{"id":18533,"date":"2024-04-18T11:13:56","date_gmt":"2024-04-18T10:13:56","guid":{"rendered":"https:\/\/www.isio.com\/?post_type=news&p=18533"},"modified":"2024-06-11T10:41:06","modified_gmt":"2024-06-11T09:41:06","slug":"iq-isio-quarterly-april-2024","status":"publish","type":"news","link":"https:\/\/www.isio.com\/news\/iq-isio-quarterly-april-2024\/","title":{"rendered":"Isio Quarterly April 2024"},"content":{"rendered":"\n <section x-data=\"{ activeTab: 0 }\">\n\n <div class=\"tab_block relative bg-brandGrey-100 pt-0\">\n <div class=\"md:container lg:pt-36 relative z-10\">\n <div class=\"p-5 md:p-0 \">\n <h2 class=\"text-5xl lg:text-7xl text-brandGreen-100 mb-[25px] \">Welcome to IQ<\/h2>\n <p class=\"mb-[65px] text-xl md:w-1\/2\" text-white>Welcome to Isio\u2019s quarterly pensions update for sponsors, summarising key events from the quarter and looking ahead to what\u2019s coming up.<\/p>\n <\/div>\n\n <div class=\"hidden md:block border-b-0 border-brandGreen\">\n <nav class=\"isolate md:flex w-full\" aria-label=\"Tabs\">\n <a @click=\"activeTab = 0\" :class=\"{\n 'text-white bg-brandGreen-100': activeTab === 0,\n 'text-brandGreen-100 bg-white' : activeTab !== 0 }\" class=\"\n text-lg\n xl:text-[1.375rem] group relative\n py-4 px-6\n font-light md:font-medium focus:z-10\n hover:cursor-pointer\n block\n hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen \">\n <span>Financial conditions update<\/span>\n <\/a>\n <a @click=\"activeTab = 1\" :class=\"{\n 'text-white bg-brandGreen-100': activeTab === 1,\n 'text-brandGreen-100 bg-white' : activeTab !== 1 }\" class=\"\n text-lg\n xl:text-[1.375rem] group relative\n py-4 px-6\n font-light md:font-medium focus:z-10\n hover:cursor-pointer\n block\n hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen \">\n <span>Consultation on DB options<\/span>\n <\/a>\n <a @click=\"activeTab = 2\" :class=\"{\n 'text-white bg-brandGreen-100': activeTab === 2,\n 'text-brandGreen-100 bg-white' : activeTab !== 2 }\" class=\"\n text-lg\n xl:text-[1.375rem] group relative\n py-4 px-6\n font-light md:font-medium focus:z-10\n hover:cursor-pointer\n block\n hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen \">\n <span>New update on life expectancy<\/span>\n <\/a>\n <a @click=\"activeTab = 3\" :class=\"{\n 'text-white bg-brandGreen-100': activeTab === 3,\n 'text-brandGreen-100 bg-white' : activeTab !== 3 }\" class=\"\n text-lg\n xl:text-[1.375rem] group relative\n py-4 px-6\n font-light md:font-medium focus:z-10\n hover:cursor-pointer\n block\n hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen \">\n <span>Latest research on employee benefits <\/span>\n <\/a>\n <a @click=\"activeTab = 4\" :class=\"{\n 'text-white bg-brandGreen-100': activeTab === 4,\n 'text-brandGreen-100 bg-white' : activeTab !== 4 }\" class=\"\n text-lg\n xl:text-[1.375rem] group relative\n py-4 px-6\n font-light md:font-medium focus:z-10\n hover:cursor-pointer\n block\n hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen \">\n <span>Dealing with illiquid assets<\/span>\n <\/a>\n <a @click=\"activeTab = 5\" :class=\"{\n 'text-white bg-brandGreen-100': activeTab === 5,\n 'text-brandGreen-100 bg-white' : activeTab !== 5 }\" class=\"\n text-lg\n xl:text-[1.375rem] group relative\n py-4 px-6\n font-light md:font-medium focus:z-10\n hover:cursor-pointer\n block\n hover:text-white hover:bg-brandGreen-100 border-r border-t border-l border-brandGreen \">\n <span>Looking forward to next quarter<\/span>\n <\/a>\n <\/nav>\n <\/div>\n <\/div>\n <\/div>\n\n <div class=\"bg-brandGreen-100 pb-10 hidden md:block bg-no-repeat bg-left-bottom relative z-10 \" style=\"background-image:url('')\">\n <div class=\"container bg-brandGreen-100 \">\n <div x-show=\"activeTab === 0\" class=\"grid md:grid-cols-2 pt-12 gap-x-24\">\n <!-- Content for the tab goes here -->\n\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Change since 31 December 2023<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-18958 size-full\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/IQ-Isio-Quarterly-market-update-1-1.gif\" alt=\"\" width=\"600\" height=\"250\" \/><\/p>\n <\/div>\n\n <\/div>\n\n <div>\n <div class=\"text-white text-xl font-light\">\n <p> <\/p>\n<p><strong>Commentary<\/strong><\/p>\n<ul>\n<li><span class=\"TextRun SCXW88907039 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW88907039 BCX8\" data-ccp-charstyle=\"normaltextrun\" data-ccp-charstyle-defn=\"{"ObjectId":"deeb256a-e666-42f7-a71a-0ba945d8ed34|71","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",335559704,"1025",335559705,"1033",335551547,"2057",469775450,"normaltextrun",201340122,"1",134233614,"true",469778129,"normaltextrun",335572020,"1",469778324,"Default Paragraph Font"]}\">Corporate bond and gilt yields increased by c. 0.25%-0.3% and long-term inflation by c. 0.15% over the quarter<\/span><\/span><span class=\"TextRun SCXW88907039 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW88907039 BCX8\" data-ccp-charstyle=\"eop\" data-ccp-charstyle-defn=\"{"ObjectId":"deeb256a-e666-42f7-a71a-0ba945d8ed34|72","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",335559704,"1025",335559705,"1033",335551547,"2057",469775450,"eop",201340122,"1",134233614,"true",469778129,"eop",335572020,"1",469778324,"Default Paragraph Font"]}\">\u200b<\/span><\/span><span class=\"EOP SCXW88907039 BCX8\" data-ccp-props=\"{"134233117":false,"134233118":false,"201341983":0,"335559738":0,"335559739":0,"335559740":240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><!