All Defined benefit articles – Page 120
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News
Local authorities to have ‘absolute discretion’ on LGPS exit credits
On the go: Local authorities will have “absolute discretion” in determining the amount of any exit credit payment due to employers in the Local Government Pension Scheme, the government has said.
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New criminal sanctions not meant to disrupt businesses, Govt claims
The government has guaranteed that new criminal sanctions introduced in the pensions schemes bill are not intended to disrupt legitimate corporate activity, but has refused to revise “widely” worded powers to go after those linked to defined benefit schemes.
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Schemes unable to handle member information requests
On the go: Testing of pension schemes and providers' ability to meet savers' requests for information about their benefits has uncovered a litany of failings.
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Life expectancy in England stalling since 2010
On the go: Life expectancy in England is stalling for the first time in at least 120 years, a new report has concluded.
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Maps to survey schemes on dashboard challenges
On the go: The Money and Pensions Service has commissioned qualitative research to understand the challenges pension schemes face with providing data for the pensions dashboards.
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DWP: Government will not dictate schemes’ ESG investments
The government insists it is not intervening in pension scheme investment strategies with a climate change amendment to the pension schemes bill introduced earlier this month.
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Prospect joins calls for public pensions benefits top-ups
On the go: Prospect is the latest union to join calls urging the government to deliver on promised benefit top-ups to public-sector schemes, which were paused due to a discrimination court case.
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Barnet sacks Capita and joins LGPS shared arrangement
The London Borough of Barnet has ended its contract with outsourcer Capita as the administrator of its pension scheme after a litany of breaches and scandals while it oversaw the Local Government Pension Scheme section.
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HMRC GMP equalisation guidance fails to address all tax issues
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions has failed to address key technical and tax issues, according to experts.
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BAE to issue debt to fund persistent deficit
On the go: Defence and aerospace conglomerate BAE Systems is to make a debt-funded £1bn payment into its main defined benefit pensions scheme, dramatically front-loading its recovery plan.
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TPR: Hundreds of employers targeted over dividend payments
On the go: The Pensions Regulator has written to “hundreds” of defined benefit trustees over disproportionately large dividend payments made by their sponsoring employers, as the watchdog said its interventions are starting to yield results.
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OpinionSchemes at risk from dwindling IFA transfer market
It pays for schemes to beat the rush when looking for an independent financial adviser to handle projects such as liability management exercises, says Buck’s Mark van den Berghen, adding that in the current regulatory environment due diligence on IFAs is paramount.
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Co-op buys in further £1bn of liabilities
On the go: Retail group The Co-op has secured the pensions of 7,000 defined benefit members in a bulk annuity transaction with the Pension Insurance Corporation.
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PodcastsPodcast: Regulator should take ‘softly-softly’ approach to DC consolidation
Podcast: The Pensions Regulator should take a “softly-softly” approach to defined contribution consolidation, similar to what happened with master trusts during the authorisation process, where subtle conversations occurred and schemes decided to exit in an orderly manner, according to Adrian Boulding, director of policy at Now Pensions. He and Rosalind Connor, partner at Arc Pensions Law, discuss the response from the watchdog to its consultation of the future of trusteeship and governance, among other topics.
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Tax relief cut could lead to higher DB contributions
On the go: Employers and staff might have to increase their contributions to defined benefit schemes if a rumoured cut to the 40 per cent relief for higher-rate taxpayers goes ahead, Aegon has warned.
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Hertfordshire LGPS employer agreement sidesteps cessation debt
A housing association has avoided a potentially crippling £3m cessation debt to the Local Government Pension Scheme via an innovative agreement with the scheme’s local administering authority.
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Talks fail to head off USS strikes
On the go: University employers have stated they are unwilling to meet the demands of a trade union ahead of strikes over the Universities Superannuation Scheme beginning this week.
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Pension schemes to share scams intelligence online
The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control.
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Labour MP calls for early access to public sector pensions
On the go: Labour MP Emily Thornberry has called for public sector workers to have access to their pension pots before they retire, claiming it would help boost the economy.
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AIB scheme pioneers alternative derisking solution
The AIB Group UK Pension Scheme has entered into a £250m insurance contract to hedge the investment risk associated with a portion of its liabilities, becoming the first defined benefit plan to undertake an alternative derisking solution.