Press Releases

Commenting on the FCA’s consultation on the pensions dashboard service, Paul Waters, Head of DC Markets, Hymans Robertson, said:

“Pension dashboards are long overdue and a means to helping millions of people get a better picture of their retirement savings. To deliver the best customer outcomes we need to answer the ‘So what?’ for people when they see their data. The industry has all the tools to do this and create simple and compelling onward customer journeys to inform and guide people. We risk losing the benefit of this from an overly prescriptive and restrictive approach to managing customers through the dashboard journey and post view services. The Consumer Duty framework already protects customers and should be enforced robustly. Providers must be able to deliver the most comprehensive customer engagement and support model for dashboard customers if we are to leverage the full value from dashboards and help address the DC adequacy challenge.”

Commenting on the TPR’s General Code which has come into effect, Laura Andrikopoulos, Head of Governance Consulting, Hymans Robertson, said:

“We are pleased to see the General Code finally over the line. The response from Trustees so far has been good, with plans for full compliance well advanced. The task for Trustees over the next few months will be filling any remaining ESOG gaps and commencing their ORA planning. As part of the ORA, Trustees will need to evaluate the effectiveness of their governance. This is a helpful prompt to reflecting on key decisions taken, in addition to a more technical approach to testing policies and processes.”

Reflecting current views on future improvements in life expectancy could save Corporate Sponsors millions with their DB Pension Schemes, analysis by Hymans Robertson has found. The leading pensions and financial services consultancy says that updating the longevity assumptions to one of the more recent CMI models could see a significant improvement in a scheme’s funding position of nearly 3% of liabilities. Many schemes’ last review of their longevity assumptions will have been done before the many demographic changes of the last three years.

Hymans Robertson, the leading independent pensions and financial services consultancy is pleased to announce 12 senior promotions in the firm – a new equity member and 11 partners.

Commenting on the DWP’s pensions dashboard connection guidance, Karl Lidgley, Client Manager, Third Party Administration, Hymans Robertson, said:  

“It’s great to see the final dashboard connection guidance has now been issued by DWP, allowing the industry to move forward with some certainty into a delivery phase. There are still a few pieces in the jigsaw puzzle, but schemes now know when they are required to connect. We also expect PDP to issue the final data standards shortly, which will allow finalisation of builds into the required systems.

Commenting on the Work and Pensions Committee’s DB schemes report, Leonard Bowman, Head of Corporate Consulting, Hymans Robertson, who appeared before the Committee in October, said:

“We’re grateful that the Committee has accepted Hymans Robertson’s recommendation that the TPR’s statutory objectives should be changed to secure future retirement provision, now that both the PPF and many DB schemes are well-funded. We called for a DB renaissance and so we’re also very glad that the Committee has endorsed proposals to allow still open schemes to thrive.

Commenting on ONS figures for funded occupational pension schemes for April to Sep 2023, Calum Cooper, Partner and Head of Pensions Policy Innovation, Hymans Robertson said:

“The figures show a four-hold drop in deficit contributions to around £4bn per annum, which reflects a huge improvement in DB funding.  But it also reflects the long and tough journey to get here.  Employers have paid around £350bn in deficit contribution since 2006, and schemes have materially reduced their investment in enterprise.  Members have experienced a lot of tough change too, with benefit reforms plus over 3,000 DB schemes having closed to new hires.

Commenting on today’s interest rate announcement, William Marshall, Chief Investment Officer, Hymans Robertson Investment Services (HRIS) says:

“Wednesday’s inflation news would have pleased the members of the Monetary Policy Committee as the data continues to make good progress towards target. Today’s meeting was always going to be a hold in interest rates, but the prospects for a rate cut in Summer have improved. That being said, the last piece of the jigsaw continues to be the labour market. Wage growth north of 5% means a risk of further inflationary pressures remains...

Commenting on the outcome of the FCA’s Thematic review of retirement income advice and the need for advisers to take a more holistic approach to retirement advice, Kate Rainbow, Head of Key Accounts, Hymans Robertson Investment Services (HRIS), says:

“One of the main things the review highlights is the need for advisers to ensure they have in place a clear advice model that is focused around the needs of their customers...

Commenting on the Bank of England’s interest rate hold at 5.25%, Chris Arcari, Head of Capital Markets, Hymans Robertson, said:

“As expected the Bank of England left rates unchanged at a 23-year-high of 5.25% p.a. Headline CPI inflation has fallen sharply, to 3.4% year-on-year, from its 11.1% peak in October 2022. Indeed, it is expected to fall further and even dip below target in late spring and early summer, as the full impact of lower energy prices and lower food and goods price inflation is felt.

Commenting on today’s Consumer Price Inflation fall to 3.4% and tomorrow’s Bank of England interest rate announcement, Chris Arcari, Head of Capital Markets, Hymans Robertson, said:

“Headline CPI fell more than expected to 3.4% in February, its lowest level since September 2021. Indeed, it is expected to fall further in 2024, with consensus forecasts expecting inflation to dip below the 2% target in late spring and early summer, but at a slower pace than in 2023. Falls in energy and goods and food price disinflation – large detractors from headline inflation over 2023 – have largely run their course...

Commenting on the 10^th anniversary of Chancellor George Osborne’s speech announcing ‘pension freedoms’, Kathryn Fleming, Head of DC At-Retirement Services, Hymans Robertson, said:

“The pension freedoms have been a minefield for many members.  Many savers know it’s a serious decision they now have to take, but they’ve been wrestling with where to get information and who to trust. The tax-free cash has also given relief from short-term financial pressures, but it may come at a longer-term cost, and occasionally with a tax bill.