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Actuarial Post Magazine Awards Winners Edition December 2024 Welcome to the Actuarial Post Awards 2024 winner’s edition and we hope you enjoy reading about their responses on having won their award. The awards this year were, once again I am in danger of repeating myself every year, but they were our biggest to date in terms of engagement and votes cast across all of the categories. I would like to take this opportunity to thank our sponsors Pension Insurance Corporation (PIC), Bolton Associates and Star Actuarial Futures for supporting our awards this year. Posted in: Articles Posted on: Friday Dec 20

PIC completes first Mosaic buyin with GCB Pension Fund Pension Insurance Corporation plc (“PIC”) has concluded its first full scheme buy-in within Mosaic, PIC’s streamlined service for pension schemes with assets under £100 million. The £20 million transaction covers the benefits of 103 members of the General Council of the Bar (“GCB”) Pension and Life Assurance Fund (“the Fund”). The buy-in was completed and signed within 10 weeks of PIC receiving the Fund data. Posted in: Investment - Articles Posted on: Friday Dec 20

PSIG announces outcome of Consultation The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedback from their recent consultation - ‘Evolution or Extinction’. Posted in: Pensions - Articles Posted on: Friday Dec 20

IPT receipts hit over GBP1 billion in November 2024 According to this morning’s HMRC data, Insurance Premium Tax (IPT) receipts reached £1.2 billion in November 2024, bringing the eight-month 2024/25 total to £6.65 billion. The total IPT revenue now exceeds last year’s eighth-month total for the 2024/25 tax year (£6.02 billion) by 10.4% or £627 million. Posted in: Life - Articles Posted on: Friday Dec 20

Inheritance Tax raises almost GBP6 billion in 8 months December’s update from HMRC shows that Inheritance Tax (IHT) receipts reached £5.7 billion through the first two-thirds of this financial year (April to November). It marks an 11% increase on 2023/24 (£5.2 billion) through the same eight months of the year, putting 2024/25 on course for a fourth consecutive annual IHT-take record for the Treasury. Posted in: Investment - Articles Posted on: Friday Dec 20

Wish list for the occupational pensions industry in 2025 As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces numerous challenges and opportunities in 2025. Here is my wish list that outlines key areas for development in the coming year. Posted in: Pensions - Articles Posted on: Friday Dec 20

Hymans Robertson appoint Head of Lloyds and London Market Hymans Robertson has appointed Muhammad Ali as Head of Lloyd’s and London Market in its General Insurance (GI) team. His appointment to the role builds on the team’s continued growth throughout 2024 – with the recent hire of Krish Kistnassamy as Head of GI and two new consultants. Posted in: Lifestyle Article Posted on: Thursday Dec 19

Industry comments as BoE leave base rate unchanged Hymans Robertson, Standard Life, XPS Group and LCP all comment as the Bank of England leave the base rate unchanged Posted in: Investment - Articles Posted on: Thursday Dec 19

Transfer values fell to a 12 month low during November XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end position of £153,000. This continues the trend seen across 2024 of the Index remaining low and being broadly flat. Posted in: Pensions - Articles Posted on: Thursday Dec 19

Antares announces Commercial Division leadership team Antares Global Management Limited is pleased to be able to announce new appointments to create the leadership structure for its new Commercial Division, which comprises Syndicate 1274 and Bermuda-based Antares Re. Posted in: Lifestyle Article Posted on: Thursday Dec 19

Public sector expert Alison Murray joins BW Barnett Waddingham (BW) today announces the appointment of Alison Murray as Principal and Senior Consultant within the Public Sector team. Posted in: Lifestyle Article Posted on: Thursday Dec 19

Guide to setting expense reserves under the new Funding Code The new defined benefit (DB) funding code of practice (new Funding Code) requires all schemes to achieve funding levels that ensure low dependency on their sponsoring employer in the long-term. This means that schemes must strive for their funding position to be robust enough so that no further employer contributions are expected. To meet the objective of operating independently of employer support, in addition to having sufficient funds to meet the promised member benefits, schemes should be able to cover all their expected future expenses. Posted in: Articles Posted on: Thursday Dec 19

Airways Pension Scheme complete longevity hedge with MetLife The Trustees of the Airways Pension Scheme (“the Scheme”), Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc., (“MetLife”) and Zurich Assurance Ltd (“Zurich UK”) have today announced a longevity swap transaction to transfer longevity risk in relation to £340m of the Scheme’s liabilities. Posted in: Investment - Articles Posted on: Thursday Dec 19