-- \/wp:list-item --> <!-- wp:list-item --><\/p>\n<ul>\n<li><span class=\"TextRun SCXW80453978 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW80453978 BCX8\" data-ccp-charstyle=\"normaltextrun\" data-ccp-charstyle-defn=\"{"ObjectId":"deeb256a-e666-42f7-a71a-0ba945d8ed34|71","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",335559704,"1025",335559705,"1033",335551547,"2057",469775450,"normaltextrun",201340122,"1",134233614,"true",469778129,"normaltextrun",335572020,"1",469778324,"Default Paragraph Font"]}\">Credit spreads remained broadly unchanged over the quarter\u200b\u00a0<\/span><\/span><\/li>\n<\/ul>\n<p><!-- \/wp:list-item --> <!-- wp:list-item --><\/p>\n<ul>\n<li>Equity markets saw a positive quarter (returning c.+8%)\u200b<\/li>\n<li>These movements are likely to have improved buyout positions due to reductions in liabilities exceeding reductions in\u202fassets\u200b<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --> <!-- wp:list-item --><\/p>\n<ul>\n<li>Accounting and funding positions are also expected to have improved in general, other than for well-hedged schemes with low proportions of return seeking assets<\/li>\n<\/ul>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Accounting-in-Pensions-Post-31-March-2024.pdf\">Download a deep-dive report <\/a>\n <\/div>\n \n <p class=\"text-white text-xl font-medium mb-6\"><\/p>\n \n <p class=\"text-white text-xl font-medium mb-6 mt-6\"><\/p>\n <div class=\"md:flex\">\n <\/div>\n <\/div>\n \n <\/div>\n <div x-show=\"activeTab === 1\" class=\"grid md:grid-cols-2 pt-12 gap-x-24\">\n <!-- Content for the tab goes here -->\n\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Potentially the biggest shake-up of DB pensions in the last 20 years<strong\/> <\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background<\/strong><br \/>\nThe recent government consultation on options for DB Schemes proposes reforms to make it easier to use surpluses to make payments to employers and scheme members on an ongoing basis. In our recent webinar, we were delighted to be joined by a FTSE100 CFO and an experienced professional trustee to explore employer and trustee views on these key consultation proposals – you can find the highlights in this article.<\/p>\n<p> <\/p>\n<p><strong>Isio\u2019s view<\/strong><br \/>\nThe proposed flexibility to utilise surpluses could be the most important change for UK DB schemes in over 20 years and could change how the industry views DB pensions \u2013 from a source of risk to a source of value. For schemes that don\u2019t want to full insure at their earliest opportunity, we have already developed a framework for sharing surplus between members and sponsors which we call Purposeful Run On (\u201cPRO\u201d). The proposed changes will simplify implementing a PRO strategy and help bring about the required mindset change, but many schemes could start sharing surplus now under existing legislation.<\/p>\n <\/div>\n\n <\/div>\n\n <div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Why it matters<\/strong><br \/>\nOur modelling suggests that a typical scheme could release, as surplus, almost 20% of its assets over a 10 year period. Under the Isio PRO framework, this would be distributed annually to employers and provide discretionary benefits for members. Even for schemes that are not yet well enough funded to share surplus, having this ultimate objective could affect decisions made today (e.g. regarding investment strategy), so it is important to agree a framework with trustees early.<\/p>\n<p><iframe loading=\"lazy\" title=\"Managing DB Surplus: Webinar highlights\" src=\"https:\/\/player.vimeo.com\/video\/932964001?h=1bc5578e4b&badge=0&autopause=0&player_id=0&app_id=58479\" width=\"600\" height=\"338\" frameborder=\"0\"><\/iframe><\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/outpacing-change\/\">Discover PRO<\/a>\n <\/div>\n \n <p class=\"text-white text-xl font-medium mb-6\"><\/p>\n \n <p class=\"text-white text-xl font-medium mb-6 mt-6\"><\/p>\n <div class=\"md:flex\">\n <\/div>\n <\/div>\n \n <\/div>\n <div x-show=\"activeTab === 2\" class=\"grid md:grid-cols-2 pt-12 gap-x-24\">\n <!-- Content for the tab goes here -->\n\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>A wide range of views justifiable<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background\u200b<\/strong><\/p>\n<p>The Continuous Mortality Index (\u201cCMI\u201d) research body released their latest model and core parameters for projecting future trends in mortality on 18<sup>th<\/sup> April.