All articles by Benjamin Mercer – Page 27
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NewsTPR’s new code of practice has ‘major implications’
The Pensions Regulator’s proposed new code of practice has “major implications” for pension schemes, introducing a raft of new duties and requirements around climate change, stewardship, investment and administration, experts have said.
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NewsSchemes have reason to be positive about Chinese equities
New research by NTree International suggests significant positive sentiment towards Chinese equities, and investment experts have argued that pension schemes should make strategic allocations to mainland Chinese markets.
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Pandemic causes £41bn DB deficit bump
On the go: The coronavirus pandemic and attendant national lockdown saw a marked deterioration in defined benefit scheme funding positions, with the overall deficit up £41bn as of March 2020 compared with the same month in the previous year.
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PPF reveals 23% ethnicity pay gap
On the go: The Pension Protection Fund has published its latest ‘Diversity pay gap report’, which reveals it has an ethnicity pay gap of 23 per cent.
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FCA rules could hit DB transfer market winners hard
On the go: More than a third (37.5 per cent) of the defined benefit transfer market was advised by just three firms in 2020, as St James’s Place, Royal London and AJ Bell increased their market share “dramatically”, according to a report from LCP.
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NewsTax ‘super-deduction’ could leave DB schemes short-changed
A “super-deduction” introduced in the Budget could see less money available to clear pension deficits, experts have warned, as businesses look to take advantage of the tax break.
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Asset managers bullish about renewable infrastructure returns
On the go: Institutional investors’ appetite for renewable energy infrastructure remains strong, and asset managers have not reduced return expectations despite an increasingly competitive marketplace, according to a new report by Bfinance.
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University employers urge USS to reconsider its valuation outcomes
On the go: Universities UK, which represents 340 Universities Superannuation Scheme employers, has written to the trustees of the scheme urging a rethink of its valuation outcomes.
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NewsTPR’s criminal powers draft policy fails to repeal industry concerns
The Pensions Regulator’s draft guidance on its new criminal powers, published on Thursday, failed to allay fears about the new sanctions, since it will be able to prosecute anyone in connection with an offence and will no longer be bound by limitation periods.
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NewsConcerns remain as DWP’s climate change consultation closes
Despite welcoming the government’s proposed measures on climate risk, industry experts have highlighted several outstanding concerns as the new rules need more clarity and risk a “herd mentality when it comes to metrics and targets”.
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PPF 7800: Schemes in surplus for first time in two years
On the go: The position of the UK’s 5,318 defined benefit pension schemes moved into surplus for the first time in two years, with improvements in funding positions driven by increased bond yields, according to the PPF 7800 index for February.
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NewsFraud Compensation Fund to begin processing cases within 18 months
The Fraud Compensation Fund could begin processing cases through to settlement within 12-18 months, a meeting of the Transparency Task Force was told on Monday.
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Calls to improve pension funds’ small and mid-cap tax incentives
On the go: More than two-thirds of investors would like to see greater tax incentives for pension funds and insurance companies to invest in small- and mid-cap companies, according to research by UK investment banking specialist Peel Hunt.
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Trustees must ‘act now’ on fiduciary manager tenders
On the go: Thirty-eight per cent of defined benefit scheme trustees are planning to review their manager before June, according to a poll from Hymans Robertson, creating the risk of a “capacity crunch” as the Competition and Markets Authority’s retendering deadline approaches.
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Judges’ mandatory retirement age raised to 75
On the go: The mandatory retirement age for judges, magistrates and coroners is to be raised from 70 to 75, pending parliamentary approval, the Ministry of Justice has announced.
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Switch to index-linked gilts could boost DB pensions and save billions
On the go: A rebalancing by the government from fixed interest to index-linked gilts could provide additional security for pension schemes and their members while saving taxpayers billions, according to analysis by LCP partner Jonathan Camfield.
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LGPS authorities expected to justify new pension powers
On the go: Local Government Pension Scheme administering authorities will be expected to justify the use of their new powers around reviewing employer contributions, spreading exit payments, and setting up deferred debt arrangements.
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PodcastsPodcast: Budget 2021 - ‘Reckless conservatism’ in DB landscape
Podcast: Wednesday’s budget did not go far enough to counter the “reckless conservatism” in the defined benefit landscape when it comes to risk and growth assets, hampering the government’s drive to unleash pensions on the post-pandemic recovery, according to Conservative party peer baroness Ros Altmann. She is joined by Isio partner Mike Smedley, in a discussion that also includes the lifetime allowance freeze and what was missing from the chancellor’s statement.
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McCloud £17.5bn cost could be an underestimate
On the go: The Office for Budget Responsibility has said its current estimate of the cost of the McCloud remedy could be an understatement, since different remedies for the discrimination case could increase the projected spending.
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NewsUSS deficit increase requires ‘unaffordable’ contribution hikes
The Universities Superannuation Scheme’s deficit has quadrupled to more than £14bn, requiring contribution rate hikes from employers amounting to an “unaffordable” 56.2 per cent of payroll, according to figures announced on Wednesday.