial.co.uk/case-studies/sbac/)
- [Saffron Building Society](https://firstactuarial.co.uk/case-studies/saffron-building-society/)
- [RSPB](https://firstactuarial.co.uk/case-studies/rspb/) - The RSPB was determined to minimise the impact of its new defined contribution scheme on employees, and appointed First Actuarial to support the transition and select a provider with strong ethical values.
- [PremierFirst](https://firstactuarial.co.uk/case-studies/premierfirst/)
- [Patersons of Greenoakhill Ltd](https://firstactuarial.co.uk/case-studies/patersons-quarries/)
- [Oil and Gas Industry](https://firstactuarial.co.uk/case-studies/oil-and-gas-industry/)
- [Hachette UK](https://firstactuarial.co.uk/case-studies/hachette-uk/)
- [FTSE 100 business](https://firstactuarial.co.uk/case-studies/ftse-100-business/)
- [Diabetes UK](https://firstactuarial.co.uk/case-studies/diabetes-uk/)
- [CWU](https://firstactuarial.co.uk/case-studies/royal-mail/)
- [Cheam School](https://firstactuarial.co.uk/case-studies/cheam-school/)
- [BSRIA](https://firstactuarial.co.uk/case-studies/bsria/)
- [Bromford](https://firstactuarial.co.uk/case-studies/bromford/)

## FAB Indexs

- [FAB Index, 28 February 2018](https://firstactuarial.co.uk/fabindex/28-february-2018/) - Return of the pensions ‘yo-yo’, as the FAB Index remains stable. The pensions ‘yo-yo’ surfaced again in February 2018, with the PPF 7800 Index falling back from its near 4-year record high last month. In contrast, First Actuarial’s Best estimate (FAB) Index remained stable for the fourth consecutive month.
- [FAB Index, 31 January 2018](https://firstactuarial.co.uk/fabindex/31-january-2018/) - Over the month to 31 January 2018, First Actuarial’s Best estimate (FAB) Index remained stable, with the surplus in the UK’s 6,000 defined benefit (DB) pension schemes falling slightly from £357bn to £356bn.
- [FAB Index, 30 April 2018](https://firstactuarial.co.uk/fabindex/fab-index-30-april-2018/)
- [FAB Index, 31 May 2018](https://firstactuarial.co.uk/fabindex/fab-index-31-may-2018/)
- [FAB Index, 30 June 2018](https://firstactuarial.co.uk/fabindex/fab-index-30-june-2018/)
- [FAB Index, 31 July 2018](https://firstactuarial.co.uk/fabindex/fab-index-31-july-2018/)
- [FAB Index, 31 August 2018](https://firstactuarial.co.uk/fabindex/fab-index-31-august-2018/)

## Featured Articles

- [Keep calm and Carillion - The company’s pension schemes are more secure than they look](https://firstactuarial.co.uk/article/keep-calm-and-carillion-the-companys-pension-schemes-are-more-secure-than-they-look/) - First Actuarial’s Catherine Lockyer sheds light on the doom and gloom surrounding Carillion’s pension schemes.
- [In defence of small pension schemes – Big isn’t always better](https://firstactuarial.co.uk/article/in-defence-of-small-pension-schemes-big-isnt-always-better/) - First Actuarial’s Henry Tapper takes the measure of attacks on small pension schemes, in the wake of recent superfund announcements.
- [CDC pensions and Spotify – More in common than you might think](https://firstactuarial.co.uk/article/cdc-pensions-and-spotify-more-in-common-than-you-might-think/) - Collective Defined Contribution, or CDC, could transform the retirement experience, argues First Actuarial’s Henry Tapper.
- [What is the 'net-pay anomaly' and does it matter to pensions?](https://firstactuarial.co.uk/article/what-is-the-net-pay-anomaly-and-does-it-matter-to-pensions/) - In the January 2019 issue of T-C News, First Actuarial's Henry Tapper explores the ramifications of the 'net-pay anomaly' - the fact that payment of tax relief where no tax is paid applies to PRAS (Pension Tax Relief At Source) but not to net-pay pension schemes.
- [Bonds – A licence to kill?](https://firstactuarial.co.uk/article/bonds-a-licence-to-kill/) - In the April 2019 issue of Pensions Aspects, First Actuarial's Marcos Abreu questions the enduring appeal of bond investments in Defined Benefit (DB) pension schemes across the developed world. In the UK, for example, figures show private sector DB schemes doubling their total allocation to bonds in just over a decade. Marcos asks whether bond
- [CDC is key for nascent cultural revolution](https://firstactuarial.co.uk/article/cdc-is-key-for-nascent-cultural-revolution/) - The general election showed an increasing focus on collective over individual interests. CDC could fit right in, says Hilary Salt.