<br \/>\nLatest data continues to indicate lower life expectancy than previous models \u2013 a trend seen since well before the pandemic.\u00a0 CMI also consulted on changes to core parameters that determine how much weight is placed on recent data. The two pandemic years are ignored but in a slightly surprising move, the core parameters reduce the weighting placed on 2022\u2019s data (down from 25% to 15% compared to the last year\u2019s model) and build in only a 15% weighting to 2023\u2019s data.\u00a0 While this still results in lower life expectancies (and liabilities), it is marginal compared to what might have been anticipated.<\/p>\n<p> <\/p>\n<p><strong>Isio\u2019s view \u200b<\/strong><\/p>\n<p>The CMI body states that users need to consider whether the core parameters are appropriate for their specific circumstances rather than just adopting them by default. Indeed there are some that suggest they shouldn\u2019t give a view on core parameters at all. \u00a0What is clear, is that there is a wide range of views on what the \u201cright\u201d weighting parameters are.<\/p>\n<p>Lower weights would be consistent with a view that the short-term effects of the pandemic still dominate and we\u2019ll soon return to pre-pandemic trends. Higher weights would result from a view that 2022\/2023 data reflects the general political, economic and health stresses seen in the UK (and globally) and that higher mortality experience is expected to persist for a few years yet.<\/p>\n<p data-ccp-props=\"{"335551550":1,"335551620":1,"335559683":0,"335559685":0,"335559731":0,"335559737":0,"335562764":2,"335562765":1,"335562766":4,"335562767":0,"335562768":4,"335562769":0}\"><span style=\"background-color: rgb(255 255 255\/var(--tw-bg-opacity)); color: rgb(64 64 64\/var(--tw-text-opacity));\">\u200b<\/span><\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"mailto:dan.sherratt@isio.com\">Get in touch to find out more<\/a>\n <\/div>\n\n <\/div>\n\n <div>\n <div class=\"text-white text-xl font-light\">\n <p> <\/p>\n<p><strong>Why it matters \u200b<\/strong><\/p>\n<p>CMI projections can impact accounting figures, funding valuations, transfer values and buy-out estimates. Higher weightings to recent data could result in a c1% reduction in liabilities compared to the CMI core parameters. Sponsors should interrogate how the latest CMI research is being incorporated by actuarial advisers and whether sufficient consideration has been given to the range of views on key parameters.<\/p>\n<p> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18953 size-full aligncenter\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2.jpg\" alt=\"\" width=\"601\" height=\"593\" srcset=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2.jpg 601w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-300x296.jpg 300w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-95x95.jpg 95w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-354x349.jpg 354w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-521x514.jpg 521w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-304x300.jpg 304w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-170x168.jpg 170w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p> <\/p>\n<p> <\/p>\n<p> <\/p>\n <\/div>\n \n <p class=\"text-white text-xl font-medium mb-6\"><\/p>\n \n <p class=\"text-white text-xl font-medium mb-6 mt-6\"><\/p>\n <div class=\"md:flex\">\n <\/div>\n <\/div>\n \n <\/div>\n <div x-show=\"activeTab === 3\" class=\"grid md:grid-cols-2 pt-12 gap-x-24\">\n <!-- Content for the tab goes here -->\n\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Discover who\u2019s benefiting from employee benefits in our latest research<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background\u200b<\/strong><\/p>\n<p>\u200bWe commissioned YouGov to survey* over 7,500 UK employees on their views about money, work and employee benefits.<\/p>\n<p>\u200b<\/p>\n<p><strong>Isio\u2019s view \u200b\u00a0<\/strong><\/p>\n<p>\u200bWe\u2019ve long believed that the \u2018it was like this when I got here\u2019 approach to employee benefits was suboptimal, but this data conclusively proves the case. Worse, the data suggests that for the average employer, perhaps a third of the value that is spent on benefits simply vanishes in a puff of smoke, because employees don\u2019t like or don\u2019t understand the benefits the money has been spent on. The data also uncovers a strong link between satisfaction with employee benefits and desire to change employer, proving that employee benefits have a very real part to play in addressing staff turnover.<\/p>\n<p> <\/p>\n<p><strong>Why it matters\u00a0\u200b<\/strong><\/p>\n<p>\u200bThe findings from our research confirm that there is tangible value for an employer in:<\/p>\n<p>a) designing a benefit package that connects with employee needs<br \/>\nb) communicating that package effectively.