Pensions Administration - Articles & White Papers

Enthusiasm seems to be growing to reopen—or at least to stop closing and freezing—defined benefit retirement plans. The most dramatic manifestation of this enthusiasm for reopening plans has been IBM’s announcement to shift its 401(k) match to an automatic contribution to the cash balance component of its previously frozen…

Pension funds rely on interest rate swaps to hedge the interest rate risk arising from their liabilities. Analyzing unique data on Dutch pension funds, we show that this hedging behavior exposes pension funds to liquidity risk due to margin calls, which can be as large as 15% of their total assets. Our analysis uncovers…

This brief analyzes a new survey of individuals near or in retirement with over 100,000 of investable assets. The findings suggest that roughly half of this population want to buy an annuity at prevailing market prices—significantly more than the 12 percent that actually do so.

In this article, First Eagle discusses how DB sponsors think about retirement savings and what 401(k) plan sponsors can (and can’t) learn from DB practice.

This paper discusses investment vehicle selection in DC plans, with particular focus on the growing use of collective investment trusts (CITs). It also highlights some of the important decisions plan sponsors should consider when implementing a CIT.

Congress passed the SECURE 2.0 Act just over a year ago. Here’s what takes effect in 2024 and the status of corrections, guidance, and implementation.

Brian A. Schroeder, the founder of OCIO Monitor, a specialty consulting firm that provides due diligence of investment consultants and outsourced chief investment officers. Here are the Top-3 reasons why investment committees are not a good use of time and resources, likely lowers returns and negatively impacts governance.…

In this final installment of a three-part series on transferring risk from defined benefit pension plans, we highlight the ongoing discussions in the marketplace around these complex but increasingly popular transactions.

The long-awaited general code of practice from The Pensions Regulator (TPR) came into force on 28 March 2024. TPR’s revised funding code of practice is expected to be available in June 2024. Some aspects of the new funding regime, for example the definition of significant maturity, will be clarified within the code.

An education policy statement can help plan sponsors and participants meet the challenges of saving for retirement.

WTW’s Gareth Connolly sets out his thoughts on the use of ‘dynamic discount rates’ in pension scheme funding and how they can be used to create a more stable funding approach for the scheme’s journey.

This paper sets out issues trustees, employers and their advisers can consider when addressing whether their target end state should be low- dependency, buyout or transfer to a superfund. Member outcomes analysis is introduced as a central tool through which to differentiate alternative target end-states.

The Taskforce on Social Factors has produced this guide to support pension trustees in assessing the social risks and opportunities of their scheme’s investments.

Secure Income Made Simple explains the role secure income assets could play in achieving investment goals, especially in times of higher inflation, by addressing cash flow challenges, de-risking investment portfolios, and enhance returns through productive finance. With a focus on practical insights, potential risks, and the…

In 2023 the Government announced plans to explore options for multiple default consolidator vehicles, to manage small, deferred member DC pension pots, and proposed a Lifetime Provider Model, to prevent small deferred pots building up in the future. This report considers the potential impact of the Lifetime Provider Model on…

In this first installment of a three-part series on transferring risk from defined benefit pension plans, we highlight the different approaches to these complex but increasingly popular transactions.

In this second installment of a three-part series on transferring risk from defined benefit pension plans, we highlight the significant role played by insurers in these complex but increasingly popular transactions.

State and local government pension funds from across the U.S. were invited to participate in the study, conducted September to December 2023. Nearly 160 funds with more than 13.8 million active and retired members and assets exceeding $2.3 trillion responded to the survey.

The 53rd edition of Pensions Aspects magazine, February 2024 features renowned industry experts and thought leaders addressing pivotal topics such as the changing nature of trusteeship, the evolving landscape of Defined Benefit pensions, and the paradigm shift in pension investment. Notably, Lou Davey from The Pensions…

This guidance is for trustees of occupational pension schemes who are considering investing in private markets. It may also be of interest to administering authorities in the Local Government Pension Scheme (LGPS) but does not override statutory guidance on LGPS investments from the Department for Levelling Up, Housing and…