Isio Quarterly October 2024

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stroke-linecap="round"/> <path d="M20 1L1.5 19.5" class="stroke-white" stroke-width="2" stroke-linecap="round"/> </svg></button></div> </div> </section> </li><li class='flex items-center has-mega-menu menu-item menu-item-type-post_type menu-item-object-page'><div class="relative flex items-center h-full menu-link-wrapper"><a href="https://www.isio.com/digital/">Digital services</a></div><section class="mega-menu hidden bg-brandGreen text-white"> <div class="lg:container md:mx-2 lg:mx-auto"> <div class="grid grid-cols-[290px,_10px_,1fr,_auto] xl:grid-cols-[300px,_10px_,1fr,_auto] justify-between"> <div x-data class="intro-text pt-8 w-[300px] pr-7"> <h2 class="text-2xl xl:text-4xl font-semibold mb-8">Digital services</h2> <p class="leading-6 2xl:leading-6 font-light text-base 2xl:text-lg ">Solutions that combine deep pensions expertise with digital prowess.</p> </div> <div class="vertical-divider"></div> <ul class="columns-2 gap-x-10 pt-12 pl-[3cqw] pr-5"> <li class="pt-1.5 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pr-7"> <h2 class="text-2xl xl:text-4xl font-semibold mb-8">Insights</h2> <p class="leading-6 2xl:leading-6 font-light text-base 2xl:text-lg ">The big issues facing our industry.</p> </div> <div class="vertical-divider"></div> <ul class="columns-2 gap-x-10 pt-12 pl-[3cqw] pr-5"> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/insights/us-election-result-what-does-this-mean-for-markets-and-investors/">US election result: what does this mean for markets and investors?</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/insights/the-key-takeaways-from-a-highly-anticipated-budget/">The key takeaways from a highly anticipated Budget</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/insights/lgps-england-wales-low-risk-funding-index-30-september-2024-results/">LGPS (England & Wales) Low-Risk Funding Index: 30 September 2024 results</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/news/isio-quarterly-october-2024/">Isio Quarterly October 2024</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/news/isio-acquires-k3-advisory-to-bolster-risk-settlement-capabilities/">Isio acquires K3 Advisory to bolster risk settlement capabilities</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/insights/changing-dynamics-for-in-house-pensions-managers/">Changing dynamics for in-house pensions managers</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/insights/royal-mail-delivers-a-return-to-collectivism/">Royal Mail delivers a return to collectivism</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/insights/royal-londons-entry-into-the-bulk-annuity-market/">Get your benefits right or risk losing top talent</a></li> </ul> <div> <div class="mega-menu-image w-[350px]"> <a class="image-link" href="https://www.isio.com/2024/02/29/outpacing-change/"> <div class="relative overflow-hidden object-cover w-full h-[220px]"> <img width="366" height="187" src="https://www.isio.com/app/uploads/2024/02/Outpacing-change-thumbnail-366x187.png" class="w-full h-full object-cover" alt="" decoding="async" fetchpriority="high" srcset="https://www.isio.com/app/uploads/2024/02/Outpacing-change-thumbnail-366x187.png 366w, 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font-semibold uppercase">post</span> <span class="text-base 2xl:text-lg pl-6 text-black">Outpacing change</span> </div> </div> </a> <a class="featured-link" href="https://www.isio.com/2024/02/29/outpacing-change/">Outpacing change</a> </div> </div> <div></div> <div class="vertical-divider"></div> <div class="pb-8 pt-4 w-full"><button class="close-mega-menu mx-auto block"> <svg xmlns="http://www.w3.org/2000/svg" width="21" height="21" viewBox="0 0 21 21" fill="none"> <path d="M1 1L19.5 19.5" class="stroke-white" stroke-width="2" stroke-linecap="round"/> <path d="M20 1L1.5 19.5" class="stroke-white" stroke-width="2" stroke-linecap="round"/> </svg></button></div> </div> </div> </section> </li><li class='flex items-center has-mega-menu menu-item menu-item-type-post_type menu-item-object-page'><div class="relative flex items-center h-full menu-link-wrapper"><a href="https://www.isio.com/about-us/">About us</a></div><section class="mega-menu hidden bg-brandGreen text-white"> <div class="lg:container md:mx-2 lg:mx-auto"> <div class="grid grid-cols-[290px,_10px_,1fr,_auto] xl:grid-cols-[300px,_10px_,1fr,_auto] justify-between"> <div x-data class="intro-text pt-8 w-[300px] pr-7"> <h2 class="text-2xl xl:text-4xl font-semibold mb-8">Find out more about Isio</h2> <p class="leading-6 2xl:leading-6 font-light text-base 2xl:text-lg ">An industry-leading challenger, providing Pensions, Benefits, Investment and Wealth services – ensuring better outcomes for our clients.</p> </div> <div class="vertical-divider"></div> <ul class="columns-2 gap-x-10 pt-12 pl-[3cqw] pr-5"> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/about-us/our-vision-and-values/">Our vision and values</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/about-us/sustainability/">Sustainability</a></li> <li class="pt-1.5 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srcset="https://www.isio.com/app/uploads/2023/11/image_2023-11-13_111029142.jpg 1920w, https://www.isio.com/app/uploads/2023/11/image_2023-11-13_111029142-300x125.jpg 300w, https://www.isio.com/app/uploads/2023/11/image_2023-11-13_111029142-1024x427.jpg 1024w, https://www.isio.com/app/uploads/2023/11/image_2023-11-13_111029142-768x320.jpg 768w, https://www.isio.com/app/uploads/2023/11/image_2023-11-13_111029142-1536x640.jpg 1536w" sizes="(max-width: 366px) 100vw, 366px" /> <div class="absolute bottom-0 left-0 px-5 py-1 bg-white/80"> <span class="text-base text-brandGreen font-semibold uppercase">insight</span> </div> </div> </a> <a class="featured-link" href="https://www.isio.com/insights/isio-insights-maximising-value-from-employee-benefits/">Maximising value from employee benefits</a> </div> </div> <div></div> <div class="vertical-divider"></div> <div class="pb-8 pt-4 w-full"><button class="close-mega-menu mx-auto block"> <svg xmlns="http://www.w3.org/2000/svg" width="21" height="21" 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One team.</h2> <p class="leading-6 2xl:leading-6 font-light text-base 2xl:text-lg ">Isio is built by challengers, innovators and forward-thinkers, striving to deliver higher levels of financial confidence.