All Career average revalued earnings (CARE) articles – Page 2
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NewsGovt to consult on McCloud solution as new members could be worse off
The government has warned that changes ordered by the courts to rectify a landmark discrimination case could make some members worse off.
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LGPS pension bill to rise 1% with McCloud case
Fears that a legal case over discriminatory pensions could dent the funding of the Local Government Pension Scheme have been partially allayed, after preparations for the plan’s valuation found that liability increases will be limited.
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Law firm targets ‘short-changed’ doctors, teachers and police officers
On the go: The government could face legal challenges from hundreds of thousands of teachers and doctors following changes to their pension schemes, according to Leigh Day.
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Govt discriminated against younger judges and firefighters, court finds
The government has suffered another legal defeat over its handling of changes to pension provision for judges and firefighters, with a court maintaining that it discriminated against younger members and indirectly against ethnic minorities and women.
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Government consults on reforms to NDA schemes
The government has launched a consultation on its approach to reforming two schemes within the Nuclear Decommissioning Authority’s group, after proposals for a bespoke career average revalued earnings scheme were accepted by unions in 2017.
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Women push for equal pay settlement to be made pensionable
Former and current female employees of Glasgow City Council are pushing for pensions to be included as part of an equal pay settlement, as parties opt for negotiation over litigation.
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Universities minister: Compensate students for UCU pensions strike
Universities minister Sam Gyimah has said universities should compensate students for teaching time lost because of academics' ongoing strike over pensions.
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FeaturesGeneral Medical Council swallows DB closure pill
The General Medical Council is set to close its defined benefit scheme to future accrual from April 1 2018, and is in talks with the trustees regarding additional funding.
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NewsUniversity of Oxford learns hard lesson with Care closure
The University of Oxford has introduced a defined contribution scheme for new joiners and is making a number of other changes to reduce costs as universities are waking up to their pension deficits. One expert called the education sector ‘a disaster’ in pension terms.
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OpinionIndustries in turmoil
Editorial: The Carillion debacle is still unfolding and could yet reverberate across the professional services industry, while concerns mount over other outsourcing giants.
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NewsNissan defies carmaker trend towards DC
Car manufacturer Nissan is consulting on a proposed switch to a career average scheme to reduce the volatility of its pension liabilities, amid recent and proposed moves to defined contribution in the industry.
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NewsGovt defeated on 'discriminatory' changes for firefighters and judges
The Employment Appeal Tribunal is returning the firefighters’ discrimination case to the Employment Tribunal and has dismissed the government’s appeal over a similar case in relation to a group of judges.
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DB closure at Southampton University would hit lowest paid staff, say unions
Unions have warned that proposed pension changes at the University of Southampton will cause low-paid staff to lose thousands of pounds in retirement.
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OpinionThe corporate view: Final salary, Care or DC?
The demise of the final salary pension scheme has been well documented in the press. Most employers have put in place a defined contribution scheme to comply with their duty to automatically enrol employees, but does that really reflect the corporate attitude to pensions?
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FeaturesJLR meets members halfway with Care switch
Jaguar Land Rover is switching its defined benefit schemes from final salary to a career average revalued earnings structure, as companies look to cut costs and manage risk while keeping employees on board.
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FeaturesLeonardo scheme ups hedge after Care switch
The Leonardo Electronics Pension Scheme has adapted its liability hedging strategy to reflect the career salary benefit changes implemented last year to reduce risk and costs.
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NewsDiageo DB deadlock set to end after union split
Drinks company Diageo has avoided a strike by members of its defined benefit pension schemes after union members accepted a deal, bringing to an end months of back-and-forth.
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NewsContribution hike prompts pension protest at Bangor University
Public sector union Unison has protested against Bangor University’s plans to raise pension contributions, but despite the demurral, changes will be going ahead this month.
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NewsDiageo’s Care scheme proposal highlights struggle over DB provision
Two unions are balloting members over industrial action in a pensions dispute with Diageo, as the UK-based multinational proposes replacing its final salary scheme with a career average arrangement.
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FeaturesEdinburgh University proposes raft of changes to plug scheme deficit
The University of Edinburgh has proposed a number of changes to its defined benefit pension fund to make the scheme more affordable and sustainable, as its deficit has risen by a quarter.
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