PTL Blog

Colin Richardson

Colin joined PTL as a Client Director in March 2014 having previously spent twenty-five years in pensions and actuarial consultancy. He is formerly a Director at KPMG and a partner at Barnett Waddingham with subsequent senior positions at JLT and Buck Consultants. Colin has advised pension scheme trustees throughout his career and also has specialist employer consulting experience. His work has involved a wide range of work for both corporate and trustee clients, including actuarial valuations, accounting, benefit design, liability management and benefit insurance. Colin also has advised upon auto-enrolment design and implementation.
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Recent Posts

UK Deflation: Bonanza for Members?

Posted by Colin Richardson on Jan 20, 2015 2:47:00 PM

Following the headline "UK inflation falls to 0.5%" all forms of media are full of economists speculating on whether the UK may enter a prolonged period of deflation and, if so, what the impact may be.

Very few comment on the likely impact on pensions...

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Topics: Defined Contribution, Pensions, Defined Benefit

Data Cleansing: The dullest topic or the most vital?

Posted by Colin Richardson on Oct 21, 2014 10:13:00 AM

If pension schemes pay benefits with incorrect data, then the comeback certainly won't be dull.   Other decisions based on incorrect or incomplete data can be fairly catastrophic too.  If you have ever seen a scheme try to unwind past benefit inaccuracies you won’t need convincing of this!

When it comes to ensuring pension scheme data is as complete as it possibly can be, the Pensions Regulator requirements are a push, but the real incentives for Trustees and employers are far greater than that.

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The Autumn winds of pension change

Posted by Colin Richardson on Oct 20, 2014 10:58:28 AM

The winds are blowing, the leaves colourful and falling and the darkness of winter beckons.  In line with this, the UK pensions wind has blown very strongly in the last week.  A picture of trees and leaves is supplanted by the swelling of legal law libraries.

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Why it doesn't really matter when rates rise

Posted by Colin Richardson on Jul 16, 2014 10:00:00 AM

First published in Engaged Investor Online on the 14th July 2014

Colin Richardson looks at the obsession with interest rates

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Collective DC 2016 proposal – is it an effective tool to pool longevity risk?

Posted by Colin Richardson on Jun 4, 2014 3:09:00 PM

Announcements at the weekend suggest the Queens Speech this week will unveil measures to allow “Collective DC” pension schemes (CDC) in the UK by April 2016.  CDC schemes have, of course, been used in other countries to some extent – most notably, in the Netherlands – with varied results.

The flexibility in pensions changes announced in the Budget in March have already changed the future pensions landscape and so, by consequence, the arguments in relation to CDC.  There are merits too of course but these are often overstated. We therefore need to be careful when describing CDC and what it means for pensions. CDC schemes could be a major positive development if they prove popular for employers as a method of providing workplace pensions, we should welcome and support the initiative based on the real and genuine merits – of which the largest is the pooling of longevity risk.

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“Guidance on Guidance”: Needed quickly!

Posted by Colin Richardson on Jun 4, 2014 2:44:00 PM

We are now less than 11 months away from the new pensions world of freedom of choice for defined contribution (DC) fund decumulation. This may spread to defined benefit (DB) pensions too depending on current consultation on transferability of DB pensions.  

In reality, schemes, financial advisers, providers and other players are much closer to when the new “guidance” for members will need to be devised and prepared: it will take time to create the process and the actual advice or “guidance” for April 2015 retirees starts months before.  Members don’t just make decisions overnight and schemes don’t implement their decisions, transfers and annuities and choices in an instant!

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