## Surveys

- [IPT Survey 2025](https://firstactuarial.co.uk/survey/ipt-survey-2026/)
- [Client Survey 2025](https://firstactuarial.co.uk/survey/client-survey-2025/)
- [FRS 102 Survey 2025](https://firstactuarial.co.uk/survey/frs-102-survey-2025/)
- [Charity survey 2025](https://firstactuarial.co.uk/survey/charity-survey-2025/)
- [FRS 102 Survey 2024](https://firstactuarial.co.uk/survey/frs-102-survey-2024/)
- [Client Survey 2024](https://firstactuarial.co.uk/survey/client-survey-2024/)
- [FRS 102 Survey 2023](https://firstactuarial.co.uk/survey/frs-102-survey-2023/)
- [FRS 102 Survey 2022](https://firstactuarial.co.uk/survey/frs-102-survey/)
- [Client Survey 2023](https://firstactuarial.co.uk/survey/client-survey-2023/)
- [FRS 102 Survey 2021](https://firstactuarial.co.uk/survey/frs-102-survey-2021/)
- [Client Survey 2021](https://firstactuarial.co.uk/survey/client-survey-2021/)
- [Client Survey 2022](https://firstactuarial.co.uk/survey/client-survey-2022/)

## Team Members

- [Andrew Allsopp](https://firstactuarial.co.uk/teammember/andrew-allsopp/)
- [James Allen](https://firstactuarial.co.uk/teammember/james-allen/)
- [Joe Bronstein](https://firstactuarial.co.uk/teammember/joe-bronstein/)
- [Neal Thompson](https://firstactuarial.co.uk/teammember/neal-thompson/)
- [Dale Walmsley](https://firstactuarial.co.uk/teammember/dale-walmsley/)
- [James Milligan](https://firstactuarial.co.uk/teammember/james-milligan/)
- [Stephen Kilgannon](https://firstactuarial.co.uk/teammember/stephen-kilgannon/)
- [Emily Brown](https://firstactuarial.co.uk/teammember/emily-brown/)
- [Craig Moran](https://firstactuarial.co.uk/teammember/craig-moran/)
- [Sarah Abraham](https://firstactuarial.co.uk/teammember/sarah-abraham/)
- [John Ingoe](https://firstactuarial.co.uk/teammember/john-ingoe/)
- [Kirk Hinton](https://firstactuarial.co.uk/teammember/kirk-hinton/)
- [George Metcalf](https://firstactuarial.co.uk/teammember/george-metcalf/)
- [Claire Fuller](https://firstactuarial.co.uk/teammember/claire-fuller/)
- [Mark Riches](https://firstactuarial.co.uk/teammember/mark-riches/)
- [Kiran Mandal](https://firstactuarial.co.uk/teammember/kiran-mandal/)
- [Sana Rashid](https://firstactuarial.co.uk/teammember/sana-rashid/)
- [Zoë Sadler](https://firstactuarial.co.uk/teammember/zoe-sadler/)
- [Jon Bird](https://firstactuarial.co.uk/teammember/jon-bird/)
- [Suzie Nedza](https://firstactuarial.co.uk/teammember/suzie-nedza/)
- [Lee French](https://firstactuarial.co.uk/teammember/lee-french/)
- [Sam Mullock](https://firstactuarial.co.uk/teammember/sam-mullock/)
- [Natalie Ogden](https://firstactuarial.co.uk/teammember/natalie-ogden/)
- [Aaron Love](https://firstactuarial.co.uk/teammember/aaron-love/)
- [Camille French](https://firstactuarial.co.uk/teammember/camille-french/)
- [Robert Hurst](https://firstactuarial.co.uk/teammember/robert-hurst/)
- [David Parfett](https://firstactuarial.co.uk/teammember/david-parfett/)
- [Ross Bennett](https://firstactuarial.co.uk/teammember/mark-turner/)
- [Mark Frost](https://firstactuarial.co.uk/teammember/mark-frost/)
- [Carl Fletcher](https://firstactuarial.co.uk/teammember/carl-fletcher/)
- [Adam Michaels](https://firstactuarial.co.uk/teammember/adam-michaels/)
- [Manoj Patel](https://firstactuarial.co.uk/teammember/manoj-patel/)
- [Marcos Abreu](https://firstactuarial.co.uk/teammember/marcos-abreu/)
- [Martin Harlow](https://firstactuarial.co.uk/teammember/martin-harlow/)
- [Peter Norman](https://firstactuarial.co.uk/teammember/peter-norman/)