</p> </div> <div class="vertical-divider"></div> <ul class="columns-2 gap-x-10 pt-12 pl-[3cqw] pr-5"> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/careers/">Our careers</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/careers/early-careers/">Early careers</a></li> <li class="pt-1.5 break-inside-avoid "><a class="font-light text-base xl:text-lg leading-5.5 xl:leading-5.5" href="https://www.isio.com/careers/our-locations/">Our locations</a></li> </ul> <div> <div class="mega-menu-image w-[350px]"> <a class="image-link" 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lg:py-0 relative flex h-full items-center "> <div class="breadcrumb hidden lg:block absolute top-3.5 "> <span><span class="bc-link"><a href="https://www.isio.com/">Home</a></span> <span class="bc-seperator">»</span> <span class="bc-link"><a href="https://www.isio.com/news/">News</a></span> <span class="bc-seperator">»</span> <span class="breadcrumb_last" aria-current="page">Isio Quarterly October 2024</span></span> </div> <div class="max-w-[600px] text-white flex-col text-left pt-16 pb-8 lg:pt-28 lg:pb-20"> <div class="headings flex flex-col mb-4"> <h1 class="h1"> Isio Quarterly October 2024 </h1> <h2 class="text-2xl uppercase"> Isio Quarterly </h2> </div> </div> </div> </div> </section> <section> <section x-data="{ activeTab: 0 }"> <div class="tab_block relative bg-brandGrey-100 pt-0"> <div class="md:container lg:pt-36 relative z-10"> <div class="p-5 md:p-0 "> <h2 class="text-5xl lg:text-7xl text-brandGreen-100 mb-[25px] ">Welcome to IQ</h2> <p class="mb-[65px] text-xl md:w-1/2" text-brandGrey-100>Welcome to Isio’s latest quarterly pensions update for sponsors, summarising key events from the quarter and looking ahead to what’s coming up.</p> </div> <div class="hidden md:block border-b-[6px] border-brandGreen"> <nav class="isolate md:flex w-full" aria-label="Tabs"> <a @click="activeTab = 0" :class="{ 'text-white bg-brandGreen-100': activeTab === 0, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 0 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>Financial conditions update</span> </a> <a @click="activeTab = 1" :class="{ 'text-white bg-brandGreen-100': activeTab === 1, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 1 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>New Funding Code</span> </a> <a @click="activeTab = 2" :class="{ 'text-white bg-brandGreen-100': activeTab === 2, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 2 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>Virgin Media</span> </a> <a @click="activeTab = 3" :class="{ 'text-white bg-brandGreen-100': activeTab === 3, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 3 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>Run-on survey of professional trustees</span> </a> <a @click="activeTab = 4" :class="{ 'text-white bg-brandGreen-100': activeTab === 4, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 4 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>Out-of-model investment risks</span> </a> <a @click="activeTab = 5" :class="{ 'text-white bg-brandGreen-100': activeTab === 5, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 5 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>Automatic Enrolment in the Republic of Ireland </span> </a> <a @click="activeTab = 6" :class="{ 'text-white bg-brandGreen-100': activeTab === 6, 'text-brandGreen-100 bg-brandGrey-100' : activeTab !== 6 }" class=" text-lg xl:text-[1.375rem] group relative py-4 px-6 font-light md:font-medium focus:z-10 hover:cursor-pointer block hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen "> <span>Looking forward to next quarter</span> </a> </nav> </div> </div> </div> <div class="bg-brandGreen-100 pb-10 hidden md:block bg-no-repeat bg-left-bottom relative z-10 " style="background-image:url('')"> <div class="container bg-brandGreen-100 "> <div x-show="activeTab === 0" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Change since 30 June 2024<strong /></p> </div> <div class="text-white text-xl font-light"> <p><img decoding="async" class="aligncenter wp-image-21587 size-full" src="https://www.isio.com/app/uploads/2024/10/IQ-Isio-Quarterly-market-update-2.gif" alt="" width="600" height="250" /></p> </div> </div> <div> <div class="text-white text-xl font-light"> <p> </p> <p><strong>Commentary</strong></p> <ul> <li>It’s been a quiet quarter, and we don’t expect scheme’s funding positions to have changed materially either way in most cases.</li> <li>Gilt yields fell by c. 10-15 basis points over the quarter, with slightly lower falls of 5 – 10 basis points in long-term inflation expectations. As both these movements have been in the same direction they will largely offset each other for funding valuations.</li> <li>Equity markets were up slightly, with UK equity markets returning c1% over the risk-free rate.</li> <li>Credit spreads increased slightly (less than 5 basis points) over the quarter – and thus accounting positions may have improved slightly for most schemes.</li> </ul> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/app/uploads/2024/10/Accounting-in-Pensions-Post-30-Sep-2024.pdf">Download a full report</a> </div> <p class="text-white text-xl font-medium mb-6"></p> <p class="text-white text-xl font-medium mb-6 mt-6"></p> <div class="md:flex"> </div> </div> </div> <div x-show="activeTab === 1" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>New DB funding regime in force<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>After many years of waiting, the new funding code has finally come into force and will apply to valuations with an effective date on or after 22 September 2024. The new code builds on the existing DB funding regime by requiring trustees and sponsors:</p> <p> </p> <ul> <li>to have a <strong>long-term plan</strong> to be at least fully funded on a basis that reflects a<strong> low-dependency</strong> investment strategy by the time their scheme is <strong>significantly mature</strong>; and</li> <li>to make sure their technical provisions reflect the journey plan to get there.</li> </ul> <p> </p> <p>All of this will need to be documented in a new <strong>Statement of Strategy</strong>.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>With generally improved funding levels across UK DB schemes, the financial impact of the new funding regime may be less than first thought. The first valuations under the new funding code will however still require significant additional work in collaboration with the trustees.  Those schemes with late 2024 and early 2025 valuation dates will end up acting as guinea pigs for the rest of the industry as it gets to grips with how the new requirements are applied in practice for the first time.</p> <p> </p> </div> </div> <div> <div class="text-white text-xl font-light"> <p> </p> <p><strong>Why it matters</strong></p> <p>Sponsors should not rely solely on their trustees to understand and reflect the new funding regime at the next valuation. Sponsors should be:</p> <p> </p> <ul> <li>Thinking about what long-term objective to target, and the implications on the technical provisions.</li> <li>Confirming expected time to “significant maturity”, to understand how long you have before the long-term objective should be reached.</li> <li>Start thinking about employer covenant (now a legally defined term under the new regime) with future assessments to focus on company cashflows and “prospects”</li> <li>Consider whether to target the prescriptive “Fast Track” approach to minimise scrutiny from the Pensions Regulator, or the more flexible “Bespoke” approach.