\u200b<\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/insights\/isio-insights-maximising-value-from-employee-benefits\/\">Access our research<\/a>\n <\/div>\n\n <\/div>\n\n <div>\n <div class=\"text-white text-xl font-light\">\n <p> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19007 size-full\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1.png\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1.png 600w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-300x200.png 300w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-95x63.png 95w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-354x236.png 354w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-366x244.png 366w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-170x113.png 170w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p> <\/p>\n<p>*In conjunction with YouGov, Isio surveyed 7,674 private sector employees in June 2023 on a range of issues surrounding employee benefits and personal finance concerns. Responses for don\u2019t know or prefer not to say answers have been removed, unless explicitly shown.<\/p>\n <\/div>\n \n <p class=\"text-white text-xl font-medium mb-6\"><\/p>\n \n <p class=\"text-white text-xl font-medium mb-6 mt-6\"><\/p>\n <div class=\"md:flex\">\n <\/div>\n <\/div>\n \n <\/div>\n <div x-show=\"activeTab === 4\" class=\"grid md:grid-cols-2 pt-12 gap-x-24\">\n <!-- Content for the tab goes here -->\n\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Selling illiquid assets quicker and cheaper than brokers\u200b<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background<\/strong><br \/>\nThe extreme volatility caused by the mini-budget in September 2022 led to a surge in sales of illiquid assets on the secondary market. Historically clients have employed the services of a broker to sell these illiquid assets, and paid significant fees in the process – c.0.6%-1.0% on average.<\/p>\n<p><strong>Isio\u2019s view<\/strong><br \/>\nA large proportion of pension schemes are invested in corporate private debt or infrastructure equity. The secondaries market for these asset classes are relatively new and brokers add limited value given the nascent nature of these markets.<br \/>\nThrough our investment research work, we have built up strong relationships with the key private debt and infrastructure equity secondaries buyers in the market. Using this network of buyers, we have created a solution called i-FLO (Isio Fund Liquidity Options) which can disintermediate the brokers and help provide liquidity to clients with competitive execution and significantly lower fees compared to a typical broker process.<\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/person\/ajith-nair\/\">Get in touch to find out more<\/a>\n <\/div>\n\n <\/div>\n\n <div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Why it matters<\/strong><br \/>\ni-FLO can reduce costs, achieve better or similar pricing and do so in shorter or similar timescales compared to a traditional broker. On a recent transaction for a client selling \u00a375m in European direct lending, i-FLO generated pricing c.2-5% better than initial broker quotes, and did so with lower fees and in shorter timescales. If your scheme and trustees are looking to sell down illiquid assets, it\u2019s worth a quick call.<\/p>\n<p> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-18955 size-full\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2.jpg 600w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-300x200.jpg 300w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-95x63.jpg 95w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-354x236.jpg 354w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-366x244.jpg 366w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-170x113.jpg 170w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n <\/div>\n \n <p class=\"text-white text-xl font-medium mb-6\"><\/p>\n \n <p class=\"text-white text-xl font-medium mb-6 mt-6\"><\/p>\n <div class=\"md:flex\">\n <\/div>\n <\/div>\n \n <\/div>\n <div x-show=\"activeTab === 5\" class=\"grid md:grid-cols-2 pt-12 gap-x-24\">\n <!-- Content for the tab goes here -->\n\n <div class=\"\">\n <div class=\"text-white text-xl font-light\">\n <p> <\/p>\n<div class=\"whiteText\">\n<ul>\n<li>We\u2019re expecting to see the final detail on the new Funding Code from the Pensions Regulator, putting some flesh on the bones of the DWP\u2019s new regulations.<\/li>\n<li>The appeal for the Virgin Media Ltd v NTL case is due to be heard on 25 June, which could have implications for schemes that haven\u2019t found relevant S37 certificates, although the judgement is likely to take a little more time to come through.<\/li>\n<li>We\u2019ll be releasing our 2024 Professional Independent Trustee Survey shortly, highlighting how the key professional trustee firms compare in this growing and evolving market. If you\u2019d like to receive this once it\u2019s available, please subscribe below.