- [Phil Kelly](https://firstactuarial.co.uk/teammember/phil-kelly/)
- [Scott Harrison](https://firstactuarial.co.uk/teammember/scott-harrison/)
- [Katja Maiberger-Higgins](https://firstactuarial.co.uk/teammember/katja-maiberger-higgins/)
- [Gavin Thorn](https://firstactuarial.co.uk/teammember/gavin-thorn/)
- [Louise Foxton](https://firstactuarial.co.uk/teammember/louise-foxton/)
- [David Joy](https://firstactuarial.co.uk/teammember/david-joy/)
- [Catherine Lockyer](https://firstactuarial.co.uk/teammember/catherine-lockyer/)
- [Neil Kempshall](https://firstactuarial.co.uk/teammember/neil-kempshall/)
- [Simon Redfern](https://firstactuarial.co.uk/teammember/simon-redfern/)
- [Martin Leigh](https://firstactuarial.co.uk/teammember/martin-leigh/)
- [Robert Nash](https://firstactuarial.co.uk/teammember/robert-nash/)
- [Jen Hodgson](https://firstactuarial.co.uk/teammember/jen-hodgson/)
- [Mark Rowlinson](https://firstactuarial.co.uk/teammember/mark-rowlinson/)
- [Declan Keohane](https://firstactuarial.co.uk/teammember/declan-keohane/)
- [Phil Sargent](https://firstactuarial.co.uk/teammember/phil-sargent/)
- [Rohit Siqueira](https://firstactuarial.co.uk/teammember/rohit-siqueira/)
- [Kate Hulme-Vickerstaff](https://firstactuarial.co.uk/teammember/kate-hulme-vickerstaff/)
- [Russell Oades](https://firstactuarial.co.uk/teammember/russell-oades/)
- [Richard Lunt](https://firstactuarial.co.uk/teammember/richard-lunt/)
- [Colin Freeman](https://firstactuarial.co.uk/teammember/colin-freeman/)
- [Katie Trevelyan](https://firstactuarial.co.uk/teammember/katie-trevelyan/)
- [Steve Higginbottom](https://firstactuarial.co.uk/teammember/steve-higginbottom/)
- [Andrew Overend](https://firstactuarial.co.uk/teammember/andrew-overend/)
- [Laura Chesson](https://firstactuarial.co.uk/teammember/laura-chesson/)
- [Tim Jones](https://firstactuarial.co.uk/teammember/tim-jones/)
- [Michael Hulme-Vickerstaff](https://firstactuarial.co.uk/teammember/michael-hulme-vickerstaff/)
- [Chris Martin](https://firstactuarial.co.uk/teammember/chris-martin/)
- [David Thirlwell](https://firstactuarial.co.uk/teammember/david-thirlwell/)

## Testimonials

- [Testimonial 4](https://firstactuarial.co.uk/testimonial/19098/) - Everyone at First Actuarial always ensures that work is considered in a timely manner. I am particularly impressed by the fact that the Scheme Actuary takes the time to have a quick chat to ensure that the Trustees and First Actuarial are up to speed on all relevant issues.
- [Testimonial 2](https://firstactuarial.co.uk/testimonial/testimonial-2/) - We have worked with First Actuarial now for a number of years. We use both their actuarial and administration services and recommend them for their quality of work and advice which always meets our requirements.
- [Testimonial 6](https://firstactuarial.co.uk/testimonial/testimonial-6/) - I find the First Actuarial team very approachable and understanding – they engage us 'where we are at' rather than talking over our heads. All queries are answered with incredible grace and respect.
- [Testimonial 3](https://firstactuarial.co.uk/testimonial/testimonial-3/) - Staff are professional and knowledgeable, and have the ability to explain complex technical areas. They are also super friendly, approachable and flexible, which made working together so rewarding.
- [Testimonial 1](https://firstactuarial.co.uk/testimonial/testimonial-1/) - Cannot compliment First Actuarial highly enough. Game-changing advice in a world of huge uncertainty!

