Give Parliament a year?s recess!

Perhaps we would have been better off without a Queen’s speech at all. Parliament could go on holiday for a year. However, if we are to have government impose contingent liabilities on the next generation, how about some deferred tax cuts – for example, legislation to index all tax thresholds to the higher of RPI increases and wage increases to prevent the bracket creep that this government has used to increase its tax revenues? How about more planning reform and profit-making free schools? And how about time-limiting benefits and the imposition of work and training requirements for all those in receipt of benefits who do not have a reasonable contribution record? In addition, a really imaginative government would not be increasing state pensions and abolishing contracting out of state pensions and into private pensions (thus abolishing the most successful post-war pension privatisation in Europe with which even the extreme left of the Labour Party were content) but would be extending opportunities to promote private pension provision in place of state provision and thus reduce the fiscal burden on future generations.

Visibility: 

Main blog

Read the full blog post here

Source: http://www.iea.org.uk/blog/give-parliament-a-year%E2%80%99s-recess

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Do you review?

At 6.45 a.m. today I enjoyed my weekly business networking fix...good venue, good weather, good company, and a good breakfast!

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/jjcpg3/

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Over to you

BMA members will be given the chance to vote on whether or not they will accept changes to their pensions, following a decision by BMA Council. The vote will be put at the conclusion of negotiations with the government, which is expected to be early next year. We will also be stepping up preparations for [...]

Source: http://blogs.bma.org.uk/pensions/2011/11/25/over-to-you/

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Equal marriage: The other side of the debate

The House of Commons returns to the Marriage [...]

Source: http://touchstoneblog.org.uk/2013/05/equal-marriage-the-other-side-of-the-debate

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Barbados property investment ? now and our future plans

As many of our clients know, we are working with an excellent developer in Barbados, offering some very strong Barbados Property Investments, as their primary agent in the UK we are always first to release their newest offerings. The developer we are working with is currently in the process of completing two stunning developments on [...]

Source: http://www.freshinvest.co.uk/blog/overseas-property-investment/barbados-property-investment-future-plans/

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FactCheck: the terror plots that failed

MI5 are "not in the dock" over the Woolwich killing - but should they be? FactCheck looks at the UK's track record on foiling terror plots before they happen.

Source: http://blogs.channel4.com/factcheck/factcheck-the-terror-plots-that-failed/13574

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DOL Issues Advisory Opinion About Use of Swaps by ERISA Plans

ERISA plans have long relied on over-the-counter swaps to hedge or to enhance portfolio returns. Given the high level of attention being paid to de-risking solutions these days, the role of swaps is even more important since these derivative contracts are often used by insurance companies and banks to manage their own risks when an ERISA plan transfers assets and/or liabilities. Big dollars (and other currencies) are at stake. According to its 2012 semi-annual tally of global market size, the Bank for International Settlements ("BIS") estimates the interest rate swap market alone at $379 trillion. Click to access details about the size of the over-the-counter derivatives market as of June 2012. It is therefore noteworthy that regulatory feedback has now been provided with respect to the use of swaps by ERISA plans.

In its long awaited advisory opinion issued by the U.S. Department of Labor, Employee Benefits Security Administration ("EBSA"), ERISA plans can use swaps without fear of undue regulatory costs and diminished supply (due to brokers who do not want to trade if deemed a fiduciary).

In its rather lengthy February 7, 2013 communication with Steptoe & Johnson LLP attorney Melanie Franco Nussdorf (on behalf of the Securities Industry and Financial Markets Association), EBSA officials (Louis J. Campagna, Chief - Division of Fiduciary Interpretations, and Lyssa E. Hall, Director - Office of Exemption Determinations) made several important points about whether a swaps "clearing member" (a) has ERISA 3(21)(A)(i) fiduciary liability if a pension counterparty defaults and the clearing member liquidates its position (b) is a party in interest as described in section 3(14)(B) of ERISA with respect to the pension plan counterparty on the other side of a swaps trade and (c) will have created a prohibited transaction under section 406 of ERISA if it exercises its default rights. These include the following.

• Margin held by a Futures Commission Merchant ("FCM") or a clearing organization as part of a swap trade with an ERISA plan will not be deemed a plan asset under Title 1 of ERISA. The plan's assets are the contractual rights to which both parties agree (in terms of financial exchanges) as well as any gains that the FCM or clearing member counterparty may realize as a result of its liquidation of a swap with an ERISA plan that has not performed.
• An FCM or clearing organization should not be labeled a "party in interest" under ERISA as long as the swap agreement(s) with a plan is outside the realm of prohibited transaction rules.

There is much more to say on this topic and future posts will address issues relating to the use of derivatives by ERISA plans. In the meantime, links to this 2013 regulatory document and several worthwhile legal analyses are given below, as well as a link to my book on the topic of risk management. While it was published in late 2004 as a primer for fiduciaries, many of the issues relating to risk governance, risk metrics and risk responsibilities remain the same.

• U.S. Department of Labor Advisory Opinion 2013-01A;
• "DOL Advisory Opinion 2013-01A: Cleared Swaps Under ERISA - Margin Not a Plan Asset/CCPs & FCSm Are Not Fiduciaries/No Prohibited Transactions" by Attorney Andrew P. Cross and Allison W. Sizemore, The Swap Report, February 14, 2013;
• "DOL Resolves Important ERISA Issues About Cleared Swap Transactions," Bloomberg BNA, February 27, 2013; and
• Risk Management for Pensions, Endowments and Foundations by Dr. Susan Mangiero, John Wiley & Sons, November 2004.

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/gNG0ZMxd6gc/

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The basics

How often do you invest time simply to ?see what you have? in financial terms?

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/2dl3mh/

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How independent are central banks?

In the wake of the financial crisis, there are growing movements in the USA and the UK to abolish the countries’ central banks, the Federal Reserve System and the Bank of England. And while such movements are often regarded as the radical domain of cranks and fanatics, their arguments deserve much more in the way of a careful consideration than they typically receive. Although the mainstream narrative has blamed the current financial crisis on ‘free markets’ and ‘cutthroat competition’, we have had nothing even remotely akin to either for a very long time. If we had, we would find ourselves in a very different position today.

