Press Releases

Commenting on today’s interest rate rise from the Bank of England, William Marshall, Chief Investment Officer – Hymans Robertson Investment Services (HRIS) says:

“Inflation in the UK has taken longer to fall from its peak than in other economies such as the US and euro-zone, having only fallen by 1.0% since the peak in October 2022. Although some of this is due to one-off factors such as higher energy and food prices in the region, the fact that core inflation, which excludes these, remained flat at 6.2% in March made it easy for the Bank of England to justify another 0.25% interest rate hike...

LGPS funds in England and Wales experienced an extremely strong 2022 valuation, reveals Hymans Robertson, as it publishes its report LGPS 2022 Valuation: The Big Picture. The report’s aim is to help LGPS stakeholders better understand the funding position of the LGPS and to put individual fund results into context. Following a review of whole fund results, the analysis from the leading pensions and financial services consultancy, outlines the common trends that emerged in relation to contribution rates and funding positions.

Commenting on TPR’s Annual Funding Statement 2023, Laura McLaren, Partner at Hymans Robertson says:

“Significant improvements in DB funding means the 2023 Annual Funding Statement speaks much more to schemes that are well-funded and increasingly close to buy-out. TPR estimates that around a quarter of all DB schemes may now have sufficient assets to buy out their liabilities with insurance companies. This marks an important shift for TPR and schemes as a whole. Overall, the tone of this year’s statement is notably more (cautiously) upbeat than we’ve seen in recent years dominated by COVID-19 and the outbreak of the Russia / Ukraine conflict...

Commenting as the Work and Pensions Select Committee’s Call for Evidence on the Future of DB closes, Patrick Bloomfield, Senior Actuary, Hymans Robertson says:

“We are greatly heartened that the Committee is asking these questions about a potential renaissance in UK Defined Benefit (DB) now, before the new DB funding regulations are finalised. The current draft regulations will exacerbate DB’s focus on insurance and run-off...

Financial service providers are underestimating investor appetite for climate friendly investments, warns Hymans Robertson as it launches its latest report, Climate friendly investments: consumer attitudes and insights. The leading pensions and financial services consultancy claims that this could potentially hinder the speed at which providers could achieve their own net zero goals. It also shows if providers give investors better information about how climate risk is linked to investment risk, they will not only remove knowledge barriers, but also create opportunities. Two key outcomes will be increased climate friendly investing from investors and less friction for providers when it comes to decarbonising their default fund.

Total pension scheme buy-in and buy-out volumes reached £15.8bn in the second half of 2022 states Hymans Robertson in its Half Year Risk Transfer Report for H2 2022. The analysis, from the leading pensions and financial services consultancy, found the unparalleled market volatility over that time resulted in an extremely busy second half of the year with the number of transactions at their highest volume for nearly 10 years.

Over half (54%) of investors who use an adviser do so for peace of mind according to a new report from Hymans Robertson Investment Services (HRIS). This is in contrast to just over a third (35%) who use an adviser for their financial expertise and less than a fifth (17%) because they don’t have time. This prioritisation of peace of mind is in line with the importance that regulations such as The Consumer Duty place on soft factors and brings into sharp focus the need for advisers across the industry to not only focus on how they deliver value for money, but also how they demonstrate it, claims HRIS.

Commenting on the IFS Report ‘Challenges for the UK pension system: the case for a pensions review’, Hannah English, Senior DC Consultant, Hymans Robertson says:

“We are pleased to see the IFS report, “Challenges for the UK pension system: the case for a pensions review” call for a review to tackle the challenge of future generations of pensioners having sufficient income in retirement. Whilst it is encouraging that there’s a clear timeframe to deliver policy recommendations by September 2025, it would be good to see early engagement with, and support from, the government to complete the review. This support from the government will be crucial for the effective implementation of any future policy change...

DB pensions schemes trustees are planning to reduce their training on RI (Responsible Investment) issues with only a fifth (20%) giving it focus, according to research from Hymans Robertson. This change will affect their ability to make informed decisions about investment strategies, potentially leaving schemes significantly exposed to major systemic risks like climate change, and other risks like greenwashing, warns the leading pensions and financial services consultancy.

Hymans Robertson has appointed Shirley Brown as head of its third-party administration (TPA) practice. She will be taking on the role at the leading pensions and financial services consultancy following the retirement of the current Head of TPA, Gary Evans. Shirley is a Partner at Hymans Robertson, having joined the firm in 2019 as Head of Operations for TPA. She has over 35 years’ experience in pensions and prior to joining the firm, worked for PWC, Buck Consultancy and Barnett Waddingham.

Hymans Robertson, the leading independent pensions and financial services consultancy, has announced several senior appointments, at both Equity Member and Partner level.

Karen Fraser, Julie Hammerton and Paul Waters have been promoted to Equity Member and there have been eight promotions to Partner. 

Commenting on TPR’s publication of EDI guidance, James Smith, Consultant, Hymans Robertson, says:

“It is good to see that TPR has now published this EDI guidance, a topic which did not feature significantly in the draft Single Code of Practice. High quality schemes are however already taking action in this area, integrating EDI into annual effectiveness reviews and constructing plans to widen board diversity and inclusion and to factor member EDI into decision-making. We are particularly pleased to see that TPR has included guidance for employers in addition to trustees and especially a sample job advert for a Trustee...