CONTENTS
DC DEBATE: HOW TECH CAN HELP DELIVER MORE PERSONALISED PRODUCTS PAGES 34-39
28 DC Spotlight Electricity plan triumphs in Aegon charges case Trustees of the Electricity North West Scheme have succeeded in demanding Aegon reduces its fund charges for DCmembers after comparing the company’s fees against other investment providers in themarket.
30 Administration Britvic reaches interim deal on CPI/RPI linking The soft drinks manufacturer receives approval for an interim arrangement, while a court deliberates its application to change the basis of its pension increases from the RPI to the less generous CPI. Stephanie Hawthorne finds that the government might finally end the ‘rules lottery’ in controversial fashion.
32 Administration Public sector schemes face £102bn gap in next 10 years Unfunded public sector pension schemes could be hit with a shortfall of up to £102bn in the next 10 years if the government’s GDP expectations are not achieved, reports Maria Espadinha.
Editor Angus Peters
Deputy editor Sophia Imeson
Reporter Victoria Tichá
Contributors Stephanie Hawthorne, Maria
Data Crunch
40 Pension deficit red flags could shake investor confidence A sizeable pension deficit can have a detrimental impact on a company’s share price.
42 Should plans take a leaf from insurers’ books? Experts say it makes sense for schemes to make use of greater freedoms on credit risk.
43 Greater platform use will open up alts to smaller schemes Jonathan Libre says DB schemes are turning to alternative asset classes as a source of reliable income.
44
Global roundup Swedish state pension fund fires chief
45 Profile UK needs to step up pensions provision LCP senior partner Bob Scott (left) reflects on the improvements made to pensions over his nearly 40 years at the company. He urges the pensions industry to stop blaming consumers for their retirement decisions and renew the search for an alternative to the annuity.
46 Noticeboard Key industry dates and events for 2019
For pensions news and analysis as the stories break, plus daily news alerts, visit
pensions-expert.com
4 Espadinha, Jem Bartholomew
Group production editor Daniel Scanlon
Production editors John McDonald, Karen Goodchild
UK editorial director John Hughman
Group head of institutional advertising Ben Tobin
Head of marketing Andrew Lee
Senior marketing manager Claire Harris
Design Kostya Penkov, Harriet Thorne, Paramjit Virdee
Advertising production executive John Lee
Commercial director Peter Dodds
PENSIONS EXPERT ADHERES TO A SELF- REGULATION REGIME UNDER THE FT EDITORIAL CODE OF PRACTICE:
ABOUTUS.FT.COM/ CORPORATE-RESPONSIBILITY/FT-EDITORIAL-CODE
SWITCHBOARD 020 7873 3000 EMAIL
NAME.SURNAME@
FT.COM
SUBSCRIPTION AND CUSTOMER SERVICE HOTLINE +44 (0)845 456 1516,
FT@SUBSCRIPTION.CO.UK WWW.PENSIONS-EXPERT.COM/SUBSCRIBE
PENSIONS EXPERT IS DISTRIBUTED TO ALL PLSA MEMBERS
Reprints are available of any Pensions Expert article, with your company logo and contact details inserted if required (minimum order 100 copies). For details telephone 0207 873 4816. For one-off copyright licences for reproduction of Pensions Expert articles telephone 0207 873 4871. Alternatively, for both services email
synd.admin@
ft.com
8,014 JULY 17– JUNE 18
Registered office: Bracken House, 1 Friday Street, London EC4M 9BT
© The Financial Times Limited 2019. Pensions Expert is a trademark of The Financial Times Limited. “Financial Times” and “FT” are registered trademarks and service marks of The Financial Times Ltd. All rights reserved. No part of this publication may be reproduced or used in any form of advertising without prior permission in writing from the editor. No responsibility or loss occasioned to any person acting or refraining from acting as a result of material in this publication can be accepted. On any specific matter, reference should be made to an appropriate adviser.
ISSN: 1366-8765. Registered in England and Wales number 879531
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48