Visibility: 

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Source: http://www.iea.org.uk/blog/how-independent-are-central-banks

iht annuity rates stakeholder pensions uk retirement drawdown

Denmark?s fat tax disaster - the proof of the pudding

The negative consequences of putting 'sin taxes' on products when demand is inelastic are well known. Almost invariably, they hurt the poor more than the rich. They encourage black market activity and cross-border shopping. They lead to compensatory purchasing and brand switching. Although it is politically expedient to portray them as 'nudges' designed to improve society or compensate for negative externalities, they typically act as stealth taxes while doing little to reduce harmful consumption.

Visibility: 

Main blog

Lifestyle economics

Read the full blog post here

Source: http://www.iea.org.uk/blog/denmark%E2%80%99s-fat-tax-disaster-the-proof-of-the-pudding

pensions uk iht annuity rates stakeholder pensions uk retirement

Fiduciary Shortcuts To Valuation Can Be Dangerous

Despite a plethora of information about how to implement shortcuts to enhance workplace productivity, fiduciaries need to ask themselves whether a "jack in the box" approach that equates speed with care and diligence is worth pursuing.

This topic of shortcuts came up recently in a discussion with appraisal colleagues about the dangers of using a "plug and play" model to estimate value. Although New York Times journalist Mark Cohen rightly cites the merits of having a business valuation done, he lists all sorts of new tools such as iPhone valuation apps that some might conclude are valid substitutes for the real thing. Rest assured that punching in a few numbers versus hiring an independent and knowledgeable third party specialist to undertake a thorough assessment of value is a big mistake, especially if the underlying assumptions and algorithms of a "quick fix" solution are unknown to the user. See "Do You Know What Your Business is Worth? You Should," January 30, 2013.

It's bad enough that a small company owner opts for a drive-in appraisal. It's arguably worse when institutional investors do so, especially as their portfolios are increasingly chock a block with "hard to value" holdings. In the event that a valuation incorrectly reflects the extent to which an investment portfolio can decline, all sorts of nasty things can occur. A pension, endowment or foundation could end up overpaying fees to its asset managers. Any attempts to hedge could be thwarted by having too much or too little protection in place due to incorrect valuation numbers. Asset allocation decisions could be distorted which in turn could mean that certain asset management relationships are redundant or insufficient.

Poor valuations also invite litigation or enforcement or both. As I wrote in "Financial Model Mistakes Can Cost Millions of Dollars," Expert Witnesses, American Bar Association, Section of Litigation, May 31, 2011:

"Care must be taken to construct a model and to test it. Underlying assumptions must be revisited on an ongoing basis, preferably by an independent expert who will not receive a raise or bonus tied to flawed results from a bad model. Someone has to kick the proverbial tires to make sure that answers make sense and to minimize the adverse consequences associated with mistakes in a formula, bad assumptions, incorrect use, wild results that bear no resemblance to expected outcomes, difficulty in predicting outputs, and/or undue complexity that makes it hard for others to understand and replicate outputs. Absent fraud or sloppiness, precise model results may be expensive to produce and therefore unrealistic in practice. As a consequence, a “court or other user may find a model acceptable if relaxing some of the assumptions does not dramatically affect the outcome.” Susan Mangiero, “The Risks of Ignoring Model Risk” in Litigation Services Handbook: The Role of the Financial Expert (Roman L. Weil et al, eds., John Wiley & Sons, 3d ed. 2005).

In recent months, it is noteworthy that regulators have pushed valuation process and policies further up the list of enforcement priorities. Indeed, in reading various complaints that allege bad valuation policies and procedures, I have been surprised at the increased level of specificity cited by regulators about what they think should have been done by individuals with fiduciary oversight responsibilities. Besides the focus of the U.S. Department of Labor, the U.S. Securities and Exchange Commission has brought actions against multiple fund managers in the last quarter alone. Consider the valuation requirements of new Dodd-Frank rules (and overseas equivalent regulatory focus) and it is clear that questions about how numbers and models are derived will continue to be asked.

For further reference, interested readers can check out the following items:

• "Mitigating Risks of Breach of Fiduciary Duty Claims," June 16, 2011;
• "SEC Charges Eight Mutual Fund Directors for Failure to Properly Oversee Asset Valuation," December 10, 2012;
• "SEC Charges New York-Based Fund Executives for Overvaluing Assets During Financial Crisis," November 28, 2012; and
• "SEC Charges Hedge Fund Adviser and Two Executives With Fraud in Continuing Probe of Suspicious Fund Performance," October 17, 2012.

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/yjEv29sBXgw/

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Is the British left falling out of love with Sweden?

After Baroness Thatcher’s death, when a renewed debate about her legacy had erupted, one particular publication format was suddenly all over the place: the ‘myth-buster’. Five myths about Thatcher, seven myths about Thatcher, ten myths about Thatcher – myth-busting had become a popular sport. Some of the Thatcher myths are not, strictly speaking, myths. They are rather a failure to distinguish between the historical Prime Minister Thatcher and a ‘symbolic Thatcher’ – Thatcher as in ‘Thatcherism’. A similar phenomenon is at work when the British left talks about Sweden.

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Source: http://www.iea.org.uk/blog/is-the-british-left-falling-out-of-love-with-sweden

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House of Cards, Netflix and the Bottom Line

I spent hours this weekend glued to my computer screen. Curious to know if "House of Cards" would entertain as promised, I watched the first few episodes as a skeptic, only to be rewarded with solid acting, clever writing and a story line that kept on giving. This political thriller boasts a bevy of Hollywood talent, with Kevin Spacey at the helm. After losing a bid to be the next Secretary of State for a new president, this ethically challenged Congressman plots revenge and an alternative path to power. If you liked "The West Wing" and won't get discouraged by the seemingly realistic portrayal of what happens behind closed doors in Washington, you will enjoy the thirteen episodes of Season 1 and anxiously await the next baker's dozen.