## Videos

- [Pension Salary Exchange](https://firstactuarial.co.uk/video/pension_salary_exchange/)
- [Client Hub - Documents](https://firstactuarial.co.uk/video/client-hub-documents/)
- [Client Hub - Governance](https://firstactuarial.co.uk/video/client-hub-governance/)
- [First Actuarial's graduate programme](https://firstactuarial.co.uk/video/first-actuarials-graduate-programme/) - Find out more about what makes our graduate programme one of the best.
- [An internship at First Actuarial](https://firstactuarial.co.uk/video/an-internship-at-first-actuarial/) - Learn about what it's like to be an intern with First Actuarial
- [Working at First Actuarial](https://firstactuarial.co.uk/video/working-at-first-actuarial/) - Learn more about what it's live to work with us as First Actuarial
- [firstmoney – A personal finance programme for your employees](https://firstactuarial.co.uk/video/first-money-a-personal-finance-programme-for-your-employees/) - Improve staff retention and productivity by lifting away your employees’ financial anxieties, with our tailored financial education programmes.
- [5 things to ask your trustee board at the next actuarial valuation](https://firstactuarial.co.uk/video/5-things-to-ask-your-trustee-board-at-the-next-actuarial-valuation/) - To make sure you’re not paying too much money into your pension scheme, here are 5 questions employers should ask their trustee board.
- [Planning to wind up your Defined Benefit pension scheme?](https://firstactuarial.co.uk/video/planning-to-wind-up-your-defined-benefit-pension-scheme/) - How to work out the right time to wind-up your DB pension scheme, and plan ahead if that right time isn’t now.
- [Level income option](https://firstactuarial.co.uk/video/level-income-option-how-to-give-your-members-a-more-stable-retirement-income/) - A level income option gives members flexibility to reshape pension benefits around their state pension age, while reducing the risk in your DB pension scheme.
- [The Implementation Statement](https://firstactuarial.co.uk/video/the-implementation-statement/) - Trustees need to include an Implementation Statement in their next annual report and accounts. We explain the new requirements and how we can help you meet them.
- [GMP equalisation – Equalisation methods for past payments](https://firstactuarial.co.uk/video/equalisation-methods-for-past-payments/)
- [GMP equalisation – The conversion approach](https://firstactuarial.co.uk/video/gmp-equalisation-the-conversion-approach/)
- [GMP equalisation – Using dual records, part 2](https://firstactuarial.co.uk/video/equalisation-using-dual-records/)
- [Liability Driven Investment](https://firstactuarial.co.uk/video/liability-driven-investment/)
- [How to avoid pension scams](https://firstactuarial.co.uk/video/how-to-avoid-pension-scams/)
- [Cost of living crisis](https://firstactuarial.co.uk/video/cost-of-living-crisis/)

## Magazines

- [Voices 2025](https://firstactuarial.co.uk/magazine/voices-2025/)
- [Voices 2024](https://firstactuarial.co.uk/magazine/19042/)

## Collective Defined Contribution

- [CDC pensions](https://firstactuarial.co.uk/cdc/home/) - Find out about CDC, the new type of pension scheme. We help employers provide a reliable retirement income for all their colleagues.
- [CDC consultancy](https://firstactuarial.co.uk/cdc/cdc-consultancy/) - CDC is a new type of pension, benefitting employers and employees alike. Find out what CDC can offer your organisation with our CDC consultancy service.