<\/li>\n<\/ul>\n<\/div>\n<p> <\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/subscribe-to-iq\/\">Join the mailing list<\/a>\n <\/div>\n\n <\/div>\n\n <div>\n \n <p class=\"text-white text-xl font-medium mb-6\"><\/p>\n \n <p class=\"text-white text-xl font-medium mb-6 mt-6\"><\/p>\n <div class=\"md:flex\">\n <\/div>\n <\/div>\n \n <\/div>\n <\/div>\n <\/div>\n <\/section>\n <!-- Mobile version of block -->\n <section class=\"py-6 md:hidden bg-brandGreen-100\">\n <dl class=\"container divide-y divide-white\">\n <div class=\"py-5 border-1\">\n <dt>\n <!-- Expand\/collapse question button -->\n <button type=\"button\" class=\"flex w-full items-start justify-between text-left text-white\" aria-controls=\"faq-0\" aria-expanded=\"false\">\n <span class=\"text-2xl\">Financial conditions update<\/span>\n <span class=\"md:ml-6 flex h-7 items-center\">\n <svg class=\"h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <svg class=\"rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <\/span>\n <\/button>\n <\/dt>\n <dd class=\"mt-5 pr-12\" id=\"faq-0\" style=\"display: none;\">\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Change since 31 December 2023<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-18958 size-full\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/IQ-Isio-Quarterly-market-update-1-1.gif\" alt=\"\" width=\"600\" height=\"250\" \/><\/p>\n <p> <\/p>\n<p><strong>Commentary<\/strong><\/p>\n<ul>\n<li><span class=\"TextRun SCXW88907039 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW88907039 BCX8\" data-ccp-charstyle=\"normaltextrun\" data-ccp-charstyle-defn=\"{"ObjectId":"deeb256a-e666-42f7-a71a-0ba945d8ed34|71","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",335559704,"1025",335559705,"1033",335551547,"2057",469775450,"normaltextrun",201340122,"1",134233614,"true",469778129,"normaltextrun",335572020,"1",469778324,"Default Paragraph Font"]}\">Corporate bond and gilt yields increased by c. 0.25%-0.3% and long-term inflation by c. 0.15% over the quarter<\/span><\/span><span class=\"TextRun SCXW88907039 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW88907039 BCX8\" data-ccp-charstyle=\"eop\" data-ccp-charstyle-defn=\"{"ObjectId":"deeb256a-e666-42f7-a71a-0ba945d8ed34|72","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",335559704,"1025",335559705,"1033",335551547,"2057",469775450,"eop",201340122,"1",134233614,"true",469778129,"eop",335572020,"1",469778324,"Default Paragraph Font"]}\">\u200b<\/span><\/span><span class=\"EOP SCXW88907039 BCX8\" data-ccp-props=\"{"134233117":false,"134233118":false,"201341983":0,"335559738":0,"335559739":0,"335559740":240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><!-- \/wp:list-item --> <!-- wp:list-item --><\/p>\n<ul>\n<li><span class=\"TextRun SCXW80453978 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW80453978 BCX8\" data-ccp-charstyle=\"normaltextrun\" data-ccp-charstyle-defn=\"{"ObjectId":"deeb256a-e666-42f7-a71a-0ba945d8ed34|71","ClassId":1073872969,"Properties":[201342446,"1",201342447,"5",201342448,"1",201342449,"1",469777841,"TT Hoves Light",469777842,"",469777843,"TT Hoves Light",469777844,"TT Hoves Light",201341986,"1",469769226,"TT Hoves Light",335559704,"1025",335559705,"1033",335551547,"2057",469775450,"normaltextrun",201340122,"1",134233614,"true",469778129,"normaltextrun",335572020,"1",469778324,"Default Paragraph Font"]}\">Credit spreads remained broadly unchanged over the quarter\u200b\u00a0<\/span><\/span><\/li>\n<\/ul>\n<p><!-- \/wp:list-item --> <!-- wp:list-item --><\/p>\n<ul>\n<li>Equity markets saw a positive quarter (returning c.+8%)\u200b<\/li>\n<li>These movements are likely to have improved buyout positions due to reductions in liabilities exceeding reductions in\u202fassets\u200b<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --> <!-- wp:list-item --><\/p>\n<ul>\n<li>Accounting and funding positions are also expected to have improved in general, other than for well-hedged schemes with low proportions of return seeking assets<\/li>\n<\/ul>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Accounting-in-Pensions-Post-31-March-2024.pdf\">Download a deep-dive report <\/a>\n <\/div>\n <\/div>\n\n <\/dd>\n <\/div>\n <div class=\"py-5 border-1\">\n <dt>\n <!-- Expand\/collapse question button -->\n <button type=\"button\" class=\"flex w-full items-start justify-between text-left text-white\" aria-controls=\"faq-1\" aria-expanded=\"false\">\n <span class=\"text-2xl\">Consultation on DB options<\/span>\n <span class=\"md:ml-6 flex h-7 items-center\">\n <svg class=\"h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <svg class=\"rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <\/span>\n <\/button>\n <\/dt>\n <dd class=\"mt-5 pr-12\" id=\"faq-1\" style=\"display: none;\">\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Potentially the biggest shake-up of DB pensions in the last 20 years<strong\/> <\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background<\/strong><br \/>\nThe recent government consultation on options for DB Schemes proposes reforms to make it easier to use surpluses to make payments to employers and scheme members on an ongoing basis. In our recent webinar, we were delighted to be joined by a FTSE100 CFO and an experienced professional trustee to explore employer and trustee views on these key consultation proposals – you can find the highlights in this article.