</li> </ul> <p> </p> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/insights/decoding-the-new-db-pensions-funding-regime/">Read more</a> </div> <p class="text-white text-xl font-medium mb-6"></p> <p class="text-white text-xl font-medium mb-6 mt-6"></p> <div class="md:flex"> </div> </div> </div> <div x-show="activeTab === 2" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Virgin Media case<strong /> </p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>In June 2023 the High Court judged that historic amendments made to the Virgin Media scheme between 1997 and 2016 were invalid unless Section 37 actuarial certification was obtained (and could be evidenced) – a ruling which was upheld by the Court of Appeal in July 2024.</p> <p> </p> <p>This case has wider applicability to DB pension schemes which were contracted out between 1997 to 2016 – who could also find that historic amendments are invalid if they don’t have the appropriate documentation.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>This potentially causes a huge headache for sponsors and trustees alike. The nightmare scenario would be having to unwind historic amendments simply due to gaps in records, rather than because these changes didn’t meet the requirements for certification at the time.</p> <p> </p> <p><span class="TextRun SCXW43260072 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy" data-ccp-parastyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|144","ClassId":1073872969,"Properties":[268442635,"21",335559740,"192",201341983,"0",201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"Body copy",201340122,"2",134234082,"true",134233614,"true",469778129,"Bodycopy",335572020,"2",335559685,"3119",335559739,"100",469778324,"Normal"]}">Given </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">th</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">e</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">potential impact</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> based </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">on a technicality, </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">v</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">arious industry </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">bodies</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">are actively lobbying DWP to intervene on this issue</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> and</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> retrospective</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">ly</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">validat</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">e</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">historic amendments which met all the right conditions for actuarial certification at the time, but where </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">evidence of this cannot be found</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">.</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> However, it </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">remains</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> unclear whether DWP will step in.</span></span><span class="EOP SCXW43260072 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> </div> </div> <div> <div class="text-white text-xl font-light"> <p> </p> <p><strong>Why it matters</strong></p> <p><span data-contrast="auto">For DB schemes going through an insurance or M&A process, there is a more pressing need to understand any potential risks to the underlying obligations.</span></p> <p> </p> <p><span data-contrast="auto">More broadly, auditors are already expecting further investigation into this issue to have commenced, ahead of their next reporting periods – doing nothing is not an option.</span></p> <p> </p> <p><span data-contrast="auto">Finally, sponsors should try to understand any potential changes in benefit obligations – particularly if significant – as these could have funding implications as well as influence strategic pensions decisions.</span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p><span class="TextRun Highlight SCXW266577915 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW266577915 BCX8">We will be running </span><span class="NormalTextRun SCXW266577915 BCX8">a</span><span class="NormalTextRun SCXW266577915 BCX8"> webinar</span><span class="NormalTextRun SCXW266577915 BCX8"> in the coming months, </span><span class="NormalTextRun SCXW266577915 BCX8">on the implications of the Virgin Media ruling</span><span class="NormalTextRun SCXW266577915 BCX8">. If </span><span class="NormalTextRun SCXW266577915 BCX8">you’d</span><span class="NormalTextRun SCXW266577915 BCX8"> like to receive an invite, please </span></span><span class="TextRun Highlight Underlined SCXW266577915 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW266577915 BCX8">join our <a href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5?__hstc=150177513.008a8a25881ca8c872ab03c0418d8d69.1728462293003.1729155685255.1729160424604.26&__hssc=150177513.1.1729160424604&__hsfp=1615757629">mailing list</a>.</span></span></p> <p> </p> <a class="my-5 btn-primary btn-white " href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5?__hstc=150177513.008a8a25881ca8c872ab03c0418d8d69.1728462293003.1729155685255.1729160424604.26&__hssc=150177513.1.1729160424604&__hsfp=1615757629">Join our mailing list</a> </div> <p class="text-white text-xl font-medium mb-6"></p> <p class="text-white text-xl font-medium mb-6 mt-6"></p> <div class="md:flex"> </div> </div> </div> <div x-show="activeTab === 3" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Scheme run on survey of professional trustees<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>With UK DB schemes better funded than they have been for decades, employers and trustees are considering whether to take the opportunity to move to insurance at the earliest opportunity or seek to benefit from surpluses as they emerge. Against this backdrop, we surveyed 83 professional trustees responsible for over £350bn of DB assets to get their views on whether to run on and, for those schemes that do, how to implement this.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>Over two-thirds of professional trustees believe that the minimum member share of surplus to justify running on is 40% or less. This reflects the views expressed at our recent event for large sponsors that upside should be weighted towards employers who are responsible for funding 100% of any deficits that emerge.</p> <p> </p> <p><span class="TextRun SCXW9092995 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy" data-ccp-parastyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|144","ClassId":1073872969,"Properties":[268442635,"21",335559740,"192",201341983,"0",201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"Body copy",201340122,"2",134234082,"true",134233614,"true",469778129,"Bodycopy",335572020,"2",335559685,"3119",335559739,"100",469778324,"Normal"]}">Employers </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">looking</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> to run </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">their schemes</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> on can be encouraged that trustees are keen to work collaboratively with them</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">.