I’m not sure we should be allowed to describe any political result as a “surprise” anymore, but it’s fair to say that last night was a pretty extraordinary night on many levels.
It has now been confirmed that the Conservative Party will not secure a majority from the election, but could form a government with the help of the Democratic Unionist Party in a hung parliament. This is a very different reality to the confident outcome that many foretold a month ago of a sweeping Conservative landslide victory, which is not a view we shared. Our central expectation was for a small Conservative majority, despite our disbelief at the campaign the Conservatives were running and the complacency that many had over a likely sweeping Conservative victory.
Read the full blog here.
With all the vigour (and, for some, forced jollity) of a post-wedding conga line, we are now heading for the door marked Brexit.
So, what strategic issues will affect UK defined benefit pensions and what, if anything, can be done to recognise them?
Most schemes will know where they stand at present. And for most, this will be significantly short of a full buy-out position and, probably, short on a scheme-specific funding position (or technical provisions basis). Brexit won’t change any of this in the short term. Life should just carry on as now.
For the full blog, click here.
With the snap general election upon us, we take a short guided tour of the recently published manifestos to see what pledges relating to pensions have been made. Click here for our quarterly pensions bulletin.