All Actuarial articles – Page 6
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NewsDeficit woes deepen as shortfall continues to plague USS
The deficit of the Universities Superannuation Scheme now exceeds £15bn as an increase in assets was outweighed by rising liabilities, in a year the pension fund’s portfolio performed below its benchmark for the first time since 2013.
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NewsAlmost a third of tranche 14 schemes in surplus
Detailed analysis of triennial valuations with due dates up to January 2021 has shown that almost one in three defined benefit and hybrid schemes are in surplus, but many pension funds face a headwind due to falling interest rates.
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NewsLeek United Building Society joins Enplan platform
On the go: The circa £45m Leek United Building Society Pension and Assurance Scheme has joined the Enplan Pension Platform, which will provide governance, actuarial, investment and administration services to the scheme.
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NewsUSS employers pledge greater covenant support
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has pledged additional covenant support to the pension scheme, in a move it said will spare its members the crippling contribution rate rises announced following the scheme’s 2020 valuation.
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NewsPASA launches GMP conversion guidance
The Pensions Administration Standards Association has published guidance on guaranteed minimum pension conversion for trustees striving to achieve GMP equality, providing examples of approaches that have been adopted or considered by “early movers”.
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NewsHundreds of DB sponsors to face hike in contributions
On the go: Around 300 sponsors of defined benefit schemes will have to increase their deficit recovery contributions by at least 25 per cent, according to analysis from LCP.
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NewsGovt to reform discount rate and cost-control mechanism
The government has proposed aligning the discount rate review periods with the valuation cycles of public service pension schemes, and is taking forward reforms to the cost-cap mechanism first proposed by the government actuary.
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NewsUSS board member resigns after scheme valuation fallout
On the go: Ian Maybury, director at the trustee board of the Universities Superannuation Scheme, has resigned from his post after a disagreement on the pension fund’s latest actuarial valuation.
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NewsChurch of Scotland schemes appoint XPS as joint adviser
On the go: The £507.5m Church of Scotland pension schemes, comprising the scheme for ministers and overseas missionaries, the scheme for staff and the scheme for ministry development staff, have appointed XPS Pensions Group as their actuarial and investment adviser.
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NewsEastman schemes appoint WTW as fiduciary manager
On the go: The Eastman Chemical Company’s three UK defined benefit pension schemes have selected Willis Towers Watson as their fiduciary manager and awarded a combined actuarial and administration services contract to WTW’s OneDB service.
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NewsQinetiQ scheme completes buy-in with L&G
On the go: The £2bn QinetiQ Pension Scheme has completed a £130m buy-in with Legal & General Assurance Society. LCP acted as the lead adviser on the transaction and provided derisking advice.
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NewsUniversities back alternative proposals to reform USS
Employers representing 95 per cent of the Universities Superannuation Scheme membership have backed measures proposed by Universities UK, including enhanced employer covenant provision, in a bid to end the impasse over the scheme’s 2020 valuation.
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NewsGovernment actuary proposes cost control mechanism reform
Martin Clarke, the government actuary, has proposed changing the cost-control mechanism used in the reformed public service pension schemes in a bid to tackle the “perverse outcome” of the 2016 valuation.
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NewsResearch tech DB scheme receives £8.1m additional deficit payment
On the go: Oxford Instruments made an additional deficit recovery payment of £8.1m to its defined benefit pension scheme in the year ending in March 2021.
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NewsTfL to review pension scheme as part of new funding package
On the go: Transport for London will be conducting a review of its £10.6bn defined benefit scheme as part of a new government package.
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NewsUCU mulls industrial action as USS sponsors reject benefits modelling
The University and College Union has said it is to decide “in the coming days” whether to press ahead with industrial action after its newly released ‘benefits modeller’, aiming to show how much members stand to lose under controversial proposals by the Universities Superannuation Scheme, was dismissed by employer representatives.
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NewsTPR looks to clarify new contribution notice tests
On the go: The Pensions Regulator has called for the pensions industry to give its views on the application of new contribution notice tests stemming from the Pension Schemes Act.
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NewsWyeth Group scheme secures £190m buy-in with Aviva
On the go: The circa £446.9m Wyeth Group Pension and Life Assurance Scheme, which includes both defined benefit and defined contribution sections, has completed a £190m annuity buy-in transaction with Aviva.
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NewsTPR urges trustees to remain vigilant of sponsor activity
The Pensions Regulator has used its latest annual funding statement to call for trustees to remain vigilant of weakening employer covenants and corporate activity, while laying out guidance on how to approach scheme valuations under the current challenging conditions brought by the pandemic.
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NewsRussell Group universities propose USS compromise
Russell Group has backed the Universities Superannuation Scheme trustee’s suggested “lower-cost, more flexible” alternative to the existing scheme structure.