On the go: The Pensions Regulator has written to “hundreds” of defined benefit trustees over disproportionately large dividend payments made by their sponsoring employers, as the watchdog said its interventions are starting to yield results.
DB & Derisking
BAE to issue debt to fund persistent deficit
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February 20, 2020
On the go: Defence and aerospace conglomerate BAE Systems is to make a debt-funded £1bn payment into its main defined benefit pensions scheme, dramatically front-loading its recovery plan.
HMRC GMP equalisation guidance fails to address all tax issues
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February 20, 2020
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions as failed to address key technical and tax issues, according to experts.
Tax relief cut could lead to higher DB contributions
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February 19, 2020
On the go: Employers and staff might have to increase their contributions to defined benefit schemes if a rumoured cut to the 40 per cent relief for higher-rate taxpayers goes ahead, Aegon has warned.
Co-op buys in further £1bn of liabilities
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February 19, 2020
On the go: Retail group The Co-op has secured the pensions of 7,000 defined benefit members in a bulk annuity transaction with the Pension Insurance Corporation.
Pension schemes to share scams intelligence online
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February 18, 2020
The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control.
Talks fail to head off USS strikes
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February 18, 2020
On the go: University employers have stated they are unwilling to meet the demands of a trade union ahead of strikes over the Universities Superannuation Scheme.
Hertfordshire LGPS employer agreement sidesteps cessation debt
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February 18, 2020
A housing association has avoided a potentially crippling £3m cessation debt to the Local Government Pension Scheme via an innovative agreement with the scheme’s local administering authority.
Labour MP calls for early access to public sector pensions
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February 18, 2020
On the go: Labour MP Emily Thornberry has called for public sector workers to have access to their pension pots before they retire, claiming it would help boost the economy.
AIB scheme pioneers alternative derisking solution
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February 13, 2020
The AIB Group UK Pension Scheme has entered into a £250m insurance contract to hedge the investment risk associated with a portion of its liabilities, becoming the first defined benefit plan to undertake an alternative derisking solution.