Briefings
Updates
The Trustee of the Social Housing Pension Scheme (SHPS) is going to court to ask them to rule whether they have been paying the correct benefits to members. This means uncertainty for members and potential additional liabilities for employers to fund.
Read moreIn this briefing, we highlight some of the key pension issues from the start of 2022, with a focus on important pension cost accounting issues to consider for 31 March year-ends.
Read moreFor most housing associations, 31 March means the year-end and the preparation of annual accounts. Whether you participate in LGPS, SHPS or any other Defined Benefit pension scheme, you have flexibility in choosing the assumptions used to calculate your pension accounting costs. This briefing provides a reminder of the...
Read moreFirst Actuarial’s housing team is holding a webinar at 11am on 31 March 2022 (LGPS Day) to discuss a number of topical pension areas, focusing on year-end accounting and the Local Government Pension Scheme (LGPS).
Read more2022 promises to be another busy year in pensions, and our 2022 Pension Calendar will help you plan for the year ahead.
Read moreFirst Actuarial will be attending this year's Social Housing Annual Conference in London on 25th November 2021. We're looking forward to discussing the sector's many pensions hot topics with housing professionals.
Read moreThis briefing sets out the final results from our second annual survey looking at FRS 102 results and assumptions for the social housing sector. Our survey covers 232 results, representing over £11bn in pension accounting liabilities. This makes it the biggest Defined Benefit (DB) pension survey of the sector, providing...
Read moreIn this briefing, we discuss the results of the 2020 SHPS valuation. Highlights include an improvement in funding level to 77% at 30 September 2020, and on the other hand a slight increase in the funding deficit to £1.56bn. Read our full analysis of the results and find out what...
Read moreThis briefing highlights initial findings from our second annual survey looking at FRS 102 assumptions and results for the social housing sector. So far, our survey has covered 216 separate accounting disclosures, with more than £11bn in pension accounting liabilities in total. Our annual survey – the biggest Defined Benefit...
Read moreThe 2020 valuation results for the Social Housing Pension Scheme (SHPS) were expected by May, but as June turns to July we are still waiting.
Read moreIn this special housing briefing, we provide a case study of a housing association which extended its financial wellbeing programme and brought in First Actuarial to deliver a bespoke Retirement Planner with supporting webinars and one-to-one sessions.
Read moreIn this briefing, we take a look at what finance teams might expect from the pension cost accounting disclosures, under FRS102, as at 31 March 2021. Many housing associations will see an increase in their FRS102 balance sheet deficits this year. However, it’s important to remember there is a range...
Read moreFirst Actuarial has a nationwide team of housing sector pension specialists built on decades of experience. We believe in what housing associations do – your mission and what you strive for. We admire your innovation and we’re keen to play our small part in helping you meet wider objectives for...
Read moreIt’s been said before but we’ll say it anyway – the last 12 months have been unprecedented and continue to affect every area of our lives. Government is providing significant support to businesses and individuals. But will this new debt need to be repaid? And will we need to balance...
Read moreIntroducing salary sacrifice for the payment of pension contributions can result in a win-win outcome, with National Insurance savings for both you and your employees.
Read more2020 has been a year like no other…but for all the wrong reasons. In this briefing, we take a look back at some of the key developments over the last 12 months for pension scheme trustees and sponsors.
Read moreOur themes this month are strategy and governance, words that get thrown around all the time…and rightly so. We are currently sitting in the sweet spot between LGPS and SHPS valuations; LGPS contributions are set now until 2023 and the SHPS valuation results are almost upon us. However, there are...
Read moreIn our August briefing, we outlined new flexibilities offering housing associations an alternative exit route out of the LGPS. With new legislation in place, this briefing considers the potential options available when planning to end benefit accrual. Is this a chance to exit via a conveniently open side-door rather than...
Read moreIt’s that time of the year again when Annual Allowance statements are issued to members of executive teams and senior management who have saved too much in their pension scheme over the last tax year (2019/20). But what do these statements mean? What action can staff take? And is...
Read moreGovernment is to amend LGPS regulations to give employers more flexibility to end benefit accrual without paying a huge exit payment upfront. This briefing will cover this development in detail, and will take a look at the NHF’s draft Code of Governance and how pensions fit in. Finally, don’t forget...
Read moreThe next funding valuation of the Social Housing Pension Scheme (SHPS) has an effective date of 30 September 2020 and contributions are, once again, subject to review. First Actuarial is holding a webinar at 11am on 'SHPS Day', to guide you through the valuation process and how to be ,...
Read moreIn this briefing, we publish the full reslts of our inaugural annual survey of FRS 102 assumptions and results across the social housing sector. The survey’s 202 responses cover over £7bn of pension accounting liabilities, making it the biggest ever Defined Benefit (DB) pension survey of the sector.
Read moreFirst Actuarial is offering a Covid-19 wellbeing webinar, available on-demand to all UK employers and their staff, free of charge.
Read moreThe past month has seen unparalleled volatility in financial markets due to Covid-19. For housing associations with a 31 March accounting year end, this means assumptions and disclosures are likely to be materially different from last year. In this briefing, we explore the impact of financial markets on your FRS102...
Read moreThe Covid-19 pandemic is hitting countries around the world and causing widespread disruption. We consider how this unprecedented crisis is impacting on pension schemes and sponsoring employers, and identify actions housing associations should consider taking.
Read moreFor many housing associations, 31 March means the accounting year-end and the preparation of annual accounts. Whether you have LGPS liabilities, SHPS liabilities, or any other Defined Benefit pension scheme liabilities, you can control what assumptions are used.
