All Actuarial articles – Page 9
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News
USS sticks with March valuation despite battered funding level
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.
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USS likely to breach deficit trigger
The Universities Superannuation Scheme could breach funding triggers relating to the size of its deficit, as coronavirus continues to cause turmoil in markets.
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Prospect joins calls for public pensions benefits top-ups
On the go: Prospect is the latest union to join calls urging the government to deliver on promised benefit top-ups to public-sector schemes, which were paused due to a discrimination court case.
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Cracknell: Industry fails to explain ‘how’ savers can make changes
Michelle Cracknell on her new role at Just Group after a five-year stint leading the Pensions Advisory Service.
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Unions challenge govt delay to public scheme valuations
Two trade unions are seeking permission to launch a judicial review of the government’s decision to delay benefit top-ups due to members under the cost floor arrangement in public sector pension schemes.
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NewsUniversity strikes announced as talks fail to placate union
Staff at 52 UK universities are to strike over pensions for 14 days during February and March, despite recent talks between employers, trade unionists and the trustees of the Universities Superannuation Scheme.
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‘Constructive talks’ held on USS valuation
On the go: Stakeholders and trustees of the £68bn Universities Superannuation Scheme have agreed shared statements of purpose with regards to the plan, as the opening rounds of talks to break a valuation deadlock were branded “constructive” by the meeting’s chair.
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Regulator outlines Q1 policy plans
On the go: The Pensions Regulator is to publish recommendations on trustee diversity and governance in February, as the watchdog set out its policy commitments for the early months of 2020.
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TPR presses Church of England for shorter deficit recovery
The Pensions Regulator has dismissed the idea of the Church of England employers reducing their deficit contributions, after a change in the valuation method used in one of its defined benefit schemes resulted in a shortfall decrease from £236m to £50m.
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NewsRailways Pension Scheme deficit called into question
New calculations showing an £11bn deficit for the Railways Pension Scheme have been dismissed by the National Union of Rail, Maritime and Transport Workers, which has promised industrial action if new measures to plug the gap are imposed without negotiation.
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Scottish local funds urged to develop information standards
Inconsistencies and lack of standardisation in information are frustrating efforts to make a ‘like-for-like’ comparison between local authority funds in Scotland, a new government report has found.
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Universities and unions to renew talks over USS
On the go: Employers, trustees and trade unionists will reopen discussions over the Universities Superannuation Scheme following the publication of an independent report into the plan’s valuation processes.
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USS warns of ‘complex’ issues in response to JEP report
On the go: The Universities Superannuation Scheme has welcomed reform proposals put forward by an independent panel, but has warned that the issues are “complex” and may take some time to resolve.
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USS expert panel calls for dual discount rate in 2020 valuation
The Universities Superannuation Scheme Joint Expert Panel, set up to review the valuation of the scheme, is calling for a “dual discount rate approach” to the 2020 valuation, aimed at distinguishing between past and future accrual.
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Calls for next government to revive multi-employer schemes bill
On the go: The boss of a small Scottish plumbing company hit with a £1.2m pensions bill is calling for the next government to revive a 2018 proposal, which would end the current issues affecting sponsors of the Plumbing and Mechanical Services Industry Pension Scheme.
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USS urged to consider expert report in next valuation
UK universities and staff have called for the UK’s biggest pension fund to ensure its 2020 valuation process fully considers a forthcoming report from an independent panel of experts.
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USS CEO defends pension actions as academics strike
On the go: Universities Superannuation Scheme chief executive Bill Galvin has defended the plan’s approach to valuing its liabilities, in a radio interview on the last planned day of strikes at Britain’s higher education institutions.
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FeaturesNo easy way out of USS strikes
Analysis: University staff across the UK are on strike over pensions for the second time in as many years, and despite detailed scrutiny of the affordability of their pensions since the first walkout in early 2018, academics still do not feel they have been listened to.
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University employers write to staff ahead of strikes
Representatives of the UK’s universities have written an open letter to staff asking them to reconsider strikes over issues including pensions, planned to begin next week.
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Academics union questions regulator’s oversight of USS
Academics have expressed disquiet over the role of the Pensions Regulator in the governance in one of the largest occupational pension schemes in the UK.