Press Releases

Commenting on the Interim response to the consultation on TPR’s new code of practice, Laura Andrikopoulos, Head of Governance Consulting, says:

“We welcome an update from TPR on the progress of the consolidated Code of Practice which could have a significant impact on schemes’ governance processes and the amount and attention devoted to good governance. With the underlying regulations having been in force since early 2019 it is important that the UK pension system starts to comply sooner rather than later. It's positive there has been so much engagement with TPR with the consultation, although this has meant the introduction has been delayed beyond the original timetable. Many schemes do however need to start undertaking their gap analyses now to ensure they are well prepared for the Code’s introduction.”

Commenting on the closed public service pensions consultation: Cost control mechanism, Robert Bilton, Head of LGPS Valuations, says:

“We welcome the proposed changes to the mechanism, and the stability these will bring to future cost cap valuation results. In particular, the ‘economic check’ will help to reduce the potential for ‘perverse’ results to occur. The check should make it less likely that we will see a recurrence of the situation where benefit improvements are proposed at the same time as contribution rate increases from the 2016 actuarial valuations."

Hymans Robertson, the leading pensions and risk consultancy has promoted Callum Stewart to Head of DC Investment, who will manage and embed the firm’s climate and responsible investment strategy.

With 13 years’ experience in the pensions industry, Callum joined Hymans Robertson in 2015, and is a Fellow of the Institute and Faculty of Actuaries. Callum is responsible for DC Master Trust and single-employer clients, and has been actively involved in driving the firm’s approach to tackling climate change and responsible investment. Callum recently co-founded an industry action group to encourage all pension providers to make a climate impact investment option available to all DC savers across the UK.

Companies can cut the cash costs of their DB pension scheme by up to 30 per cent if they implement an effective endgame strategy instead of following the herd and heading down the TPR Fast Track route, according to the latest modelling by Hymans Robertson.

As many as 81% of IFAs believe that environmental, social and governance (ESG) risks are ‘extremely’ important in the construction of client portfolios, according to research by Hymans Robertson Investment Services (HRIS). While it is encouraging to see this appetite, advisers must approach responsible investment with care, and develop an understanding of the potential implications on their investments and costs warns HRIS.

Total pension scheme buy-in and buy-out volumes over the first half of 2021 are expected to reach over £8bn, according to new analysis by Hymans Robertson. As these are lower volumes than insurers would have expected, there should still be opportunities for well-prepared schemes to gain competitively priced buy-in quotations over the next few months says the leading pensions and financial services consultancy.

Hymans Robertson announces today that it has joined the impact investing community, Pensions for Purpose. The membership is part of its ongoing commitment to responsible investment as it continues its focus on helping clients manage the challenges and opportunities relating to environmental, social and governance (ESG) requirements.

Hymans Robertson has given over £200,000 and helped more than 400 families and over 1500 individuals through 55 different charitable organisations both as a firm, and through the Hymans Robertson Foundation, over the last year. The figures are revealed as the leading independent pensions and financial services consultancy releases its 2020/21 CSR report.

Hymans Robertson has published a new interactive guide to help pension trustees understand the requirements of the Taskforce on Climate-related Financial Disclosures “TCFD” ahead of regulations for pension schemes coming into force on 1 October.

Commenting on the joint TPR and FCA Pensions Consumer Journey: Call for Input, Kathryn Fleming, Partner, Hymans Robertson says:

“We welcome the joint TPR and FCA Call for Input consultation and believe it is asking the right questions. However it will take a real collaborative effort from the industry to make a notable difference. There needs to be an increase in the simplicity and consistency of all language used in the touchpoint communications highlighted in the consultation, not just for the annual benefit statements."

Commenting on the FCA Consultation on Consumer Duty, Stephen Birch, Managing Partner Investment Services, Hymans Robertson Investment Services, says:

“We, like many firms see these Consumer Duty proposals as an opportunity to strengthen and build on good consumer practice and will embrace and embed this into policy and process. They also present a chance to further develop how firms work with client vulnerabilities and behavioural biases, an area the FCA has been focused on for some time and which has been heightened during the Covid-19 pandemic."

Taking consolidation further and faster, as proposed in the DWP consultation Future of the defined contribution pension market: the case for greater consolidation, would be counter-productive and reduce competition and innovation claims Hymans Robertson, the leading pensions and financial services consultancy, in its response to the proposals.