Read moreThe LGPS 2019 valuation marks an important decision point for housing organisations. As negotiations over future contributions continue, we highlight key issues to be aware of, and report on a number of funding agreements we've already helped put in place.
Read moreOur 2020 pension calendar gives key dates and deadlines for housing association staff with pension responsibilities.
Read moreEmployers are keen to offer DC contributions that are affordable yet attractive enough to help recruit and retain talented staff. To help you benchmark your DC scheme, our latest briefing discusses the range of DC contributions paid by more than 100 UK housing associations.
Read moreBulk transfers from the Social Housing Pension Scheme (SHPS) commonly occur at this time of year and 2019 has been no different, with three First Actuarial clients successfully moving their share of SHPS assets and liabilities to another pension arrangement. Find out more.
Read moreThe first results of the 2019 Local Government Pension Scheme (LGPS) valuation are being released over the next two months, and a picture is starting to emerge. Read our September 2019 briefing and sign up to our forthcoming webinar to find out more.
Read moreAnnual Allowance issues have been in the news recently in relation to NHS doctors. However, the Annual Allowance can have an impact in a wide range of schemes. This briefing gives an overview of the Annual Allowance regime, and discusses how employers can identify employees affected and support them.
Read moreThis bulletin is a reminder of the key areas covered by the LGPS consultation and provides a link to First Actuarial’s response.
Read moreFirst Actuarial’s response to the Ministry of Housing, Communities & Local Government’s policy consultation “LGPS: Changes to the Local Valuation Cycle and Management of Employer Risk” (May 2019)
Read moreOur June briefing covers cessation debts, which will form part of the latest triennial valuation of the Local Government Pension Scheme (LGPS). We also look at Funding Agreements, which set out the terms applicable when a cessation trigger occurs.
Read moreThe online tool for employers to download their FRS102 disclosures for the Social Housing Pension Scheme (SHPS) was released on 13 May 2019. This is the first time that full defined benefit (DB) accounting has been applied to SHPS and it will be a learning curve for some employers. Our...
Read moreApril's bulletin reminds you of two important deadlines for the 30th April, on both DB and DC sections and how First Actuarial can help.
Read moreThis bulletin tells you how TPT will help (including the provision of an online modeller that is expected to be launched on 13 May 2019) and what you can do yourself to take control of your SHPS accounting.
Read moreThis month our focus is on the Local Government Pension Scheme (the “LGPS”). We take you through seven hot topics that are currently impacting the LGBS – from the reassessment of employer costs to the exit surplus.
Read moreAn at-a-glance calendar of events, milestones and alerts to help you stay ahead of pension changes. 2019 promises to be another busy year in housing pensions, with the LGPS valuation results, ongoing work to protect LGPS employers from immediate cessation debts, Growth Plan liability management and auto-enrolment changes.
Read moreSHPS have now announced details of how life cover will be paid for in future. They've also confirmed that the current 3 x multiple of salary life cover will no longer be compulsory. Employers now need to consider how they will fund life cover for their staff. This briefing goes...
Read moreHousing associations are facing punishing increases in their SHPS deficit contributions - over 500% in some cases - following the 2017 valuation. If your housing association is affected by this change and wishes to appeal, read our briefing for details of the appeal process and imminent deadlines.
Read moreSHPS results are out, and a July 2019 extension has been agreed, delaying increases to future service costs until that date.
Read moreIn this issue, we help housing association senior managers and the executive teams understand the implications of the new limits on pension tax relief for both individuals and employers.
Read moreIn advance of the results of the SHPS valuation, the August 2018 briefing outlines the actions employers will need to take in the face of anticipated deficit payment and contribution increases.
Read moreCurrent proposals may mean that employers have to make a full disclosure of their SHPS liabilities in their accounts from 31 March 2019. We discuss what this means for your balance sheet, the likely costs and timescales, and how First Actuarial can help.
Read moreDo pension schemes balance risk fairly between employers and their employers? We take a look at plans for Collective Defined Contribution (CDC) and how it could offer a viable alternative for housing associations in future.
Read moreSHPS employers received an email this week from the newly-formed Employer Committee (EC), providing its first update on the 2017 valuation. This month’s briefing provides some further background on the 2017 valuation, and explains the role of the EC.
Read moreOur mental, physical, social and financial wellbeing make up our overall wellbeing. This briefing focuses on financial wellbeing, and specifically, how financial education can form part of pension consultation and improve the financial wellbeing of your employees.
Read moreHot off the press from the SHPS employer forums taking place this month, this bulletin alerts housing associations to the alarming message that future service rates could increase by as much as 30% to 50% after the 2017 valuation.
Read moreWhy are some housing associations leaving SHPS? In the wake of several high-profile departures, Sam Mullock, actuary, offers guidance for housing associations reviewing their pension strategy.
Read moreMake sure you're fully compliant with the next stages of auto-enrolment. Our January issue gives you a detailed summary of actions employers need to take.
Read moreConcerned about the risk of an Employer contribution increase as a result of high liabilities, Trustees of the Kennel Club Pension Fund turned to First Actuarial.
“They’re extremely professional and helpful. Their input always seems sound, logical and well presented. First Actuarial handled the transition well, they provide us with helpful guidance, and have delivered what they promised when they pitched for the work.”
The RSPB was determined to minimise the impact of its new defined contribution scheme on employees, and appointed First Actuarial to support the transition and select a provider with strong ethical values.
“I would definitely recommend working with First Actuarial. Their consultants went over and above the call of duty to make sure the project progressed smoothly.”
Taking responsibility for care services previously provided by a local authority, Bolton Cares turned to First Actuarial for help in setting up a competitive and affordable DC pension scheme for its staff.
“They’ve been really helpful and professional throughout the project, and we’ll use them again if we need specialist advice.”