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Current Issues in Pensions 2017 (CIP) London

Tuesday 7 March 2017 09:00 - 17:00

This seminar has been devised to provide topical and worthwhile views of current developments within the pensions practice. 

Why attend? 
The programme will look at the role that actuaries for UK pensions schemes can play in the context of integrated risk management, the expectations of trustees, a rapidly changing economic climate and the impact of pensions freedom.

Who should attend?
Actuaries with responsibility for advising UK pension schemes

Event organiser

Contact Niki Park for more information.

020 7632 2152

09.00-09.30 Registration and Refreshments
09.30-09.40 Chair's Welcome - Amanda Prest

Alternatives to Gilt Valuations, Marcus Hurd, Conduent

How to select the appropriate discount rate for pension liabilities is one of the most controversial topics in pensions and is a never ending problem for sponsors, trustees, and actuaries (as they have to implement and explain what has happened). With some UK government debt now yielding negative interest rates, this talk looks at some of the alternatives to gilt valuations, questions whether the current approach has driven too much behaviour, and what the prospects are for the future. This session should be a lively and forthright debate as there aren't many actuaries who don't have a view on this thorny subject.


To hedge or not to hedge…  Sophia Heathcoat, Barnett Waddingham

With gilt yields hitting historic lows towards the end of 2016, is now really the best time to implement liability hedging, potentially locking into record deficits?  In this session we will consider the current role of an LDI portfolio, how it can impact the actuarial valuation as well as how schemes can use different hedging instruments to maximise the yield they are locking in to.

11.20-11.40 Morning refreshments

TPR Case Study - Clive Pugh, Burges Salmon

A new world of regulation - the Pension Regulator's recent Moral Hazard cases and a top ten checklist for clearance

Recent high-profile cases and the suggestion of further increased powers for the Regulator all point to a new world of regulation for pension schemes and their sponsoring groups.

We will look at what can be learned from the key cases over recent years, including drawing lessons from Burges Salmon’s work on the moral hazard investigations in relation to:

  • Silentnight
  • Bernard Matthews
  • Coats/Guinness Peat Group (Brunel)
  • Desmonds
  • Great Lakes
  • Nortel (advising the German pension assurance fund as a creditor of Nortel Gmbh).

A more active Regulator with greater powers paves the way for a reverse of the dramatic decline in clearance applications in recent years, even if the proposals for compulsory clearance don’t go ahead. We will be sharing our “top ten checklist” for successful clearance applications – which applies equally to traditional corporate transactions and innovative proposals.

12.30-13.30 Lunch
13.30-14.20 Table Discussion Session

This session will involve attendees discussing current pensions and actuarial issues with their peers. Attendees will be encouraged to contribute actively in the session by sharing opinions and experiences in a candid and collegiate discussion under Chatham House rules.  The aim is not to give an eloquent (or not) report back, but to have a robust and informed discussion.  Topics will include issues suggested by the rest of the day’s agenda and other recent industry developments.


GMP inequalities – is GMP conversion the answer? David Everett, LCP

This presentation is intended to give an insight, by one of those on the industry side of the Department for Work and Pensions’ GMP conversion working party, into the proposals that the DWP released on 28 November 2016.  The contention is that GMP conversion is the most practical means by which the GMP inequalities issue can be addressed.

The talk comprises:

  • How GMP inequalities arise and why they matter
  • What solutions are potentially available
  • An outline of the GMP conversion solution
  • An examination of the methodology that is to be found in Annex D of the consultation paper
  • The difficulties that actuaries will face in model building and processing
  • Current legislative difficulties
  • How costs could be kept down
15.10-15.30 Afternoon refreshments

Professional Skills Session - Actuaries Behaving Badly, Sally Calder, IFoA

A potential professional wake-up call to remind members of situations where actuarial ethical judgement may be challenged

16.30-16.35 Chair's closing remarks
16.35 Close 




CentrEd at Excel Training and Meeting Rooms

Excel London

1 Western Gateway

Royal Victoria Dock


E16 1XL

Nearest Public Transport

The Jubilee Line and the DLR are the quickest routes to ExCeL London.

Alight at Canning Town on the Jubilee Line and change onto a Beckton-bound DLR train for the quick two-stop journey to ExCeL: Custom House for ExCeL* (for the west entrance) or Prince Regent for ExCeL (for the east entrance or the ICC London).

DLR services: All trains towards Beckton/Gallions Reach will stop at Custom House* and Prince Regent.

The DLR and Jubilee Line can be connected from multiple Overground lines such as Stratford, Canada Water, and Shadwell. It’s also possible to join the Overground and travel to ExCeL London from Euston station.