Pension scheme funding levels and the railways: our latest insight


The latest actuarial valuations for the shared cost sections of the Railways Pension Scheme (the ‘RPS’) are being carried out as at 31 December 2016. While there has been a plethora of recent newspaper headlines lamenting an apparently astronomical increase in deficits across DB schemes in general, the RPS is – as ever – a little different.

Funding levels may therefore not be as bad as might have been feared. In this Insight we explore the approach which the Trustee and Scheme Actuary intend to take to setting assumptions, the likely impact on
deficits for different sections, and some of the options available to employers to address the valuations.

For the full insight, click here.

Tom Becket

La La Land: a market update

​Forgive me, readers, for I have sinned; this is my first confession in over a month. I’m sure this lack of scripture has come as a blessed relief to many, but the truth is that nothing has happened to trigger off a volley of words. Indeed, a prolonged period of low volatility across all asset classes and positive performance trends across the vast majority of investments since the start of the year has created a well-needed pause for breath and a feeling of ‘suspended reality’. While markets have leapt happily higher in this ‘La La Land’ environment, we have been extremely active in our portfolios, taking profits, refocusing our attentions only on those assets where we have extremely high conviction and preparing for bigger battles ahead. Read the full blog here.