Keep up with what has been happening this week in our latest actuary news round-up…
Mercer has said that the government must work with the wider industry and HM Revenue and Customs (HMRC) to clarify any uncertainties regarding Guaranteed Minimum Pension (GMP) equalisation. Adrian Hartshorn, Chairman of the Mercer GMP equalisation steering committee said: “Despite it being two years since the High Court decision in October 2018 which confirmed that GMPs must be equalised, there are still areas of uncertainty, particularly but not exclusively in terms of GMP conversion. There is a real opportunity here for trustees to simplify benefits, help members to understand their benefits better, speed up processing times and manage admin costs. However, until trustees know their equalisation approach is achievable it can be difficult to take more than a few steps in that journey.”
It has been found that cyber scammers are able to profit from invoking cyber insurance policies to pay out on ransomware attacks where Databarracks have urged insurers to help firm from caving into these strategies to stop these attacks from happening.
Mohammad Khan, General Insurance Leader at PwC UK has said that they predict losses from Storm Christoph will be between £80m-£120m which will be less that the losses from Storm Ciara last year.
The Institute and Faculty of Actuaries has released a major new report that highlight the decision making processes of pension trustees. The report was commissioned by the IFoA’s Actuarial Research Centre and is the culmination of a two-year programme which explores the potential for biases that may occur in pension trustee decision making.
The chairman of Independent Trustee Services and trustee to the pension fund, Chris Martin has announced that Legal & General has completed a £400m derisking deal with Legal & General Group U.K. Senior Pension Scheme.
Hyman Robertson has made climate change a priority as they announce that they intend to be net carbon zero from 2021 and pledges to halve its carbon footprint by 2025. “As we reach the milestone of our centenary year, we’re making this pledge to take action and put these issues right at the heart of what we do. We’re proud to make this commitment to play our part in tackling the major environmental concerns we all face,” says John Dickson, Senior Partner at Hymans Robertson.