</span> <span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">T</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">heir biggest concern </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">is likely to </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">be </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">protection on</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> insolvency which can </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">be </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">improve</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">d</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> if necessary through </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">contingent </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">arrangements like</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> escrow</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">s or</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> parent guarantees.</span></span><span class="EOP SCXW9092995 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> </div> </div> <div> <div class="text-white text-xl font-light"> <p> </p> <p><strong>Why it matters</strong></p> <p><span data-contrast="auto">Deciding whether to insure at the earliest opportunity, to run on over the longer term, or something in-between, will be the most financially important decision that most trustees and employers ever agree for their schemes. </span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p><span data-contrast="auto">The views of the sponsor are crucial – indeed the employers view scored as the most important factor for professional trustees in deciding whether to run on beyond full buy-out funding. However, trustees typically hold much of the power in agreeing the “endgame”, so sponsors need to understand trustee perspectives going into these discussions. </span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p> </p> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/app/uploads/2024/08/001_Scheme-run-on-%E2%80%93-survey-of-professional-trustees.pdf">View the survey</a> </div> <p class="text-white text-xl font-medium mb-6"></p> <p class="text-white text-xl font-medium mb-6 mt-6"></p> <div class="md:flex"> </div> </div> </div> <div x-show="activeTab === 4" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Managing tail risks<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>Many pension schemes are now well funded and running low risk strategies, and modelled risks metrics like ‘Value-at-Risk’ give the impression that not a lot can go wrong. However, we know from experience that “out of model” risks can and do happen. Over summer, for example, there was significant volatility in Japanese equities – an event which had only a 0.00000000000000000000003% probability of occurrence, and was in the top 5 market movements of all time. Whilst most schemes have limited exposure to this market, it does highlight the potential remaining risk.</p> <p></p> <p><strong>Isio’s view </strong></p> <p>Sponsors and trustees should consider the exposure of their schemes to out of model risks. This review should identify the “pinch points” and understand their impact if the unexpected occurs. Examples of such pinch points include defaults, liquidity, deflation, longevity and IT outages. Where pinch points are identified a plan can be formulated – either to remove the exposure or to improve governance in case the event happens.</p> </div> </div> <div> <div class="text-white text-xl font-light"> <p> </p> <p><strong>Why it matters</strong></p> <p><span data-contrast="auto">If a scheme with 1% asset outperformance over its liabilities has a 10% hit to funding, it would take over 10 years to recover without re-risking or additional cash contributions. </span><span data-contrast="auto">Understanding these types of risks means that sponsors and trustees can be proactive if they occur, giving them the greatest chance of mitigating the impact. The LDI crisis in 2022 was a great example of this, where those with clear pre-agreed frameworks generally fared better.</span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p><span class="TextRun SCXW229150392 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider" data-ccp-charstyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|198","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"ui-provider",201340122,"1",134233614,"true",469778129,"ui-provider",335572020,"1",469778324,"Default Paragraph Font"]}">Please </span><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider">get in touch with</span> </span><a class="Hyperlink SCXW229150392 BCX8" href="mailto:Edward.Andrew@isio.com" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW229150392 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="none"><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="Hyperlink">Barry.Jones@isio.com</span></span></a><span class="TextRun SCXW229150392 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider"> to discuss how we could help you to </span><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider">identify</span><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider"> and manage remaining risks in your pension scheme</span></span><span class="EOP SCXW229150392 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/person/barry-jones/">Get in touch</a> </div> <p class="text-white text-xl font-medium mb-6"></p> <p class="text-white text-xl font-medium mb-6 mt-6"></p> <div class="md:flex"> </div> </div> </div> <div x-show="activeTab === 5" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Irish Auto-Enrolment launch delayed again!<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>Ireland is the only OECD country without an Auto-Enrolment (or similar) solution in place. The Government has been considering a solution for decades, and a 1 January 2025 introduction had been quoted. However, much remains to be done including a search for asset managers to provide the default investment strategies, comprehensive public education, and consultation with payroll departments on who the administrative burden will mostly fall. Auto-Enrolment is therefore now expected to come into effect on September 30th 2025.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>Auto-Enrolment is overwhelmingly welcomed, particularly given the success in the UK and globally. The 6% matching contributions in 10 years’ time (with a 33% government uplift) will bring contributions well above the UK’s current Auto-Enrolment minimums and more in line with what we believe is a reasonable level of contributions to support retirement. The delays are understandable, but more clarity should be provided on the remaining design areas so that employers can plan effectively.