<\/p>\n<p> <\/p>\n<p><strong>Isio\u2019s view<\/strong><br \/>\nThe proposed flexibility to utilise surpluses could be the most important change for UK DB schemes in over 20 years and could change how the industry views DB pensions \u2013 from a source of risk to a source of value. For schemes that don\u2019t want to full insure at their earliest opportunity, we have already developed a framework for sharing surplus between members and sponsors which we call Purposeful Run On (\u201cPRO\u201d). The proposed changes will simplify implementing a PRO strategy and help bring about the required mindset change, but many schemes could start sharing surplus now under existing legislation.<\/p>\n <p><strong>Why it matters<\/strong><br \/>\nOur modelling suggests that a typical scheme could release, as surplus, almost 20% of its assets over a 10 year period. Under the Isio PRO framework, this would be distributed annually to employers and provide discretionary benefits for members. Even for schemes that are not yet well enough funded to share surplus, having this ultimate objective could affect decisions made today (e.g. regarding investment strategy), so it is important to agree a framework with trustees early.<\/p>\n<p><iframe loading=\"lazy\" title=\"Managing DB Surplus: Webinar highlights\" src=\"https:\/\/player.vimeo.com\/video\/932964001?h=1bc5578e4b&badge=0&autopause=0&player_id=0&app_id=58479\" width=\"600\" height=\"338\" frameborder=\"0\"><\/iframe><\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/outpacing-change\/\">Discover PRO<\/a>\n <\/div>\n <\/div>\n\n <\/dd>\n <\/div>\n <div class=\"py-5 border-1\">\n <dt>\n <!-- Expand\/collapse question button -->\n <button type=\"button\" class=\"flex w-full items-start justify-between text-left text-white\" aria-controls=\"faq-2\" aria-expanded=\"false\">\n <span class=\"text-2xl\">New update on life expectancy<\/span>\n <span class=\"md:ml-6 flex h-7 items-center\">\n <svg class=\"h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <svg class=\"rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <\/span>\n <\/button>\n <\/dt>\n <dd class=\"mt-5 pr-12\" id=\"faq-2\" style=\"display: none;\">\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>A wide range of views justifiable<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background\u200b<\/strong><\/p>\n<p>The Continuous Mortality Index (\u201cCMI\u201d) research body released their latest model and core parameters for projecting future trends in mortality on 18<sup>th<\/sup> April.<br \/>\nLatest data continues to indicate lower life expectancy than previous models \u2013 a trend seen since well before the pandemic.\u00a0 CMI also consulted on changes to core parameters that determine how much weight is placed on recent data. The two pandemic years are ignored but in a slightly surprising move, the core parameters reduce the weighting placed on 2022\u2019s data (down from 25% to 15% compared to the last year\u2019s model) and build in only a 15% weighting to 2023\u2019s data.\u00a0 While this still results in lower life expectancies (and liabilities), it is marginal compared to what might have been anticipated.<\/p>\n<p> <\/p>\n<p><strong>Isio\u2019s view \u200b<\/strong><\/p>\n<p>The CMI body states that users need to consider whether the core parameters are appropriate for their specific circumstances rather than just adopting them by default. Indeed there are some that suggest they shouldn\u2019t give a view on core parameters at all. \u00a0What is clear, is that there is a wide range of views on what the \u201cright\u201d weighting parameters are.<\/p>\n<p>Lower weights would be consistent with a view that the short-term effects of the pandemic still dominate and we\u2019ll soon return to pre-pandemic trends. Higher weights would result from a view that 2022\/2023 data reflects the general political, economic and health stresses seen in the UK (and globally) and that higher mortality experience is expected to persist for a few years yet.<\/p>\n<p data-ccp-props=\"{"335551550":1,"335551620":1,"335559683":0,"335559685":0,"335559731":0,"335559737":0,"335562764":2,"335562765":1,"335562766":4,"335562767":0,"335562768":4,"335562769":0}\"><span style=\"background-color: rgb(255 255 255\/var(--tw-bg-opacity)); color: rgb(64 64 64\/var(--tw-text-opacity));\">\u200b<\/span><\/p>\n <p> <\/p>\n<p><strong>Why it matters \u200b<\/strong><\/p>\n<p>CMI projections can impact accounting figures, funding valuations, transfer values and buy-out estimates. Higher weightings to recent data could result in a c1% reduction in liabilities compared to the CMI core parameters. Sponsors should interrogate how the latest CMI research is being incorporated by actuarial advisers and whether sufficient consideration has been given to the range of views on key parameters.