Here's the rub. You need to be an existing Netflix subscriber or sign up tout-suite. In a move that has Hollywood paying close attention, this self-described "leading Internet television network" laid out $100 million to a star cast of writers and actors to recreate a Yankee version of this popular UK theatrical offering.

Why would a company do this? Some assert that original content is where the money is. According to several recent studies, "Streaming videos online are becoming more popular as technology evolves and more content is created for the Internet." See "NPD study: More people watch Internet videos on TVs than computers." CBS News, September 26, 2012. If you hate the countless ads that now consume the first twenty minutes of any in-person showing, you will be glad to have an alternative to movie-watching.

For institutional investors, this push to garner new subscribers and hopefully add to the bottom line is noteworthy. According to the NASDAQ website, 86.85% of the $8+ billion capitalization for Netflix, Inc. (ticker is NFLX) is in the hands of institutional owners. Some of them may not be appeased, certainly those who have sued the company over financial statement disclosures. In April 2012, Judge Samuel Conti appointed the Arkansas Teacher Retirement System and State-Boston Retirement System as lead plaintiffs in this putative class action. Click to read the "Netflix Inc. Securities Litigation" court order.

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/5-vJMzwdIsA/

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Free Checks!

We ensure you are provided with advice from expert advisers. You will have all the information needed to make the right choice and have ALL the facts about whether opting for this is the right choice. PensionRelease.org will can put you in touch with an advisor who will perform a free investigation to see if [...]

Source: http://www.pensionrelease.org/no-obligation-check/

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Overseas Property, is it the little things that matter?

What really attracts people to purchase an overseas property, apart from location, price, and dimensional suitability? I would argue that it is normally the LOVE factor. Most people fall in love with the property they want to purchase and will normally go with the one that just feels right when they go to view it, [...]

Source: http://www.freshinvest.co.uk/blog/overseas-property-investment/overseas-property-matter/

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How does my pension affect the environment?

Most people don’t think of themselves as investors in the stock market, but a huge proportion of investments are held through our savings, pensions, insurance and banking. This means that money may be invested on our behalf in companies which are failing to take action on climate change.
 
According to the Ethical Investment Research and Information Service UK pension funds control more than a third of the shares on the UK stock market. This is likely to grow, as more people are automatically opted-in to company schemes under new legislation.

 

read more

Source: http://www.pensionschampions.co.uk/?q=node/63

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5 actions you can take today to set yourself up for massive success

When we check in with investors who’ve bought with us in the past, there’s one common regret:

If You Liked This Post...

• Learn how to become a property investor
• 4 reasons why you will fail at property this year
• 5 Alternative property investment books
• Property Investment Success in 3 steps

The post 5 actions you can take today to set yourself up for massive success appeared first on RMP Property - The UK Property Investment Experts.

Source: http://feedproxy.google.com/~r/co/SgjQ/~3/RrXWe-1HqoU/

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Pensions and the duty of good faith ? a regular visitor to court

February saw the IBM pension scheme returning to the High Court for the third time in a little over a year.� The first IBM case concerned the rectification of the scheme’s rules to give active members a right to retire from age 60. The second case concerned the question of good faith and whether IBM [...]

Source: http://www.pensionstalk.co.uk/disputes/pensions-and-the-duty-of-good-faith-a-regular-visitor-to-court/?utm_source=rss&utm_medium=rss&utm_campaign=pensions-and-the-duty-of-good-faith-a-regular-visitor-to-court

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Cameron lets Labour take credit for gay marriage

At around 8pm last night, someone in Sir George Young’s office phoned someone in Ed Miliband’s office. Not enough Tories are going to vote against the amendment from Tim Loughton intended to wreck the gay marriage bill, the person explained. Labour would have to vote against or risk the bill being derailed.

Ed Miliband agreed, and encouraged his MPs to do the same. In the end, the amendment was defeated, but only thanks to Labour’s action. So it was no surprise to see headlines such as that in the Guardian this morning, which read:

Continue reading �

Source: http://blogs.ft.com/westminster/2013/05/cameron-lets-labour-take-credit-for-gay-marriage/

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The FSA mellowing?

I have written before on the subject of the Financial Services Authority?s ?Treating Customers Fairly? (TCF) initiative.

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/89o3ij/

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Give Parliament a year?s recess!

Perhaps we would have been better off without a Queen’s speech at all. Parliament could go on holiday for a year. However, if we are to have government impose contingent liabilities on the next generation, how about some deferred tax cuts – for example, legislation to index all tax thresholds to the higher of RPI increases and wage increases to prevent the bracket creep that this government has used to increase its tax revenues? How about more planning reform and profit-making free schools? And how about time-limiting benefits and the imposition of work and training requirements for all those in receipt of benefits who do not have a reasonable contribution record? In addition, a really imaginative government would not be increasing state pensions and abolishing contracting out of state pensions and into private pensions (thus abolishing the most successful post-war pension privatisation in Europe with which even the extreme left of the Labour Party were content) but would be extending opportunities to promote private pension provision in place of state provision and thus reduce the fiscal burden on future generations.

Visibility: 

Main blog

Read the full blog post here

Source: http://www.iea.org.uk/blog/give-parliament-a-year%E2%80%99s-recess

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Syria: first shipment of Russian S-300 missiles has arrived, says Assad ? live updates

? President says anti-aircraft weapons are in Syria
?�Twelve killed so far today; 161 yesterday ? activists
?�Prospects for Geneva peace talks hit new roadblocks
? Britain writes to UN with new chemical weapons claims
? Live coverage of all developments throughout the day

Paul Owen

Source: http://www.guardian.co.uk/world/middle-east-live/2013/may/30/syria-first-shipment-of-russian-missiles-has-arrived-says-assad-live-updates

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If it?s worth having- let?s have it now!

News travels fast on the web but the news that it’s taken the BBC 5 years to work out that a lot of the technology they’d blown �100m on is available today for free, clearly travelled slowly. If a technology … Continue reading →

Source: http://henrytapper.com/2013/05/24/if-its-worth-having-lets-have-it-now/

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FTSE350 High Yield

There has been a lot of conjecture recently around what better approaches to take during the recent market volatility.