</p> </div> </div> <div> <div class="text-white text-xl font-light"> <p> </p> <p><strong>Why it matters</strong><br /> Auto-enrolment is delayed, but it is coming! It will have a cost and administrative impact on all employers and employees in Ireland. Employers should consider their Irish pensions strategy now and make sure the pensions in place are compliant before Auto-Enrolment arrives. This will help to protect employees from potentially worse off benefit solutions, attract and retain the best staff, and get ahead of a potentially clunky and burdensome Auto-Enrolment launch. As evidenced globally, this will have a huge impact on savers, and will completely change a developing benefits market.</p> <p> </p> <p><span class="TextRun SCXW65560032 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy" data-ccp-parastyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|144","ClassId":1073872969,"Properties":[268442635,"21",335559740,"192",201341983,"0",201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"Body copy",201340122,"2",134234082,"true",134233614,"true",469778129,"Bodycopy",335572020,"2",335559685,"3119",335559739,"100",469778324,"Normal"]}">Please</span> <span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy">get in touch with</span> </span><a class="Hyperlink SCXW65560032 BCX8" href="mailto:Edward.Andrew@isio.com" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW65560032 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="none"><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-charstyle="Hyperlink">Edward.Andrew@isio.com</span></span></a><span class="TextRun SCXW65560032 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"> <span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy">to discuss </span><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy">what we are seeing in the market, the options that employers have available to them</span><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy"> and</span><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy"> the potential impacts and how best to prepare.</span></span><span class="EOP SCXW65560032 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <a class="my-5 btn-primary btn-white " href=" mailto:edward.andrew@isio.com">Get in touch</a> </div> <p class="text-white text-xl font-medium mb-6"></p> <p class="text-white text-xl font-medium mb-6 mt-6"></p> <div class="md:flex"> </div> </div> </div> <div x-show="activeTab === 6" class="grid md:grid-cols-2 pt-12 gap-x-24">  <div class="md:col-span-2"> <div class="text-white text-xl font-light"> <p> </p> <ul> <li>The Government announces its Autumn Budget on 30th October, amid speculation that pensions tax could be an area the Chancellor targets. If you’d like to hear more on this topic, <span style="text-decoration: underline"><strong><a href="https://isio.zoom.us/webinar/register/2217290024120/WN_NEq247pQSFKAplxvfk-THA" target="_blank" rel="noopener">sign up for our webinar</a></strong></span> on Budget day, where we’ll be sharing our reactions to the Budget</li> </ul> <p> </p> <ul> <li>We’re hosting our “Accounting for Pensions” webinar in the coming months, covering what Sponsors should be thinking about from an accounting perspective at the 2024 year-end. If you’d like to receive an invite, please join our <strong><span style="text-decoration: underline"><a href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5?__hstc=150177513.008a8a25881ca8c872ab03c0418d8d69.1728462293003.1729155685255.1729160424604.26&__hssc=150177513.1.1729160424604&__hsfp=1615757629">mailing list</a></span></strong></li> </ul> <p> </p> <ul> <li>On Tuesday 19th November at 10.30am – 12:15pm, we will be hosting Isio’s annual Fiduciary Management Conference live from a London studio. Our expert speakers will be exploring how fiduciary managers have been rebuilding their propositions for this new era and will shine a light on the trends in the fiduciary landscape highlighting areas to be cautious of when using a delegated model. You can register for the conference <strong><span style="text-decoration: underline"><a href="https://isio.zoom.us/webinar/register/7617291606969/WN_7BymM4ofRdmL6y0E4Z05aw">here</a></span></strong>.</li> </ul> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/subscribe-to-iq/">Subscribe to IQ</a> </div> </div> </div> </div> </div> </section>  <section class="py-6 md:hidden bg-brandGreen-100"> <dl class="container divide-y divide-white"> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-0" aria-expanded="false"> <span class="text-2xl">Financial conditions update</span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-0" style="display: none;"> <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Change since 30 June 2024<strong /></p> </div> <div class="text-white text-xl font-light"> <p><img decoding="async" class="aligncenter wp-image-21587 size-full" src="https://www.isio.com/app/uploads/2024/10/IQ-Isio-Quarterly-market-update-2.gif" alt="" width="600" height="250" /></p> <p> </p> <p><strong>Commentary</strong></p> <ul> <li>It’s been a quiet quarter, and we don’t expect scheme’s funding positions to have changed materially either way in most cases.</li> <li>Gilt yields fell by c. 10-15 basis points over the quarter, with slightly lower falls of 5 – 10 basis points in long-term inflation expectations. As both these movements have been in the same direction they will largely offset each other for funding valuations.</li> <li>Equity markets were up slightly, with UK equity markets returning c1% over the risk-free rate.</li> <li>Credit spreads increased slightly (less than 5 basis points) over the quarter – and thus accounting positions may have improved slightly for most schemes.</li> </ul> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/app/uploads/2024/10/Accounting-in-Pensions-Post-30-Sep-2024.pdf">Download a full report</a> </div> </div> </dd> </div> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-1" aria-expanded="false"> <span class="text-2xl">New Funding Code</span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-1" style="display: none;"> <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>New DB funding regime in force<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>After many years of waiting, the new funding code has finally come into force and will apply to valuations with an effective date on or after 22 September 2024. The new code builds on the existing DB funding regime by requiring trustees and sponsors:</p> <p> </p> <ul> <li>to have a <strong>long-term plan</strong> to be at least fully funded on a basis that reflects a<strong> low-dependency</strong> investment strategy by the time their scheme is <strong>significantly mature</strong>; and</li> <li>to make sure their technical provisions reflect the journey plan to get there.</li> </ul> <p> </p> <p>All of this will need to be documented in a new <strong>Statement of Strategy</strong>.