First Actuarial opens Birmingham office – its seventh in the UK
First Actuarial’s Birmingham office, which will open in April 2025, is to be headed up by Andrew Allsopp and Mark Frost, former directors of Midlands-based Quattro Pensions. David Joy, Managing
First Actuarial and Legal & General launch affordable employee benefits for SMEs
The package puts popular benefits such as life assurance and income protection within the typical budget of businesses employing up to thirty staff. David Parfett, Co-Head of Employee Benefits at
The Charities Pensions Club appoints First Actuarial as actuarial partner
Chloe Scragg, Director of the Charities Pensions Club, says: “First Actuarial’s strong presence in the not-for-profit sector really stands out, and I’m confident that they’ll understand our members’ needs. Their
How will Trump’s 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. If other countries respond in kind and trade
10 predictions for the risk transfer market in 2025
1. Another record-breaking year At the time of writing, it looks like 2024 was a record year for scheme transactions. 2024 was also the first year in which one insurer
Why data scoring is the key to a new era of scheme administration
With the support of The Pensions Regulator (TPR), the Pensions Administration Standard Association’s (PASA) Data Working Group has launched a discussion document on data scoring – Decoding its history, significance,
Unintended consequences of inheritance tax changes for Defined Contribution pensions
In the shake-up of UK pensions over the past decade, one important consequence of pensions freedoms is easily overlooked – annuity purchase at retirement is no longer the ‘default’ option.
Defined Benefit scheme run-on – For the few or the many?
In recent years, many schemes have found themselves with improved funding levels, greatly reducing their reliance on sponsors. It has become widely accepted that well over half of schemes can
The new Defined Benefit funding code and scheme investments – Reasons to be cheerful
The first thing to say about the overall Defined Benefit funding code of practice is that the investment elements are integral to it. By covering both funding and the interlinked
The long read | The autumn Budget and Defined Contribution pensions – Rumours and reality checks
To get some idea of how the autumn Budget might affect retirement savings, let’s start by looking at the DC savings environment. To date, most retirees have been able to
Putting members first in the ‘new world’ of Defined Benefit pensions
With favourable funding levels taking much of the worry out of DB pension provision, is it time to put some love and attention back into giving members access to the
The future of pensioner payroll – and why it really matters
The main purpose of any pension scheme is to provide its members with an income in retirement, which they can rely on to meet living costs and other financial obligations.
Putting the spotlight on mental health and financial wellbeing at work
More than 1.5 million people in the UK are experiencing debt and mental health problems, according to research from the Money and Mental Health Policy Institute. And with many people
Defined Benefit funding code of practice – What does it mean for employers?
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
What’s on the new Labour Government’s 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
Pension scheme run-on – Gimmick or game changer?
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.
‘DB or not DB’ – That really is the question!
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
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
Implications of the FCA’s ‘polluter pays’ proposals for firms that have advised on pension transfer
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?
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.
Take two apprentices – Amy Atherton and Katie Mosley discuss their apprenticeships at First Actuarial
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
The new general code – How to lighten the burden of compliance while improving 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)
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
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
What design technology classes can teach us about investment strategy
If you see examples of my DIY work, you’ll know straight away that design technology was not a strong subject for me at school. However, one particular DT lesson has
The future of pensions in the social housing sector
[embed]https://player.vimeo.com/809531744/7dc518e1ea[/embed] 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
State of the nation – Capital market conditions and LDI
[embed]https://player.vimeo.com/760363305/47a112d52c[/embed] 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
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
Webinar on demand – 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
New pension transfer regulations: The power to say ‘no’
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
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’
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
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 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
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
First Actuarial’s 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
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
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
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
NHS Employers launches First Actuarial’s 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
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
Record growth for First Actuarial’s 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
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
The future of RPI – First Actuarial responds to Government consultation
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,
Improving scheme administration transfers – First Actuarial’s 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
Covid-19 and financial wellbeing – A webinar for UK employers
Three months into lockdown, we have grieved the loss of our familiar way of life and adjusted our daily routines as the pandemic loses some of its initial weirdness. But
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.
How much will your employees need in retirement?
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
What do NHS employees say about their pensions?
Pension freedoms – How to help your employees manage their retirement income
At First Actuarial, I lead a specialist team that works with employers to provide financial education in the workplace. Pension freedoms is something we often discuss with our clients’ employees,
Intergenerational fairness – Why solidarity beats conflict every time
Against a backdrop of budget cuts and austerity thinking, it seems that more and more politicians are happy to exploit generational differences. On a range of issues – from housing
Sorting out GMP equalisation – How hard can it be?
So how easy will it be to sort out Guaranteed Minimum Pension (GMP) equalisation? After all, we’re only talking about calculating benefits, something pension administrators do all the time. So
CDC pension schemes are go! UK Government gives green light to life-changing pension innovation
A pioneering pension scheme model that promises improved retirement incomes for millions of workers has cleared its latest hurdle – a consultation response from the Department for Work and Pensions
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
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
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
In Defence of Small Pension Schemes – Big Isn’t 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
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
Keep Calm and Carillion – The Company’s 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