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/11406t/

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DOL Issues Advisory Opinion About Use of Swaps by ERISA Plans

ERISA plans have long relied on over-the-counter swaps to hedge or to enhance portfolio returns. Given the high level of attention being paid to de-risking solutions these days, the role of swaps is even more important since these derivative contracts are often used by insurance companies and banks to manage their own risks when an ERISA plan transfers assets and/or liabilities. Big dollars (and other currencies) are at stake. According to its 2012 semi-annual tally of global market size, the Bank for International Settlements ("BIS") estimates the interest rate swap market alone at $379 trillion. Click to access details about the size of the over-the-counter derivatives market as of June 2012. It is therefore noteworthy that regulatory feedback has now been provided with respect to the use of swaps by ERISA plans.

In its long awaited advisory opinion issued by the U.S. Department of Labor, Employee Benefits Security Administration ("EBSA"), ERISA plans can use swaps without fear of undue regulatory costs and diminished supply (due to brokers who do not want to trade if deemed a fiduciary).

In its rather lengthy February 7, 2013 communication with Steptoe & Johnson LLP attorney Melanie Franco Nussdorf (on behalf of the Securities Industry and Financial Markets Association), EBSA officials (Louis J. Campagna, Chief - Division of Fiduciary Interpretations, and Lyssa E. Hall, Director - Office of Exemption Determinations) made several important points about whether a swaps "clearing member" (a) has ERISA 3(21)(A)(i) fiduciary liability if a pension counterparty defaults and the clearing member liquidates its position (b) is a party in interest as described in section 3(14)(B) of ERISA with respect to the pension plan counterparty on the other side of a swaps trade and (c) will have created a prohibited transaction under section 406 of ERISA if it exercises its default rights. These include the following.

• Margin held by a Futures Commission Merchant ("FCM") or a clearing organization as part of a swap trade with an ERISA plan will not be deemed a plan asset under Title 1 of ERISA. The plan's assets are the contractual rights to which both parties agree (in terms of financial exchanges) as well as any gains that the FCM or clearing member counterparty may realize as a result of its liquidation of a swap with an ERISA plan that has not performed.
• An FCM or clearing organization should not be labeled a "party in interest" under ERISA as long as the swap agreement(s) with a plan is outside the realm of prohibited transaction rules.

There is much more to say on this topic and future posts will address issues relating to the use of derivatives by ERISA plans. In the meantime, links to this 2013 regulatory document and several worthwhile legal analyses are given below, as well as a link to my book on the topic of risk management. While it was published in late 2004 as a primer for fiduciaries, many of the issues relating to risk governance, risk metrics and risk responsibilities remain the same.

• U.S. Department of Labor Advisory Opinion 2013-01A;
• "DOL Advisory Opinion 2013-01A: Cleared Swaps Under ERISA - Margin Not a Plan Asset/CCPs & FCSm Are Not Fiduciaries/No Prohibited Transactions" by Attorney Andrew P. Cross and Allison W. Sizemore, The Swap Report, February 14, 2013;
• "DOL Resolves Important ERISA Issues About Cleared Swap Transactions," Bloomberg BNA, February 27, 2013; and
• Risk Management for Pensions, Endowments and Foundations by Dr. Susan Mangiero, John Wiley & Sons, November 2004.

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/gNG0ZMxd6gc/

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Fiduciary Shortcuts To Valuation Can Be Dangerous

Despite a plethora of information about how to implement shortcuts to enhance workplace productivity, fiduciaries need to ask themselves whether a "jack in the box" approach that equates speed with care and diligence is worth pursuing.

This topic of shortcuts came up recently in a discussion with appraisal colleagues about the dangers of using a "plug and play" model to estimate value. Although New York Times journalist Mark Cohen rightly cites the merits of having a business valuation done, he lists all sorts of new tools such as iPhone valuation apps that some might conclude are valid substitutes for the real thing. Rest assured that punching in a few numbers versus hiring an independent and knowledgeable third party specialist to undertake a thorough assessment of value is a big mistake, especially if the underlying assumptions and algorithms of a "quick fix" solution are unknown to the user. See "Do You Know What Your Business is Worth? You Should," January 30, 2013.

It's bad enough that a small company owner opts for a drive-in appraisal. It's arguably worse when institutional investors do so, especially as their portfolios are increasingly chock a block with "hard to value" holdings. In the event that a valuation incorrectly reflects the extent to which an investment portfolio can decline, all sorts of nasty things can occur. A pension, endowment or foundation could end up overpaying fees to its asset managers. Any attempts to hedge could be thwarted by having too much or too little protection in place due to incorrect valuation numbers. Asset allocation decisions could be distorted which in turn could mean that certain asset management relationships are redundant or insufficient.

Poor valuations also invite litigation or enforcement or both. As I wrote in "Financial Model Mistakes Can Cost Millions of Dollars," Expert Witnesses, American Bar Association, Section of Litigation, May 31, 2011:

"Care must be taken to construct a model and to test it. Underlying assumptions must be revisited on an ongoing basis, preferably by an independent expert who will not receive a raise or bonus tied to flawed results from a bad model. Someone has to kick the proverbial tires to make sure that answers make sense and to minimize the adverse consequences associated with mistakes in a formula, bad assumptions, incorrect use, wild results that bear no resemblance to expected outcomes, difficulty in predicting outputs, and/or undue complexity that makes it hard for others to understand and replicate outputs. Absent fraud or sloppiness, precise model results may be expensive to produce and therefore unrealistic in practice. As a consequence, a “court or other user may find a model acceptable if relaxing some of the assumptions does not dramatically affect the outcome.” Susan Mangiero, “The Risks of Ignoring Model Risk” in Litigation Services Handbook: The Role of the Financial Expert (Roman L. Weil et al, eds., John Wiley & Sons, 3d ed. 2005).

