Press Releases

"We welcome the government’s commitment to exploring how they can remove barriers to investing in illiquid assets. We believe some “illiquid” assets can improve member outcomes at retirement and as schemes become larger, the more traditional problems such as daily liquidity are likely to be less of a challenge."

“Freezing the Pensions Lifetime Allowance until 2026 is quite simply a kneejerk reaction by the Chancellor for short term financial gain and comes just 3-years after the Government committed to increase it in line with inflation. It is bitterly disappointing to see him renege on this promise so soon and viewing those impacted by this change in pensions tax policy as necessary collateral damage." 

The firm, which has a century of experience in delivering bespoke investment advice to large institutional clients, has now developed its Tailored Portfolio Service (TPS). This new service will provide adviser firms and their clients with all the efficiencies and risk-reduction associated with outsourcing investments, but with the additional benefits of tailoring.

Hymans Robertson, the leading pensions and financial services consultancy, has promoted Kieran Mistry to Head of Non-Traditional Risk Transfer.  In this new role Kieran will lead the firm’s advisory service supporting DB pension scheme trustees and sponsors considering new and emerging risk transfer options, including superfunds, capital backed solutions and alternative insurance products.

“We welcome today’s change which addresses the situation where LGPS funds were in effect forced to choose which set of regulations to breach. We are also glad to see that members will be effectively reimbursed, and that employers are receiving clear instruction to treat such cases as if the cap had not applied."

“Many individuals and corporate sponsors will need to carefully consider the implications of proposed increase in age at which pensions savers can access their pensions without penalty to 57. In particular it will have an impact to the decisions on the timing of when they take their pension benefits. Individual pension savers could be put off by changes that on the face of things may just sound like you need to work for longer and money is locked away. In the current environment saving for retirement and what that looks like may mean this may feel unpopular."

“It is great to see the Pensions Schemes Bill finally complete its long journey through parliament and receive Royal Assent. Beset by delays caused by Brexit and the ongoing impact of the COVID-19 pandemic, to many this will feel it has been a long time coming. However, although the new Pension Schemes Act lays the foundations for changes to many areas of pensions legislation, it is really just the first step."

£1 trillion of risk from DB pension schemes is expected to have been insured by the end of 2031, according to analysis by Hymans Robertson as it publishes its 2021 Risk Transfer Report today. The annual report analyses the rapidly growing market for Defined Benefit (“DB”) pension schemes to transfer their risks to insurance companies, via bulk annuities (“buy-ins” and “buy-outs”) and longevity swaps.

“We are pleased to see that the Government has heeded the comments of respondents, including ourselves, who called for members to be allowed to make a benefit choice at retirement (the Deferred Choice Underpin) rather than be forced to make an immediate election based on assumptions (the Immediate Choice Underpin)." 

“We are supportive of The Pensions Regulator call to action on Climate Change, and today’s report provides welcome focus on this subject. Climate risk is a material financial risk, particularly for those with the longest time horizons such as DC members. The pensions industry has a collective responsibility to ensure the potential impacts of climate change are properly understood, and strategies put in place to mitigate the risks capture the opportunities."

At the same time Andrew Udale-Smith and Leonard Bowman from Bath Actuarial Consulting (BAC) will be joining the firm as new Partners. The acquisition will boost the leading pensions and financial services consultancy’s already strong offer to corporates across the DB and DC market.

“DWP’s response to the consultation on climate governance and reporting requirements is welcome and we’re pleased that several of the changes we advocated for have been reflected in the updated policy proposals. Changing the requirements for trustees on the frequency of both scenario analysis and reporting is appropriate given data availability and the meaningfulness of such assessments. We want trustees to engage with climate change and the analysis they undertake should allow them to take informed action, rather than box tick."