<\/p>\n<p> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18953 size-full aligncenter\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2.jpg\" alt=\"\" width=\"601\" height=\"593\" srcset=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2.jpg 601w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-300x296.jpg 300w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-95x95.jpg 95w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-354x349.jpg 354w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-521x514.jpg 521w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-304x300.jpg 304w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/Mortality-update-graph-2-170x168.jpg 170w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p> <\/p>\n<p> <\/p>\n<p> <\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"mailto:dan.sherratt@isio.com\">Get in touch to find out more<\/a>\n <\/div>\n <\/div>\n\n <\/dd>\n <\/div>\n <div class=\"py-5 border-1\">\n <dt>\n <!-- Expand\/collapse question button -->\n <button type=\"button\" class=\"flex w-full items-start justify-between text-left text-white\" aria-controls=\"faq-3\" aria-expanded=\"false\">\n <span class=\"text-2xl\">Latest research on employee benefits <\/span>\n <span class=\"md:ml-6 flex h-7 items-center\">\n <svg class=\"h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <svg class=\"rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <\/span>\n <\/button>\n <\/dt>\n <dd class=\"mt-5 pr-12\" id=\"faq-3\" style=\"display: none;\">\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Discover who\u2019s benefiting from employee benefits in our latest research<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background\u200b<\/strong><\/p>\n<p>\u200bWe commissioned YouGov to survey* over 7,500 UK employees on their views about money, work and employee benefits.<\/p>\n<p>\u200b<\/p>\n<p><strong>Isio\u2019s view \u200b\u00a0<\/strong><\/p>\n<p>\u200bWe\u2019ve long believed that the \u2018it was like this when I got here\u2019 approach to employee benefits was suboptimal, but this data conclusively proves the case. Worse, the data suggests that for the average employer, perhaps a third of the value that is spent on benefits simply vanishes in a puff of smoke, because employees don\u2019t like or don\u2019t understand the benefits the money has been spent on. The data also uncovers a strong link between satisfaction with employee benefits and desire to change employer, proving that employee benefits have a very real part to play in addressing staff turnover.<\/p>\n<p> <\/p>\n<p><strong>Why it matters\u00a0\u200b<\/strong><\/p>\n<p>\u200bThe findings from our research confirm that there is tangible value for an employer in:<\/p>\n<p>a) designing a benefit package that connects with employee needs<br \/>\nb) communicating that package effectively.\u200b<\/p>\n <p> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19007 size-full\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1.png\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1.png 600w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-300x200.png 300w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-95x63.png 95w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-354x236.png 354w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-366x244.png 366w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-1-170x113.png 170w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p> <\/p>\n<p>*In conjunction with YouGov, Isio surveyed 7,674 private sector employees in June 2023 on a range of issues surrounding employee benefits and personal finance concerns. Responses for don\u2019t know or prefer not to say answers have been removed, unless explicitly shown.<\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/insights\/isio-insights-maximising-value-from-employee-benefits\/\">Access our research<\/a>\n <\/div>\n <\/div>\n\n <\/dd>\n <\/div>\n <div class=\"py-5 border-1\">\n <dt>\n <!-- Expand\/collapse question button -->\n <button type=\"button\" class=\"flex w-full items-start justify-between text-left text-white\" aria-controls=\"faq-4\" aria-expanded=\"false\">\n <span class=\"text-2xl\">Dealing with illiquid assets<\/span>\n <span class=\"md:ml-6 flex h-7 items-center\">\n <svg class=\"h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <svg class=\"rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <\/span>\n <\/button>\n <\/dt>\n <dd class=\"mt-5 pr-12\" id=\"faq-4\" style=\"display: none;\">\n <div class=\"\">\n <div class=\"mb-10\">\n <p class=\"text-2xl font-light text-white\"><strong>Selling illiquid assets quicker and cheaper than brokers\u200b<strong\/><\/p>\n <\/div>\n <div class=\"text-white text-xl font-light\">\n <p><strong>Background<\/strong><br \/>\nThe extreme volatility caused by the mini-budget in September 2022 led to a surge in sales of illiquid assets on the secondary market. Historically clients have employed the services of a broker to sell these illiquid assets, and paid significant fees in the process – c.0.6%-1.0% on average.