In recent months, it is noteworthy that regulators have pushed valuation process and policies further up the list of enforcement priorities. Indeed, in reading various complaints that allege bad valuation policies and procedures, I have been surprised at the increased level of specificity cited by regulators about what they think should have been done by individuals with fiduciary oversight responsibilities. Besides the focus of the U.S. Department of Labor, the U.S. Securities and Exchange Commission has brought actions against multiple fund managers in the last quarter alone. Consider the valuation requirements of new Dodd-Frank rules (and overseas equivalent regulatory focus) and it is clear that questions about how numbers and models are derived will continue to be asked.

For further reference, interested readers can check out the following items:

• "Mitigating Risks of Breach of Fiduciary Duty Claims," June 16, 2011;
• "SEC Charges Eight Mutual Fund Directors for Failure to Properly Oversee Asset Valuation," December 10, 2012;
• "SEC Charges New York-Based Fund Executives for Overvaluing Assets During Financial Crisis," November 28, 2012; and
• "SEC Charges Hedge Fund Adviser and Two Executives With Fraud in Continuing Probe of Suspicious Fund Performance," October 17, 2012.

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/yjEv29sBXgw/

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This is not the end of European austerity. But is it the beginning of the end?

The European Commission has issued�’country specific recommendations’�for most [...]

Source: http://touchstoneblog.org.uk/2013/05/this-is-not-the-end-of-european-austerity-but-is-it-the-beginning-of-the-end

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Rockall expedition: the final checks have been done

Nick Hancock assesses the weather conditions and plans his journey westwards as he prepares for his Rockall landing

I'm sitting here now at Lickisto Blackhouse on the Isle of Harris, having carried out some minor final checks of kit and filled my water jerry cans for the off tomorrow.

Today, like the past few days, has been one of contrasts: the weather has been calm and clear, with a still sea and no breeze, perfect conditions for landing on Rockall, but personally the days have been hectic, rushing around the island to do some last minute filming and interviews, and speaking to various people in the team about the challenges and issues ahead.

This evening I met with Angus Campbell of Atlantic Marine Services and his in-house forecaster, to go over the buoy data, weather and swell forecasts for the next few days. It looks like we'll have a brief window of near perfect landing conditions on Friday morning. The price we pay for that is one hell of a journey out to Rockall in big waves and high winds. Feeling that it's a price worth paying, and with a lack of other suitable windows in the next few days, we've decided to go for it!

So, tomorrow first thing we'll be loading the Orca 3 and heading west as soon as we're able. I've been feeling somewhat lost for the last couple of days, sitting and waiting to hear if we're going, with no control over that or the demands of previous media commitments I'd made; but now I'm able to wrestle some control back, even if it's just doing what I need to do with my gear, and preparing for tomorrow.

guardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

Source: http://www.guardian.co.uk/uk/2013/may/29/rockall-nick-hancock-landing-forecast

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Pension Risk Governance Blog Celebrates Seventh Birthday

I am delighted to announce our seventh year as an educational resource for the $30+ trillion global retirement plan industry. With over a million visitors to www.pensionriskmatters.com, I appreciate the ongoing feedback and encouragement from financial and legal readers. This blog began as a labor of love and continues to be personally rewarding as a way to help guide the discussions about pension risk, governance and fiduciary duties.

Here is a link to the March 25, 2013 Business Wire press release about www.pensionriskmatters.com, an educational pension risk governance blog for ERISA, public and non-U.S. pension plan trustees and their advisors.

As always, your input is important. Click to send an email with your comments and suggestions.

Thank you!

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/pdDKD_kSrQ4/

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Homeworking has been on the rise despite the economic crisis

The number of people who work from home [...]

Source: http://touchstoneblog.org.uk/2013/05/home-working-has-been-on-the-rise-despite-the-economic-crisis

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Is a SSAS better than a SIPP?

In discussion with Pension Practitioner .com managers. The first of three scheduled meetings. We considered how a SIPP (Self-Invested Personal Pension) could be relevant from a tax perspective, for sheltering properties and other possible investments. However, Pension Practitioner .com stated that there are circumstances, especially for small to medium sized family businesses, when [...]

Source: http://www.pensionpractitioner.com/blog/is-ssas-better-than-sipp/41/

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Stop Press...Live Prices on lse!

Truly off-topic in Personal Finance terms, but I have witnessed the tremendous work put in by the lse.co.uk staff over the last week or so to re-launch the Premium Services section.

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/2wv87d/

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Pensions for nothing and advice for free

Insurers will reconsider their options on schemes where commission is paid but no advice is delivered Continue reading →

Source: http://henrytapper.com/2013/05/29/pensions-for-nothing-and-advice-for-free/

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Where do you stand on taking action?

The pensions day of action on 30 November looks increasingly likely to herald large-scale industrial action, not just in the NHS but also across the whole public sector. Members of the largest unions ? the GMB, Unison and Unite ? have come out in favour of industrial action ? along with many of the smaller [...]

Source: http://blogs.bma.org.uk/pensions/2011/11/21/where-do-you-stand-on-taking-action/

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Austerity, markets and growth - attempting to read the signals

Source: http://blogs.birminghampost.net/business/2013/05/austerity-markets-and-growth--.html

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The work test that doesn?t work

The government?s Work Capability Assessment is finding people [...]

Source: http://touchstoneblog.org.uk/2013/05/the-work-test-that-doesnt-work

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Satisfaction or Fairness?

We had a Financial Services Authority (FSA) ?Treating Customers Fairly? (TCF) telephone assessment today.

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/7nxyby/

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Trustees, does your scheme have any pension guarantees?

Are you fully aware of all the pension promises made under your pension scheme?� There’s one batch you may have missed ? the reinstated pensions after the misselling scandal of the 80s and 90s. Do you remember the introduction of personal pension schemes in 1988 and the subsequent misselling saga when commission-driven salesman persuaded members [...]

Source: http://www.pensionstalk.co.uk/hidden-liabilities/trustees-does-your-scheme-have-any-pension-guarantees/?utm_source=rss&utm_medium=rss&utm_campaign=trustees-does-your-scheme-have-any-pension-guarantees

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SSAS loans - Five conditions for the principal and associated companies

The rules state;


The maximum loan is 50% of net assets of the scheme at the time of the loan.

The loan is for a maximum period of five years.

