Ros explains why the Government is right to permit the development of Collective DC schemes in the UK and explains their potential advantages and drawbacks. She highlights some of the risks, but they are better for employers than DB and likely to be better for members than pure DC
Ros gave a presentation to US investors and plan sponsors outlining what has been happening to UK pensions policy, how it is becoming more flexible and moving towards possible 'hybrid' solutions rather than one-size-fits-all and pure DB or DC. She suggests ways to learn from some of our past mistakes
Ros wrote a 'Talking Head' piece for the Financial Times publication 'Pensions Expert' which explains the damaging impact of Quantitative Easing on UK pensions
Ros explains why criticism of the USS pension scheme is unfair
Ros comments on latest figures showing that FTSE100 scheme pension deficits rose over the past year, despite a 10% increase in assets and employers pouring around £20bn into their schemes. QE and low rates continue to damage pensions.
Ros explains why fears about the impact on the PPF of absorbing UK Coal's pension schemes is overdone.
Ros wrote an article for The Actuary Magazine explaining that the Bank of England's policies are damaging both defined benefit and defined contribution pensions.
Ros comments on the latest Guidance issued by the UK Pensions Regulator, which suggests that employers should be given more leeway in the near term when dealing with their pension deficits.
Ros spoke at the London School of Economics, giving her views on the dangers of Monetary Policy measures for UK pensions.
Ros comments on the ONS statement announcing that it will be downgrading RPI, and deciding it will no longer be a 'national statistic'.
Ros responded to the DWP consultation about whether the objectives of the UK Pension Regulator need to be changed to increase its emphasis on employer affordability.
Ros responded to DWP consultation on allowing smoothing of UK pension fund discount rates
Ros supports Steve Webbs warnings about the dangers of Solvency II rules that may be forced on UK pensions by the EU.
Press Release commenting on latest ONS figures showing pension scheme members has fallen to record lows, lowest since 1953.
Ros published a response to Bank of England conclusions that its policies have not damaged the economy or pensions.
Ros explains the damage being done to UK final salary pension schemes as deficits mount and gilt prices rise, forcing schemes to face a 'death spiral'.
Ros calls on the Government to relax the discount rate used for calculating pension liabilities
Press Release commenting on latest figures from the Pension Protection Fund showing UK defined benefit pension scheme deficits are at the highest level ever and PPF blames QE for partly causing the problems
Ros gave a presentation to the Briefing Circle outlining her views on why we have a pensions crisis and new thinking that is required to finance our aging population.
Ros comments on Steve Webb's suggestions of introducing a new type of risk-sharing for employer pensions, a half-way house between DB and DC, but where the employer takes back some of the risks that have been passed to workers.
Ros explains why QE has taken money from people's pensions and given it to borrowers and banks, leaving pensioners poorer in retirement
Press Release criticizing EU rules on SolvencyII and gender-neutral insurance rules, which will make UK pensioners poorer via lower annuity rates, as well as undermining defined benefit pension schemes
Ros' view is that the latest changes to Tesco's pension scheme, increasing pension age to 67 and uprating by cpi instead of rpi leaves the way open for other employers to follow this lead. However, the Tesco scheme remains a very good scheme for Tesco workers.
Ros was interviewed for ITV lunchtime, 6 o'clock and 10 o'clock News explaining that Tesco pension scheme changes still mean the scheme is a really good deal for staff
Ros highlights that the Bank of England's policy of Quantitative Easing has taken more money from more people's pensions than Robert Maxwell ever did!
Letter published in the Financial Times where Ros explains how using pension fund assets to stimulate economic activity is far better than cutting pensioner benefits or raising taxes.
Ros gave a speech at the Eversheds Annual Pensions Conference in London, explaining that people cannot rely on others to deliver them decent pensions, they increasingly have to look after themselves.
Ros gives her thoughts on the future of UK occupational pensions.
Letter published in Financial Times, jointly with Jon Moynihan and Willem Buiter, calling for increased gilt issuance to help pension schemes better match their liabilities.
Ros gave a presentation at the Credit Suisse 2010 Pension Strategy conference in London, giving her views on the history and future of UK pension policy
Keynote presentation at University of East Anglia's forum on Workplace Pension Reform.
Ros explains some of the background and realities for UK companies offering pension schemes.
