David Everett
David Everett, is the head of the Pensions Research team at LCP. One of his key roles is to analyse and communicate regulatory and professional developments to audiences both within and outside LCP.
David has built up many years of experience in the occupational pensions regulatory field covering a broad spectrum including government policy and legislation, particularly that emanating from the Department for Work and Pensions, the Pensions Regulator, the Pension Protection Fund and other compensation schemes, the Pensions Ombudsman and the Courts and the technical and ethical regulation of actuaries through the Financial Reporting Council and the Institute and Faculty of Actuaries respectively.
He also assists the ACA in responding to government consultations.
He's the editor of LCP's weekly Pensions Bulletin and undertakes other technical writing for the firm.
Practice Area
Panel
- Contributing Author
Experience
- Lane Clark and Peacock (2004 - Present)
Membership
- Member and Past Chairman of the Pension Schemes Committee of the Association of Consulting Actuaries (ACA)
- LCP accredited representative of the Society of Pension Professionals (SPP)
- Member of the Institute and Faculty of Actuaries’ Regulatory Strategy Steering Group
3 Contributions by David Everett
PRACTICE NOTES
Appointing investment consultants and fiduciary managers: DWP 2022 regulations, CMA Order interaction, qualifying tenders, investment consultant objectives, exemptions, TPR guidance and enforcement
While operating an occupational pension scheme, trustees might decide to bring in an investment consultant and/or a fiduciary manager. In contrast to ‘fund managers’, investment consultants and fiduciary managers are not regarded as ‘professional advisers’ for the purposes of pensions legislation. For more detail on the rules about appointing professional advisers, refer to Practice Note: Appointing pension professional advisers and other service providers.
Development of regulatory framework
After a reference from the Financial Conduct Authority (FCA), the Competition and Markets Authority (CMA) investigated investment consultancy services (IC services) and fiduciary management services (FM services) supplied to pension schemes, and issued its final report on 12 December 2018. It concluded that trustee engagement was weak, that clear and comparable information in order to assess value for money was missing, and that clients were nudged by investment consultants towards their own, higher-cost FM offerings, conferring an incumbency advantage. Accordingly, on 10 June 2019, the CMA made the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 (the CMA Order), imposing obligations on trustees of occupational pension schemes (among others) to tackle the issues identified...
Pensions
PRACTICE NOTES
GMP conversion and equalisation: trustee powers, actuarial equivalence, 10-step DWP method, 2022 Act reforms, survivor benefits, employer consent and HMRC tax issues
FORTHCOMING DEVELOPMENT :
The key provisions of the Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 will commence on a day still to be designated. Regulations to be made under the Act will cover (i) requirements for survivor benefits following conversion, and (ii) the scenarios in which employer consent is unnecessary or where another person’s approval will instead be required. Separately, the government’s 2019 guidance on using the GMP conversion legislation is expected to be updated to reflect recent developments, including measures in the 2022 Act. For further information, see:
Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill
Hansard: Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill, Volume 820: debated on Friday 25 March 2022
Hansard: Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill, Volume 821: debated on Wednesday 27 April 2022
This Practice Note outlines and comments on the process to be followed where trustees of an occupational pension scheme with guaranteed minimum pension (GMP) liabilities wish to convert them into other defined benefits (DB benefits). This facility, which took effect on 6 April 2009, has been viewed...
Pensions
PRACTICE NOTES
UK DB to DC Pension Transfers: FCA Advice Requirements, Pension Transfer Specialists, APTA/TVC, Abridged Advice, Contingent Charging Ban, Overseas Transfers, Consumer Duty and Redress (including British Steel)
This Practice Note outlines and critiques the restrictions that arise when advice is provided to an individual who wishes to move from a defined benefit (DB) occupational pension scheme to a manner of defined contribution (DC) arrangement. It concentrates on what amounts to suitable independent advice, identifies which persons are authorised to deliver advice, and explains the Financial Conduct Authority (FCA) requirements placed upon those persons.
The need to take advice
Since 6 April 2015, members holding safeguarded benefits—broadly, DB entitlements—valued at £30,000 or more must obtain advice from a professional, independent financial adviser (described by the FCA as a Pension Transfer Specialist) if they intend to surrender safeguarded benefits in favour of flexible benefits—broadly, DC entitlements—whether by transferring them to a flexible benefit scheme, converting benefits into flexible benefits, or receiving them as an uncrystallised funds pension lump sum. This duty to seek advice, which this Practice Note terms the ‘appropriate independent advice requirement’, is considered in Practice Note: Requirement for appropriate independent advice on DB to DC transfers, applies specifically in circumstances where those safeguarded rights would be given up in exchange for flexible benefit options...
Pensions
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