Press Releases

Commenting on the need for net zero transition plans that focus on real world outcomes, Mhairi Gooch, Senior Responsible Investment Consultant and Net Zero Lead at Hymans Robertson, says:

“As we reflect on some of the outtakes from the first week of COP 27 it is clear, policy and action to tackle climate change remain vastly disconnected and this needs to change. For leaders in the global north to talk about ‘hope’ is surely an insult to the global south. Hope alone will do nothing and needs to be superseded by meaningful action. The transition to net zero can not be achieved by working in silos so all groups whose operations can or, do have a real world impact, need to develop clear understanding around how to properly invest in the transition to net zero....

Just Group is delighted to launch a new series of four videos to provide pension trustees and their administrators with a guide to the practicalities of the risk transfer transition process. These videos are designed to help them understand exactly what to expect after a bulk annuity contract is signed, before it can move into a ‘business as usual’ administration process and then ultimately buyout.

In the videos, James Mullins, Head of Risk Transfer at Hymans Robertson, interviews Just Group’s Relationship and Transition Senior Manager, Louise Ellisdon, about what it takes to transition a scheme through to ongoing administration and buyout, covering some key aspects of the data cleanse process.

Hymans Robertson, the leading pensions and financial services consultancy, has appointed former ACA Chairman, Patrick Bloomfield as Senior Actuary.

Patrick, joined Hymans Robertson in 2004 and has been a Partner since 2006 and an equity member since 2010. Having previously led the firm’s Trustee DB business, Patrick’s focus in recent years has been pension policy and providing strategic DB and DC advice to a range of industry leading schemes and employers.

Commenting on today’s 0.75% interest rate rise from the Bank of England, Elaine Torry, Co-Head of DB Investment:

“For pension schemes, an increase in short dated base rates in isolation should not be too much cause for concern. However, the rationale for the increase, coupled with other upcoming fiscal announcements could cause a ripple effect up the yield curve. If this happens, the rate rise could be a contributory factor to certain schemes being faced with fielding a further round of collateral calls, whilst others may find themselves in the position to be able to afford to de-risk and lock in funding level gains. However, the challenge that is overshadowing many schemes at the moment is the overarching balancing act that is having to be performed between managing risk and sticking to strategy versus the practicalities of raising cash to field collateral calls within the required timescales...

Comments from Hymans Robertson on Pensions Awareness Week 2022

Standard Life, part of Phoenix Group, has concluded a £200 million Bulk Purchase Annuity (“BPA”) transaction with the Agfa UK Group Pension Plan (“the Plan”). This BPA arrangement completed in September, covering the benefits of 770 members.

Commenting on the Bank of England gilt sale operation taking place today, Elaine Torry, Co-Head of DB investment says:

“Today’s planned sale of gilts from the Bank of England comes after a tumultuous period for UK financial markets, with numerous government changes and fiscal challenges being presented at rapid speed. It’s difficult to anticipate how the market will react to the Bank of England’s actions as the landscape of the field that investors, most notably UK defined benefit pension schemes, are operating in has changed quite dramatically since the original planned date for the sale...

Hymans Robertson, the leading pensions and financial services consultancy, has appointed Iain Church as Operations Lead for its Risk Transfer team. Iain will have operational responsibility for the team, which has grown to over 25 risk transfer specialists, taking ownership of everything from resourcing client projects through to knowledge sharing and people development.

Advisers’ ability to fully comply with Consumer Duty is in jeopardy if their investment providers don’t provide them with regular transparent updates or operate with the rigour needed to meet the new requirements, warns Hymans Robertson Investment Services (HRIS), as the first deadline of the new guidance nears.

Retirement outcomes for DC scheme members in Master Trusts have undoubtedly been impacted by recent market challenges with values slipping below pre-pandemic levels, reveals analysis in the latest Hymans Robertson ‘DC Master Trust Default Review’. The report covers the impact on anticipated member outcomes and asks What Steps Can We Take? Consideration needs to be given to what actions can and should be taken to support members, especially those in legacy arrangements or coming up to retirement. The report, from the leading pensions and financial services consultancy, also found that members are increasingly calling for ESG to be considered in their pensions schemes’ investment options.

Commenting on the CPI update and the impact for the pensions industry, Ben Farmer, Senior Investment Consultant, Hymans Robertson says:

“This morning’s CPI release will have been closely watched in the pensions industry, as it forms the basis for many pension schemes’ annual benefit increases which will be applied in April 2023...

DC pension scheme members need providers to focus more on innovation, to future proof their products and help members to make decumulation decisions, and avoid running out of money in the future, claims Hymans Robertson as it launches its report: The Decumulation market: opportunities for providers. The report examines the needs of the retirement market and shows that members in different income brackets, with different pension pot sizes, have different levels of understanding when it comes to decumulation, and highlights that providers can meet this need by taking a more innovative and holistic approach when developing their products. The leading pensions and financial services consultancy warns the industry that with new Consumer Duty rules due soon, providers are required to recognise members’ differing needs and also serve them no matter their pot size.