All Covenant articles – Page 16
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News
Revised DB code emphasises integrated risk management
The Pensions Regulator this week released a new code of practice for defined benefit schemes, focusing on trustees and employers working collaboratively on scheme funding.
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Features
Mercer parent shuts DB scheme to equalise benefits
Marsh & McLennan Companies, the US-based parent of global consultancy Mercer, has decided to close its UK defined benefit scheme to future accrual in a stated attempt to create a level playing field between employees.
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Features
LPFA reports doubling in employers needing covenant review
The London Pensions Fund Authority’s risk-based approach to setting contribution rates has identified around twice the number of employers that may need to provide greater solvency guarantees after its recent valuation.
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NewsBattle to plug deficits continues as FTSE 100 see £8bn deterioration
The total pension deficit of FTSE 100 defined benefit schemes worsened by an estimated £8bn, bringing the total to £57bn at the end of 2013, according to research, but experts maintain larger schemes are managing their risk exposures effectively.
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News
Lafarge trustees seek merger assurances to protect members
The trustee board of Lafarge’s UK pension fund has begun discussions with its sponsor to ensure members would be protected under its proposed $40bn (£23.8bn) merger with Holcim to form a global cement maker giant.
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Opinion
PPF: What our levy work means for your scheme
Talking head: Ahead of a May consultation on the changes to its levy framework, the Pension Protection Fund’s David Taylor discusses the organisation’s plans for judging sponsor insolvency.
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Features
Lancashire increases employer contributions to mitigate maturing membership
Lancashire Pension Fund has added lump-sum payments to its annual employer contributions to make up for reduced cash flow from a declining active membership.
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FeaturesLafarge doubles contributions to cut deficit
Building materials manufacturer Lafarge has more than doubled its contributions to its UK pension fund after scheme and sponsor negotiated a beefed-up recovery plan to tackle the funding deficit.
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News
Education key as employers stretch to reach pension goals
News analysis: Companies need to better educate staff to encourage responsibility for pension saving, as research has highlighted a misalignment between employers’ goals and the outcomes of their defined contribution plans.
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News
Isle of Wight bolsters governance ahead of LGPS reform
Isle of Wight Pension Fund has identified areas ripe for improvement in its governance, including more frequent funding monitoring, as local government schemes brace for next year’s reforms to the sector.
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Opinion
How to build your risk committee
As more defined benefit schemes follow a derisking plan towards their end point, monitoring and managing risk grows ever more important.
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News
Scheme valuation process 'broken', consultants say
Industry figures have called the triennial valuation process poorly suited to help schemes assess their needs, with technological advances allowing trustees to instantly assess their scheme’s funding level.
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News
Charities await guidance to reduce liability squeeze
Not-for-profit employers that belong to multi-employer schemes are waiting for further guidance on dealing with debt risk that could trigger insolvency.
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FeaturesManagers’ examples on reducing risks from 2013
Year in review: Pension managers and trustees took a variety of measures to protect their members’ benefits, Pensions Week reported over the past year, from more efficient administration software to covenant safeguards.
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NewsSchemes take more holistic approach to risk management
News analysis: More schemes are taking an integrated approach to investment, covenant and funding in their risk management planning, but there is still a disconnect between schemes’ investment strategy and valuation process, according to research.
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News
FDs urged to collaborate with trustees on DB deficits
Finance directors are making a “big mistake” if they think they can get defined benefit liabilities off their balance sheets without collaboration with trustees, a scheme manager told delegates at the 2013 NAPF conference.
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NewsBA communicates with members on growth objective
The Pensions Regulator’s new objective to support employer growth has filtered through to members of the British Airways pension schemes, where trustees have met with the airline and regulator as part of the valuation process.
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News
Essex council fund maps insolvency risk
Essex Pension Fund has produced a map to help predict employer insolvency after a liquidation left it saddled with orphan liabilities.
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News
Experts divided on takeover code change implications
Legal experts are split on whether changes to the takeover code coming into effect today have any impact on the power of pension schemes whose sponsors are the target of a merger or acquisition.
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FeaturesBAE ups debt guarantees to safeguard benefits
The defence company has increased debt guarantees to a level where it qualifies as a PPF contingent asset, potentially reducing the cost of its PPF levy