## Defined Benefit

- [Scheme governance services](https://firstactuarial.co.uk/db/trustee-services/scheme-governance-services/) - Put compliant and cost-effective governance in place for your Defined Benefit scheme. We take care of regulatory compliance for time-pressed trustees.
- [Trustee services](https://firstactuarial.co.uk/db/trustee-services/) - Discover First Actuarial's services for trustees of Defined Benefit pension schemes. We help trustees run cost-efficient schemes and look after scheme members.
- [Employer services](https://firstactuarial.co.uk/db/employer-services/) - Many employers struggle to meet their Defined Benefit scheme responsibilities. Get help on overseeing trustees, company accounting and managing liabilities.
- [Scheme secretarial services](https://firstactuarial.co.uk/db/trustee-services/scheme-secretarial-services/) - Run your Defined Benefit scheme efficiently. Our scheme secretaries will keep it organiz ed and compliant, and spot issues that trustees sometimes miss.
- [DB](https://firstactuarial.co.uk/db/defined-benefit/) - Discover First Actuarial's services for Defined Benefit schemes. We help trustees and sponsors run cost-efficient schemes and look after scheme members.
- [Risk transfer services](https://firstactuarial.co.uk/db/employer-services/risk-transfer-employers/) - Discover First Actuarial's risk transfer services for employers. We can spot the right opportunity to buy-out cost-effectively, and help your buy-out run smoothly.
- [Risk transfer services](https://firstactuarial.co.uk/db/trustee-services/risk-transfer-trustees/) - Discover First Actuarial's risk transfer services for trustees. We can spot the right opportunity to buy-out cost-effectively, and help your buy-out run smoothly.
- [Help with the PPF levy](https://firstactuarial.co.uk/db/employer-services/help-with-the-ppf-levy/) - Get help reducing the PPF levies on your Defined Benefit scheme. This may not always be possible, but it’s surprising how often we save employers money.
- [Corporate change](https://firstactuarial.co.uk/db/employer-services/corporate-change/) - Make sure you factor in any pension issues throughout a merger or acquisition. We can anticipate problems early on and avoid last minute surprises and hold-ups.
- [Liability management](https://firstactuarial.co.uk/db/employer-services/liability-management/) - Make sure your company is aware of all options when managing Defined Benefit scheme liabilities. We help balance staff needs with organisational objectives.
- [Investment review](https://firstactuarial.co.uk/db/employer-services/investment-review/) - Make sure your company's interests are fully represented in discussions on Defined Benefit scheme investments. Discover our scheme investment review service.
- [Funding negotiations](https://firstactuarial.co.uk/db/employer-services/help-with-funding-negotiations/) - Make sure your company isn’t paying more than necessary into its Defined Benefit scheme. Our specialists can help you challenge trustees, if necessary.
- [Pension cost accounting](https://firstactuarial.co.uk/db/employer-services/pension-cost-accounting/) - Get high quality pension cost accounting services at a reasonable fee. We produce accurate calculations efficiently for employers.
- [Scheme review and design](https://firstactuarial.co.uk/db/employer-services/scheme-review-and-design/) - Get your Defined Benefit pension scheme arrangements reviewed by pension specialists, and make sure they remain fit for purpose.
- [Communication services](https://firstactuarial.co.uk/db/trustee-services/communication/) - Provide clear information to your pension scheme members. First Actuarial helps DB scheme trustees to fulfill their duty of looking after members.
- [Investment consultancy](https://firstactuarial.co.uk/db/trustee-services/investment-consultancy/) - Discover First Actuarial's investment service for DB schemes. Investment strategy, fund manager selection, transition services, monitoring and dynamic de-risking.
- [Help with the PPF levy](https://firstactuarial.co.uk/db/trustee-services/help-with-the-ppf-levy/) - Get help reducing the PPF levies on your Defined Benefit scheme. This may not always be possible, but it’s surprising how often we save trustees money.
- [Administration services](https://firstactuarial.co.uk/db/trustee-services/administration-services/) - Discover First Actuarial's scheme administration services. From a simple help desk to pensioner payroll, accounts production and bank account management
- [Scheme Actuary services](https://firstactuarial.co.uk/db/trustee-services/scheme-actuary-services/) - Discover First Actuarial's Scheme Actuary services for trustees of Defined Benefit schemes. Pragmatic solutions and high-quality services at a fair price.

## Defined Contribution

- [Salary exchange](https://firstactuarial.co.uk/dc/salary-exchange/) - Make your organisation's DC pension scheme contributions more efficient. First Actuarial helps employers set up a salary exchange programme.
- [Helping your employees understand and value the scheme](https://firstactuarial.co.uk/dc/helping-your-employees-understand-and-value-the-scheme/) - Help your people understand the benefits of your DC pension arrangements. First Actuarial can provide face-to-face sessions, bespoke websites, modellers and apps.
- [Financial wellbeing](https://firstactuarial.co.uk/dc/financial-wellbeing/) - Make sure your company supports employee wellbeing. Discover First Actuarial's financial wellbeing services.
- [Helping you with your investment decisions](https://firstactuarial.co.uk/dc/helping-you-with-your-investment-decisions/) - Make sure your organisation meets the legal requirement to provide a default investment fund for your DC pension scheme. Discover our DC investment service.
- [Helping you choose a pension and set it up](https://firstactuarial.co.uk/dc/helping-you-choose-a-pension-and-set-it-up/) - Make sure your organisation has the most suitable Defined Contribution pension provider in place. We offer a range of services to suit every budget.
- [Making sure you get auto enrolment and re enrolment right](https://firstactuarial.co.uk/dc/making-sure-you-get-auto-enrolment-and-re-enrolment-right/) - Make sure your auto-enrolment and re-enrolment pension arrangements comply with regulations and meet communication and record-keeping requirements.
- [Design and benchmarking](https://firstactuarial.co.uk/dc/design-and-benchmarking/) - Make sure your Defined Contribution pension arrangements are cost-efficient and meet employer and employees needs with our DC design and benchmarking service.
- [Pension Scheme Governance](https://firstactuarial.co.uk/dc/pension-scheme-governance/) - Make sure your organisation's Defined Contribution pension arrangements are well run and deliver value for money with our governance services.
- [Defined Contribution](https://firstactuarial.co.uk/dc/dc/) - If you're an employer, get help managing your Defined Contribution pension arrangements. Discover First Actuarial's Defined Contribution services.

