By Venilia Amorim2021-05-26T14:57:00+01:00
The UK’s pension regulator has today published its annual funding statement 2021 which sets out specific guidance on how defined benefit (DB) pension funds should approach valuations and their funding positions carefully under current conditions.
The Pensions Regulator (TPR) said that DB trustees “must remain alert to the risk of weakening employer covenants as uncertainties remain following a challenging year for businesses”.
David Fairs, TPR’s executive director of regulatory policy, said: “This has been a challenging period for many employers and so trustees in carrying out actuarial valuations need to review how their covenant may have changed in the past year and then continue to monitor it. We expect them to remain engaged with employers, who in many cases are emerging from a difficult business period.”
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Dominion Financial Management is planning a partnership agreement with Altarius Group to continue providing persons living in Europe with top of the line financial services
The Management of Dominion Financial Management are entering into an agreement with fund solutions provider Altarius Group of Malta to create a new regulated advice company that will be authorised in the EU to be able to continue to provide pensions and investment advice to UK ex-pats that have retired to Europe.
With Brexit now completed and no sign of any reciprocal arrangements between the Financial Conduct Authority (FCA) and the EU regarding the previous passporting of financial services into the EU by UK, no UK FCA regulated company with clients that live in the EU can continue to passport advice services out of the UK. As a result, advice firms like Dominion Financial Management must look to open up an office in the EU or develop arrangements with existing companies like Altarius to en
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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