Housing briefings

Briefings

Updates

Our briefings are aimed at employers in the housing sector, providing regular updates on pension issues of importance to the sector.

  • 2021

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    Housing briefing, September 2021 – Social housing FRS 102 survey 2021

    This 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...

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    Housing briefing, August 2021 – SHPS valuation results – Hike in deficit contributions and future service rates

    In 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...

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    Housing briefing, July 2021 – Annual FRS 102 survey – Latest 2021 results

    This 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...

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    Housing briefing, June 2021

    The 2020 valuation results for the Social Housing Pension Scheme (SHPS) were expected by May, but as June turns to July we are still waiting.

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    Housing briefing, May 2021 – Financial wellbeing case study

    In 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.

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    Housing briefing, April 2021 – Pension Cost Accounting as at 31 March 2021

    In 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...

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    Housing briefing, March 2021 – First for pensions in the housing sector

    First 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...

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    Housing briefing, Budget 2021

    It’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...

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    Housing briefing, February 2021 – Salary Sacrifice

    Introducing 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.

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    Housing briefing, January 2021 – 2021 Pension Calendar

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  • 2020

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    Housing briefing, December 2020 – The Good, the Bad and the Ugly

    2020 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.

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    Housing briefing, November 2020 – The calm waters before SHPS arrive.

    Our 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...

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    Housing briefing, October 2020 – LGPS – Do you have to exit through the gift shop?

    In 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...

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    Housing briefing, September 2020 – It’s time to talk tax…pensions tax

    It’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...

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    Housing briefing, August 2020 – New flexibility to leave the LGPS

    Government 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...

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    Housing briefing, July 2020 – SHPS Day webinar

    The 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 ,...

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    Housing briefing, June 2020 – FRS 102 survey results

    In 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.

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    Housing briefing, May 2020 – Webinar: Covid-19 and your employees

    First Actuarial is offering a Covid-19 wellbeing webinar, available on-demand to all UK employers and their staff, free of charge.

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    Housing briefing, April 2020 – Pension cost accounting as at 31 March 2020

    The 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...

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    Housing briefing, March 2020 – Covid-19: 7 key actions

    The 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.

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    Housing briefing, February 2020 – Pensions cost accounting assumptions

    For 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.

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    Housing briefing, January 2020 – LGPS funding agreements

    The 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.

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  • 2019

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    Housing briefing, December 2019 – Pension calendar 2020

    Our 2020 pension calendar gives key dates and deadlines for housing association staff with pension responsibilities.

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    Housing briefing, November 2019 – How competitive is your DC scheme?

    Employers 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.

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    Housing briefing, October 2019 – SHPS bulk transfers

    Bulk 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.

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    Housing briefing, September 2019 – The latest LGPS valuation

    The 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.

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    Housing briefing, August 2019 – Navigating the Annual Allowance

    Annual 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.

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    Housing briefing, July 2019 – LGPS consultation summary

    This bulletin is a reminder of the key areas covered by the LGPS consultation and provides a link to First Actuarial’s response.

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    Consultation response, July 2019 – LGPS valuations and employer risk

    First 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)

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    Housing briefing, June 2019 – LGPS funding agreements

    Our 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.

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    Housing briefing, May 2019 – FRS102 FAQs

    The 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...

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    Housing briefing, April 2019 – SHPS: double deadline day

    April's bulletin reminds you of two important deadlines for the 30th April, on both DB and DC sections and how First Actuarial can help.

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    Housing briefing, March 2019 – SHPS: Take control of your accounts

    This 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.

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    Housing briefing, February 2019 – 7 hot LGPS topics

    This 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.

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    Housing briefing, January 2019 – Pension calendar 2019

    An 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.

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  • 2018

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    Housing briefing, December 2018 – SHPS DC section: life cover changes

    SHPS 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...

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    Housing briefing, November 2018 – SHPS affordability deadline looming

    Housing 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.

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    Housing association briefing, October 2018 – SHPS results out and July extension agreed

    SHPS results are out, and a July 2019 extension has been agreed, delaying increases to future service costs until that date.

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    Housing association briefing, September 2018

    In 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.

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    Housing association briefing, August 2018

    In 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.

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    Housing association briefing, July 2018

    Current 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.

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    Housing association briefing, June 2018

    Do 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.

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    Housing association briefing, May 2018

    SHPS 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.

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    Housing association briefing, April 2018

    Our 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.

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    Housing association briefing, March 2018

    Hot 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.

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    Housing association briefing, February 2018

    Why 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.

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    Housing association briefing, January 2018

    Make 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.

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The Kennel Club

Concerned 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.”

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RSPB

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.

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Bolton Cares

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.

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