## Financial Wellbeing

- [Financial wellbeing and the cost of living crisis](https://firstactuarial.co.uk/fw/cost-of-living/) - Help your colleagues manage their money during the cost of living crisis. Discover our tips and resources for saving money on energy and household expenses.
- [Pension awareness](https://firstactuarial.co.uk/fw/pension-awareness/) - How pension aware are you and your colleagues? Answer our simple questions and discover our financial wellbeing services.
- [Our building blocks](https://firstactuarial.co.uk/fw/our-building-blocks/) - Improve financial wellbeing in your workplace. We deliver a range of services for employees, from workshops and surgeries to websites and webinars.
- [Support for employees through change](https://firstactuarial.co.uk/fw/support-through-change/) - Get expert help on explaining any pension changes you’re making to your staff. And make sure they make the right choices for their needs.
- [Ongoing Support](https://firstactuarial.co.uk/fw/ongoing-support/) - Help your colleagues deal with stress caused by money worries. Discover First Actuarial's financial wellbeing programme.
- [Financial wellbeing](https://firstactuarial.co.uk/fw/fw/) - First Actuarial provides a range of online and face-to-face services to help you improve wellbeing in the workplace by supporting your staff with personal finance and pension information and guidance.
- [Protect your workforce against pension scams](https://firstactuarial.co.uk/fw/protect-your-workforce-against-pension-scams/) - Protect your colleagues against pension scams. Discover how First Actuarial is playing an active role to combat the pension scammers.
- [Retirement Planner](https://firstactuarial.co.uk/fw/retirement-planner/) - Help your colleagues take control of their financial future. Discover our Retirement Planner, which helps people visualise and plan their retirement income.
- [Improve wellbeing with our Financial MOT tool](https://firstactuarial.co.uk/fw/improve-wellbeing-with-our-financial-mot-tool/) - Help your colleagues take control of their personal finances. Find out about our low-cost Financial MOT online tool.
- [Covid-19 and your employees – A webinar for personal and financial wellbeing](https://firstactuarial.co.uk/fw/covid-19-and-your-employees-a-webinar-for-personal-and-financial-wellbeing/) - First Actuarial, a leading provider of financial wellbeing services in the workplace, is here to help. We are offering a Covid-19 wellbeing webinar recording, available to all UK employers and their staff, free of charge.
- [Covid-19 Webinar](https://firstactuarial.co.uk/fw/covid-19-webinar/)

## Investment Services

- [Capture improvements in your funding level](https://firstactuarial.co.uk/inv/capture-improvements-in-your-funding-level/) - Make sure your pension scheme switches its investments at the best moment. Our investment service will help you act quickly to capture funding improvements.
- [Investment Monitoring](https://firstactuarial.co.uk/inv/investment-monitoring/) - Make sure you meet the legal requirement to monitor your pension scheme investments. Discover First Actuarial's investment monitoring service.
- [Fiduciary manager selection](https://firstactuarial.co.uk/inv/fiduciary-manager-selection/) - Make sure your pension scheme has the right fiduciary adviser in place. Discover our independent fiduciary manager selection service.
- [Investment Services](https://firstactuarial.co.uk/inv/home/) - Make sure your pension scheme strikes the right balance between risks and returns. Discover our range of investment consultancy services for scheme trustees.
- [Investment research service](https://firstactuarial.co.uk/inv/investment-research-service/) - Make sure your pension scheme investment decisions are based on reliable research. Discover our investment research service for scheme trustees.
- [Transition management](https://firstactuarial.co.uk/inv/transition-management/) - Are you happy with the way your pension scheme makes changes to its investments? We help trustees transition assets effectively while managing the risk.
- [Environmental, Social and Governance ESG](https://firstactuarial.co.uk/inv/environmental-social-and-governance-esg/) - Make sure you monitor the ESG characteristics of your scheme investments. We help trustees with their SIP, Implementation Statement and other legal requirements.
- [Setting up long-term funding targets](https://firstactuarial.co.uk/inv/setting-up-long-term-funding-targets/)
- [Investment strategy review](https://firstactuarial.co.uk/inv/investment-strategy-review/)