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>With generally improved funding levels across UK DB schemes, the financial impact of the new funding regime may be less than first thought. The first valuations under the new funding code will however still require significant additional work in collaboration with the trustees.  Those schemes with late 2024 and early 2025 valuation dates will end up acting as guinea pigs for the rest of the industry as it gets to grips with how the new requirements are applied in practice for the first time.</p> <p> </p> <p> </p> <p><strong>Why it matters</strong></p> <p>Sponsors should not rely solely on their trustees to understand and reflect the new funding regime at the next valuation. Sponsors should be:</p> <p> </p> <ul> <li>Thinking about what long-term objective to target, and the implications on the technical provisions.</li> <li>Confirming expected time to “significant maturity”, to understand how long you have before the long-term objective should be reached.</li> <li>Start thinking about employer covenant (now a legally defined term under the new regime) with future assessments to focus on company cashflows and “prospects”</li> <li>Consider whether to target the prescriptive “Fast Track” approach to minimise scrutiny from the Pensions Regulator, or the more flexible “Bespoke” approach.</li> </ul> <p> </p> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/insights/decoding-the-new-db-pensions-funding-regime/">Read more</a> </div> </div> </dd> </div> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-2" aria-expanded="false"> <span class="text-2xl">Virgin Media</span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-2" style="display: none;"> <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Virgin Media case<strong /> </p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>In June 2023 the High Court judged that historic amendments made to the Virgin Media scheme between 1997 and 2016 were invalid unless Section 37 actuarial certification was obtained (and could be evidenced) – a ruling which was upheld by the Court of Appeal in July 2024.</p> <p> </p> <p>This case has wider applicability to DB pension schemes which were contracted out between 1997 to 2016 – who could also find that historic amendments are invalid if they don’t have the appropriate documentation.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>This potentially causes a huge headache for sponsors and trustees alike. The nightmare scenario would be having to unwind historic amendments simply due to gaps in records, rather than because these changes didn’t meet the requirements for certification at the time.</p> <p> </p> <p><span class="TextRun SCXW43260072 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy" data-ccp-parastyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|144","ClassId":1073872969,"Properties":[268442635,"21",335559740,"192",201341983,"0",201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"Body copy",201340122,"2",134234082,"true",134233614,"true",469778129,"Bodycopy",335572020,"2",335559685,"3119",335559739,"100",469778324,"Normal"]}">Given </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">th</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">e</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">potential impact</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> based </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">on a technicality, </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">v</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">arious industry </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">bodies</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">are actively lobbying DWP to intervene on this issue</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> and</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> retrospective</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">ly</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">validat</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">e</span> <span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">historic amendments which met all the right conditions for actuarial certification at the time, but where </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">evidence of this cannot be found</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">.</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> However, it </span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy">remains</span><span class="NormalTextRun SCXW43260072 BCX8" data-ccp-parastyle="Body copy"> unclear whether DWP will step in.</span></span><span class="EOP SCXW43260072 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p><strong>Why it matters</strong></p> <p><span data-contrast="auto">For DB schemes going through an insurance or M&A process, there is a more pressing need to understand any potential risks to the underlying obligations.</span></p> <p> </p> <p><span data-contrast="auto">More broadly, auditors are already expecting further investigation into this issue to have commenced, ahead of their next reporting periods – doing nothing is not an option.</span></p> <p> </p> <p><span data-contrast="auto">Finally, sponsors should try to understand any potential changes in benefit obligations – particularly if significant – as these could have funding implications as well as influence strategic pensions decisions.</span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p><span class="TextRun Highlight SCXW266577915 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW266577915 BCX8">We will be running </span><span class="NormalTextRun SCXW266577915 BCX8">a</span><span class="NormalTextRun SCXW266577915 BCX8"> webinar</span><span class="NormalTextRun SCXW266577915 BCX8"> in the coming months, </span><span class="NormalTextRun SCXW266577915 BCX8">on the implications of the Virgin Media ruling</span><span class="NormalTextRun SCXW266577915 BCX8">. If </span><span class="NormalTextRun SCXW266577915 BCX8">you’d</span><span class="NormalTextRun SCXW266577915 BCX8"> like to receive an invite, please </span></span><span class="TextRun Highlight Underlined SCXW266577915 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW266577915 BCX8">join our <a href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5?__hstc=150177513.008a8a25881ca8c872ab03c0418d8d69.1728462293003.1729155685255.1729160424604.26&__hssc=150177513.1.1729160424604&__hsfp=1615757629">mailing list</a>.</span></span></p> <p> </p> <a class="my-5 btn-primary btn-white " href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5?__hstc=150177513.008a8a25881ca8c872ab03c0418d8d69.1728462293003.1729155685255.1729160424604.26&__hssc=150177513.1.1729160424604&__hsfp=1615757629">Join our mailing list</a> </div> </div> </dd> </div> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-3" aria-expanded="false"> <span class="text-2xl">Run-on survey of professional trustees</span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-3" style="display: none;"> <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Scheme run on survey of professional trustees<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>With UK DB schemes better funded than they have been for decades, employers and trustees are considering whether to take the opportunity to move to insurance at the earliest opportunity or seek to benefit from surpluses as they emerge. Against this backdrop, we surveyed 83 professional trustees responsible for over £350bn of DB assets to get their views on whether to run on and, for those schemes that do, how to implement this.