FINANCE
Disposal income on the rise
People in Nottingham were among those experiencing the highest percentage increase in income out of all 150 UK regions last year, according to research conducted by accountancy group UHY Hacker Young. The figures showed that
gross disposable household income rose by 4.3% in the past year, rising to £12,702 from £12,183 – significantly outperforming the UK average of a 0.5% increase over the same period. Partner at the firm’s
Nottingham office, James Simmonds, said the increase was positive news for the city which is going from strength to strength in a number of sectors. He said: “Nottingham is an
exciting place to live and work, with its thriving food and drink scene, regeneration plans and a number of industries that are consistently growing.” Nottingham was fourth of the
150 regions behind Lewisham and Southwark, Kensington & Chelsea and Hammersmith & Fulham and Ealing.
Pension deficit showed signs of recovery in October
New figures released on 31 October from PwC’s Skyval Index show the deficit of defined benefit (DB) pension funds improved by £60bn in October, bringing the total deficit down to £630bn from a record high of £710bn in August. This is based on the value of liabilities used by
pension fund trustees to determine company cash contributions.
‘Only offering one option at retirement – to swap a quarter of your pension for a lump sum – is outdated’
PwC’s Skyval Index, based on the Skyval platform which individual pension funds use, provides an aggregate health check of the UK’s c6,000 DB pension funds. Raj Mody, Partner and PwC’s global Head of Pensions,
said: “The funding deficit has improved by £60bn this month due to a combination of asset and liability value movements during another volatile month.
Raj Mody, Partner and PwC’s global Head of Pensions
“Slight improvements in gilt yields have contributed to
the apparent deficit reduction, but liability measurement by gilt yields does not necessarily represent reality.” “Companies and trustees should first look at
pensioner liabilities and consider taking these off their balance sheet. Otherwise they are gradually turning into an annuity provider, which would seem odd. Instead, they could take steps to avoid their pre- retirement liabilities turning into post-retirement liabilities. “There are plenty of ways to reshape and optimise
liabilities in the run-up to members’ retirement. Only offering one option at retirement – to swap a quarter of your pension for a lump sum – is outdated. In this age of freedom and choice, a range of more modern choices can be presented to savers.” PwC advises pension fund decision-makers to
consider a range of solutions which do not focus solely on short-term volatility but which address the underlying challenge. It advocates a review of how pension deficits are repaired and how pension investment strategies are formulated, to give trustees a better chance of being safer, sooner.
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48 business network December 2016/January 2017
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