The interest rate has to be a minimum of 1% over the average of six high-street bank base rates.


The capital and interest is repayable equally over the period [...]

Source: http://www.pensionpractitioner.com/blog/ssas-loans-conditions-for-principal-and-associated-companies/47/

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Why bloggers won?t replace journalists

She gets the aggregates and cements, mixes the concrete , lays it and sells the building! Continue reading →

Source: http://henrytapper.com/2013/05/23/why-bloggers-wont-replace-journalists/

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Advice vs. Sales

I couldn?t help but have a wry smile at the ?eminent Wealth Manager? St.James?s Place (SJP) being dragged through a court tribunal, the gist of which concerned the title of this Blog.

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/n2rr7t/

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Pensions and the duty of good faith ? a regular visitor to court

February saw the IBM pension scheme returning to the High Court for the third time in a little over a year.� The first IBM case concerned the rectification of the scheme’s rules to give active members a right to retire from age 60. The second case concerned the question of good faith and whether IBM [...]

Source: http://www.pensionstalk.co.uk/disputes/pensions-and-the-duty-of-good-faith-a-regular-visitor-to-court/?utm_source=rss&utm_medium=rss&utm_campaign=pensions-and-the-duty-of-good-faith-a-regular-visitor-to-court

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The impact of benefit stigma

I have a post at Our Welfare Works, [...]

Source: http://touchstoneblog.org.uk/2013/05/the-impact-of-benefit-stigma

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Ways to boost your practice revenue

I work with a number of medical practices across Worcestershire and the West Midlands and I am frequently asked to advise on practical ways to improve profitability. There are a number of changes that a general practice can make to help increase revenue and overall profits.

Some ways to increase your profits include:

read more

Source: http://nhslocal.nhs.uk/blogs/jeremy-syree/2011/08/ways-boost-your-practice-revenue

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Hutton speaks?and makes sense

We have now had the full report which did not fundamentally differ from the Interim Report issued at the back end of last year. Workers will now have to work to 65, pay higher contributions and the final salary scheme will become a career average scheme, meaning that rather than a final salary figure being [...]

Source: http://www.pensionlawyerblog.com/pensions-hutton

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Is Downing Street panicking over Europe?

It was yesterday afternoon while we were about to board a flight from Andrews Air Base in Washington that the pack of journalists following the prime minister were suddenly told to gather for a briefing.

?You?re going to want to hear this,? said a senior Tory source.

He was not wrong. The breaking news ? under embargo for 10pm UK time ? was that David Cameron had decided after all to publish draft legislation that would enshrine the 2017 EU referendum in law.

The idea must have seemed a political masterstroke: to nip in the bud the latest uprising of Eurosceptic Tory backbenchers and PPSs (those barely-noticed ministerial bag carriers who occasionally make news by resigning.)

The Cameron team were aware, however, that the story would eclipse the

Continue reading �

Source: http://blogs.ft.com/westminster/2013/05/why-did-downing-street-brief-its-eu-u-turn-when-it-did/

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Cheap as chips!

Life Insurance?money for old rope? Good value?

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/1yvx8o/

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Barbados Property, Weston Resort ? promised vs delivered

  As our property investment in Barbados, Weston Resort approaches completion, we thought we would show our valued clients some details of another success story for investors on a Fresh Invest Overseas Property Investment. We started selling the Weston Resort development back in 2010, after a long period of due diligence where we looked at [...]

Source: http://www.freshinvest.co.uk/blog/overseas-property-investment/barbados-property-weston-resort-promised-delivered/

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Risk Questionnaires are no substitute for intuition

I had an experience on Monday that re-iterated the lack of absolutes in financial planning...and possibly life in general.

Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/lw47cr/

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Qualified Professional Asset Manager (QPAM) Webinar Slides

The U.S. Department of Labor estimates that there are roughly 4,400 financial organizations relying upon the DOL’s Qualified Professional Asset Manager (“QPAM”) class exemption when managing the assets of their own employee benefit plans. Maintaining QPAM status is important for these asset managers as this class exemption facilitates their ability to make investment decisions with respect to their plans without the need to monitor compliance with the prohibited transaction rules of Section 406(a) of ERISA.  Following an amendment to the QPAM class exemption by the DOL that went into effect in 2012, to secure their QPAM status when they manage the assets of plans they sponsor, financial firms must satisfy an additional hurdle to be able to meet the QPAM exemption requirements - an annual compliance audit conducted by an independent party.

With an impending June 30, 2013 deadline to complete their QPAM audits, financial firms managing assets of their sponsored ERISA plans are confronting the intricacies of this audit process. The goal of this informative and timely webinar is to help asset managers understand what is required to maintain QPAM status with respect to transactions they direct for their own plans.  Join an inter-disciplinary panel of legal, auditing and economic experts to learn about these QPAM audit requirements and how to conduct a QPAM audit.  Topics that will be covered include:

• The QPAM exemption, why and when an audit is required;
• QPAM audit requirements;
• How trading activity is tested;
• What policies and procedures must be reviewed;
• Logistics of data gathering and examination of this data;
• Type of report that an organization is likely to receive; and
• Correcting any deficiencies uncovered by the audit team.

On May 1, 2013, Dr. Susan Mangiero co-presented as part of a webinar entitled "QPAM Compliance Audits: How Asset Managers Can Minimize Regulatory Risks and the Cost of Breach." Sponsored by Seyfarth Shaw, LLP, the program described the consequences of non-compliance as well as the governance and risk management benefits associated with a QPAM audit.

Click to download the QPAM webinar slides from May 1, 2013.

Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/NOItRMCW2Mk/

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SSAS loans - Five conditions for the principal and associated companies

The rules state;


The maximum loan is 50% of net assets of the scheme at the time of the loan.

The loan is for a maximum period of five years.

The interest rate has to be a minimum of 1% over the average of six high-street bank base rates.


The capital and interest is repayable equally over the period [...]

Source: http://www.pensionpractitioner.com/blog/ssas-loans-conditions-for-principal-and-associated-companies/47/

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Avoiding 'meteorites' that can wipe out your business

Source: http://blogs.birminghampost.net/business/2013/05/avoiding-meteorites-that-can-w.html

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When will the economy recover?

