All Defined benefit articles – Page 104
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News
Calls for retirement estimates to be dropped from first dashboards
Pension schemes and administrators have requested that the first version of the pensions dashboards run without the inclusion of estimated retirement income data, due to the lack of data and standards for these calculations.
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Covid leaves Northern Ireland Water deficit recovery in rough sea
Northern Ireland Water could have to pay an additional £4.6m a year in deficit repair contributions to its scheme, but uncertainty about how Covid-19 has impacted its investment and ongoing negotiations with trustees makes it hard to gauge its recovery plan.
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Larger DB schemes face £100bn bill due to new regulations
The impact of new regulations in the pension schemes bill and the future defined benefit funding code will mean that sponsors of the UK’s largest schemes will have to fork out £100bn over the next 10 years, according to new analysis from LCP.
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Two-thirds of DB sponsors issue 2020 profit warnings
On the go: Almost two-thirds (61 per cent) of listed companies sponsoring defined benefit schemes have issued profit warnings in 2020, according to analysis by EY.
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Govt pushes back against dashboard scam protections
On the go: The government has moved to reverse an amendment to the pension schemes bill that sought to exclude all financial transactions from the pensions dashboard to protect savers from scams.
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Old British Steel scheme agrees £2bn buy-in
On the go: Thousands of steelworkers could receive a boost to their pensions after a £2bn buy-in was agreed — a first step towards a full buyout, taking the scheme out of the Pension Protection Fund.
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APPT launches new code of practice for sole trustees
On the go: The Association of Professional Pension Trustees has set out a code of practice for trustees carrying out sole trustee appointments.
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DWP still keeping millions in the dark over loss of GMP top ups
Millions of people are still unaware of the loss of a valuable indexed guaranteed minimum pension benefit to their state pension since 2016, as the Department for Work and Pensions still has not complied with a Parliamentary and Health Services Ombudsman ruling to inform the public of this deprivation.
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PodcastsPodcast: The three-step plan to fix the NHS pension scheme
Podcast: The plethora of administrative maladies facing the NHS pension scheme should be addressed by a three stage approach: capping the problem; a reactive process prioritising those closest to retirement; and proactive use of the dashboard, says Peter Glancy, head of policy development at Scottish Widows. He’s joined by Helen Morrissey, corporate PR specialist, long-term savings at Royal London, in an episode also looking at the suggestion of pensions as deposits for first-time buyers.
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Kier schemes agree cut to deficit contributions as funding improves
The trustees of construction company Kier Group’s defined benefit pension plans have agreed a new payment schedule, to reduce sponsor contributions as the schemes approach full funding.
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Regulator unveils superfunds guidance for trustees
The Pensions Regulator has published new guidance for defined benefit schemes transferring into a commercial consolidation 'superfund', placing the burden of proof on trustees to show that their plan is in members' best interests.
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Ibstock Pension Scheme completes £340m buy-in
On the go: Ibstock has completed a £340m buy-in transaction with Just Group representing 50 per cent of total liabilities of its defined benefit pension scheme.
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Sustainability and adequacy still dragging UK's pension system
Data crunch: The UK has fallen one place to 15th in the Mercer CFA Global Pensions Index, despite seeing a marginal improvement in its score, while Covid-19 increases pressure on retirement systems worldwide.
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Punter Southall revives multi-employer concept in consolidator
As consolidation offers multiply in the defined benefit market and superfunds wait for their first transactions, Punter Southall is proposing a revival of the multi-employer concept for smaller schemes, which could bring their sponsors savings of 80 per cent.
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Govt u-turns on fees disclosure in simpler annual statement
The government has abandoned plans to make pension providers include costs and charges in their new simplified annual statements, which could become mandatory for defined contribution schemes in the near future as progress in this area remains slow.
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Doctors’ admin saga rumbles on as compensation issued
Doctors are up in arms over a long history of serious pensions administration shortcomings in the lumbering NHS Pension Scheme, some of which are still surfacing.
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TPR eyes pivot to ‘Generation DC’
On the go: The Pensions Regulator has set out long-term priorities for the next 15 years, envisaging a shift in focus towards ensuring the financial wellbeing of defined contribution savers.
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FeaturesBT Pension Scheme sets ambitious 2035 net-zero goal
The UK’s largest private sector pension scheme now aims to be one of the greenest, with a new goal to achieve net-zero greenhouse gas emissions by 2035 across its £55bn portfolio.
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Clara raises capital from Canadian pension-owned reinsurer
On the go: Defined benefit superfund-in-waiting Clara-Pensions has attracted new investment from Wilton Re, as the pensions industry waits for the Pensions Regulator to give either of the two commercial consolidators its blessing.
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DC contributions too small to allow for sustainable retirements
Stagnant incomes, rising wealth inherited later in life, and the relative poverty of defined contribution schemes compared with older defined benefit schemes are all factors that threaten the sustainability of retirement income, according to speakers at the Pensions and Lifetime Savings Association’s annual conference.