Market volatility has seen the Universities Superannuation Scheme’s asset portfolio shed more than 13 per cent of its value and its deficit pass £11bn in recent days, triggering concerns, but as yet no action, from trustees.
Covid-19: Actuaries to rescue as private markets to be tested
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March 31, 2020
Analysis of private debt markets suggests that with certain sectors of borrowers struggling with cash flows, lenders will have to be flexible and rely on well-written covenants. Meanwhile, actuaries are looking to help fight the global pandemic.
WPP shifts further £250m with PIC buy-in
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March 31, 2020
On the go: Advertising giant WPP has entered a £250m buy-in contract with the Pension Insurance Corporation, adding to a £140m transaction already completed with the same insurer in 2018.
Covid-19: PASA steps in with admin guidance, while gloom gathers in auto ABS
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March 30, 2020
The Pensions Administration Standards Association has urged providers to prioritise the payment of pensions as it struggles with the challenges of working remotely, while the Covid-19 pandemic could affect the automotive industry and financial instruments backing lease deals. Elsewhere in our round-up of daily market moves and pensions updates, one asset manager says schemes should be wary of inferring a bounceback from calming stock markets.
TPR paves way for three-month DB contribution holiday
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March 28, 2020
The Pensions Regulator has launched new guidance aimed at helping employers freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus.
Covid-19: Rally continues as BoE sounds gloomy note
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March 26, 2020
The Bank of England's prediction of a deep recession, and grim news in the US labour market, looked to have cooled the bounce-back in equity markets before a late surge, while new analysis suggests further pain for credit markets if the pandemic worsens, and actuaries call on the Pensions Regulator to do more. Read our round-up of pensions and finance news about the coronavirus outbreak.
MPs’ scheme under fire for dragging feet on climate change
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March 24, 2020
The pension scheme for MPs is not doing enough to combat the risks posed by climate change, according to a divestment campaign backed by more 360 current and former parliamentarians.
BA schemes agree acquisition and leaseback of Ted Baker HQ
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March 23, 2020
On the go: The trustees of British Airways’ pension schemes have moved to capitalise on businesses’ need to refinance amid the Covid-19 pandemic, purchasing the London headquarters of struggling fashion retailer Ted Baker.
Plumbers’ scheme braced for legal battles over employer debts
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March 23, 2020
Trustees of the £2bn Plumbing and Mechanical Services (UK) Industry Pension Scheme have asked a Scottish court to let them use plan assets to fund legal battles, after an unnamed participating employer commenced action against the fund.
Deferral of DB contributions ‘may be appropriate’
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March 23, 2020
On the go: New guidance for defined benefit trustees accepts that some employers may need to delay deficit repair contributions due to economic disruption caused by the Covid-19 outbreak, but urges schemes to test employer claims carefully.