Beginner's Guides & SPP Insights

The SPP is pleased to provide a series of short introductions to and explanations of key pension concepts, processes and terminology. We are also pleased to provide our ‘Insights’ series, which provides an overview of topical issues in the pensions industry.

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SPP Insights

SPP Insights:

Decumulation Solutions

The 2025 Pension Schemes Bill introduces a new statutory duty for DC schemes to design and offer one or more default pension benefit solutions for members.

This video will explore:

  • The background to these changes, and the issues the Pension Schemes Bill seeks to address
  • What trustees and providers are currently doing in this area and what they will have to do in the future
  • The potential impact of these changes on members and the industry

Thank you to David James (Travers Smith LLP) and Tammy Randall (Slaughter and May) for putting this resource together.

SPP Insights:

Surplus Release

The 2025 Pension Schemes Bill provides greater flexibility to release DB pension scheme surpluses.

This video will explore:

  • The key legislative changes relating to surplus release
  • The potential advantages and disadvantages of surplus release
  • The impact of these reforms on members, sponsors, trustees and DB advisers

Thank you to Alex Beecraft (Aon) and Bessie Hamilton (XPS Group) for putting this resource together.

Beginner’s Guides

A Beginner’s Guide to…

Pension Dashboards

  • What dashboards are and why we need them
  • What they are not, addressing misconceptions
  • When dashboards will be available to the public, and the difference between public access and pension schemes ‘connecting’ 
  • The challenges associated with the development and implementation of pension dashboards
  • How individuals will use dashboards, including what they will need and what they will see
  • How dashboards may evolve in the future

Thank you to Paul McGlone (Aon) and Harriet Burchett (Eversheds Sutherland) for putting this resource together.

Beginner's Guide to Significant Legal Cases

Discover the impact on the pensions industry of key legal decisions, including:

  • Edge vs Pensions Ombudsman
  • The Courage case
  • Barber vs Guardian Royal Exchange
  • Lloyds Banking Group Pensions Trustees v Lloyds Bank PLC
  • Cowan vs Scargill

Thank you to Sarah Hickling (Baker McKenzie LLP) and Gaurav Srivastava (Travers Smith LLP) for putting this resource together.

Beginner's Guide to Risk Transfer
  • Learn what Risk Transfer is and why it is so important
  • Explore the most common options for de-risking, including buy-in, buy-out, longevity swaps and superfunds
  • Examine the differences between buy-in and buy-out
  • Discover why buy-ins and buy-outs are becoming more popular
  • Explore the main stages of preparing a scheme for and executing a buy-in and buy-out, and the key stakeholders at each point in the process

Thank you to Beatrice Male (Royal London), Rachel Hirst (Lane, Clark and Peacock) and Tom Hill (Barnett Waddingham LLP) for putting this resource together.

Beginner's Guide to Pensions Tax Relief
  • Understand what tax relief is provided on pension savings in the UK and why
  • Explore how pensions tax relief is restricted
  • Learn how the system of allowances has changed since 2006
  • Explore the outlook for the future – are we likely to see further changes to pensions tax relief?

Thank you to Steve Hitchiner (Barnett Waddingham LLP) and Harriet Burchett (Eversheds Sutherland) for putting this resource together.

Beginner's Guide to Covenant
  • Understand how covenant is assessed, including key metrics
  • Explore what determines a stronger or weaker covenant
  • Learn what covenant assessments can include
  • Explore how covenant advisory integrates with actuarial and investment advice
  • Discoer the proprtionality of reviewing covenant, and how this may change over the journey plan of the scheme
  • Explore the impact of the new funding code on covenant guidance

Thank you to Peter Hughes (Travers Smith LLP) and Jay Holley (Lane, Clark and Peacock) for putting this resource together.

Beginner's Guide to Public Sector Pensions
  • Understand the key features of public sector pensions
  • Explore the difference between funded and unfunded public sector pensions
  • Learn how public sector pensions are similar and different to private sector pensions
  • Discover what the future may hold for public sector pensions

Thank you to Kirsty McLean (Squire Patton Boggs) and Jay Holley (Lane, Clark and Peacock) for putting this resource together.

Beginner's Guide to DB Valuations
  • Understand what a DB valuation is
  • Learn about the current legal framework around DB valuations
  • Understand the importance of knowing the value of a DB scheme
  • Explore the different types of DB valuations
  • Understand the processes involved in conducting a DB valuation

Thank you to Katie Bromley (Mercer Limited) and Tom Hill (Barnett Waddingham LLP) for putting this resource together.

Beginner's Guide to CDC
  • Understand what CDC pension schemes are, and the different types of CDC schemes in operation
  • Explore how CDC is similar to, and differs from, DB and DC pension schemes
  • Learn about the opportunities and challenges of CDC

Thank you to Edd Collins (Willis Towers Watson) and Jay Holley (Lane, Clark and Peacock) for putting this resource together.

Beginner's Guide to DC Default Funds
  • Understand how a DC Default Fund is constructed
  • Explore the similarities and differences between different DC Default Funds
  • Find out the circumstances where a DC Default Fund may or may not be the best option for a member
  • Explore the relationship between DC Default Funds and productive finance and sustainable investment
  • Discover what the future may hold for DC Default Funds

Thank you to Olivia Kennedy (State Street Global Advisors) and Andrei Patemkin (Aon) for putting this resource together.

Beginner's Guide to Pensions
  • Find out more about the various types of pensions that are available in the UK
  • Discover the key features of workplace, private and state pensions
  • Understand the differences between trust and contract-based pensions
  • Discover who regulates which pension schemes and how
  • Better understand how different regulators overlap and work together to regulate UK pensions

Thank you to Jen Green (Eversheds Sutherland), Brian McBride (M&G) and Gaurav Srivastava (Travers Smith LLP) for putting this resource together.

Beginner's Guide to Pensions Legislation
  • Explore the journey of public policy from initial consultation to Royal Assent
  • Learn about the various types of legislation
  • Understand what makes Finance Bills unique
  • Find out what the ‘pre-election period’ is and what it means in practice

Thank you to Faye Jarvis (Macfarlanes), Pete Cottingham (M&G) and Harriet Burchett (Eversheds Sutherland) for putting this resource together.

We hope that this resource supports your understanding of the wider pensions landscape.
Do let us know if there are other topics that you feel it would be valuable for us to add.

© The Society of Pension Professionals 2024

Important information: The Society of Pension Professionals has no connection with any website bearing the name The Society of Pension Consultants (SPC) and has no connection in any way with any organisation bearing that name.