## Not For Profit

- [Helping housing association employees in higher tax bands](https://firstactuarial.co.uk/nfp/housing-associations/helping-housing-association-employees-in-higher-tax-bands/) - Support colleagues in higher tax bands in your housing associations. We can help review pension arrangements, set policies and provide financial education.
- [Pension services for LGPS employers](https://firstactuarial.co.uk/nfp/lgps/) - Does your organisation participate in the LGPS? We give expert guidance on risks, costs, admission agreements, funding strategies and termination debt policies.
- [Pension services for independent schools](https://firstactuarial.co.uk/nfp/independent-schools/) - Is your independent school struggling to provide pensions in today's challenging climate? Discover our pension services for schools.
- [Helping you through housing association mergers and acquisitions](https://firstactuarial.co.uk/nfp/housing-associations/helping-you-through-housing-association-mergers-and-acquisitions/) - Get expert help managing the pension aspects of your housing association merger or acquisition from our specialist team.
- [Pension services for housing associations](https://firstactuarial.co.uk/nfp/housing-associations/) - First Actuarial has a specialist buy-out team that understands the pension scheme buy-out market. We can explain the dos and don’ts to help your buy-out run more smoothly. Our team can also track the cost of securing your liabilities so you can spot the right opportunity to buy out cost-effectively.
- [Reviewing your housing association pension provision](https://firstactuarial.co.uk/nfp/housing-associations/reviewing-your-housing-association-pension-provision/) - Review your housing association's pension provision. Our specialist team has expertise on SHPS, LGPS, Growth Plan, master trust DC schemes and bespoke schemes.
- [FRS 102 company accounting for housing associations](https://firstactuarial.co.uk/nfp/housing-associations/company-accounting-for-housing-associations/) - Meet your housing association's company accounting requirements. We can help with deficit contribution calculations and pension liability reconciliations.
- [Salary exchange for housing associations](https://firstactuarial.co.uk/nfp/housing-associations/setting-up-a-salary-exchange-arrangement/) - Increase your housing association's employee take-home pay and reduce employer NI contributions. We can help you implement salary exchange arrangements.
- [Communicating with members of your housing association pension scheme](https://firstactuarial.co.uk/nfp/housing-associations/communicating-with-members-of-your-housing-association-pension-scheme/) - Get help communicating the value of pension provision to your employees. Give your colleagues a greater appreciation of the benefit package you provide.
- [Managing termination debts](https://firstactuarial.co.uk/nfp/housing-associations/managing-termination-debts/) - Get expert help avoiding or minimising termination debts when your housing association moves its occupational pension scheme.
- [Pension services for not-for-profit organisations](https://firstactuarial.co.uk/nfp/nfp/) - Is your not-for-profit organisation struggling to provide competitive pensions to recruit and retain staff? Discover our pension services for not-for-profits.
- [Pension services for charities](https://firstactuarial.co.uk/nfp/pension-services-for-charities/) - Is your charity struggling to provide competitive pensions to recruit and retain staff? Discover First Actuarial's pension services for the third sector.
- [Pension services for NHS trusts](https://firstactuarial.co.uk/nfp/nhs/) - Do your NHS trust colleagues understand the value of the pension you provide? Discover First Actuarial's pension services for NHS trusts.
- [Pension services for trade unions](https://firstactuarial.co.uk/nfp/trade-unions/) - If you're a trade unionist involved in pensions work, discover our pension services for trade unions. We help trade unions support members on pension issues.

