The October 2005 issue of Pensions World

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COMMENT Time to tidy up As regulations pile up, a corresponding heap of day-to-day ‘stuff’ mounts on pensions practitioners’ desks. It is time to throw the lot out before we are buried, says Robin Ellison.	3
CURRENT EVENTS A summary of news, including: DB legacy a poisoned chalice PPF: fair levy at too high a cost? Pensions double standards NAPF calls for standing commission.	5/6/8/10/11/13/14 5 5 8 10
CLEARANCE Clearing the decks Trustees have greater powers to make waves, but what happens when the sponsor jumps ship? Pam Atherton looks at clearance notices and equity stakes.	17
MORAL HAZARD Path of least resistance When journeying through the moral hazard maze, Paul Clark advises on how to communicate and disclose your way to the Pensions Regulator’s soft spot.	21
THE PENSIONS REGULATOR The board game The regulatory game has new rules, with prizes and penalties for various routes around the company board. Jeremy Goodwin rolls the dice and keeps an eye on TPR’s reaction.	22
DISCRIMINATION Everyone’s invited As the UK considers how Muslims can be better integrated into its society, should your scheme be doing more? Makbool Javaid and James Malcolm incorporate discrimination rules into the discussion.	24
AVCs Relearning your AVC Last year’s pensions and finance acts shook up the additional voluntary contribution alphabet. David Pollard makes sense of the revised top-up rules.	25
HEDGE FUNDS The end of the rainbow With expectations running high as institutions join the hunt for absolute returns, could hedge funds dig up more disappointment than treasure? Howard McWilliam examines the risk-reward trade off.	29
CONSULTANTS’ SURVEY Busy bees With the regulatory hive swarming with activity, there is plenty of honey for the pensions consultants. Allison Plager peers in on the buzzing enterprise.	33
MONITORING CONSULTANTS Morris dancing While the Morris Review mainly checked out actuaries’ moves, Keith Faulkner suggests that all advisory relationships can improve their footwork by taking a few of its tips on board.	38
REGULAR FEATURES Duncan Hale continues the DC debriefing with a strategic look at investment choice (p40), while Robin Ellison considers the Brits’ love of curiously verbose legislation (p44). Courses and seminars Letters DC debrief Political stage Association forum Points of law Beginners’ page Tax and benefit notes NAPF update Pensions progress Statistics	11 14 40 42 43 44 46 47 49 50 51

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