All Consolidation articles – Page 10
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News
Scottish Widows snares top hire from Legal & General
Veteran professional David Butcher has just taken on a new dual role as a member of the master trust board and independent governance committee at Scottish Widows, moving from Legal & General’s master trust board.
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News
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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News
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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OpinionMaster trusts hit by ‘perfect storm’
Data crunch: Dalriada’s Paul Tinslay explains how repercussions from Covid-19 and possible changes in legislation have created a “perfect storm” for defined contribution master trusts.
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PodcastsPodcast: TPR to make changes to DB funding ‘fast-track’
Podcast: The Pensions Regulator will make changes to the fast-track approach proposed in its defined benefit funding consultation due to the impact of Covid-19, revealed its executive director of regulatory policy, analysis and advice David Fairs.
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Features
‘Make or break year’ for frustrated DB consolidators
Analysis: Long-heralded defined benefit consolidators have yet to win a single client, but the prospect of mass insolvencies on the horizon could force trustees to test new derisking solutions.
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News
Trend towards master trusts continues apace
On the go: The rate at which FTSE 250 companies move to master trusts as their main defined contribution vehicle is set to accelerate over the next two years, according to a new report from Willis Towers Watson.
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News
Formal superfunds authorisation could take 5 years
The Pensions Regulator anticipates that it could take five years for the government to put in place a statutory authorisation framework to oversee defined benefit superfunds, as it looks ahead to publishing specific guidance for trustees considering a transfer to the new vehicles.
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News
Scottish Widows looks to overcome long-term market challenges
Scottish Widows has announced plans to enhance its asset allocation strategy in response to lower projected returns and potentially long-lasting volatility as a result of the coronavirus crisis, following a strategic review conducted earlier this year.
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News
One in five schemes considering superfunds
On the go: The Pensions Regulator’s interim guidance for consolidators has sparked a surge of interest by pension schemes, with one in five considering superfunds as an option for their endgame, according to a survey by Willis Towers Watson.
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News
Pension superfunds could hinder insurers’ businesses
On the go: UK pension superfunds could encroach on life insurers’ bulk purchase annuity market, as the new consolidation vehicles may present employers with a more affordable alternative, according to Fitch Ratings.
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News
Government plans to push ahead with small scheme consolidation
On the go: The government looks set to press ahead with plans to encourage small schemes to consolidate, according to analysis of consultation documents by LCP.
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News
Regulator to focus on protecting savers amid Covid-19
On the go: The Pensions Regulator has said it will prioritise protecting savers during the coronavirus pandemic, as well as supporting schemes to continue to deliver benefits.
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OpinionTPR’s superfund green light is only the start
The Pensions Regulator’s new interim regime for superfunds has sounded that starting gun for commercial defined benefit consolidation, but there are still significant hurdles to be overcome, write Rosalind Connor and Aneliese Sweeney of Arc Pensions Law.
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PodcastsPodcast: PPF could face new court case on benefits
Podcast: After the ruling from the High Court that the Pension Protection Fund cap on deferred member benefits is illegal on age discrimination grounds, the pensions lifeboat could face a new legal challenge as members who have not reached retirement age have their benefits cut to 90 per cent, argues Ian Neale, director at Aries Insight. He and Sara Protheroe, chief customer officer at the PPF, discuss this topic, as well as the interim regime for superfunds and the implications of the new insolvency bill for pension schemes.
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News
Superfunds cleared to begin work under TPR interim regime
The Pensions Regulator is to sanction the transfer of struggling corporate defined benefit schemes into commercial consolidators aiming to secure pensions at a lower cost than insurers, under a two-part interim regime unveiled on Thursday.
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News
Regulator to issue rules for consolidators ‘in the coming weeks’
The Pensions Regulator is shortly to issue interim regulation covering commercial consolidators, Pensions Expert can reveal.
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PodcastsPodcast: 'Crystal ball-gazing' makes ethical investment tough for trustees
Trustees aiming to make ethical investment decisions can find it tough to justify them without recourse to a crystal ball, as the legal requirements are ill-defined, says Irwin Mitchell’s pensions partner Penny Cogher. In this episode she’s joined by independent consultant and long-time pensions expert Malcolm McLean for a discussion covering capital-backed endgame deals, the complications of new insolvency laws, and some morally dubious LGPS investments.
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News
Regulator to issue new guidance on capital-backed endgame deals
The Pensions Regulator is to issue new guidance on defined benefit employers seeking to use third-party investors to back the cost of buyout, following the completion of a first-of-a-kind deal without the need for regulatory clearance last week.
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News
PS Aspire pulls out of master trust market
On the go: Punter Southall Aspire has withdrawn its master trust from the market after concluding that it was unlikely to reach the necessary scale.