Press Release highlighting the challenges facing the Pensions Regulator, trustees and management in connection with BA's pension scheme. Most BA staff are covered by employment terms that do not permit any pay cut (or pension reductions) so the pension scheme cannot be closed. This poses major challenge for the Pensions Regulator - will it use its powers?
Ros discusses the latest release from the UK Pensions Regulator, urging trustees to be robust in negotiating with employers about achieving better security for pension funding - this is a difficult balancing act but it is important to try to get it right.
Press Release expressing concern that a major UK pensions advisory company is halving its contributions to its money purchase pension scheme and leading the way for other employers to follow. This risks pensioner poverty and worsens our pensions crisis.
Presentation given to Institutional Investor conference in Amsterdam outlining Ros' thoughts on past mistakes and future trends in pension fund investment and trustee investment governance.
Press Release supporting UK Pensions Regulator's statement highlighting that companies should not prioritise dividends to shareholders ahead of making up pension deficits.
published in Scottish Sunday Post explaining that the era of final salary pension schemes is now closing and that Government policy has hastened the demise of a once-thriving private pension system in the UK.
Press Release commenting latest figures showing rise in final salary scheme deficits for FTSE 100 companies caused by falling equity markets and disappointing corporate bond returns.
Article published in the Yorkshire Post explaining why the latest falls in asset prices have led to worrying deficits in UK final salary pension schemes, which will hasten the demise of such schemes.
Ros delivered the keynote speech at Professional Adviser's Expert Investor Forum in London outlining her ideas on demography, pensions and the need for radical reform.
Ros comments on why she thinks the pension accounting changes proposed by the Accounting Standards Board, suggesting that companies should use a risk free discount rate and do not include forecast salary increases, are a sensible idea.
Presentation given to LSE conference on Financial Markets Crisis, explaining how savers will be affected and the need to restore savings incentives.
Article published in Daily Mail on 24 September 2007 explaining why the lack of compensation for pension victims is indefensible after the hurried bail-out of Northern Rock depositors.
Ros' comments on how the recent turbulence in credit and equity markets is likely to affect pensions, both final salary and money purchase.
Ros' comments on the new Pension Regulator's issue of its first Financial Support Direction against Sea Containers.
Presentation to the Pensions Trust trustee Awayday in Leeds, outlining the history of the problems in the UK pension system and some thoughts about the future.
Ros' initial reaction to revelations about the advice given to Gordon Brown in 1997 ahead of his decision to remove dividend tax relief from pension funds, explaining that the decision was irresponsible.
Press Release giving Ros’ reaction to the PPF levy announcement which seems prudent and responsible.
Press Release giving Ros’ view on the Statement of Investment Principles announced by the Pension Protection Fund Board
Letter published in Financial Times following John Plender’s article about the decision by Universities Superannuation Scheme to leave employer contributions unchanged, despite large deficit and suggesting that asset allocation can help overcome deficits.
Article published in FTfm for their Trustee Summer School examining the demands for Trustee Knowledge and Understanding (TKU) of investment issues and using modern techniques to replace the traditional hopeful ‘punt’ on equities and bonds.
Article published in Financial Adviser giving criticising the Government’s attempts to squirm out of taking responsibility for occupational pensions policy errors, despite the Parliamentary Ombudsman’s report showing its guilt in this affair.
Article published in ‘Public Servant’ Magazine, discussing the future for UK pensions, trends in occupational pension schemes and flexible retirement policies of the future.
Article published in FTfm comment section explaining why pension funds may be able to better match their liabilities by using swaps and derivatives, rather than just switching to bonds.
Powerpoint description of a possible structured product approach to overcoming pension fund deficits and meeting liabilities over time.
Additional comments from Ros on the Pensions Commission reform proposals, questioning the intellectual case for compelling employers to contribute to pensions and discussing some of Ros’s reservations about the proposals.
Article published on BBC website discussing the crisis in UK occupational pension provision, problems faced by employers and members and recommendations for radical reforms.
Article published in Financial Times FTfm November 2005 discussing concerns about a ‘governance gap’ in UK occupational pensions, as trustees and the industry seem to be focussing primarily on sorting out problems of defined benefit schemes, while not paying enough attention to the needs of new defined contribution arrangements.
Speech delivered at FT Business Conference ‘Hidden Treasures in Bonds’ in London, discussing Ros’s thoughts about pension fund asset allocation and the investment considerations for pension funds when considering switching into bonds.