## Categories

- [Uncategorised](https://firstactuarial.co.uk/category/uncategorised/)
- [News](https://firstactuarial.co.uk/category/news/)
- [Trade union briefings](https://firstactuarial.co.uk/category/trade-union-briefings/)
- [Buy-out briefings](https://firstactuarial.co.uk/category/buy-out-briefings/)
- [Quarterly investment briefings](https://firstactuarial.co.uk/category/quarterly-investment-briefings/)
- [Housing association briefings](https://firstactuarial.co.uk/category/housing-association-briefings/)
- [DC Briefings](https://firstactuarial.co.uk/category/dc-briefings/)
- [First briefings](https://firstactuarial.co.uk/category/first-briefings/)
- [FAB Index](https://firstactuarial.co.uk/category/fab-index/)
- [IFE briefings](https://firstactuarial.co.uk/category/ife-briefings/)
- [Independent schools briefings](https://firstactuarial.co.uk/category/independent-schools-briefings/)
- [Employer Services Briefings](https://firstactuarial.co.uk/category/employer-services-briefings/)
- [Mortality briefings](https://firstactuarial.co.uk/category/mortality-briefings/)
- [Group protection briefings](https://firstactuarial.co.uk/category/group-protection-briefings/)

## Resource Category

- [Financial wellbeing](https://firstactuarial.co.uk/resource-category/rc-fw/)
- [Defined Benefit](https://firstactuarial.co.uk/resource-category/rc-db/)
- [De-risking](https://firstactuarial.co.uk/resource-category/rc-dr/)
- [Defined Contribution](https://firstactuarial.co.uk/resource-category/rc-dc/)
- [Investment](https://firstactuarial.co.uk/resource-category/rc-i/)
- [Housing](https://firstactuarial.co.uk/resource-category/rc-h/)
- [Not for profit](https://firstactuarial.co.uk/resource-category/rc-nfp/)
- [Administration](https://firstactuarial.co.uk/resource-category/rc-a/)
- [Trade unions](https://firstactuarial.co.uk/resource-category/rc-tu/)
- [Schools](https://firstactuarial.co.uk/resource-category/rc-s/)
- [Buy-out](https://firstactuarial.co.uk/resource-category/rc-bo/)
- [About First Actuarial](https://firstactuarial.co.uk/resource-category/rc-fa/)
- [Employee Benefits](https://firstactuarial.co.uk/resource-category/rc-eb/)

## Team Member Category

- [Administration team](https://firstactuarial.co.uk/team-member-category/administration-team/)
- [Risk transfer team](https://firstactuarial.co.uk/team-member-category/risk-transfer-team/)
- [DB consulting team](https://firstactuarial.co.uk/team-member-category/db-consulting-team/)
- [Employer services team](https://firstactuarial.co.uk/team-member-category/employer-services-team/)
- [Financial wellbeing team](https://firstactuarial.co.uk/team-member-category/financial-wellbeing-team/)
- [Trade union team](https://firstactuarial.co.uk/team-member-category/trade-union-team/)
- [Our partners](https://firstactuarial.co.uk/team-member-category/our-partners/)
- [Housing and LGPS team](https://firstactuarial.co.uk/team-member-category/housing-and-lgps-team/)
- [Independent schools team](https://firstactuarial.co.uk/team-member-category/independent-schools-team/)
- [Investment team](https://firstactuarial.co.uk/team-member-category/investment-team/)
- [NHS team](https://firstactuarial.co.uk/team-member-category/nhs-team/)
- [DC consulting team](https://firstactuarial.co.uk/team-member-category/dc-consulting-team/)
- [Not-for-profit team](https://firstactuarial.co.uk/team-member-category/not-for-profit-team/)
- [Financial modelling and share schemes](https://firstactuarial.co.uk/team-member-category/financial-modelling-and-share-schemes/)
- [CDC team](https://firstactuarial.co.uk/team-member-category/cdc-team/)
- [Pension redress team](https://firstactuarial.co.uk/team-member-category/pension-redress-team/)
- [Public service pensions](https://firstactuarial.co.uk/team-member-category/public-service-pensions/)
- [Group protection team](https://firstactuarial.co.uk/team-member-category/group-protection-team/)
- [Employee benefits team](https://firstactuarial.co.uk/team-member-category/employee-benefits-team/)
- [Associate partners](https://firstactuarial.co.uk/team-member-category/associate-partners/)
- [Benefits Corrections (including GMP equalisation)](https://firstactuarial.co.uk/team-member-category/benefits-correction/)
- [Healthcare benefits team](https://firstactuarial.co.uk/team-member-category/healthcare-benefits-team/)