I blogged this morning on the weakness of [...]

Source: http://touchstoneblog.org.uk/2013/05/when-will-the-economy-recover

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How S.S.A.S. can help extract cash from your property with tax relief

A Pension Practitioner.Com S.S.A.S. can help you cut tax and extract cash from your property without a remortgage whilst getting tax relief.
After regulated advice you transfer your old pension into your SSAS, account. Your scheme then purchases equity in the property (Subject to independent valuation.). This releases cash to you. A further [...]

Source: http://www.pensionpractitioner.com/blog/how-ssas-can-help-extract-cash-from-property-with-tax-relief/71/

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Inflation: Where is Britain in the Global Race?

� Figures from the US Bureau of Labor [...]

Source: http://touchstoneblog.org.uk/2013/05/inflation-where-is-britain-in-the-global-race

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FactCheck: IDS finally rapped by statistics watchdog

The chairman of the UK Statistics Authority backs our Fiction verdict on Iain Duncan Smith's benefit cap claims.

Source: http://blogs.channel4.com/factcheck/factcheck-ids-finally-rapped-by-statistics-watchdog/13400

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Arrested Development recap: season four, episodes 6-10

With each instalment focusing on single character we're getting to know the Bluths very well now. Perhaps too well ? but what's that? A Lucille episode? Bring it on

? The return of the greatest sitcom ever

SPOILER ALERT: This blog is for people watching season four of Arrested Development on Netflix. Catch up with Hadley Freeman's recap of episodes one to five here

Episode 6 ? George Senior

Another George Senior episode? I never in a million years thought I'd say this about a character played by the brilliant Jeffrey Tambor but enough with the George Senior. This, I think, is the biggest problem with having the episodes devoted to one character at a time. Each Bluth is such an extreme personality that a whole 35 mins of them makes you understand why none of them can live with one another.

George Senior goes to an event in honour of Herbert Love ? a rightwing politician who is running against Lucille Austero and an obvious parody of failed Republican candidate Herman Cain ? to get money for the wall. He bumps into Lindsay and convinces her to hand over a cheque she found from her mother to Maeby for $50,000. He then uses it to bribe Herbert to support the wall, only to then realise that the land he bought to screw the deal isn't on the US/Mexican border but in Mexico and therefore useless.

Oscar, pretending to be George, visits Lucille and has passionate sex with her. Gob comes to visit the sweat colony and his bees escape and take over the sweat lodge. George goes to see Dr Norman to find out why he no longer has any libido. "You know, the Hopi Indians think that if you manipulate this bit it can stimulate the sexual organs," says Dr Norman. "You know that's my penis, right?" replies George. Dr Norman sends George to Orange County Imaging to leave a sample, and we now understand why George walked into Michael's office ? Orange County Imaging ? with a bag full of porn. We also learn ? although Michael does not ? that it was Oscar he saw making out with Lucille 2, not George. George tells Michael he will sign the movie release form if he gives Gob a job "where his incompetence won't be out of place". Michael and Gob reunite in Sudden Valley and we learn again ? although Michael does not ? that Rebel is Ron Howard's daughter and we see some very funny flashbacks to Rebel appearing in Terrence Malick and Woody Allen movies.

George makes a video with Buster pretending he has built the wall to fool investors. At Cinco de Cuatro, Dr Norman tells George that he has no testosterone but tonnes of oestrogen. The Mexicans raid the festival, George finds a discarded red headed woman's wig and puts it on and it feels disturbingly right.

It still feels like there is too much plotting going ? a dizzying amount, really ? with not enough time to let the characters, jokes and audience members breathe. But the way various scenes intersect and explain events from past episodes is fun and oddly Pulp Fiction-like. Still, there's not enough Lucille, Gob or Buster for my liking and not enough interaction between the family members. Also, as funny as those Malick and Woody Allen pastiches were, Rebel is no Bluth.

Episode seven ? Gob

Gob! I had high hopes for this episode. Luckily, Will Arnett rarely disappoints.

We begin with a flashback to the end of the third series when George Michael finds out about Gob and Ann. Ann says Gob needs to obtain George Michael's forgiveness if he wants to get to fourth base with her, and Gob duly forces it out of George Michael. Gob realises in horror that this means he and Ann are now in a relationship, but decides to sleep with her before breaking up with her. He tries to do it the morning after ? "Do you think the guy in the $32 pyjamas ? the guy in the $3400 suit ? the guy ?" ? but he can't. He jokingly proposes to her and she accepts. He collapses, Christ-like, among the Veals.

Gob announces on Mr Veal's evangelical show that the wedding will happen on TV and he will do an amazing magic illusion: "so great that you will put no god before me". None of Gob's family attend the wedding, except Tobias, who thinks it's an acting job. For the illusion, Gob appears as Christ on the cross and the only person in the audience who enjoys it is Tony Wonder. Sadly, the illusion goes wrong as someone rigged Gob's cave and he ends up trapped in a fake boulder for two weeks, after which Ann dumps him. He then decides to meet Steve Holt in a bar but doesn't recognise him for 90 minutes because he has aged so much. Gob then stays on in the bar and joins up with Mark Cherry's entourage and becomes known as "Getaway". He also makes out with Rebel.

Johnny Bark calls to tell him the bee colony is dying; DeBrie accidentally gets into Mark Cherry's car one night and accidentally (again) releases the bee colony in the car and everyone goes to hospital. Gob is fired from the entourage, but he still goes to Mark Cherry's event that night, sees Tony Wonder will be on the bill that night and rigs his illusion so he won't be able to jump out of the wooden box.

OK, now this is feeling like Arrested Development. Arnett is just brilliant in this, both hilarious and pathetic, and even though it is just as plot-heavy as any of the other episodes, it feels as if the show is settling down a little. Watching this was like watching a mini-movie about Gob, which is always a good thing with me. This is an episode I would happily watch again and again. Incidentally ? topless Gob? Who knew failed musicians kept in such extraordinary shape?