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>Over two-thirds of professional trustees believe that the minimum member share of surplus to justify running on is 40% or less. This reflects the views expressed at our recent event for large sponsors that upside should be weighted towards employers who are responsible for funding 100% of any deficits that emerge.</p> <p> </p> <p><span class="TextRun SCXW9092995 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy" data-ccp-parastyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|144","ClassId":1073872969,"Properties":[268442635,"21",335559740,"192",201341983,"0",201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"Body copy",201340122,"2",134234082,"true",134233614,"true",469778129,"Bodycopy",335572020,"2",335559685,"3119",335559739,"100",469778324,"Normal"]}">Employers </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">looking</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> to run </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">their schemes</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> on can be encouraged that trustees are keen to work collaboratively with them</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">.</span> <span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">T</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">heir biggest concern </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">is likely to </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">be </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">protection on</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> insolvency which can </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">be </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">improve</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">d</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> if necessary through </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">contingent </span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">arrangements like</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> escrow</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy">s or</span><span class="NormalTextRun SCXW9092995 BCX8" data-ccp-parastyle="Body copy"> parent guarantees.</span></span><span class="EOP SCXW9092995 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p><strong>Why it matters</strong></p> <p><span data-contrast="auto">Deciding whether to insure at the earliest opportunity, to run on over the longer term, or something in-between, will be the most financially important decision that most trustees and employers ever agree for their schemes. </span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p><span data-contrast="auto">The views of the sponsor are crucial – indeed the employers view scored as the most important factor for professional trustees in deciding whether to run on beyond full buy-out funding. However, trustees typically hold much of the power in agreeing the “endgame”, so sponsors need to understand trustee perspectives going into these discussions. </span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p> </p> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/app/uploads/2024/08/001_Scheme-run-on-%E2%80%93-survey-of-professional-trustees.pdf">View the survey</a> </div> </div> </dd> </div> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-4" aria-expanded="false"> <span class="text-2xl">Out-of-model investment risks</span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-4" style="display: none;"> <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Managing tail risks<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>Many pension schemes are now well funded and running low risk strategies, and modelled risks metrics like ‘Value-at-Risk’ give the impression that not a lot can go wrong. However, we know from experience that “out of model” risks can and do happen. Over summer, for example, there was significant volatility in Japanese equities – an event which had only a 0.00000000000000000000003% probability of occurrence, and was in the top 5 market movements of all time. Whilst most schemes have limited exposure to this market, it does highlight the potential remaining risk.</p> <p></p> <p><strong>Isio’s view </strong></p> <p>Sponsors and trustees should consider the exposure of their schemes to out of model risks. This review should identify the “pinch points” and understand their impact if the unexpected occurs. Examples of such pinch points include defaults, liquidity, deflation, longevity and IT outages. Where pinch points are identified a plan can be formulated – either to remove the exposure or to improve governance in case the event happens.</p> <p> </p> <p><strong>Why it matters</strong></p> <p><span data-contrast="auto">If a scheme with 1% asset outperformance over its liabilities has a 10% hit to funding, it would take over 10 years to recover without re-risking or additional cash contributions. </span><span data-contrast="auto">Understanding these types of risks means that sponsors and trustees can be proactive if they occur, giving them the greatest chance of mitigating the impact. The LDI crisis in 2022 was a great example of this, where those with clear pre-agreed frameworks generally fared better.</span><span data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <p> </p> <p><span class="TextRun SCXW229150392 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider" data-ccp-charstyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|198","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"ui-provider",201340122,"1",134233614,"true",469778129,"ui-provider",335572020,"1",469778324,"Default Paragraph Font"]}">Please </span><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider">get in touch with</span> </span><a class="Hyperlink SCXW229150392 BCX8" href="mailto:Edward.Andrew@isio.com" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW229150392 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="none"><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="Hyperlink">Barry.Jones@isio.com</span></span></a><span class="TextRun SCXW229150392 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider"> to discuss how we could help you to </span><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider">identify</span><span class="NormalTextRun SCXW229150392 BCX8" data-ccp-charstyle="ui-provider"> and manage remaining risks in your pension scheme</span></span><span class="EOP SCXW229150392 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/person/barry-jones/">Get in touch</a> </div> </div> </dd> </div> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-5" aria-expanded="false"> <span class="text-2xl">Automatic Enrolment in the Republic of Ireland </span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-5" style="display: none;"> <div class=""> <div class="mb-10"> <p class="text-2xl font-light text-white"><strong>Irish Auto-Enrolment launch delayed again!