No. 167 January 2009 - Updated Myners Principles and the Implications for Scheme Governance
In October 2008, the Treasury published its response to a consultation on the Myners principles, which came into effect in 2002.

We are supportive of the Treasury’s proposals and agree that the Myners principles needed updating to ensure that they continue to be relevant.

The economic and investment backdrop has changed markedly since their inception. UK pension scheme trustees are being faced with more and more complex investment related decisions and the range of options available to them continues to multiply. This also means that governance issues have increased in importance and we believe it is right that the principles should be updated to reflect this.

No. 166 September 2008 - Accounting for Pension Costs
In this Analysis we look at recent developments in pensions accounting. We set out the main findings from our survey of FTSE350 companies, reflecting how accounting assumptions have been affected by the 'credit crunch'. We also summarise some significant changes to international accounting standards in respect of pensions.

These issues are likely to be of interest to both employers sponsoring defined benefit schemes and trustees of such schemes, given the interrelationships between accounting and scheme funding.

No. 165 August 2008 - An Update on Funding Valuations
The new scheme funding regime has been in place for almost three years and there are now a significant number of completed valuations. One question that both trustees and employers often ask is "what are other schemes doing?" This Analysis sets out to help answer this question and builds upon a similar survey of valuations in progress carried out in 2007 (Analysis No. 163).

No. 164 May 2008 - A Question of Values
Regulations amending the legal requirements for calculating transfer values (or, to use the correct legal term, cash equivalents) were published on 11 April 2008. The legislation is intended to broadly maintain transfer values in line with existing arrangements. However, a significant difference is that the responsibility for setting assumptions moves from the scheme actuary to the trustees.

As a result of the new Regulations, trustees will need to review the method and assumptions currently used. Guidance is expected from the Pensions Regulator on “various issues surrounding transfer values”.

This Analysis looks at the issues which trustees should consider in answering the question – what value should we place on members’ benefits?

Trustee decisions on transfer values will also be of considerable interest to sponsoring employers as they will have a direct impact on the scheme’s funding position.

No. 163 August 2007 - A Survey of New Regime Valuations
A question often raised by both trustees and employers during an actuarial valuation is 'What are other schemes doing?' To help answer this question, we recently undertook an internal survey of our consultants to gain information about the new funding regime landscape in which our clients are now operating.

No. 162 August 2007 - Deal or No Deal
Corporate transactions are headline news at the moment, with deals involving private equity coming under particular scrutiny. The recent coverage of Alliance Boots shows that scheme trustees can drive a hard bargain. The Pensions Regulator has also shown that it is not afraid to use its teeth where necessary, by issuing the first Financial Support Direction against Sea Containers.

In this Analysis, we outline some of the significant issues that can arise as a result of a corporate transaction. These issues should be of interest to all trustees and employers. Many of the issues should be considered in advance – rather than waiting for a high pressure situation to develop.

No. 161 - Wallchart on Disclosure of Pension Scheme Information
Please contact Jackie Sharman on +44(0) 1372 3802 or at jackie.sharman@hewitt.com if you would like a copy.

No. 160 July 2007 - Mortality
As more and more pension schemes undertake their first valuations under the new 'scheme specific' funding regime introduced by the Pensions Act 2004, the issue of mortality – or perhaps more accurately, longevity – has never been more widely debated.

No. 159 January 2007 - Personal Accounts
In the Government's White Paper of May 2006, it stated its intention to establish a national pension scheme (or 'personal accounts scheme' (PAS)) by 2012. The intention of the new scheme is to provide individuals with greater opportunities to save for retirement. At the time the Government confirmed that it would be addressing the particulars of such a scheme in a separate white paper, which was due by the end of 2006.

No. 158 December 2006 - The Pensions Bill
The Pensions Bill proposes changes which will affect both state pensions and occupational pension schemes. It includes several proposals which would help to simplify the pensions landscape, but some of the changes are likely to take more than 50 years to implement!

No. 157 November 2006 - Age Matters
The Employment Equality (Age) Regulations 2006 came into effect on 1 October 2006. However, as the issues relating to pensions presented significant difficulties, implementation of this aspect of the legislation was deferred until 1 December.

No. 156 December 2005 - The Next Pensions Turn-Around?
With the Pensions Act and Finance Act 2004 changes not yet complete, the next round of pensions reform is already underway. On 30 November, Lord Turner's Pensions Commission issued its detailed report. In this Analysis we consider some of the implications if the report's recommendations are adopted by the Government, in particular the implications for current employer-sponsored arrangements.

No. 155 March 2005 - Increasing Life Expectancy—A Crisis or a Challenge?
Dramatic recent increases in life expectancy—particularly for men—have received much publicity, and the extra cost to defined benefit schemes of paying pensions for longer has perhaps added to talk of a 'pensions crisis'. In this Analysis, we review some of the recent findings and consider the actions that might be taken.

No. 154 December 2004 - Long and Hard: The Pensions Act 2004
The Pensions Bill has now become an Act. On 18 November—the last day of the Parliamentary session—Royal Assent was given to a piece of legislation described by the Government Minister in the House of Lords (Baroness Hollis) as "possibly the most complex…since the last Pensions Bill" and "certainly one of the longest and most technical".

No. 153 August 2004 - Pensions Tax Simplified—Official
The Finance Act 2004 received Royal Assent on 22 July 2004. About a quarter of the Act relates to the changes in the tax regime for occupational and personal pensions.

Formal consultation on regulations will start very shortly and we expect the consultation period to run until around the end of October. Employers are now in a position where concrete decisions can be made on amendments to scheme designs to satisfy the new requirements and to take advantage of the changes to be introduced from April 2006.

No. 152 June 2004 - Making Pensions

No. 151 December 2003 - Eight into One?

No. 150 November 2003 - Getting the Message: Freedom with Disclosure

No. 149 November 2003 - Salary Sacrifice: Pain or Gain?

No. 148 June 2003 - Action on "Under Pressure" Occupational Pensions

Extra Year for Pensions Changes.