All articles by Alex Janiaud – Page 3
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NewsNearly three-quarters of DB reviews end in closure to accrual
On the go: Almost three-quarters of company reviews of their defined benefit pension schemes resulted in the plans closing to future accrual, according to new research.
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NewsSmaller schemes face ‘significant’ costs with TPR DB funding code
While the Pensions Regulator foresees an initial hike in implementation fees followed by reduced costs in the long term, experts have warned that the new defined benefit funding code will be particularly onerous for small schemes.
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NewsTPR rejects claim of having pressured schemes into LDI
The Pensions Regulator has pushed back against a suggestion put to the watchdog by MPs that it pressured some pension schemes towards liability-driven investments, when they did not think LDI was appropriate for them.
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NewsTPR ‘dials down leverage’ in DB funding code fast-track
The Pensions Regulator has lowered the amount of leverage that it deems acceptable for schemes to have to meet the requirements for a “fast-track” valuation, as part of its new defined benefit funding code.
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NewsTPR: Valuing some illiquid assets may be ‘impossible’
The Pensions Regulator has warned of the challenges posed by attempting to value illiquid assets, as the government seeks to incentivise defined contribution to increase these investments.
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NewsManufacturer claims actuaries ‘almost put us out of business’
On the go: Construction products manufacturer Dixon International Group has told the Work and Pensions Committee that actuarial pressures in relation to its defined benefit scheme “almost put us out of business and several times pushed us into loss”.
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NewsRules to remove DC charge cap fees due in the new year
The government will lay regulations to remove fees from the defined contribution charge cap early next year, one of a number of pensions-related proposals included in the reforms aimed at improving the competitiveness of the UK’s financial services sector.
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NewsFCA urges LDI stress-testing in the face of rising buffer costs
The Financial Conduct Authority has called on asset managers to stress-test the “operational consequences” of improved liquidity buffers for liability-driven investment funds, recognising the additional costs that these buffers impose on pension schemes.
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NewsHalf of defined benefit schemes now closed to future accrual
Fifty per cent of defined benefit schemes are now closed to future accrual, according to new figures from the Pensions Regulator.
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NewsRailpen leads bondholder stewardship group
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including the launch of a new bondholders’ stewardship working group, the adoption of a formal ESG policy by BlackRock’s LifePath UK DC investment strategy, and a new global standard for stewardship resourcing.
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NewsBigger LDI collateral buffers will increase sponsor reliance, MPs told
The Work and Pensions Committee has been reminded of the trade-off between bigger collateral buffers and investment returns, with one chief executive warning that buffers of 400 basis points would force some schemes to “pare back their growth ambitions” and increase their reliance on sponsor contributions.
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NewsPublic sector pension judicial review hearing set for January
On the go: Five trade unions will make their case against the government in the High Court, in the last week of January 2023, over an alleged “ongoing robbery” of public sector scheme members’ money.
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NewsMorgan Advanced Materials makes £67mn advance contribution
On the go: Manufacturing company Morgan Advanced Materials has agreed to make an accelerated contribution of £67mn to its UK defined benefit pension schemes, as part of a deal that will see the trustees increase inflation and interest rate hedging levels.
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NewsNHS staff offered ‘partial retirement’ with scheme eligibility expanded
Members of the NHS Pension Scheme will have the option of “partial retirement” under proposed government reforms aimed at stemming the flow of health workers leaving the NHS.
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NewsSheffield manufacturer fined over missing contributions
The Pensions Ombudsman has ordered Sheffield manufacturer M&G Olympic Products to compensate two former employees – whom the company had made redundant – over missing pension contributions.
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News‘Lower leverage is here to stay’: industry responds to LDI inquiry
The use of leverage in liability-driven investments should be reassessed, according to respondents to a Work and Pensions Committee inquiry.
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NewsFCA: Liquidity buffers are a ‘necessary but partial solution’
On the go: The Financial Conduct Authority has urged managers of liability-driven investment funds to learn the lessons of the autumn liquidity crisis, claiming that liquidity buffers represent only part of the solution to future volatility.
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NewsFCA bans third-party dashboard consumer charges
The Financial Conduct Authority will prohibit third parties from charging customers for services linked to pensions dashboards as part of its regulatory framework for the initiative.
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NewsTPR investment lead mulls role of ‘groupthink’ in LDI crisis
The Pensions Regulator’s lead investment consultant, Fred Berry, has suggested that industry “groupthink” may have played a part in creating the conditions for the liquidity crisis which engulfed defined benefit pension schemes in the autumn.
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NewsTPR expects improved LDI liquidity buffers to be maintained
The Pensions Regulator has set out its expectation that liquidity buffers be maintained across pooled and leveraged liability-driven investment mandates, going beyond the demands of Irish and Luxembourgish regulators.