All articles by Benjamin Mercer – Page 34
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PodcastsPodcast: Arguments for DC consolidation stronger than for DB
Podcast: The pace of defined contribution consolidation could accelerate on the other side of the coronavirus pandemic, but mergers are a less obvious boon for define benefit, say Squire Patton Boggs partner Kirsty Bartlett and Hadassah Shulman, senior associate at Taylor Wessing.
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Fund managers’ ESG claims outperform reality
A third of asset managers are still not engaging on climate change, according to analysis by Redington. But of those that do, experts warn that their environmental, social and governance ratings may not be all that they appear.
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Scheme members wait on up to £25,000 from GMP equalisation
On the go: Some defined benefit scheme members could still be waiting on payments of up to £25,000 resulting from guaranteed minimum pension equalisation, according to research by XPS Pensions.
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Eviction ‘holiday’ poses threat to schemes’ property investments
The government’s extension of a measure designed to provide relief to struggling tenants could adversely affect pension scheme property investments, especially where the scheme acts as a landlord, experts have warned.
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TPR’s new guidance on mandatory AE reporting causes confusion
Updated guidance from the Pensions Regulator will see the 90-day limit for reporting late payments becoming mandatory from April 2021. However, the wording of the guidance has caused some confusion, with schemes being asked to make the adjustment for January 1.
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Mercer launches DB master trust as demand for consolidation increases
Mercer has launched a new defined benefit master trust promising sponsors enhanced governance and economies of scale, amid an accelerating trend towards consolidation and outsourced solutions, with pensions minister Guy Opperman stating that “bigger is better”.
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Credit downgrades pose ‘serious challenge’ for pension schemes
On the go: A decrease in the average credit quality of fixed income indices, coupled with increased competition for high-quality assets, poses significant challenges for pensions schemes, according to Axa Investment Managers.
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Covid and regulatory burdens push building society to outsource scheme
With the work of lay trustees becoming more complex, and the pandemic highlighting other areas in need of sponsors’ attention, the Furness Building Society has opted to outsource services for its defined benefit scheme, a trend that is expected to accelerate.
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DB schemes over-reliant on ‘historically improbable’ returns
On the go: Underfunded defined benefit schemes in the UK will require “once-in-a-century” equity performance if they are to avoid carrying their funding gaps well into the 2030s, according to a new report from Willis Towers Watson.
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Smaller schemes to prove value for members or face consolidation
Defined contribution schemes with assets below £100m will have to prove their value for members, or face being advised to wind up or consolidate, according to new rules proposed by the Department for Work and Pensions.
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Rail sector pension plan staring down £15bn black hole
On the go: The largest pension scheme serving the UK’s rail sector is standing on the event horizon of a £15bn black hole created by changes to its funding rules, the Financial Times has reported.
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Bulk annuity volumes hit £12.6bn in H1 2020
On the go: Total buy-in and buyout volumes reached £12.6bn in the first half of this year, the second-highest value on record, according to analysis published by LCP.
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LCP: ‘Pot-follows-member’ could solve small pots problem
On the go: The government has been urged to look again at a ‘pot-follows-member’ solution to the small pots problem plaguing auto-enrolment and master trusts.
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Employers exiting LGPS to get new powers
On the go: Local Government Pension Scheme administering authorities and employers are to be given a host of new powers, as well as flexibility on exit payments, the government has announced.
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DB pension deficit falls £59bn in August
On the go: The aggregate deficit of the 5,422 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £59bn in August.
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USS announces ‘challenging’ valuation consultation
The Universities Superannuation Scheme has launched a consultation with employers over its 2020 valuation, which at worst could present a £17.9bn deficit. But it faces a fight with the University and College Union, which said it had no confidence in the “needlessly cautious” approach taken by the USS.
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PodcastsPodcast: DB schemes could be ‘doomed to failure’ by new funding code
Podcast: Defined benefit schemes could be “doomed to failure by measures that are designed to help them”, says Baroness Ros Altmann of the proposed new funding code. She is joined by SEI’s client strategy director Alistair Jones to discuss that issue, as well as the challenges faced by master trusts, and the increasingly bizarre McCloud remedy that, though intended to tackle age discrimination, has been accused of age discrimination.
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DB schemes with ‘clean bill of health’ before pandemic
Data crunch: High levels of hedging, integrated approaches to risk management, long-term targets and clearly defined journey plans all made for sepia-tinted tranche 14 valuations.
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TPR looks to reclaim £250,000 from fraudster
On the go: The Pensions Regulator has announced it is attempting to recoup £250,000 from a convicted fraudster.
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Master trusts to face cost challenges in years ahead
The fallout from the Covid-19 pandemic is only the latest in a long line of structural challenges the master trust industry must face in coming years, according to a new report from the Pensions Policy Institute.