<\/p>\n<p><strong>Isio\u2019s view<\/strong><br \/>\nA large proportion of pension schemes are invested in corporate private debt or infrastructure equity. The secondaries market for these asset classes are relatively new and brokers add limited value given the nascent nature of these markets.<br \/>\nThrough our investment research work, we have built up strong relationships with the key private debt and infrastructure equity secondaries buyers in the market. Using this network of buyers, we have created a solution called i-FLO (Isio Fund Liquidity Options) which can disintermediate the brokers and help provide liquidity to clients with competitive execution and significantly lower fees compared to a typical broker process.<\/p>\n <p><strong>Why it matters<\/strong><br \/>\ni-FLO can reduce costs, achieve better or similar pricing and do so in shorter or similar timescales compared to a traditional broker. On a recent transaction for a client selling \u00a375m in European direct lending, i-FLO generated pricing c.2-5% better than initial broker quotes, and did so with lower fees and in shorter timescales. If your scheme and trustees are looking to sell down illiquid assets, it\u2019s worth a quick call.<\/p>\n<p> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-18955 size-full\" src=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2.jpg 600w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-300x200.jpg 300w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-95x63.jpg 95w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-354x236.jpg 354w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-366x244.jpg 366w, https:\/\/www.isio.com\/app\/uploads\/2024\/04\/DB-Surplus-thumbnail-600x400-2-170x113.jpg 170w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/person\/ajith-nair\/\">Get in touch to find out more<\/a>\n <\/div>\n <\/div>\n\n <\/dd>\n <\/div>\n <div class=\"py-5 border-1\">\n <dt>\n <!-- Expand\/collapse question button -->\n <button type=\"button\" class=\"flex w-full items-start justify-between text-left text-white\" aria-controls=\"faq-5\" aria-expanded=\"false\">\n <span class=\"text-2xl\">Looking forward to next quarter<\/span>\n <span class=\"md:ml-6 flex h-7 items-center\">\n <svg class=\"h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <svg class=\"rotate-180 hidden h-6 w-6 inline-block relative md:left-5 md:-top-2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"13\" viewBox=\"0 0 24 13\" fill=\"none\">\n <path d=\"M1.5 1.5L12 12L22.5 1.5\" stroke=\"white\" stroke-width=\"2\" stroke-linejoin=\"round\" \/>\n <\/svg>\n <\/span>\n <\/button>\n <\/dt>\n <dd class=\"mt-5 pr-12\" id=\"faq-5\" style=\"display: none;\">\n <div class=\"\">\n <div class=\"text-white text-xl font-light\">\n <p> <\/p>\n<div class=\"whiteText\">\n<ul>\n<li>We\u2019re expecting to see the final detail on the new Funding Code from the Pensions Regulator, putting some flesh on the bones of the DWP\u2019s new regulations.<\/li>\n<li>The appeal for the Virgin Media Ltd v NTL case is due to be heard on 25 June, which could have implications for schemes that haven\u2019t found relevant S37 certificates, although the judgement is likely to take a little more time to come through.<\/li>\n<li>We\u2019ll be releasing our 2024 Professional Independent Trustee Survey shortly, highlighting how the key professional trustee firms compare in this growing and evolving market. If you\u2019d like to receive this once it\u2019s available, please subscribe below.<\/li>\n<\/ul>\n<\/div>\n<p> <\/p>\n <a class=\"my-5 btn-primary btn-white \" href=\"https:\/\/www.isio.com\/subscribe-to-iq\/\">Join the mailing list<\/a>\n <\/div>\n <\/div>\n\n <\/dd>\n <\/div>\n <\/dl>\n <\/section>\n\n\n\n\n\n\n<section class=\"text-wrapper text-block medium-width \">\n <div class=\"container\">\n <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading\" id=\"h-join-our-mailing-list\">Join our mailing list<\/h2>\n\n\n\n<p><strong>Get the next issue of Isio Quarterly delivered straight to your inbox<\/strong><\/p>\n\n\n\n<script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js-eu1.hsforms.net\/forms\/embed\/v2.js\"><\/script>\n<script>\n hbspt.forms.create({\n region: \"eu1\",\n portalId: \"27065597\",\n formId: \"0e5cf9b7-8262-4849-9381-0f9f16111ca1\"\n });\n<\/script>\n\n<\/div>\n <\/div>\n<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Isio\u2019s quarterly pensions update for sponsors, summarising key events from the quarter and looking ahead to what\u2019s coming up.<\/p>\n","protected":false},"author":3,"featured_media":18595,"template":"","meta":{"_acf_changed":false,"footnotes":""},"news-category":[41],"class_list":["post-18533","news","type-news","status-publish","has-post-thumbnail","hentry","news-category-isio-quarterly"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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