All Defined benefit articles – Page 118
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Top civil servants with pensions worth more than £1m
On the go: The UK’s permanent secretaries – 23 individuals who head up government departments – had an average defined benefit pension worth £1.1m in 2018-19, according to new research from the TaxPayers’ Alliance.
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Accounting rules change could see charities leave multi-employer DB
On the go: Charities participating in multi-employer defined benefit schemes will have to disclose their individual liabilities, which could lead to these organisations opting to leave and setting up their own final salary plan, an expert warned.
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USS expert panel calls for dual discount rate in 2020 valuation
The Universities Superannuation Scheme Joint Expert Panel, set up to review the valuation of the scheme, is calling for a “dual discount rate approach” to the 2020 valuation, aimed at distinguishing between past and future accrual.
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Elections 2019: Pension reforms expected after Tory majority
Sweeping pension system reforms are expected following the Conservative Party’s comprehensive victory in Thursday’s general election, with more powers coming for the regulator, a tax review for the higher and lower paid, and experts calling for more work on retirement adequacy.
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Calls for next government to revive multi-employer schemes bill
On the go: The boss of a small Scottish plumbing company hit with a £1.2m pensions bill is calling for the next government to revive a 2018 proposal, which would end the current issues affecting sponsors of the Plumbing and Mechanical Services Industry Pension Scheme.
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FeaturesHow trustees can better navigate the DB endgame
How trustees can betternavigate the DB endgame Talking Point: Experts at a recent PensionsExpert event discuss what DB 'endgame'options are available to pension schemes asthey mature and their funding levels improveEnterkeywords.sh_embed {position: relative;height: auto;width:100%;z-index: 0;overflow: hidden;background-color: #222;color: white;font-family: 'Lato', 'Helvetica Neue', Helvetica, Arial, sans-serif;}.sh_embed * {-webkit-box-sizing: border-box;-moz-box-sizing: border-box;box-sizing: border-box;}.sh_embed .sh-embed-bg ...
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Third of schemes facilitating financial advice to members
On the go: One-third (34 per cent) of defined benefit scheme trustees are facilitating financial advice for their members as they approach retirement, new research found.
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Ombudsman sides with Shell on climate change dispute
The Pensions Ombudsman has sided with the Shell Contributory Pension Fund in the legal challenge regarding the disclosure of climate change information, which has prompted environmental lawyers ClientEarth to request the body to review its internal procedures.
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DB schemes move to formal long-term planning as regulation bites
On the go: Defined benefit pension funds are increasingly focusing on a long-term, formalised endgame or funding target, according to research by PwC.
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Govt guarantees doctors’ emergency pension payments
On the go: The government will guarantee that senior clinicians’ pension tax bills will be paid even if the employer ceases to exist, the secretary of state for Health and Social Care announced.
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USS urged to consider expert report in next valuation
UK universities and staff have called for the UK’s biggest pension fund to ensure its 2020 valuation process fully considers a forthcoming report from an independent panel of experts.
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Bulk annuity market to reach £540bn in next decade
On the go: The bulk annuity market is expected to quadruple in the next decade compared with the current one, which saw £135bn paid to insurers, according to estimates from Mercer.
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Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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Civil servants told to complain about pension overpayments
On the go: The Public and Commercial Services Union is advising its members to not comply with a request from the Civil Service Pension Scheme administrator and present a formal complaint if necessary.
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TPR’s debt recovery rate stalls despite record enforcement activity
On the go: Despite the Pensions Regulator enforcement activity reaching a record high, the recovery rate against recoverable debt remains at 30 per cent, new research has revealed.
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Four-fifths of FTSE 350 schemes eligible for consolidation
On the go: More than four-fifths (84 per cent) of FTSE 350 companies’ defined benefit schemes are eligible to join a commercial consolidator, new research showed.
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DB deficits at lowest value since May
On the go: The deficit of UK corporate defined benefit schemes dropped by £30bn to £190bn during November – its lowest level since May, when it reached £180bn, according to PwC.
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HMRC request for schemes to report breaches branded ‘unsatisfactory’
HM Revenue & Customs' request for pension administrators to remind their members about potential tax breaches has been branded ‘very unsatisfactory’ by a former pensions minister, who said the tax authority was offloading its own responsibilities onto schemes.
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Latest housing association to exit multi-employer scheme
On the go: Housing association Metropolitan Thames Valley has left the Social Housing Pension Scheme, a multi-employer defined benefit plan run by TPT Retirement Solutions, transferring its assets and liabilities to master trust Enplan.
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USS CEO defends pension actions as academics strike
On the go: Universities Superannuation Scheme chief executive Bill Galvin has defended the plan’s approach to valuing its liabilities, in a radio interview on the last planned day of strikes at Britain’s higher education institutions.