New tracker launched to benchmark a typical DC pension pot XPS Group launches ‘DC:UK Savings Watch’, a tracker comparing the projected value of a typical DC pension pot at retirement with the PLSA/Loughborough University Retirement Living Standards’ three levels: minimum, moderate and comfortable. Posted in: Pensions - Articles Posted on: Wednesday Dec 18

Healthy life expectancy data hint at post pandemic recovery New figures published last week by ONS show Healthy Life Expectancy for younger age groups is lower than a decade ago although older ages have seen a slight increase. Posted in: Life - Articles Posted on: Wednesday Dec 18

Smooth(ing) Operator Private equity can be a great asset. It’s generally the most significant way to have any real world impact as an investor (eg infrastructure assets like renewable power, natural capital, or health- or climate- focused venture capital), and managers typically have more operational control than in public equities, so can do more with it. Moreover, past performance has generally been very strong. However, from a quantitative perspective, private market returns can’t be taken at face value, at least not as a direct comparator with public assets. Posted in: Articles Posted on: Wednesday Dec 18

Comments on inflation rising once more As inflation rises to 2.6%, don’t forget to check Pension Credit eligibility – Saturday is the deadline to make a backdated claim for Winter Fuel Posted in: Investment - Articles Posted on: Wednesday Dec 18

Market volatility remains the key barrier to endgame 46% say market volatility is the key barrier to pursuing their endgame strategies – remaining top of the list for a second year running. The TPR’s new DB Funding Code, trapped surpluses, and attracting insurer interest among other key barriers for DB pension scheme trustees. Posted in: Pensions - Articles Posted on: Tuesday Dec 17

Sleighing the risks by giving Santa the insurance he needs While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From workshop mishaps to worldwide travel with a sleigh full of presents, it’s clear, as the big man in charge, there’s plenty to think about when it comes to insurance. After all, accidents can happen, even in the North Pole! But what policies might you need to keep your operations running smoothly as the jolly old man in red? Posted in: General Insurance Article Posted on: Tuesday Dec 17

PIC announce their strategic partnership with SEI Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, has entered into a strategic partnership with SEI® to allow trustees the ability to transfer Defined Contribution (“DC”) pension benefits and Additional Voluntary Contributions (“AVC”) into the SEI Master Trust in bulk, as part of their buyout arrangements. Posted in: Investment - Articles Posted on: Tuesday Dec 17

LGPS reforms welcome but what does it mean for the future There were lots of headlines surrounding the Mansion House announcements made by the Chancellor on LGPS reforms, but it’s important to take a close look at the detail in the consultation to get a better picture of the proposals. In summary, we think there are three main strands to the proposals that will have the biggest impact on participating employers Posted in: Articles Posted on: Tuesday Dec 17

Almost a third of homeowners have been victims of burglaries Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-owned business also found that nearly one in eight (11%) homeowners in the UK say they feel that their home is less secure when dark evenings set in during the winter months. Meanwhile, vehicle keys and personal documents are the items Brits would most want to protect from theft. So far in 2024, the provider has seen claims as high as almost £85,000 for theft from homes. Co-op Insurance is encouraging homeowners to take precautions to help keep their home secure this winter. Posted in: General Insurance Article Posted on: Monday Dec 16

Analysis shows GBP45bn of economic value via surplus refunds FTSE350 DB pension scheme sponsors could unlock £45bn of economic value via surplus refunds, based on funding positions at 30 November 2024, according to DB End Gauge analysis from Barnett Waddingham (BW), a leading UK professional services consultancy. Posted in: Pensions - Articles Posted on: Monday Dec 16

Delayed Pensions Review Commenting on the news regarding the delayed Pensions Review, Calum Cooper, Head of Pensions Policy innovation, says: “Confirmation over the weekend that the long awaited DWP Pensions Review has now been delayed indefinitely ends weeks of hope that this would launch by the end of 2024 - cementing the government’s promise and commitment to retirements savings and adequacy for all. Posted in: Pensions - Articles Posted on: Monday Dec 16

Crunching HIV AIDS data during a time of fear and loathing This year marks four decades since scientists developed an antibody test for HIV, the breakthrough coming a year after it had been confirmed as the virus that causes AIDS. It was an important milestone – and not just for clinicians and policymakers. Professionals across a range of industries had been grappling with the potential impact of a devastating and highly infectious disease. Posted in: Articles Posted on: Monday Dec 16

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