News
The Chancellor’s Mansion House speech – and associated consultations
21st July 2023
In a speech at Mansion House on 10 July, the Chancellor Jeremy Hunt set out a comprehensive set of initiatives intended to boost pension savings and investment in British businesses. He said the ‘Mansion House Reforms’ could increase the average savers’ pension pot by around £16,000, or 12%, with the aim of increasing investment in … Read more
TPR Annual Funding Statement 2023
12th May 2023
Summary The Pensions Regulator has published its annual funding statement, providing guidance for those pension schemes whose actuarial valuation dates fall between 22 September 2022 and 21 September 2023 (“tranche 18”), although it should be of interest to other schemes as well. TPR suggests that most schemes will have improved funding levels, as a result … Read more
Further Regulator guidance on Liability-driven Investment (LDI)
5th May 2023
TPR has published updated guidance setting out practical steps trustees can take to manage risks when using leveraged LDI. Overview TPR acknowledges that LDI is useful for reducing the risk to a scheme’s funding level from falls in long-term interest rates and/or rises in the market’s inflation expectations. LDI can be leveraged or unleveraged; the … Read more
Review of divorce law
21st April 2023
The Ministry of Justice has asked the Law Commission of England and Wales to conduct a review of the laws that determine how finances are divided on divorce or on dissolution of a civil partnership. The review will look at financial remedy orders, which are a key part of the proceedings surrounding a divorce or … Read more
Spring Budget 2023
17th March 2023
The Chancellor surprised the industry on 15 March, when he announced that the Lifetime Allowance (LTA) would be scrapped. The LTA stands currently at £1.073 million and anyone crystallising benefits in excess of this (and who does not have one of the many protections available) is liable to a LTA charge. The charge is 25% … Read more
Dashboard delay
10th March 2023
The Department for Work & Pensions (DWP) has announced that the timetable governing when pension schemes are required to connect to the Pensions Dashboard will be delayed. Regulations published in 2022 provided that Mastertrusts, defined contribution schemes and other schemes with more than 100 active and deferred members would have to connect between 31 August … Read more
TPR defined benefit funding consultation 2022
6th January 2023
The Pensions Regulator (TPR) has published the long-awaited follow-up to its initial – 2020 – consultation on a new code of practice on scheme funding. It received broad support for the proposed twin-track approach to valuations but concerns were raised in relation to the proposal to benchmark “Bespoke” against Fast Track. Therefore, in the latest … Read more
PPF Levy Determination for 2023/24
23rd December 2022
On 13 December the Pension Protection Fund (“PPF”) published its levy determination covering the levy to be charged to schemes for the year commencing 1 April 2023. They estimate that they will collect a total levy of £200m in that year, down from £390m in 2022/23, and that 98% of schemes will see a reduction … Read more
LDI and Liquidity
9th December 2022
Following the mini-Budget in September 2022, Gilt yields rose rapidly, leading providers of Liability-driven Investment (“LDI”) vehicles to require more collateral. The Bank of England stepped in to calm the market, announcing a programme of Gilt purchases. While this calmed markets initially, participants remained worried about what would happen when the Bank’s support ended on … Read more
HM Queen Elizabeth II 1926-2022
9th September 2022
We at Censeo mourn the passing of Her Majesty Queen Elizabeth II, the UK’s longest-serving monarch. We thank her for her devotion to service, her grace and her humility and offer our condolences to the whole Royal Family.