Letter published in the Financial Times on 7th July 2005, outlining why UK Government pension policy is responsible for lulling members of final salary schemes into a false sense of security, which allowed employers to get away with making pension promises which they could not afford. This is the fault of Government failure to tell members the truth, rather than malicious employer actions.
Article published in Global Pensions explaining that Ros considers having a PPF essential and the risk-based levy is a sensible proposal.
Feature published in Financial Adviser magazine, outlining Ros's views on the future for occupational pension provision in the UK, movement away from final salary schemes and role of financial advisers to help make defined contribution provision work better.
Presentation given at Actuarial Profession Annual Pensions Convention, in Brighton on 7th June 2005, outlining the failure of the UK pension model, the outlook for occupational pensions and the role of actuaries in future.
Article published in Global Pensions, explaining the benefits of having the Pension Protection Fund.
Opinion piece published in Financial Times FTfm supplement, arguing that pension fund trustees need to consider diversified range of investments, not just equities and bonds and that switching from equities to bonds, if funds are in deficit, may be the least efficient way of reducing risk.
Brief note outlining the situation facing UK employers running final salary pension schemes and why they are now facing huge deficits.
Presentation given at NAPF meeting in London to discuss pension scheme governance for defined contribution pension funds, considering trustee based, versus contract based models.
Press release welcoming NAPF’s open letter to the Secretary of State for Work and Pensions, supporting Ros’s calculations of inadequacy of the Financial Assistance Scheme and fears for the future of the Pension Protection Fund.
Roundtable discussion at NAPF council meeting on the issue of the appropriateness of the trustee governance model for pension funds, contract-based schemes and governance issues for Defined Contribution funds.
Personal View column published in Financial Times, explaining why the stakeholder savings initiatives have not worked and are unlikely to do so. The target market is not benefiting and providers are not keen to offer these products.
Letter published in Employee Benefits Magazine explaining why employers have been asked to shoulder too much of the pensions burden and that the 'standard' two-thirds final salary pension has become unaffordable for most people.
Note outlining Government proposals for new Pension Protection Fund and New Pensions Regulator.
Feature article published in Financial Adviser, October 2004, outlining Ros's suggestions for structuring investment options for money purchase and stakeholder pensions, with sensible default options.
Article published in Financial News in June 2004, examining responsibilities of trustees in both defined benefit and defined contribution schemes.
Presentation made to SPC roundtable on 22 June 2004. Topics addressed include aims of investment for DB and DC schemes, responsibilities of trustees and importance of improving trustee skills.
Practical suggestions as to how to organise a compensation package for workers who lost their pensions on scheme wind-up. This could be a model for the Financial Assistance Scheme, if it has more money.
Response to letter in Financial Times from leading actuary who criticised proposals to compensate victims of pension wind-ups and questioned the need to protect pensions. Ros’ letter calls for more protection on future, rather than less.
Panel presentation on Pension Protection Fund and providing guarantees for pension schemes, 19th January 2004, for Watson Wyatt.
Article published in ‘Financial Adviser’ explaining why we need an insurance protection scheme for final salary company pensions in the UK.
Framework for a panel discussion held at Right Angle Partners ‘UK Pension Fund Investment Seminar’ held at Hartwell House on 18th September 2003. This presentation addresses the crisis in UK pension funds and the future for UK employer schemes.
Article published in Pensions Week explaining why Government must compensate pension scheme members who have lost their pension rights on insolvency and how this compensation will not cost anything for many years.
Letter published in the Financial Times outlining the failures of UK final salary pensions.
A picture of how UK private sector company schemes are leaving people unprotected and unaware of the risks to their pensions, while public sector schemes are safe. We need to restore confidence!
Note explaining why we urgently need to change the UK final salary pension system. Some form of insurance is essential.
Letter regarding lack of security for members of UK final salary schemes.
A description of why UK final salary pension promises are now financially unsustainable for most employers and a possible way forward for the future.
Note outlining why wither member must be given a proper risk warning that their pension must be protected.
Outline of reasons for the crisis in UK final salary schemes and some suggested solutions.
A note explaining why mutual insurance for pension schemes should be considered.
The move away from final salary schemes does not have to be a disaster at all. Dr. Altmann believes the demise of DB was always inevitable for private companies and final salary schemes are not always as good as they are currently thought to be.