All Defined benefit articles – Page 114
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Webb urges experts to lobby Lords for pension schemes bill changes
On the go: Former pensions minister Sir Steve Webb has urged pension specialists to lobby the House of Lords for changes in the pensions schemes bill, warning that it will pass through the House of Commons unchanged.
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Only six in 10 pensions to be located by dashboards
On the go: Savers may only be able to locate six out of ten pension pots when pension dashboards are launched unless the industry starts to improve data quality, PensionBee has warned.
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TPR to test trustees’ knowledge in bid to improve governance
The Pensions Regulator plans to conduct checks on trustees’ knowledge to assure governance standards in the industry, and has promised to consider appropriate action where they fall below expectations.
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Pension schemes make limited allowances for RPI changes
On the go: Large pension schemes are not expecting a great impact from the proposed changes to the retail price index, with limited allowances included in their sponsors’ 2019 accounts, according to Willis Towers Watson.
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High Court rules against pension indexation change
On the go: An IT company has seen the High Court dismiss a request to change the indexation used to uprate benefits in its final salary scheme to the consumer price index.
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Majority of GP scheme records are out of date
On the go: Only one quarter of doctors’ pension records are up to date for the 2017-18 tax year, data has shown, leaving GPs at the mercy of unexpected tax bills.
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OpinionFCA’s response to transfer scandal too little, too late
Recent revelations that the City watchdog has concerns about the majority of the £80bn market for providing pension transfer advice in the UK have triggered shock and anger across the industry. Quite rightly too.
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Scottish government presses chancellor on pension tax
On the go: Scottish health secretary Jeane Freeman has called on the chancellor of the exchequer to find a permanent solution to fix the issue of the tapered allowance impacting National Health Service doctors.
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NewsUniversity strikes announced as talks fail to placate union
Staff at 52 UK universities are to strike over pensions for 14 days during February and March, despite recent talks between employers, trade unionists and the trustees of the Universities Superannuation Scheme.
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Border to Coast set to focus on fixed income in 2020
The Border to Coast investment pool is looking to widen the range of fixed income products it offers to local authority pension scheme clients in 2020, according to its chief executive.
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TPR: Companies must engage early with regulator on CVAs
On the go: Firms considering a company voluntary arrangement must engage early with the regulator in the process and provide full information, the Pensions Regulator has warned.
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City of Westminster scheme to cut equities and diversify portfolio
The City of Westminster Pension Fund has shifted its investment strategy in response to concerns about volatility in equity markets, added to a need to diversify risk and lock down an improved funding ratio.
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Co-op pension scheme completes £1bn buy-in
On the go: The Co-operative Pension Scheme has completed a £1bn bulk purchase annuity transaction with Aviva.
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Telent: Buy-in could have scuppered scheme rescue
On the go: The trustees behind the record-breaking £4.7bn buyout of the Telent pension scheme say purchasing partial buy-in contracts could have derailed their aim of securing all members’ benefits.
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Criminal sanctions could deter businesses and trustees, Lords warn
The government has been urged to review the scope of new criminal sanctions introduced by the pension schemes bill that have “been drawn incredibly widely” and could “deter respectable people from becoming trustees”.
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Academic support for renewed strike action swells
On the go: Up to 52 universities could now be affected by strike action if a dispute over the Universities Superannuation Scheme is not solved, after a reballot of institutions by the University and College Union.
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News
MP requests 6-month extension for British Steel ombudsman claims
On the go: Labour MP Nick Smith is writing to the Pensions Ombudsman to request a six-month extension for former British Steel Pension Scheme members to submit claims, so that the issues involved can be considered in-depth.
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News
Lloyds pension schemes agree to £10bn longevity swap
On the go: The trustee of the Lloyds Bank pension schemes has agreed to a £10bn longevity swap deal with Scottish Widows and Pacific Life Re.
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NewsBritvic request to switch RPI pension increases denied
Soft drinks manufacturer Britvic has had its attempt to reduce the inflation-proofing it provides for its defined benefit pension scheme rejected by the High Court.
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BT appeal on guaranteed minimum pensions indexation dismissed
On the go: BT will have to extend the full indexation of guaranteed minimum pensions to certain members of its pension scheme affected by a government decision, after having its appeal dismissed.