<strong /></p> </div> <div class="text-white text-xl font-light"> <p><strong>Background</strong></p> <p>Ireland is the only OECD country without an Auto-Enrolment (or similar) solution in place. The Government has been considering a solution for decades, and a 1 January 2025 introduction had been quoted. However, much remains to be done including a search for asset managers to provide the default investment strategies, comprehensive public education, and consultation with payroll departments on who the administrative burden will mostly fall. Auto-Enrolment is therefore now expected to come into effect on September 30th 2025.</p> <p> </p> <p><strong>Isio’s view</strong></p> <p>Auto-Enrolment is overwhelmingly welcomed, particularly given the success in the UK and globally. The 6% matching contributions in 10 years’ time (with a 33% government uplift) will bring contributions well above the UK’s current Auto-Enrolment minimums and more in line with what we believe is a reasonable level of contributions to support retirement. The delays are understandable, but more clarity should be provided on the remaining design areas so that employers can plan effectively.</p> <p> </p> <p><strong>Why it matters</strong><br /> Auto-enrolment is delayed, but it is coming! It will have a cost and administrative impact on all employers and employees in Ireland. Employers should consider their Irish pensions strategy now and make sure the pensions in place are compliant before Auto-Enrolment arrives. This will help to protect employees from potentially worse off benefit solutions, attract and retain the best staff, and get ahead of a potentially clunky and burdensome Auto-Enrolment launch. As evidenced globally, this will have a huge impact on savers, and will completely change a developing benefits market.</p> <p> </p> <p><span class="TextRun SCXW65560032 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy" data-ccp-parastyle-defn="{"ObjectId":"efd3e9ea-ca4c-4f48-8da6-62aecf522453|144","ClassId":1073872969,"Properties":[268442635,"21",335559740,"192",201341983,"0",201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",469775450,"Body copy",201340122,"2",134234082,"true",134233614,"true",469778129,"Bodycopy",335572020,"2",335559685,"3119",335559739,"100",469778324,"Normal"]}">Please</span> <span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy">get in touch with</span> </span><a class="Hyperlink SCXW65560032 BCX8" href="mailto:Edward.Andrew@isio.com" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW65560032 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="none"><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-charstyle="Hyperlink">Edward.Andrew@isio.com</span></span></a><span class="TextRun SCXW65560032 BCX8" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"> <span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy">to discuss </span><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy">what we are seeing in the market, the options that employers have available to them</span><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy"> and</span><span class="NormalTextRun SCXW65560032 BCX8" data-ccp-parastyle="Body copy"> the potential impacts and how best to prepare.</span></span><span class="EOP SCXW65560032 BCX8" data-ccp-props="{"201341983":0,"335559685":0,"335559739":100,"335559740":192}"> </span></p> <a class="my-5 btn-primary btn-white " href=" mailto:edward.andrew@isio.com">Get in touch</a> </div> </div> </dd> </div> <div class="py-5 border-1"> <dt>  <button type="button" class="flex w-full items-start justify-between text-left text-white" aria-controls="faq-6" aria-expanded="false"> <span class="text-2xl">Looking forward to next quarter</span> <span class="md:ml-6 flex h-7 items-center"> <svg class="h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> <svg class="rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2" xmlns="http://www.w3.org/2000/svg" width="24" height="13" viewBox="0 0 24 13" fill="none"> <path d="M1.5 1.5L12 12L22.5 1.5" stroke="white" stroke-width="2" stroke-linejoin="round" /> </svg> </span> </button> </dt> <dd class="mt-5 pr-12" id="faq-6" style="display: none;"> <div class="md:col-span-2"> <div class="text-white text-xl font-light"> <p> </p> <ul> <li>The Government announces its Autumn Budget on 30th October, amid speculation that pensions tax could be an area the Chancellor targets. If you’d like to hear more on this topic, <span style="text-decoration: underline"><strong><a href="https://isio.zoom.us/webinar/register/2217290024120/WN_NEq247pQSFKAplxvfk-THA" target="_blank" rel="noopener">sign up for our webinar</a></strong></span> on Budget day, where we’ll be sharing our reactions to the Budget</li> </ul> <p> </p> <ul> <li>We’re hosting our “Accounting for Pensions” webinar in the coming months, covering what Sponsors should be thinking about from an accounting perspective at the 2024 year-end. If you’d like to receive an invite, please join our <strong><span style="text-decoration: underline"><a href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5?__hstc=150177513.008a8a25881ca8c872ab03c0418d8d69.1728462293003.1729155685255.1729160424604.26&__hssc=150177513.1.1729160424604&__hsfp=1615757629">mailing list</a></span></strong></li> </ul> <p> </p> <ul> <li>On Tuesday 19th November at 10.30am – 12:15pm, we will be hosting Isio’s annual Fiduciary Management Conference live from a London studio. Our expert speakers will be exploring how fiduciary managers have been rebuilding their propositions for this new era and will shine a light on the trends in the fiduciary landscape highlighting areas to be cautious of when using a delegated model. You can register for the conference <strong><span style="text-decoration: underline"><a href="https://isio.zoom.us/webinar/register/7617291606969/WN_7BymM4ofRdmL6y0E4Z05aw">here</a></span></strong>.</li> </ul> <a class="my-5 btn-primary btn-white " href="https://www.isio.com/subscribe-to-iq/">Subscribe to IQ</a> </div> </div> </dd> </div> </dl> </section> <section class="text-wrapper text-block medium-width "> <div class="container"> <div class="acf-innerblocks-container"> <h2 class="wp-block-heading" id="h-join-our-mailing-list">Join our mailing list</h2> <p><strong>Get the next issue of Isio Quarterly delivered straight to your inbox</strong></p> <div class="wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex"> <div class="wp-block-button has-custom-width wp-block-button__width-50"><a class="wp-block-button__link wp-element-button" href="https://share-eu1.hsforms.com/1Dlz5t4JiSEmTgQ-fFhEcoQg43y5" 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Isio Quarterly October 2024 - Isio