Episode eight ? Lindsay

Lindsay again? At this point it seems as if we are never going to get to Buster and Lucille. Still, I love Portia de Rossi, so I have faith.

Lindsay is living in the desert with Marky Bark, his mother and their ostrich farm, which happens to be next to the sweat colony. She realises that since her mother is in prison she can live in Balboa Towers, and she brings Marky and an ostrich called Cindy with her. Marky starts plotting against Herbert Love, and Lindsay agrees to help him disrupt the rally with a glitter bomb. However, at the rally ? where she gives her father the cheque and then bumps into Maeby ? she meets Love and, not realising it's him, starts flirting with him. She gets so distracted she forgets to help Marky with the glitter bomb and he gets arrested. Lindsay, in despair, goes to the model home to live with Maeby.

Lindsay starts having an affair with Herbert Love. Michael gets her to sign the movie release and persuade Herbert to speak out against the wall in return for helping to get Marky out of prison. Lindsay begins to think that Herbert is the love the shaman promised her. She and Herbert and Michael and Rebel end up on an accidental double-date at the Balboa Club. It does not go well.

Lindsay leaves the Balboa Club and bumps into Marky who says he is planning to plant a bomb at Cinco de Cuatro to blow up Herbert. Herbert dumps Lindsay at the festival. Lindsay offers to help Lucille 2's campaign but she has already hired Sally Sitwell who tells Lindsay they have incriminating photos of Herbert with "mysterious redhead hooker." Love goes missing and Lindsay agrees to speak on the podium in his place. Her speech becomes increasingly rightwing and she is hailed as "a game changer."

I am further convinced that the season is on track now, although the jokes about Cain and "game-changer" feel a little dated. Hurwitz has said that for the past seven years he kept thinking of things that would be great for the Arrested characters and it's as if he threw all of those ideas into these episodes. Still, the show is finding its rhythm now that there isn't quite so much exposition and the characters are coming more and more together.

Episode nine ? Tobias

OK, we still don't have an episode devoted to Lucille or Buster ? but I'm always happy to have a piece of Tobias to chew on. I think I just blue myself.

After Tobias is arrested for being a sex offender, he agrees to go work at Lucille 2's rehab clinic, Austerity. Mark Cherry is in his therapy group, as is DeBrie, whom Tobias loves. Tobias and Lucille's brother Argyll decide to put on a musical of the Fantastic Four. Unfortunately, DeBrie can neither sing nor dance.

Argyll tells Michael at the Balboa Club he needs to pay Lucille 2 back the $700,000 he owes her so they can put on the musical properly. Michael and Tobias go for a meeting with Ron Howard in which Michael finally realises that Rebel is Ron's daughter, not mistress, and Tobias roundly fails to get the rights for the Fantastic Four from Ron. But he lies to the Austerity clinic and says he has, just so they can make the musical and he can keep spending time with DeBrie. Lucille suddenly arrives at the clinic and she is now in the musical, too, causing havoc.

The patients all go to Cinco de Cuatro where they will put on the play on a boat. DeBrie sees Dr Norman throwing away his pills, takes them all and passes out. Tobias decides to stand in for her by wearing a wig and blue-ing himself. Unfortunately, he gets on the wrong boat ? Marky's boat.

I'm relaxing now ? this is good. I'm getting used to the mini-movies, although I maintain that some characters are more fun to spend 35 solid minutes with than others. David Cross is someone whom I could watch for hours and it is a delight to see him blue-ing himself again. I must confess to being a little tired of this wall plot by now, but if it acts as a background to jokes such as "Mr F" (For British Eyes Only!), I can deal.

Episode 10 ? Lucille

Yes! Lucille! Girlfriend ? bring it on.

In this episode we finally learn why Lucille turned the boat around at the end of the third series: she was trying to give Lucille 2 the finger. She tries to persuade Buster to lie for her in court, saying she was turning the boat around to save him, but in the end no one comes to her court appearance and the only witness she can produce is Lucille 2. That does not go well and Lucille 2 is sent to Orange County Corrections LITE. There, she is taken in by the Jade Triad Gang, and one of them says her husband will help the Blutha build the wall: "And who better than the Chinese to help build a wall?" But the government puts the wall on hold and this frustrates the Chinese. A fight breaks out between Lucille and the gang, all captured for the show Real Orange County Prison Housewives, and Lucille decides to go to Lucille 2's rehab centre.

Lucille goes for a session with Tobias: "You look as swishy as Ryan Seacrest in that suit," she tells him. "Ryan Seacrest is straight," Tobias retorts. "And I'm 40!" she screams. Lucille is not a very cooperative patient but, spotting an escape opportunity, she volunteers to be in Tobias' play. She auditions and is ? what else? ? amazing.

Oscar, pretending to be George, calls Lucille and she tells him about her planned escape at Cinco de Cuatro and that Gene Parmesan has photos of Herbert with "some redheaded whore" and they can blackmail him.

Michael visits his mother and she signs the movie contract. She also convinces Michael that Gob is dating Rebel and that Gene Parmesan should tail him.

At Cinco de Cuatro, Lucille bumps into George, realises the brothers have been tricking her and tells George she wants a divorce. She nearly runs off with Oscar but realises he has been making out with Lucille 2. Tobias offers her the part of the invisible girl, telling her she no longer has to be the villain. Lucille gratefully agrees ? but then goes off and appears to blow up Lucille 2.

Gene Parmesan! And Lucille's scream on seeing Gene Parmesan! That was a happy sight and sound. This episode worked, too: it was fun to spend some proper time with Lucille, although I did worry at certain points that Hurwitz was going to sentimentalise her. The Real Housewives thing was great ? Lucille was made for Real Housewives ? and I cannot for the life of me imagine how they got away with that line about Ryan Seacrest. Also, Jessica Walter has the most amazing legs I have ever seen. Fact.

• Television
• Arrested Development
• US television
• Comedy
• Comedy

Hadley Freeman

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Source: http://www.guardian.co.uk/tv-and-radio/tvandradioblog/2013/may/27/arrested-development-recap-season-four-episodes-6-10

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